"Establishment of Government Efficiency Committee Led by Musk" Officially Confirmed
'Ten-for-One Rule' Introduced... High-Intensity Regulatory Reform Announced
Reaffirmation of Plan to Lower Corporate Tax Top Rate by 15%
Donald Trump, the former U.S. president and Republican presidential candidate, announced that if he re-enters the White House, he will establish a Government Efficiency Committee led by Elon Musk, CEO of Tesla. He also expressed a strong commitment to regulatory reform, pledging to eliminate 10 existing regulations for every new regulation introduced. He reaffirmed his intention to lower the corporate tax rate to 15% as previously announced.
In a speech at the New York Economic Club on the 5th (local time), former President Trump said, "We will create a committee to audit the finances and performance of the entire federal government and present bold reform recommendations," adding, "Elon has agreed to lead the task force (TF)."
Earlier, U.S. media reported that the Trump campaign was considering establishing a Government Efficiency Committee if he regained power, and Trump officially confirmed this. He also officially expressed his intention to recruit Musk, who had supported the Democratic Party in the 2020 election but switched to support Trump ahead of this election. Musk also hinted at his willingness to contribute if Trump begins a second term. On the same day, through X (formerly Twitter), the social networking service he owns, Musk stated, "If given the opportunity, I want to serve America," adding, "I do not need salary, position, or recognition."
The Government Efficiency Committee led by Musk is expected to be responsible for cutting financial expenditures on wasteful programs and eliminating unnecessary regulations. This is seen as a measure to enhance government efficiency, including spending cuts, amid growing concerns about expanding fiscal deficits due to Trump's pledge to lower the corporate tax rate. It also appears to be a strategic move to expose and criticize the Biden Democratic administration's lax fiscal management.
As a businessman, former President Trump also promised strong regulatory rollbacks. In particular, he pledged to eliminate 10 existing regulations for every new regulation introduced. During his first term, Trump implemented the 'two-for-one rule,' which eliminated two existing regulations for every new one; in his second term, he indicated plans to introduce a 'ten-for-one rule' to significantly intensify regulatory reform.
He reiterated his intention to lower the top corporate tax rate from the current 21% to 15%. Previously, during his first term, Trump reduced the top corporate tax rate from 35% to 21%, and now plans to lower it further.
Former President Trump said, "We want to make products in America and mostly can do so," adding, "If you outsource workers, move overseas, or replace American workers, you do not deserve these (corporate tax) benefits." He emphasized, "I promise low taxes, low regulations, low energy costs, low interest rates, secure borders, and low, low, and even lower crime."
He launched an offensive against the Biden administration's green economic growth policy, the 'Green New Deal,' calling it "the biggest scam in history and probably a scam worth over $10 trillion." He then stated, "We will end the Green New Deal to further ease inflation."
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