In a bid to revamp his economic agenda, former President Donald Trump unveiled a series of manufacturing proposals at a rally in Savannah, Georgia. The move comes as Vice President Kamala Harris prepares to launch her own policy initiatives. Trump’s plan aims to incentivize U.S.-based manufacturers by offering expanded research and development tax credits, allowing them to deduct 100% of equipment costs in the first year. This proposal marks a significant departure from his 2017 Tax Cuts and Jobs Act, which phased out traditional R&D tax credits. Under the current system, businesses must amortize R&D costs over five years, reducing the tax benefits.
Trump also proposed appointing a “manufacturing ambassador” to travel the world and persuade major manufacturers to relocate to the United States. Additionally, he reiterated his hardline stance on trade, threatening to impose steep tariffs on cars imported from Mexico.
With the election just 42 days away, Trump is working to bolster his economic credentials, while Harris seeks to cast him in a negative light. Earlier, the Harris campaign hosted a call with billionaire investor Mark Cuban and Teamsters National Black Caucus Chair James Curbeam, who criticized Trump’s economic agenda. Cuban praised Harris’ approach, saying she thinks through her policies carefully, unlike Trump.
Harris is expected to unveil new economic policy proposals in a speech in Pittsburgh on Wednesday. Her campaign has faced criticism from economists and the business community, particularly regarding her approach to corporate regulation. However, Cuban sought to alleviate concerns, arguing that Harris’ proposed corporate tax hikes would be less burdensome than Trump’s tariffs, and that she would not impose heavy regulations on cryptocurrencies.
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