President Donald Trump has pledged to dramatically slash taxes for corporations and the middle class in addition to cutting regulations by roughly 75 percent. Trump added that his administration will impose strict tax penalties on U.S. companies that outsource jobs.
On Jan. 23, Trump met with 12 business executives at the White House to outline his administration's fiscal strategy. The president signaled that he would seek to cut taxes for corporations and the middle class by a hefty margin.
"We're going to be cutting taxes massively for both the middle class and for companies, and that's massively," Trump said, according to Business Insider. "We're trying to get it down to anywhere from 15 to 20 percent, and now it's 35 percent, but it's probably more 38 percent than it is 35 percent."
Trump appears to have been referring to state taxes, which, when added to federal corporate taxes, total an average of 39 percent.
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The president added that his administration would aim to dramatically reduce federal regulations by roughly 75 percent. He did not specify which regulations would be on the chopping block.
"The problem with the regulation that we have right now is that you can't do anything," Trump said, according to NPR. "It's out of control. It's gotten out of control."
Trump added that he believed cutting environmental regulations would not cripple the government's ability to ensure the safety of Americans.
"I'm a very big person when it comes to the environment," Trump said. "But some of that stuff makes it impossible to get anything built."
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The president stated that his administration would seek to impose a border tax on American companies that outsource their jobs, a strategy that he had advocated for on the campaign trail that has been met with controversy among Republicans in Congress.
"A company that wants to fire all of its people in the United States and build some factory someplace else, and then thinks that that product is just going to flow across the border in the United States, that's not going to happen," Trump said. "They're going to have a tax to pay, a border tax."
The president added that American companies under his administration would have a low tax rate as long as they keep their jobs within U.S. borders.
"All you have to do is stay," Trump said. "Don't leave. Don't fire your people in the United States."
Trump concluded that he believed his taxation and regulatory policies would help boost U.S. manufacturing.
"What we want to do is bring manufacturing back to our country," Trump said. "It's what the people wanted. It's one of the reasons I'm sitting here instead of somebody else sitting here."
The meeting was attended by prominent U.S. business executives such as Elon Musk of Tesla, Kevin Plank of Under Armor and Mark Fields of Ford. Trump added that he would like for the business leaders to meet with him on a quarterly basis.
An analysis conducted by the Urban-Brookings Tax Policy Center estimated that Trump's tax plan proposed during the presidential campaign would largely benefit Americans making roughly $140,000 and more annually, according to CNBC.
The analysis concluded that Trump's tax plan would repeal personal exemptions, which could result in single parents and married couples with three dependents or more paying more in taxes.