Donald Trump has revealed his initial plans if he comes to power in the 2024 US presidential election. Mr Trump said he would form a task force soon after taking office, which would aim to conduct a thorough financial and performance audit of the entire federal government.
Donald Trump said that once the audit is complete, the new task force will make recommendations for drastic reforms, which he says are the need of the hour.
Elaborating on his plan about the committee and who will head it, Donald Trump said that SpaceX, Tesla and X CEO Elon Musk will head the task force, adding that Mr Musk has already agreed to take the responsibility. A video of Donald Trump making the announcement was shared on social media website X by local media outlet Cspan News Network.
Elon Musk also welcomed Donald Trump’s decision, saying such a move was “much needed.”
It is very much needed
— Elon Musk (@elonmusk) September 5, 2024
Speaking more about his plans for the United States, Mr. Trump said that his goal is to “make America the capital of the world for crypto and bitcoin.” He also said that he plans to eliminate at least ten old regulations and replace them with ten new ones.
Addressing the Economic Club of New York on September 5, Donald Trump said, “To stop this assault on cheap prices, I am committing today that in my second term we will eliminate at least ten old regulations. For every one new regulation we introduce, we will easily be able to do the same. In fact, instead of attacking the industries of the future, we will embrace them, including making the United States the world capital for crypto and bitcoin.”
Donald Trump praised Elon Musk, saying, “At the suggestion of Elon Musk, who has given me his full and total support, he’s a good and smart guy. He knows what he’s doing. Congratulations. I will be forming a government efficiency commission whose job will be to do a full financial and performance audit of the entire federal government and make recommendations for the drastic reforms that we need to make. It can’t go on the way we’re doing it now. And Elon, because he’s not too busy, has agreed to lead that task force, it would be interesting if he has time, but he has agreed,” Donald Trump said.
“At the suggestion of @Elon Musk…I will create a Government Efficiency Commission whose job will be to conduct a full financial and performance audit of the entire federal government and make recommendations for drastic reforms. And Allen … has agreed to lead that task force.” pic.twitter.com/ep2WU9ySRT
— CSPN (@cspan) September 5, 2024
Mr Trump explained how the improper and fraudulent payments would cost US taxpayers an estimated “hundreds of billions of dollars” in 2022. He announced that the commission would create an action plan to end the payments within a few months and said it would “save trillions of dollars,” according to a video posted by CSpan on X.
Donald Trump said, “In 2022, fraud and improper payments alone will cost taxpayers an estimated hundreds of billions of dollars. As a first order of business, this commission will develop an action plan within six months to completely eliminate fraud and improper payments. That will save trillions of dollars. That’s a huge deal for the same service you have now, trillions of dollars wasted and gone, and nobody knows where it went next, to reduce inactivity and to lower prices.”
He also promised to make the ‘Trump tax cuts’ permanent and announced that there will be no tax on tips. He alleged that US Vice President Kamala Harris copied his plan and announced no tax on tips. He claimed that Kamala Harris will not go ahead with this and will stick to her plan.
Mr. Trump said, “The 5th pillar of my plan is to make the Trump tax cuts permanent. They are huge tax cuts, the biggest permanent cuts ever, and there will be more tax cuts, and we will have no tax on tips, something she copied four weeks after I said it. She got upset and said no tax on tips. I said I just said she’s actually copying a lot of my plan. In fact, we’re going to send her a MAGA sometime next week….but we also know she doesn’t mean it. She’s going to stick to what she’s been saying and put no tax on Social Security benefits.”
Pledging to save Social Security, Donald Trump said he would not tax the benefits people receive under Social Security, stressing that these benefits have been eroded due to inflation.
Mr. Trump said, “People on Social Security have been wiped out by inflation and now on top of that, we’re taxing their benefits. We’re not going to tax their benefits. We have so many different ways to make so much money. In this country, the potential is so incredible. We shouldn’t take that away from people on Social Security. We’re not going to do that. We’re going to save Social Security. That’s going to destroy Social Security.”
The former US president said his administration has proven that targeted tax cuts do not increase the deficit. He said it reduces the deficit by growing the economy and raising revenues, as reported in a video posted on X by Cspan.
He said, “When we did the massive tax cut, we took in taxes at a much lower rate the following year. Consider that, trillions of dollars more than the previous year. So, with a much lower rate, we took in more money because people were incentivized.”
Speaking about reducing the corporate tax burden, Mr Trump said he plans to reduce the corporate tax rate from 21 per cent to 15 per cent for companies that make their products in the US.
He said, “Today, corporate tax revenues are 31 percent higher than they were before my tax law was signed, with all deductions capped at 31 percent. To further support the revival of American manufacturing, my plan includes an expansion of the R&D tax credit, 100 percent bonus depreciation, a deduction for expenses for manufacturing investments, and a reduction in the corporate tax rate from 21 percent to 15 percent, only for companies that make their products in the United States.”
Responding to Donald Trump’s video announcing his plans, Elon Musk posted on X: “This is much needed.”
