CPA Congratulates President-Elect Donald Trump on Victory
CPA will be working closely with President-Elect Trump’s team to craft policies that will make a lasting impact on U.S. trade and industrial policy.
CPA will be working closely with President-Elect Trump’s team to craft policies that will make a lasting impact on U.S. trade and industrial policy.
When George Washington was President, consensus existed that tariffs should be used for both (1) federal revenue purposes, and also (2) to protect domestic production. This consensus was embodied in the first sentence of the first U.S. Tariff Act, passed on July 4, 1789.
The Tax Foundation bills itself as the “world’s leading nonpartisan tax policy nonprofit”, but they do not understand the basic concepts of how tariffs work — or even what they are.
The bipartisan legislation would prevent any company with ties to a Foreign Entity of Concern from receiving the 45X Advanced Manufacturing Tax Credit.
A 10% “universal” tariff on all U.S. imports, combined with a schedule of income tax cuts would generate economic growth of $728 billion and 2.8 million additional jobs, according to the CPA economic model of the U.S. economy.
When asked about China, both Trump and Biden should say that China’s trade surplus is an insult to the world and a huge disruptor to our economy.
CPA’s chief economist Jeff Ferry joined two other panelists Wednesday to talk trade in an hour-long webinar by Industry Week magazine titled the “2024 Manufacturing Economy First Half Checkup.”
Last week, Republicans and Democrats from the Senate’s Joint Economic Committee squared off against each other – with one side arguing in favor of industrial policy programs like the Inflation Reduction Act – and the other side arguing in favor of lower corporate taxes.
Treasury Secretary Janet Yellen faced a round of questioning that saw the Democrats applaud her, and the Republicans admonish her for a little over two hours during Tuesday’s House Ways & Means Committee hearing.
The legislative package will end tax breaks for Chinese stocks, restrict sanctioned Chinese companies’ access to U.S. capital markets, increase transparency on risks to American corporations, and reduce exposure to these risks for retail investors and other Americans saving for retirement.