Musk to Head Trump’s Proposed Efficiency Commission for Economic Plans
TL/DR –
Donald Trump has released a series of economic plans which include the formation of a government efficiency commission, the reduction of the corporate tax rate, and repealing unspent funds from laws passed under the Biden administration. This government efficiency commission, suggested by Elon Musk, who has agreed to lead it if Trump is elected, would perform a comprehensive financial and performance audit of the federal government and propose drastic reforms. Other proposals include changes to tackle government regulations, particularly those concerning energy production, embracing cryptocurrency, imposing sweeping tariffs on imports, and banning mortgages for undocumented immigrants.
Trump Proposes New Economic Plans; Elon Musk to Lead Government Efficiency Commission
Donald Trump recently laid out new economic plans, including forming a government efficiency commission that Elon Musk will lead if Trump wins the upcoming election.
Trump mentioned that it was Musk’s suggestion to form a commission to conduct a financial audit of the federal government and suggest drastic reforms. Additionally, Trump proposed reducing corporate tax rates and tackling government regulations. He also unveiled plans to rescind unspent funds from the Biden administration’s key laws and impose sweeping tariffs on imports.
The Wall Street Journal first reported these proposals days before a presidential debate with Vice President Kamala Harris. Harris has also recently released her economic proposals, focusing on aiding small businesses and making life necessities affordable for middle-class Americans.
Trump’s proposals also include a reduction in corporate tax rate to 15% for companies that manufacture their products in the US. He warned that companies that outsource or replace American workers will face substantial tariffs on imported products.
Trump’s economic advisors reached out to business leaders and CEOs for feedback on his economic plans. The feedback specifically focused on taxes and being more aggressive towards China.
Trump also proposed a ban on mortgages for undocumented immigrants to address housing affordability. However, undocumented immigrants make up a tiny portion of the mortgage market, according to a recent Urban Institute report.
Other strategies to make housing more affordable include reducing regulations that drive up costs, launching large-scale housing construction in low-tax, low-regulation zones, and promising lower gasoline prices by reducing bureaucracy and increasing oil drilling.
However, experts warn that achieving gasoline prices under $2 per gallon would require a major economic downturn. Trump’s economic policies are part of his campaign’s top issue ahead of the November election. This economic address aims to contrast his plans with those of Harris, his opponent.
Trump stated that he would rescind all unspent funds from the 2022 Inflation Reduction Act, which allotted about $80 billion over 10 years to the Internal Revenue Service and various climate measures. The act has been criticized by many Republicans who believe it provides the IRS with excessive funding. However, the Congressional Budget Office warns that any cuts to IRS funding could lead to less tax revenue due to less enforcement of tax laws.
Many of Harris’s economic proposals are based on President Joe Biden‘s platform and include raising the corporate tax rate to 28%. She has not endorsed Biden’s proposal for a higher long-term capital gains rate for high earners and instead proposes a 28% rate for those earning more than $1 million a year.
Economic issues remain the top concern for voters in the upcoming presidential election, according to recent CNN polling.
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