President Trump Promises To “Massively” Cut Taxes For Corporations

On January 23, 2017, only several days following his inauguration, President Donald Trump met with a dozen American manufacturers. During this White House meeting, the President promised to “massively” cut taxes for corporations, from 35% down to 15-20%.  But more notably, he promised representatives from companies such as Ford, Dow Chemical and Tesla that he would cut regulations by 75%. He explained that if a company such as Dell wanted “to come in and do something monstrous and special”, it would be difficult to approve the project with the existing regulations. Trump hopes to have Republican backing in order to enact this.

There have been over 89,000 regulations added to the rulebook since 1994; many of these may now be outdated. However, opponents to these regulations cuts argue that a 75% reduction in regulations would necessarily cut into protections to keep drinking water and land safe, keep Wall Street accountable and prevent foodborne or other disease.

Proponents of the regulation cuts state that if implemented, jobs could be created and American companies could more easily thrive without relying on foreign resources such as oil, raw materials and labor.

Trump ran his Presidential campaign with heavy emphasis on issues of economy and commerce. Throughout his campaign, he promised that he would withdraw the United States from the Trans Pacific Partnership to encourage economic growth in American based companies. On the first day of his first full week in office, he did so, calling it a “great thing for the American worker”.

President Trump signed two additional executive orders on the same day. The first order was to freeze federal hiring, with the exception of the military, citing the government’s expansion in the years prior to his presidency.  Additionally, Trump signed an order banning overseas abortions by non-governmental organizations which receive federal funding.

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