Republican presidential candidate Donald Trump said Thursday he would nominate billionaire Elon Musk to head a government efficiency commission if he wins the U.S. presidential election, in a wide-ranging speech in which he unveiled several economic proposals.
In a speech At the Economic Club of New York, the former president also proposed cutting corporate tax rates for companies that manufacture in the country, starting a new sovereign wealth fund and creating “low-tax” zones on federal lands to encourage new housing construction.
According to Reuters reportTrump had been discussing the idea of an efficiency commission with his advisers for weeks. His speech on Thursday was his first public endorsement of the idea.
Trump said the commission would be “charged with conducting a full financial and performance audit of the entire federal government and making recommendations for sweeping reforms.”
It was also the first time Trump said Musk would head such a body. The billionaire Tesla boss (NASDAQ:TSLA) and SpaceX (SPACE) said in a x.com/elonmusk/status/1831672345108357610″ target=”_blank”>mail In x he said he hoped to “serve the United States if the opportunity arises.”
Musk has emerged as one of Trump’s most prominent and vocal supporters this election cycle. He first publicly endorsed Trump on July 13, following the assassination attempt on the Republican candidate in Pennsylvania. He also pledged millions of dollars to a political action committee backing Trump.
On Wednesday, Musk x.com/elonmusk/status/1831356844214042634?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1831356844214042634%7Ctwgr%5Ef02d72e33b7643705aa604ecbef639f241fada67%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2024-09-07%2Felon-musk-s-america-pac-supports-donald-trump-with-facebook-youtube-x-ads” target=”_blank”>aware an x-rated photo quoting himself as saying that “a Trump victory is essential.”
Last month, Trump told Reuters that if elected, he plans to impose new tariffs on imports of vehicles produced in Mexico by the Detroit Three and others, and would block Chinese automakers from building new plants in Mexico to make cars for the U.S. market.
Corporate tax cuts, housing plans and sovereign wealth funds
During his speech, Trump also emphasized his plans to cut the corporate tax rate from 21% to 15%, but only for companies that manufacture in the country. He added that he would open up federal lands to create new housing areas that would be “low tax” and “low regulation” to reduce housing costs.
In contrast, Democratic candidate Kamala Harris has proposed giving potential home buyers up to $25,000 as part of her economic agenda.
Vice President Harris proposed setting the capital gains tax at 28%, higher than the current rate but lower than President Joe Biden's proposal of 39.6%.
Trump also suggested the creation of a sovereign wealth fund, in part to finance infrastructure projects. He said he would rescind unspent funds related to the Inflation Reduction Act of 2022, a key legislative achievement for President Joe Biden.
Biden's top advisers have been working on a similar proposal to establish a sovereign wealth fund that would allow the U.S. to invest in national security interests, including technology, energy and critical supply chain links, according to Bloomberg. reported Friday.
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