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Trump says he's about to cut taxes and regulations 'massively

President Donald Trump, center, calls back the members of the media to return to the Roosevelt Room of the White House in Washington in Washington, Monday, Jan. 23, 2017, to listen to comments by Doug McCarron, left, from the United Brotherhood of Carpenters. McCarron talked about Trump's inauguration speech and the President wanted members of the media to hear it. (AP Photo/Pablo Martinez Monsivais)

According to Politico, during a visit by business leaders to the White House, President Donald Trump informed them that he would be cutting taxes and regulations left behind by previous administrations "massively."

Present at the meeting were the executives of Ford Motor Company, Johnson and Johnson, Lockheed Martin, U.S. Steel, and more.

"We are going to be cutting taxes massively both for the middle class and for companies — and that's massively,” he told company executives during the meeting in the Roosevelt Room.

Trump says that taxes should go down by 15 to 20 percent, and said that he plans to cut out 75% of the regulations currently on the books. While he said there will still be regulations, those Trump says he plans on introducing will be less stifling than the current regulations America has now.

“We’re going to have regulation, and it’ll be just as strong and just as good and just as protective of the people as the regulation we have right now,” said Trump. “The problem with the regulation we have right now is that you can't do anything.”

Trump wanted to emphasize to the CEO's and representatives that companies that make their products in the United States will be rewarded with "advantages."

“We want to make our products here,” Trump told them. “And if you look at some of the original great people that ran this country, you will see that they felt very strongly about that, making products. And we're going to start making our products. And there will be advantages to companies that do indeed make their products here."

“So we’ve seen it,” he added. “It's going to get — it's going to be a wave. You watch. It's going to be a wave.”

Trump's approach toward bringing more business into the U.S. started before his term as president started, having negotiated with Masayoshi Son of Sprint Corp. to bring some 50,000 of jobs into the country.

The president has not all been completely positive when it comes to restoring a healthy business environment in the U.S., as he has threatened companies that do not make their products in America with penalties, saying that leaving the country will have "consequences."

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