Investing.com - President-elect Donald Trump this evening promised massive tax cuts -- "bigger than those during the 1980s era of President Reagan" -- for corporations and individuals.
The pledge was made at a rally of military families in Fayetteville, N.C., where Trump, and incoming Secretary of Defense, Gen. James Mattis, who led the U.S. Marines in Iraq, appeared, as an expression of gratitude for handing the Republican team to a victory in last month’s election.
The U.S. Marine Corps' Camp Legeune is nearby in N.C., as is the headquarters of the 82nd Airborne unit of the Army. Trump addressed the military families directly.
“We’re going to undertake one of the great tax reforms and simplifications in history,” said Trump. From 35% to 15% for corporate taxes. Massive tax cuts for the middle class as well – bigger than Reagan.”
Additionally, Trump said the new administration will pursue a de-regulatory strategy that will enable the U.S. to pursue a strategy of “American energy independence.”
The president-elect said that recent deals to keep jobs in the U.S. – as in the cases of United Technologies Corporation (NYSE:UTX) and Ford Motor Company (NYSE:F) – and today’s announcement of new investment by Japan’s SoftBank Corp. (T:9984) – were a preview of his industrial policy.
“We’ve just started,” said Trump. “We’re going to make America rich again.”
The businessman-turned-politician also evoked, and expanded upon, the rhetoric of martyred President Kennedy, saying that it was time to “dream big as Americans again. Believe in yourself. Believe in your country. Believe in your future.”
Reporters on Fox News Channel who covered the rally commented on the air that Trump’s moves were designed to have a “psychological effect” on the U.S. and set the environment for the passage of his policies during the first 200 days of his presidency next year.