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TRUMP WILL CUT BUSINESS REGULATION BY 75% OR MORE

President Donald Trump leads a meeting with invited business leaders and members of his staff in the Roosevelt Room at the White House January 23, 2017 in Washington, DC. Business leaders included Elon Musk of SpaceX, Wendell Weeks of Corning, Mark Sutton of International Paper, Andrew Liveris of Dow Chemical, Alex Gorsky of Johnston & Johnson and others.




“We’re going to be cutting regulation massively,” but the rules will be “Just as protective of the people,” Trump told reporters at the meeting that included Tesla Motors CEO Elon Musk and Under Armour CEO Kevin Plank.

Democrats and interest groups have expressed concern about Trump’s plans to roll back Obama administration environmental protections and pull out of the landmark Paris climate accords, among other regulatory pledges.

In the wide-ranging statement Monday, Trump also reiterated campaign promises to cut taxes for businesses, saying he aims to get the business rate “Down to anywhere from 15 to 20 percent” from the current 35 percent.

“What we want to do is bring manufacturing back to our country,” Trump said.

He has also targeted some companies, particularly automakers, for making parts abroad. Trump has pledged a tax on those products that are sold in the U.S. Trump also touted his push to “Massively” cut taxes for the middle class.

Some independent analyses have concluded that Trump’s across-the-board tax cut proposals will balloon the national debt by trillions, but his administration has argued that economic growth will cancel out the effect.

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