Official U.S. government tax policy announcements or legislative changes

Trump Unveils 15% Tax Rate and Special Zones to Boost U.S. Manufacturing at Georgia Rally

Sep 24, 2024, 05:42 PM

Former President Donald Trump has announced a comprehensive plan to revitalize American manufacturing. Speaking at a rally in Georgia, Trump outlined several key initiatives, including the establishment of special zones on federal land with ultra-low taxes and regulations for American producers. He also proposed a 15% 'Made in America' tax rate, reducing the business tax from 21% to 15% for companies that manufacture their products in the United States. Additionally, U.S.-based manufacturers would be rewarded with R&D tax credits, the ability to write off the cost of heavy machinery in the first year, and the lowest energy costs and regulatory burden. Trump also plans to appoint a Manufacturing Ambassador to convince foreign companies to relocate their production to the U.S. using tax incentives and the threat of tariffs. The strategy aims to bring auto manufacturing to its highest level in U.S. history and boost exports through the Port of Savannah.