Former President Donald Trump might’ve resuscitated the classic Milton Friedman quote – “Hell hath no fury like a bureaucrat scorned” – after he laid out his economic vision before an audience of business leaders at the Economic Club of New York on Sept. 5. The Republican presidential candidate borrowed some old ideas from his first term in the White House and presented fresh proposals for a possible updated version of Trumponomics if he is victorious in November. What were some of the key takeaways in this wide-ranging economic speech?
Trump Taps Elon Musk
The GOP nominee announced he would establish a government efficiency commission on billionaire Elon Musk’s recommendation. The task force, spearheaded by the SpaceX and Tesla Motors CEO, would take a chainsaw to the regulatory industrial complex and eliminate ten regulations for every new one imposed. This builds on the former president’s two-for-one initiative during his first term, though the Council of Economic Advisers said it was nearly eight-to-one.
While Trump stopped short of explaining how the entity would function, he asserted that the initiative would help eradicate the various hiccups occurring in the federal government. The real estate billionaire mogul pledged to develop a plan to extinguish the many sizable “fraud and improper payments” within six months of establishing the iniative.
“I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government,” Trump said. Musk responded to the news on the social media platform X: “I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed.”
In addition, Trump pledged to “blast through every bureaucratic hurdle” to accelerate new approvals for drilling, pipelines, power plants, reactors, and refineries.
Corporate Taxes and Tariffs
Trump doubled down on his plans to aggressively employ tariffs to usher in his scheme of a “national economic renaissance,” but he outlined a few caveats to this proposal. First, he wants to make the Tax Cut and Jobs Act (TCJA) permanent, a landmark legislation from the Trump era that resulted in across-the-board tax benefits. Second, he suggested lowering the corporate tax rate to 15%. Third, he would implement hardline tariffs on China.
Now, here are the meat and potatoes of this arrangement. Companies would be eligible for the corporate tax rate if they manufacture their products in the United States or do not outsource jobs. If businesses shift production overseas, they would be slapped with a “substantial tariff.” […]
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