President Donald Trump doubled-down on his campaign promises to massively deregulate the economy during a meeting at the White House Monday morning.
Trump said he would “cut regulations by 75 percent,” in a move that would drastically change the regulatory landscape of the American economy.
Trump has repeatedly pledged to end “all unnecessary regulations” imposed on the energy industry, to “dismantle” the 2,300-page Dodd-Frank Wall Street Reform And Consumer Protection Act, and to put a moratorium on any new regulations when he takes office.
His promise Monday was the first step in coming through on his campaign agenda. The president also pledges to order federal agencies to “identify job-killing regulations that should be repealed.”
The president’s economic plan laid out on the White House website promises to create 25 million new American jobs in the next decade and a return to 4 percent annual economic growth, according to statement released Friday on the official White House website.
The president also promises to cut the U.S. corporate tax rate from 35 percent to 15 percent. America has the third highest corporate income tax rate among the top 35 industrialized nations, which chases businesses, jobs, and tax revenue out of the U.S. The U.S. corporate tax rate is “16.4 percentage points higher than the worldwide average of 22.5 percent and a little more than 9 percentage points higher than the worldwide GDP-weighted average of 29.5 percent,” according to the Tax Foundation.
Trump again threatened corporations with a “big border tax,” Monday morning if they move operations overseas, continuing his message since Election Day that the U.S. economic policy will be one of “America First.”
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