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Former President Donald Trump said he is ready to help businesses grow again and achieve the kind of success not seen in the United States since before the COVID-19 pandemic.
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President Trump made the remarks during a conversation at X with Tesla CEO and X owner Elon Musk, where the two discussed the economy, deregulation, the pandemic and more during a wide-ranging conversation.
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President Trump on Deregulation
During the conversation, Musk referenced President Ronald Reagan and deregulation, and the need for more “smart regulation.”
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“We set a record. We’ve deregulated more, we’ve put more restrictions on everything, on everything, than any other president,” Trump replied. “And remember, I had a rule that for every thing we put in place, we had to eliminate 10 or 12.”
Trump has previously spoken of plans to scale back the powers of U.S. financial regulators, among other ideas he has discussed for a second term. Congress expanded government oversight of the financial industry to prevent a repeat of the 2008 global banking collapse.
According to Reuters, “If elected, Donald Trump would likely resume efforts to roll back these reforms, roll back protections for small investors and borrowers and allow companies to raise capital with less oversight, according to interviews and proposals from groups in a position to influence a new conservative administration.”
President Trump on Tax Cuts
During his conversation with Musk, President Trump said his administration is on a path to reduce the national debt and further cut taxes.
According to Trump, “I was going to give the biggest tax cut ever, and I was going to give even more tax cuts to middle-income earners, not just corporations. But I cut taxes for corporations because they’re the reason for the strong jobs numbers. But we were going to be ready to really start reducing the debt.”
President Trump has repeatedly claimed that his signature tax cuts in the Tax Cuts and Jobs Act of 2017 were the largest in history, but fact checkers such as CNN have found that “his tax cuts were not the largest in history, either as a percentage of gross domestic product or when adjusted for inflation.”
Economy and Elections
The discussion with Musk about the tax cuts came as Trump and Kamala Harris were on the campaign trail discussing their plans for tax cuts and the economy. With the Trump administration’s tax cuts scheduled for after 2025, both presidential candidates have spoken about plans to provide economic relief to Americans amid inflation fears and rising prices.
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Bloomberg reports, “Donald Trump and Kamala Harris are locked in a tax policy arms race, copying and topping each other’s proposals in an effort to win the support of voting blocs in key battleground states ahead of a looming battle in Washington over tax reform.”
Trump has also criticized the Biden administration’s spending for adding to the national debt and not helping average Americans, while Biden and Harris say Trump’s plan favors the wealthy and plunges the country deeper into debt.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to provide objective coverage of all aspects of the economy and balanced reporting on politically focused financial stories. More coverage on this topic can be found at GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: Trump and Masks: Can a Second Term of the Trump Administration Recapture Pre-COVID Business Success?
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