U.S. Bureau of Labor Statistics

Trump Announces Corporate Tax Cut from 21% to 15% for U.S. Manufacturers

Sep 5, 2024, 04:44 PM

Former President Donald Trump has announced a comprehensive tax reform plan aimed at revitalizing American manufacturing. The plan includes a reduction of the corporate tax rate from 21% to 15% for companies that manufacture their products in the United States. Trump emphasized that this tax cut is contingent upon companies making their products domestically. Additionally, the plan proposes expanded research and development (R&D) tax credits, 100% bonus depreciation, and expensing for new manufacturing investments. Trump stated that these measures are designed to boost U.S. manufacturing and increase wages for American workers.