Trump outlines tax cuts, ‘Make it in America’ for World Economic Forum
Astrology founder R Ray Wang previews President Donald Trump’s special speech at Varney & Company for the World Economic Forum.
President Donald Trump They were speaking at the World Economic Forum in Davos, Switzerland on Thursday, where they discussed whether the tax plans would encourage companies to make products in the US or face tariffs.
“To free up our economy even more, the majority of members of the House and Senate we have taken with the presidency will pass the largest tax cuts in American history, including huge tax cuts for workers and families and big tax cuts for domestic producers and manufacturers,” Trump said.
Parts of the main trump Tax reduction – Lower tax rates for individuals and the expanded standard deduction and child tax credit – which will expire at the end of 2025 if not extended. “As you know from just reading any paper, we’re working with Democrats to extend the first Trump tax cut,” Trump said.
“My message to all businesses around the world is very simple: come make your product in America and we’ll give you the lowest taxes of any nation on Earth. We’re cutting them even more than the first Trump tax cuts,” the president said.
Since Trump won the election, he has invested heavily in America
President Donald Trump outlined his tax plan in a speech to the World Economic Forum and urged companies to make products in the US to avoid tariffs. (Scott Olson/Getty Images/Getty Images)
“But if you don’t make your product in America, which is your right, you simply have to do it. Pay the fare.“They’re different amounts, but tariffs are going to put hundreds of billions of dollars, even trillions of dollars into our coffers to strengthen our economy and pay down our debt.”
Trump has campaigned on across-the-board tariffs on all imports ranging from 10% to 20%, with 60% tariffs on imports from China.
He indicated that tariffs of 10% on China and 25% on Canada and Mexico could start on February 1st since it took effect.
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US President-elect Donald Trump speaks next to SoftBank Chairman and CEO Masayoshi Son on Monday, December 16 at Mar-a-Lago in Palm Beach. (Reuters/Brian Snyder/Reuters)
“Under the Trump administration, there will be no better place to create jobs, build factories or start a company than right here in the good old America,” the president told the Davos audience.
Trump cited several recent investment announcements as signs of growing business optimism in the U.S. economy, including several investment deals he helped broker.
Saudi Prince Ain has $600B in the next 4 years, according to the report
Saudi Arabia’s Crown Prince Mohammed bin Salman shakes hands with US President Donald Trump at the Group of 20 summit in Osaka, Japan on June 29, 2019. (Bander Algallod/Courtesy of Saudi Royal Court/Reuters/File Photo/Reuters Photos)
“SoftBank announced that it would invest $100 to $200 billion in the U.S. economy as a result of the election, and two days ago Oracle, SoftBank and OpenAI It has announced a $500 billion investment in AI infrastructure.
“Other companies have similarly announced billions and billions and billions in investments in America,” Trump continued. Among these deals, UAE-based DAMAC is planning a $20 billion investment. Building data centers In the Sun Belt and Midwest.
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“And today in the newspaper it was reported that Saudi Arabia will invest at least 600 billion dollars in the United States, but I ask the Crown Prince – a wonderful person – to fix it to 1 trillion dollars,” the president said. . I think they do that because we are too good for them.