House Speaker Mike Johnson, R-La., is set to deliver a significant address to Wall Street on Tuesday afternoon. During this speech, he is anticipated to advocate for tax breaks for American families and discuss measures to restrict the flow of U.S. capital to Chinese military companies.
In his address, Johnson is also expected to outline strategies to protect U.S. business interests under a Republican-led federal government. This includes enhancing the Foreign Derived Intangible Income (FDII) incentive to encourage American companies exporting abroad to maintain their operations domestically.
Excerpts from his speech, obtained by Fox News Digital, reveal that Johnson intends to state, “We want to ensure the United States remains the preeminent location for investment in innovation and technology by restoring immediate expensing for research and development costs, ensuring a strong FDII incentive to encourage U.S. ownership of intellectual property, and restoring the 100% expensing provision.”
Additionally, Johnson plans to support job creation and economic growth by reinstating the doubled guaranteed deduction and reinforcing a robust child tax credit. He will emphasize that tax policy should respect the dignity of work and not incentivize people to remain out of the workforce.
Regarding China, Johnson will highlight numerous bills passed by the House GOP to limit the Chinese Communist Party’s manipulation of trade deals and other economic practices. He will specifically mention the BIOSECURE Act, a bipartisan effort to protect Americans’ healthcare data and end federal contracts with adversarial biotech companies.
Johnson is also expected to discuss ongoing bipartisan efforts aimed at preventing U.S. investments from supporting Chinese military-aligned firms. He aims for a bipartisan solution to restrict outbound investment before the end of the year.
Johnson’s speech will likely present his vision for U.S. tax policy in the scenario of former President Donald Trump’s potential return to the White House and continued GOP control of the House of Representatives. Many provisions of the 2017 Tax Cuts and Jobs Act, enacted during Trump’s presidency, are set to expire at the end of 2025. These include the increased standard deduction for taxpayers and the special FDII tax rate for corporations with foreign intangible income.
The speech, scheduled for 4:40 p.m. ET in downtown Manhattan, is expected to expand on Johnson’s previous remarks at the America First Policy Institute, which outlined a Republican tax policy vision for 2025. At that time, Johnson stated, “During the Trump administration, we saw the greatest economy because government did less, not more. The formula for that success was simple: we produced energy here at home, cut regulations, reduced government bureaucracy, and changed the tax code, so Americans could keep more of what they earn.”
