On Thursday, the U.S. President-elect Donald Trump announced a plan to slash corporate tax further to 15% for domestic manufacturers, as outlined in his economic plan. The announcement came while he was ringing the New York Stock Exchange’s opening bell, after being honored as the Person of the Year by Time Magazine.
Trump has promised to reduce taxes to incentivize industry, the corporate tax is to be lowered from 21% to 15%. Trump also said that he is currently in a talk with his advisor about further cuts on capital gain and dividends tax.
The move aims to entice manufacturers, especially carmakers, to return their factories to the United States, although the tax would remain 21% on manufacturing outside of the U.S.
Trump highlighted U.S. oil and gas reserves as its economic trump card, which he claims has surpassed all other fossil fuel production countries. He also said that the performance of fossil fuels would help bring inflation down.
