Trump vows to cut business tax rate to 15%, create government efficiency commission led by Elon Musk

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Former President Trump proposes new corporate tax cuts

Former President Trump proposes new corporate tax cuts and that X CEO Elon Musk heads up a new government efficiency task force.

NEW YORK — Former President Trump delivered a major economic address in New York on Thursday, announcing his plan to cut the corporate tax rate to 15% and create a "government efficiency commission" led by Elon Musk, while vowing to "make America richer and stronger" if elected in November. 

Trump made the announcement during a speech to The Economic Club of New York. 

The former president touted the strength of the U.S. economy under his first administration, while blasting his Democratic opponent, Vice President Kamala Harris, for her "Kamalanomics" and tying her to the rising inflation and negative economic impacts of Biden-Harris administration policies. 

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Trump said Harris and her "radical left agenda" poses "a fundamental threat to the prosperity of every American family and America itself." 

Former first lady Melania Trump joins former President Trump on stage after he officially accepted the Republican presidential nomination on the fourth day of the Republican National Convention at the Fiserv Forum in Milwaukee on July 18. (Andrew Harnik/Getty Images)

"I’m here today to lay out my plan to rescue our country from this nightmare, and to bring back to its citizens the American dream — bigger, better and stronger than ever before," Trump said. 

Trump said that during his administration, he "fought for American workers like I would fight for my own family." 

"I took care of our economy like I would take care of my own company in every decision. I asked, will I create jobs here, or will I be sending jobs overseas? Will it make America richer and stronger, or will it make our country weaker and poorer?" Trump asked. "I always put America first every single time. And when our country was hit by the China virus, we saved the economy. We rescued tens of millions of jobs." 

"We delivered an economic miracle, which Kamala and Joe turned into an economic disaster, just like they turned the border and indeed the whole world into a catastrophic surrender. Starting on day one, Kamala launched a war on American energy and orchestrated a nation-wrecking border invasion with illegal aliens pouring in from countries all over the world," Trump said, adding that President Biden and Vice President Harris "formed the worst presidency and vice presidency, by far, in the history of our country." 

"This election will decide whether we reward Kamala Harris with re-election and four more years of crime, economic calamity and international humiliation, or whether we change that direction and once again build the greatest economy in the history of the world, which we had during the Trump administration," he said. 

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Trump warned that Harris "fundamentally rejects freedom and embraces Marxism, communism and fascism." 

"She is promising communist price controls, wealth confiscation, energy annihilation, reparations. The largest tax increase ever imposed, and mass amnesty and citizenship for tens of millions of migrants who will consume trillions of dollars in federal benefits and destroy Social Security and Medicare," he said. 

"I am promising low taxes, low regulations, low energy costs, low interest rates, secure borders, low, low crime and surging incomes for citizens of every race, religion, color and creed," Trump continued. "My plan will rapidly defeat inflation, quickly bring down prices and reignite explosive economic growth." 

Trump said Harris "will take more money out of American pockets," while his plan "will leave the typical family with many thousands of dollars more than they have right now." 

Democratic presidential candidate Vice President Kamala Harris speaks on her policy platform. (Grant Baldwin/Getty Images)

First, Trump said he would "end Kamala Harris' anti-energy crusade and implement a policy of energy abundance, energy independence and even energy dominance." 

Trump said his plan "will cut energy prices in half or more than that within 12 months of taking office." 

"It will be an economic revival of our country like no one has ever seen before," he said. "Energy was what caused our problem initially. Energy is going to bring us back." 

Trump said that if elected, he would "immediately issue a national emergency declaration to achieve a massive increase in domestic energy supply." 

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Trump said "electricity is desperately needed for AI." 

"So we'll be the leader in AI and every other form of technology with these sweeping authorities," he said. "We will blast through every bureaucratic hurdle to issue rapid approvals for new drilling, new pipelines, new refineries, new power plants, new electric plants and reactors of all types." 

He added, "Prices will fall immediately in anticipation of this tremendous supply that we can create rather quickly." 

Trump also said he plans to rescind all unspent funds under Biden-Harris’ "misnamed" Inflation Reduction Act.

The former president also vowed to end the electric vehicle mandate and "stop the appalling waste," which he said will "save taxpayers an estimated $1 trillion." 

"I will launch a historic campaign to liberate our economy from crippling regulation. My first term, I pledged to cut 10 old regulations for every one new regulation, and we did much better than that," he said. 

Trump also stressed he will make America "the world capital for crypto and Bitcoin." 

Meanwhile, Trump said that he would create a Government Efficiency Commission "at the suggestion of Elon Musk," who he said has "given me his complete and total endorsement." 

The government efficiency commission would be tasked with conducting a complete financial and performance audit of the entire federal government and making recommendations for drastic reforms. 

Trump said Musk "has agreed" to lead that commission. 

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Trump also announced he would cut the corporate tax rate from 21% to 15% "solely for companies that make their product in America." 

Harris has proposed the corporate tax rate increase to 28%. The Harris campaign describes that move as "a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share."

Former President Trump said that he would create a Government Efficiency Commission "at the suggestion of Elon Musk," who he said has "given me his complete and total endorsement." (Getty Images)

Trump also said he plans to make his "Trump tax cuts permanent."

"They are massive tax cuts," he said.  

"We will have no tax on tips — something which they copied four weeks after I said it," Trump said, in a swipe at Harris, who seemingly stole his plan. "She got up, said no tax on tips. I said that she is actually copying a lot of my plan." 

Trump also said his plan would not tax Social Security benefits. 

"We’re not going to tax their benefits. We have so many different ways of making so much money — it is so incredible. We do not have to take it away from people on Social Security," he said. "We’re not going to do that." 

Trump said his message "is simple." 

"Make your product here in America and only in America," he said. "We are not going to be taken advantage of anymore." 

Trump also said he would "work on national debt" and "work on getting it down." 

Meanwhile, Trump said that during his administration, he "got to know Washington well." 

"I know the smart ones and the dumb ones. I know the ones that can help make us great, and the ones that can only take us into bad territory. I got to know a lot of people, probably as many as anybody at that level, and we have incredible talent that we're going to be using that talent," he said. "They did a great job on trade." 

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However, Trump said he will "do things that we didn't do even the first time." 

Trump vowed that if elected, he would ensure "inflation will be gone, our energy will be unleashed, our economy will be set free, our sovereignty will be restored, our citizens will thrive." 

"Growth will come roaring back, and America's future will be brighter than ever before," he said.