On September 24, 2024, former US President and Republican presidential candidate Donald Trump spoke at a campaign rally held at the Johnny Mercer Theater in Savannah, Georgia.
Chandan Khanna | AFP | Getty Images
former president Donald Trump Several new manufacturing proposals were unveiled at a rally in Savannah, Ga., on Tuesday as part of his plan to strengthen the economy as vice president. Kamala Harris prepare a new one Policy launch Her own.
The Republican presidential candidate said that if elected, he would reward U.S. manufacturers with an expanded research and development tax credit that would allow companies to “write off 100% of the cost of heavy machinery and other equipment in the first year.”
If enacted, the proposal would overturn major components of Trump’s 2017 Tax Cuts and Jobs Act, which phased out traditional R&D tax credit.
Starting from 2022, companies will no longer be allowed to write off R&D expenses in the year they are incurred. Instead, they must amortize R&D costs over five years and then write off that value, often with the result that the tax benefit is reduced.
Trump’s proposal Tuesday appears to roll back that part of the TCJA. “You’ll get the full fee. In other words, you have a one-year write-off,” he said.
The former president also said that if he wins a second term in the White House, he will appoint a dedicated “manufacturing ambassador.” Trump said the appointee would be solely responsible for traveling around the world “to convince major manufacturers to pack their bags and return to the United States.”
Trump also doubled down on his tough stance tradingsaying he would impose “100% or 200% tariffs” on cars imported from Mexico.
With 42 days left before the November 5 election, Trump is working to strengthen his economic stance, while Harris has strengthened her platform and worked to cast a negative light on her Republican opponents.
Harris campaign hosted billionaire investors earlier Tuesday Mark Cuban and truck driver National Black Caucus Chairman James Cobeam criticized Trump’s economic agenda during a campaign call.
“The Vice President, her team carefully considered her policies,” Cuban said. “She’s not going to be like the Republican nominee and just say whatever she thinks the crowd wants to hear.”
Harris has also faced some criticism from economists and the business community, particularly for her aggressive approach to corporate regulation.
Cuban worked to ease some concerns in corporate America on Tuesday.
For example, he believes Harris’ proposed corporate tax increases would put less pressure on businesses than Trump’s across-the-board tariffs. He also stated that he does not believe that the Harris administration will impose strict regulations on cryptocurrencies.
“I think she’s better suited for business,” Cuban said.
On Wednesday, Harris is expected to deliver a speech in Pittsburgh to unveil new economic policy proposals.
