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bloomberg reported that on thursday local time, former us president donald trump promised wall street elites and business leaders at the new york economic club that he would lower corporate tax rates, cut regulations and audit the federal government, which is consistent with the ideas proposed by billionaire musk.

"i promise low taxes, low regulation, low energy costs, low interest rates, secure borders, and low, low, low crime," trump emphasized in his speech.

the core of trump's speech was to push for a reduction in the corporate tax rate for products produced in the united states to 15%, which is much lower than the current 21% and is one of the core achievements of his 2017 tax reform policy.

trump's proposal seeks to contrast with his rival, democrat kamala harris, who has called for raising the corporate tax rate to 28%.

"we want to make our goods in the united states, and we can make most of them," trump said. "if you outsource, offshore or replace american workers, you will not be eligible for any of these benefits."

trump's speech at the economic club of new york was attended by about 650 people. the group's members include executives of large companies, business leaders and economists. hedge fund billionaire john paulson, cantor fitzgerald lp ceo howard lutnick and key square group lp ceo scott bessent were all present at the event. all of them are trump supporters.

a 15% corporate tax rate would represent a major victory for big american companies, meaning they would end up paying a much lower tax rate than smaller private companies, which could pay as much as 37%. if implemented, the move could lead to a further increase in the fiscal deficit and exacerbate tax inequality between large and small companies.

appoint musk

at the same time, trump also announced the creation of a special task force to review federal spending, an initiative that directly responded to musk's previous call. trump said the committee's mission "is to conduct a comprehensive financial and performance audit of the entire federal government and to recommend radical reforms."

musk previously called for the creation of a task force to ensure taxpayer money is spent effectively and nominated himself.

"because elon is not very busy he has agreed to lead this task force," trump said of hiring musk.

trump also promised on thursday that if elected, he would cancel 10 old rules for every new rule added, a further commitment from his previous term.