Trump Calls for 15 Percent Corporate Tax Rate, 10 Percent Repatriation Tax

RUSH TRANSCRIPT:

"We have 93 million people in this country that are in serious trouble, that want to work, they can't work. So, for business, no business of any size from a fortune 500 company to a mom and pop shop to a freelancer living from gig to gig will pay more than 15% of their business income in taxes. Big reduction.

A one-time deemed repatriation of corporate cash held overseas at significantly discount, coming back at a significantly discount, 10%. So it comes back discounted at a 10% tax rate and ends the deferral on taxes of corporate income earned abroad. Now, it's called corporate inversion. It's a huge subject.

I've been watching politicians now for years all talk, no action politicians. I've been watching them for years talking about bringing this money back. The number is probably $2.5 trillion. Everybody agrees it should come back. Republicans, Democrats, everybody. They can't make a deal. They don't know how to go about making a deal. The reason companies aren't bringing it back is the tax is onerous. Doesn't make sense to bring it back. In fact, many companies are leaving the United States. They're leaving our shores to go and collect their money.

They're going, actually moving out of the United States for two reasons. The taxes are too high and because they have tremendous amounts of money they can't bring back into this country when everybody wants them to bring it back in. It's called leadership. We will have that money brought back in. As an example, I have millions of dollars overseas. I can't bring it back into this country. I file papers. We've been doing this for a year and a half. You can't get it back in. So, the money stays in other countries and that's what happens. Not good for us."