In the past, many American manufacturing companies have elected to move their factories out of the country, because of the more favorable business climate in other countries. Labor costs and corporate taxes were top concerns among company owners.
Since Trump has been elected, he has managed to encourage corporations to remain in the United States, and invest their capital into new buildings and new hires.
Donald Trump vowed to make the corporate tax climate more business-friendly throughout his campaign. Now, he is about to make some announcements concerning the promised tax cuts.
According to Western Journalism:
President Donald Trump pledged Thursday he will soon unveil a “phenomenal” tax cut plan.
Trump was meeting with executives from several airlines and told them he was aware they must deal with “burdensome” federal regulations.
“We want to help you … by rolling back burdensome regulations, and you people are regulated probably as much as almost anybody,” he said. “We have a regulatory morass that’s a disaster.”
The president then told the executives, “Lowering the overall tax burden on American business is big league, that’s coming along very well. We’re way ahead of schedule, I believe. And we’re going to be announcing something — I would say over the next two or three weeks — that will be phenomenal.”
Watch the video of Trump making the announcement of tax cuts below:
As a result of the Trump announcement, the value of the dollar spiked as reported by Reuters:
[T]he U.S. dollar rose more than 1 percent over the Chinese yen following the announcement, adding that investors were waiting to hear from the president on his tax plan before making investments.
Kathy Lien, managing director of BK Asset Management, said, “It’s been a broad-based dollar rally driven by the headlines that Trump plans to announce something phenomenal on taxes in the next few weeks, in his words.”
She added, “That was really the crux of the dollar rally shortly after his election and I think investors are getting really excited about that again.”
Just the prospects of Trump lowering taxes for businesses and consumers was enough to spur excitement, and the airline industry is anticipating growth as a result of a promised rollback of regulations.
All this is great news and we would think the majority of liberal Americans might give President Trump the benefit of the doubt. Yet, too many of them simply don’t spend any time educating themselves, so the learning curve may be a long process.
Conservatives gave President Obama the time to prove himself and like it or not, liberals owe President Trump the same courtesy!
Source: Western Journalism