Former U.S. president and Republican presidential candidate Donald Trump speaks at a campaign rally at the Johnny Mercer Theater on September 24, 2024 in Savannah, Georgia.
Chandan Khanna | AFP | Getty Images
Former President Donald Trump announced several new manufacturing proposals Tuesday at a rally in Savannah, Georgia. This is part of Vice President Kamala Harris’ efforts to strengthen her economic base as she prepares new policies. Policy deployment her own.
If elected, the Republican presidential candidate would expand research and development tax credits for U.S.-based manufacturers, allowing companies to “amortize 100% of the cost of heavy machinery and other equipment in the first year.” He said he would.
If passed, the proposal would overturn key parts of President Trump’s 2017 Tax Cuts and Jobs Act, which phased out previous policies. Research and development tax credit.
From 2022, companies will no longer be able to amortize research and development costs in the year they are incurred. Instead, R&D costs must be amortized over five years to amortize their value, which often reduces the tax benefit.
President Trump’s proposal Tuesday appeared to repeal that portion of the TCJA. “The costs will be fully paid. In other words, there will be a one-year amortization period,” he said.
The former president also said he would appoint a dedicated “manufacturing ambassador” if he wins a second term in the White House. President Trump said the appointee will have full responsibility for traveling around the world to “convince major manufacturers to pack up and come back to the United States.”
President Trump also strengthened his tough stance on trade, saying he would impose “100% or 200% tariffs” on cars imported from Mexico.
With 42 days until the Nov. 5 election, Ms. Harris is working to strengthen her platform and paint a negative light on her Republican opponent, while Mr. Trump is working to strengthen his stance on the economy.
Earlier Tuesday, the Harris campaign hosted billionaire investor Mark Cuban and Teamsters National Black Caucus Chairman James Kirbeam on a campaign call in which they criticized Trump’s economic policies.
“The vice president and her team are thinking through her policy,” Cuban said. “She doesn’t just say off the top of her head what she thinks the crowd wants to hear, like the Republican candidates do.”
Harris has faced some criticism from economists and the business community, particularly for her aggressive approach to corporate regulation.
Cuba’s president on Tuesday sought to allay some of the concerns of American businesses.
For example, she argued that Harris’ proposed corporate tax hikes would put less pressure on businesses than Trump’s blanket tariffs. He also said he does not believe the Harris administration will impose strict regulations on cryptocurrencies.
“I think she’s better suited for business,” Cuban said.
On Wednesday, Harris is expected to announce new economic policy proposals in a speech in Pittsburgh.
