President Donald Trump will rally factory owners and executives to mobilize their influence on behalf of his proposed tax overhaul, using a speech to the National Association of Manufacturers on Friday to argue that lower rates will make American businesses more competitive.
“When we grow American manufacturing, we don’t only grow our jobs and wages, we grow the American spirit,” Trump will say Friday, according to an excerpt of his speech provided in advance by a senior administration official. “When we purchase products made in America, fashioned by our fellow citizens, we renew the bonds of national loyalty that link us all together.”
Trump’s speech to the manufacturing trade group comes as his administration is trying to build momentum for a proposal to cut taxes on corporations and individuals. The administration has released few details on how to pay for the tax cuts, instead asserting that the overhaul will create an economic surge, boosting job growth in manufacturing and other sectors.
Trump will tout several provisions in the tax plan that could benefit manufacturers, including a reduction in the corporate rate to 20%, a tax break for investment in new equipment and a low, one-time repatriation tax for profits held overseas, the senior administration official said. The official requested anonymity to discuss Trump’s speech in advance.
In a statement, NAM president and CEO Jay Timmons said the group was “honored” to have Trump speak about “the critical need for bold tax reform.”
By Toluse Olorunnipa