Former President Trump recently spoke at the Detroit Economic Club, where he unveiled a new plan to boost America's auto industry. The plan, known as the "Build It in America Plan," includes a 15% corporate tax rate for companies that manufacture their products in the U.S., as well as tax credits for research and development and fully tax-deductible interest on car loans for small businesses.
Trump highlighted the decline of Michigan and Detroit's automotive industry, attributing it to past Washington policies. He expressed his determination to revitalize the industry and bring back manufacturing jobs to the region.
The former president proposed a 15% "Made in America Corporate Tax Rate" to incentivize U.S.-based companies to produce domestically. Additionally, manufacturers would receive expanded research and development tax credits to invest in new equipment and machinery.
To support small businesses, Trump pledged to double the amount of equipment investment they can deduct and make interest on car loans fully tax-deductible. These measures aim to help businesses afford the vehicles necessary for their operations.
Trump also warned of potential tariffs of up to 1,000% on foreign-imported vehicles if re-elected, particularly targeting Chinese cars produced in Mexico. He emphasized the importance of protecting the American auto industry from foreign competition.
In addition to his economic proposals, Trump shared personal news during his speech, announcing that his daughter Tiffany is expecting a baby. He acknowledged businessman Massad Boulos, the father of Tiffany's husband, Michael Boulos.
Overall, Trump's speech at the Detroit Economic Club outlined his plans to support the American auto industry and create opportunities for domestic manufacturing, while also addressing personal matters and highlighting the importance of family.