Vice President Harris unveils her third economic plan in just two months of campaigning, and it’s essentially a cut and paste job from Bidenomics over the past three-and-a-half years.
Meanwhile, President Trump in North Carolina builds upon his bold big bang “America First” manufacturing plan called the new American industrialism.
“Here is the deal that I will be offering to every major company and manufacturer within our country,” Trump said today in North Carolina. “I will give you the lowest taxes, the lowest energy costs. I will cut your energy in half. The lowest regulatory burden, and free access to the best and biggest market.”
The centerpiece in this plan is slashing the business tax rate to 15 percent from 21 percent, so long as the products are made in the USA.
Trump also promises 100 percent expensing write-off for machinery and equipment, along with a major ten to one deregulation plan, and “drill, baby, drill” to slash energy costs.
And, by the way, here’s a very important add-on today regarding the dollar: “If I’m elected president, we will have the world’s reserve currency in better shape and order, and every country will follow it. And if they don’t, we will put tariffs on that country and we won’t trade with that country.”
For those on Wall Street who believe Trump wants cheap money and a sinking dollar, think again.
A sound and steady dollar was in the Trump RNC platform and repeated at the Economic Club of New York.
This is a major economic growth blueprint. Now, here’s what won’t work for Trump, and I completely agree.
Deere & Co. is thinking about moving much of their manufacturing business to Mexico.
This is not what Trump wants, it is not “America First,” and it’s an uncharacteristically sneaky attempt by a grand old company to dodge the United States-Mexico-Canada trade deal, lay off American workers, and still pay lower taxes.
Our friends at the Wall Street Journal don’t like the fact that Trump publicly threatened Deere with a 200 percent tariff if they try to sneak into Mexico. The Journal is wrong, though.
Trump is offering Deere and any other company producing in America a huge, and profitable, cost cutting plan: lower taxes, lower regulations, cheaper energy, lower inflation, and a sound dollar.
These are enormous “America First” on-shoring incentives. This Trump plan will put “America first” in the global race for capital.
After all, why should Trump policies reward Deere’s corporate income statement and balance sheet at their Moline, Illinois headquarters, while they slip away to Mexico in order to close plants and kill jobs in America?
If Deere & Co. wants lower taxes, they should get with the new Trump program.
Of course, American manufacturers compete in global markets. But Trump’s whole industrialism plan would slash business and labor costs across the board, and will make America ultra-competitive in world wide competition.
And incidentally, with an ultra-low 15 percent tax rate, real wage increases would be so substantial that Deere and other companies wouldn’t be faced with costly labor agreements.
Trump is more than willing to use tariffs as a tool to promote American economic security and national security.
He is a master negotiator. He is offering tremendous new incentives for job and wage enhancing business activity.
Deere is a grand old company. It should play by the new rules.
From Mr. Kudlow’s broadcast on Fox Business Network.
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Publish date : 2024-09-25 11:56:00
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