EDITION: US | UK | Canada
Thecapitalpost.com - Breaking, International, Business, Sports, Entertainment, Technology and Video NewsThecapitalpost.com - Breaking, International, Business, Sports, Entertainment, Technology and Video News
Sign In|Sign Up
 
 
Bridging The Gap
 Trump vows 35% tax for US firms that move jobs overseas
 Monday 05 December, 2016
Trump vows 35% tax for US firms that move jobs overseas

US President-elect Donald Trump says he will impose punitive taxes on US firms that move manufacturing overseas.
Mr Trump promised a 35% tax on products sold in the US by any business that fired American workers, and built a factory elsewhere.
Firms should be "forewarned prior to making a very expensive mistake", he said.
Mr Trump has promised to help blue-collar workers, as well as reduce taxes and regulations on businesses.
"The US is going to substantially reduce taxes and regulations on businesses, but any business that leaves our country for another country, fires its employees, builds a new factory or plant in the other country, and then thinks it will sell its product back into the US without retribution or consequence, is WRONG!" [sic], the Republican tweeted.
"There will be a tax on our soon to be strong border of 35% for these companies wanting to sell their product, cars, A.C. units etc., back across the border," he went on.
"This tax will make leaving financially difficult, but these companies are able to move between all 50 states, with no tax or tariff being charged.
"Please be forewarned prior to making a very expensive mistake! THE UNITED STATES IS OPEN FOR BUSINESS."

Last week Mr Trump tweeted a warning to Rexnord Corp, an industrial supplier based in Milwaukee that plans to move a bearings plant and its 300 jobs from Indiana to Mexico.
"Rexnord of Indiana is moving to Mexico and rather viciously firing all of its 300 workers. This is happening all over the country. No more!" he fumed.
Experts have warned that the president-elect will face legal challenges if he tries to impose tariffs on specific companies without congressional approval.
Gary Hufbauer, senior fellow at the Peterson Institute for International Economics, predicted that the US courts would block such a move.
Mr Trump, who defeated Hillary Clinton in the poll, is due to be sworn in on 20 January.

Bookmark and Share
 
Post Your Comments:
Name :
*
City / State:
*
Email address:
*
Type your comments:
*
Enter Security Code:   


 Latest News »
 
  Trump jabs at media, Germany i...
  President Trump and a Pulitzer...
  President Trump greets tourist...
  Trump seeks to move forward af...
  Trump to sign orders on waters...
  Trump hits FBI for 'leaks' in ...
  Trump explains odd rally refer...
  Trump talks trade with Canadia...
  Trump attacks judge again on t...
  Transcript of President Trump'...
  Meet the key players in the Tr...
  Obama surprises a choked-up Bi...
  Obama speech: Democracy needs ...
  Obama says he advised Trump to...
  Congress certifies Trump's vic...
  Obama plots strategy with Demo...
  For recipients of Obama's pres...
  Obama edges Trump as 'most adm...
  Here's what Obamas said in fin...
  Trump is within his rights to ...
 

Current Conditions:
Sunny

(provided by The Weather Channel)

Washington, DC

  2010 The Capital Post. All rights reserved.