Official announcements from the U.S. Treasury Department or legislative actions

Trump Proposes 15% Corporate Tax Rate and 200% Tariffs on Mexican Vehicles Ahead of November 5 Election

Oct 10, 2024, 04:40 PM

Donald Trump, the Republican presidential candidate, has outlined significant economic proposals aimed at boosting U.S. manufacturing and the auto industry. He plans to reduce the corporate tax rate for products manufactured in America from 21% to 15%. This 'Made in America' corporate tax rate is intended to incentivize domestic production. Additionally, Trump has proposed imposing tariffs as high as 200% on vehicles imported from Mexico, a move aimed at protecting the U.S. auto sector. This proposal comes as part of his broader protectionist trade rhetoric ahead of the November 5 election against Democrat Kamala Harris. Trump is also expected to announce a plan to make interest on car loans fully tax-deductible, further supporting the auto industry. These economic strategies are part of Trump's campaign efforts to appeal to voters in swing states, particularly Michigan, where he plans to deliver a speech detailing these proposals.