Trump on economic vision: corporate tax rate cut to 15%, hires Musk to review federal spending
Trump promised to lower the corporate tax rate, cut regulations and audit the federal government as he presented his agenda to Wall Street and business leaders in New York. That's in line with ideas put forward by Musk, his billionaire backer. The centrepiece of his speech was a push to reduce the corporate tax rate on products made in the US to 15 per cent. This move drastically cuts the current tax rate of 21 per cent. The current rate was a key policy victory in Trump's 2017 tax law. Trump also vowed to create a task force to review federal spending, a proposal from Musk. Trump said the commission's mission ‘is to conduct a comprehensive financial and performance audit of the entire federal government and make recommendations for sweeping reforms.’ ‘Because Elon is not very busy, he has agreed to lead the task force,’ Trump said of hiring Musk.
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