President Trump revealed on Wednesday that he has big plans for middle-income Americans and businesses if he wins re-election on Nov. 3rd.
The president said that he would continue cutting taxes for middle Americans, pointing out that the Democrats have every intention of raising taxes, leaving less money in the American taxpayer’s pockets.
“We’re going again for a big middle-income tax cut. [Democrats] want to raise taxes, and they want to raise it on nonsense,” Trump said Wednesday. The president had previously mentioned slashing capital gains tax from 20 percent to 15 percent, but on Wednesday his focus was directed towards the middle class.
“We are going to be cutting taxes further, and that includes business taxes, but it includes especially middle-income taxes,” he said. “We are low taxes. We are going to continue to be low taxes.”
President Trump successfully passed the Tax Cuts and Jobs Act in 2017, a major win for the American people, and his future plans aim to deliver more real victories for the people.
Democratic presidential candidate Joe Biden, meanwhile, has said time and time again that he wants to raise taxes – proposing an increase between $3 and $4 trillion over the next 10 years.
In their debate, Biden also said he would roll back Trump’s 2017 Tax Cuts and Jobs Act and raise the corporate tax rate.
President Donald Trump said that if he is reelected, his administration will attempt to reduce U.S. dependence on Chinese manufacturing and bring those jobs back to the United States.
During his Wednesday event, the president also announced a plan that would deliver a huge amount of jobs for the middle class community, saying that he wants to “make America into the manufacturing superpower of the world.”
“We will make America into the manufacturing superpower of the world, ending reliance on China once and for all,” Trump said.
The president added that he would reward companies that move their jobs to the United States and punish firms that oppose the measure.
“We will keep taxes low for companies that move jobs to America, and we’ll impose steep tariffs on any company that leaves,” he said. “They want to leave? They want to make our product and then sell it back after firing everybody? Not going to happen. They will be tariffed.”
The U.S. manufacturing sector, according to the National Association of Manufacturers (NAM), added about 450,000 workers during the first three years of Trump’s presidency before the pandemic. When businesses were forced to temporarily shut down, about 700,000 jobs during the March-through-September period were lost, the group said.
During his speech, the president also included some highly critical comments towards Barrack Obama and Joe Biden – calling them out for selling out “American workers like never before.”
“I implemented massive tax cuts and regulation cuts to keep jobs, opportunity and wealth in America,” he said. “I’ve taken the toughest-ever action against China’s chronic trade abuses that we all know so well. I immediately canceled the last administration’s job-killing Trans-Pacific Partnership, and I renegotiated the South Korea deal, which was a disaster,” Trump said.
In his speech, Trump also issued a warning that if he loses the election, then “China will own the United States.”
“China unleashed the virus onto the world, and only a Trump administration will hold them accountable,” he added.