Trump Promises Tax Cuts, Less Red Tape — So Long As Businesses Stay In U.S.
President Trump began his first full workweek in the White House by hosting a breakfast "listening session" with business executives. In his opening remarks, Trump largely stuck to traditional Republican themes of lower taxes and reduced regulation.
But he also reiterated his threat to impose a border tax on companies that move jobs overseas — a plan with little support from the president's fellow Republicans in Congress. Trump said he hopes to hold similar meetings with business leaders on a regular basis, perhaps quarterly.
"We'll get to know each other very well," he told executives, including CEOs from Ford, U.S. Steel, Dow Chemical and Under Armour.
The president renewed his campaign promise to reduce the top corporate tax rate from 35 percent to 15 or 20 percent. He suggested that for many businesses, a reduction in government regulation would be even more valuable.
"The problem with the regulation that we have right now is that you can't do anything," Trump said. "It's out of control. It's gotten out of control."
The incoming administration has already ordered a freeze on new government regulations. Eventually, Trump said he'd like to eliminate about three-quarters of the existing rules. He argued that it's possible to do that while still safeguarding workers and the environment.
Trump sees both tax cuts and regulatory relief as ways to make doing business in the United States more attractive. - Read More, NPR