Politics

Trump Promises To 'Massively' Reduce Taxes, Regulations For Businesses

During a meeting with top business leaders, Trump pledged to cut taxes and regulations for businesses — as long as they keep their jobs in the U.S.

Trump Promises To 'Massively' Reduce Taxes, Regulations For Businesses
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President Donald Trump has promised to "massively" reduce federal regulations and taxes for American manufacturing companies — so long as they keep their business in the U.S.

"We want to start making our products again. We don't want to bring them in. We want to make them here," Trump said.

During a meeting with several top business leaders, Trump renewed one of his biggest campaign promises: to bring the top corporate tax rate down from 35 percent to 15 or 20 percent.

He also said his administration will cut existing regulations on businesses by at least 75 percent.

Bringing Back Manufacturing Jobs Might Be Harder Than Just A Tax Cut
Bringing Back Manufacturing Jobs Might Be Harder Than Just A Tax Cut

Bringing Back Manufacturing Jobs Might Be Harder Than Just A Tax Cut

Donald Trump wants to give a big tax cut to corporations to bring manufacturing back to the U.S., but it's probably not that simple.

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But according to Trump, businesses that choose to move jobs outside the U.S. will pay a price.

"A company that wants to fire all of its people in the United States and build some factory someplace else, and then thinks that that product is going to just flow across the border into the United States — that's not going to happen. They're going to have a tax to pay, a border tax, a substantial border tax," Trump said.

That wasn't the only campaign promise Trump moved forward with during his first full weekday as president.

Hours later, he signed a presidential action formally withdrawing the U.S. from the Trans-Pacific Partnership trade deal, which covers 40 percent of the world's economy.