Republican vice presidential candidate and Ohio Sen. J.D. Vance defended his tax proposal on Thursday after CNBC’s Joe Kernen compared it to “industrial policy Democrats get criticized for.”
Kernen suggested on “Squawk Box” there may be “daylight” between Vance and Republican nominee Donald Trump’s economic beliefs, pointing to the Republican senator’s previous call to raise the corporate tax rate. Vance clarified corporate tax rates should be lowered for companies that are creating American jobs, while those shipping jobs overseas should have to pay higher taxes.
“Well what I said is that we need to lower taxes on corporations that are creating jobs in this country and raise tariffs that are shipping jobs overseas and manufacturing overseas,” Vance said. “Look, if you’re trying to take advantage of Chinese slave labor and then use American markets to make a profit on your product, I think, and I know Donald Trump thinks, that we should penalize these companies. But we want companies that are investing in America, hiring in American and creating good American jobs to thrive. But we gotta recognize there’s a fundamental different between a national corporation in this country and a foreign corporation that is benefiting from slave labor.”
