A second Trump presidency would limit monopoly providers, make permanent the 2017 tax cuts, and encourage people to build and make products in American and pay taxes, according to Howard Lutnick, the Cantor Fitzgerald LP chief executive officer who is in charge of recruiting political appointees for a second Trump administration.
Todd Gillespie for Bloomberg News:
Howard Lutnick, the co-chair of Donald Trump’s transition team, said firms like Apple Inc. will pay more tax in the US under a second Trump administration.
In particular, Lutnick took aim at tax regimes like Ireland’s and suggested firms like Apple and Tesla Inc. would be forced to pay higher US taxes if Trump takes office. He said Elon Musk, who he spent time with on Sunday, told him he was happy for Tesla to pay more US tax, so long as such rules applied to everyone.
“Have them pay their taxes in America and that is how you fix America,” he said. “There shouldn’t be carve outs for Apple.”
The transition co-chair is busy organizing names who could form a future administration, with a heavy emphasis on drawing leaders from the private sector.
MacDailyNews Note: As reported by CNN, in a speech in Savannah, Georgia, on September 24th, Trump highlighted his plan to reduce the corporate tax rate to 15% for companies that make their products in America, which he said would would unleash a boom in domestic manufacturing and entice foreign companies to shift their operations to America. “With a vision I’m outlining today, not only will we stop our businesses from leaving for foreign lands, but under my leadership, we’re going to take other countries’ jobs,” Trump said.
Earlier in September, Trump said that Elon Musk has agreed to lead a proposed government efficiency commission. Trump’s government efficiency commission proposal follows a recent conversation he had with Musk, during which the Tesla CEO suggested that the former president should create such a group in an effort to tackle inflation and appoint him to it. “I’d love it,” Trump responded at the time.
On September 5th, Musk posted via X, “I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed.”
I look forward to serving America if the opportunity arises.
No pay, no title, no recognition is needed. https://t.co/5PSNtjBQn7
— Elon Musk (@elonmusk) September 5, 2024
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If Apple wants to mitigate their U.S. tax burden, they can make more products in America.
But Tim has become rather comfortable massaging Xi Jinping ass.
just means apple and Tesla customers will pay more. so that will slow sells and share price will go down.
Howard Lutnick, CEO of Cantor Fitzgerald and co-chair of Donald Trump’s transition team, has outlined key economic policies that a second Trump presidency would prioritize. These include reducing the influence of monopoly providers, making permanent the 2017 tax cuts, and incentivizing domestic production. Lutnick emphasized that companies like Apple and Tesla would be expected to pay more in U.S. taxes rather than benefiting from favorable foreign tax regimes, such as Ireland’s. He noted that Elon Musk, who Lutnick recently spent time with, supports such tax reforms as long as they apply equally to all companies.