Trump: Companies That Leave the US Will Face ‘Retribution’
Donald Trump will be imposing monetary penalties in the form of taxation on businesses that expand beyond America’s borders.
The Hill reports:
Donald Trump on Sunday warned that businesses planning to leave the U.S. will face consequences.
The president-elect tweeted that his administration will “substantially reduce taxes and regulations on businesses.”
“But any business that leaves our country for another country,” he added, “fires its employees, builds a new factory or plant in the other country, and then thinks it will sell its product back into the U.S. ……without retribution or consequence, is WRONG!”
Trump said there will be a 35_percent tax on the country’s “soon to be strong border” for companies that leave and then want to sell their products back to U.S. consumers.
“This tax will make leaving financially difficult, but…..these companies are able to move between all 50 states, with no tax or tariff being charged,” the president-elect tweeted.“Please be forewarned prior to making a very …expensive mistake! THE UNITED STATES IS OPEN FOR BUSINESS.”Trump last week reached a deal with Carrier to keep about 1,000 factory jobs in Indiana that were slated to move to Mexico.The Wall Street Journal reported that the company will receive $7 million in tax breaks over 10 years in order to keep the jobs there.Trump framed the negotiation with Carrier as a signal that companies in the U.S. will thrive under a Trump administration. During his campaign, the president-elect promised to keep jobs in the U.S., specifically mentioning Carrier.