Donald Trump Plans New Task Force Led by Elon Musk to Audit Federal Government
New York [US], September 6: Former US President Donald Trump has announced that if he is re-elected, he will create a new task force to audit the entire federal government. This task force will be led by Tesla CEO Elon Musk.
Elon Musk’s Role
Elon Musk has agreed to head the task force, stating, ‘This is badly needed.’ Trump praised Musk, calling him a ‘smart guy’ who knows what he’s doing.
Regulation Changes
Trump also pledged to eliminate a minimum of ten old regulations for every new one introduced. He aims to make America the world capital for crypto and bitcoin.
Financial Reforms
Trump highlighted that improper and fraudulent payments cost taxpayers hundreds of billions of dollars in 2022. The new commission will create an action plan to eliminate these payments within six months, potentially saving trillions of dollars.
Tax Policies
Trump promised to make his tax cuts permanent and announced there will be no tax on tips. He accused US Vice President Kamala Harris of copying his plan but stated she would not follow through.
Social Security
Trump pledged not to tax Social Security benefits, emphasizing that inflation has already impacted people on Social Security.
Corporate Tax Rate
Trump vowed to reduce the corporate tax rate from 21% to 15% for companies that manufacture their products in the US. He also plans to expand R&D tax credits and offer 100% bonus depreciation for new manufacturing investments.
Responding to Trump’s announcement, Elon Musk posted on X, ‘This is badly needed.’
Doubts Revealed
Donald Trump -: Donald Trump is a businessman and was the President of the United States from 2017 to 2021.
Task Force -: A task force is a group of people who come together to work on a specific job or problem.
Elon Musk -: Elon Musk is the CEO of Tesla, a company that makes electric cars, and SpaceX, a company that builds rockets.
Audit -: To audit means to check something carefully to make sure everything is correct and working well.
Federal Government -: The federal government is the main government of a country, which in this case is the United States.
Regulations -: Regulations are rules made by the government to control how things are done.
Crypto -: Crypto, short for cryptocurrency, is a type of digital money like Bitcoin.
Trillions -: A trillion is a very big number, equal to 1,000,000,000,000.
Improper Payments -: Improper payments are money given out by mistake or in the wrong way.
Tax Cuts -: Tax cuts mean reducing the amount of money people have to pay to the government.
Tips -: Tips are extra money given to workers, like waiters, for good service.
Social Security Benefits -: Social Security benefits are payments made to older people or those who can’t work due to disability.
Corporate Tax Rate -: The corporate tax rate is the amount of money companies have to pay to the government from their profits.
US Manufacturers -: US manufacturers are companies in the United States that make products.
R&D Tax Credits -: R&D tax credits are reductions in taxes for companies that spend money on research and development to create new products or improve existing ones.