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1-min read

Donald Trump Proposes 35% Tax on Companies that Outsource Production

US Republican presidential candidate Donald Trump said on Saturday that he will impose 35 per cent tax on US companies that lay off workers while outsourcing their production to other countries.

IANS

Updated:November 6, 2016, 7:32 AM IST
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Donald Trump Proposes 35% Tax on Companies that Outsource Production
File photo of Republican presidential nominee Donald Trump (REUTERS)
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Washington: US Republican presidential candidate Donald Trump said on Saturday that he will impose 35 per cent tax on US companies that lay off workers while outsourcing their production to other countries.

Trump revealed his proposal at separate rallies in Tampa, Florida, and Wilmington, North Carolina, states he must win in order to be elected next Tuesday against Democratic candidate Hillary Clinton, EFE news reported.

The real-estate magnate said in Tampa that he will stop America's prosperity from being stolen and will do it fast - because if a company lays off its workers and goes to some other country, and then ships its products back to the USA, he'll make it pay a 35-per cent tax, a message he repeated in North Carolina.

Trump has based his campaign on a protectionist pitch against trade treaties like the North American Free Trade Agreement (NAFTA) and the Trans-Pacific Partnership (TPP) because they take jobs away from the United States.

The candidate has promised to restore manufacturing jobs that have been lost because of technological innovations and globalisation, but have given way to other kinds of employment.

Trump has said the cited trade agreements do the United States no good and must be renegotiated in order to benefit Americans.

At the same time, he promised tax policies that, he said, will bring jobs back to the United States, beginning with a cut in corporate taxes from 35 per cent to 15 per cent.

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| Edited by: Gurleen Nagpal
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