POLIBIZ - In his recent rallies in North Carolina and Georgia, Republican presidential candidate Donald J. Trump presented his plans to revive the manufacturing section of the nation, with tools aimed at discouraging domestic companies moving their plants abroad while promoting foreign investors to come. Some of the plans involved “first-ever” initiatives.
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| Overview of Trump's Rally in North Carolina in 22nd Sept |
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According to Trump’s plans, domestic corporations locating their factories overseas would face higher tariffs (probably 200%) on the products made there when imported back to the USA. This policy shall substantially deny their ability to access their own home market.
Such corporations would be also ineligible to enjoying the corporation income tax cut to 15% (from the recent rate of 21%) which would apply solely to companies with production plants located locally.
Trump believes that the reduced tax rates, cheaper energy cost would help bringing back trillions of dollars to the US, and the workers would no longer worried about losing their jobs to other countries.
The former president also reintegrated his policies on no tax on tips, no tax on overtimes and no tax on social security benefits of the elderly seniors.
In contrast to Trump’s tax plan, Vice President Kamala Harris seems to think of increasing the corporate taxes.
In an interview with MSNBC on 25th Sept, in response to Kamala’s plan to provide “first-time homebuyers with $25000 to cover the down payment", the host asked her on how to get the necessary money for such a big handout or resort to borrowings from other countries. Kamala replied that she would raise corporate taxes and business leaders have agreed with her to “pay the fair share”.
