Johnson will push for a “strong child tax credit” and curbs on Chinese investment in a speech on Wall Street

FIRST ON FOX: House Speaker Mike Johnson, R-LA, is making a major speech on Wall Street on Tuesday afternoon, during which he is expected to champion tax breaks for American families and push for limits on the flow of US dollars to Chinese military companies.

Johnson is also expected to detail how the Republican-led federal government will protect U.S. business interests, including a robust incentive to generate foreign intangible income (FDII) to encourage U.S. companies that export abroad to continue operating in country.

“We want to ensure that the U.S. remains a top destination for investment in innovation and technology by restoring immediate R&D spending, providing a strong FDI incentive to encourage U.S. ownership of intellectual property, and restoring the reserve for 100% of spending.” Johnson, according to speech excerpts obtained by Fox News Digital.

NATIONAL DEBT MONITOR: AMERICAN TAXPAYERS (YOU) NOW owe $35,324,636,379,347.22 as of September 24, 2024

“And as we support job creation and stimulate economic growth, we will restore the double guaranteed deduction and a strong child tax credit.”

Johnson is also expected to allude to some form of job requirements. “But unlike other proposals, we will ensure that our tax policy respects the dignity of work and does not pay people more to stay out of the labor market,” Johnson will say.

On China, Johnson is expected to point to dozens of bills passed by the House GOP to curb the ruling Chinese Communist Party’s “use of trade deals and nefarious economic practices.”

ANALYSIS SHOWS TRUMP AND HARRIS’S TAX PLANS COULD HAVE A RELATIONSHIP TO OUR ECONOMY

“In particular, the BIOSECURE Act was a bipartisan victory that protected Americans’ health care data and halted federal contracts with biotechnology companies operated by our adversaries,” Johnson will say.

“Bipartisan work will continue as we take on Chinese companies that use forced labor and avoid tariffs through the de minimis exception.

“Congress continues to have productive conversations on how best to prevent U.S. funds from flowing to companies that support China’s military…We are seeking a bipartisan solution to limit outbound investment before the end of the year.”

Passing such a measure before the end of this year would mean that Congress will consider it during its lame duck session, when lawmakers return to Washington after the election to prepare for a new presidential administration — and perhaps some power shakeups… upheavals on Capitol Hill.

But for the most part, Johnson’s speech at the New York Stock Exchange will likely outline his vision for U.S. tax policy if former President Donald Trump wins the White House and the Republican Party holds the House of Representatives.

Many provisions of the Tax Cuts and Jobs Act, passed under Trump in 2017, will expire at the end of 2025. This includes an increased standard deduction for U.S. taxpayers and a special FDI tax rate for U.S. corporations that earn intangible income from foreign sources.

SOCIAL SECURITY MAY RECEIVE A TAX SURPRISE THIS YEAR

Johnson is scheduled to deliver a speech in downtown Manhattan around 4:40 p.m. ET.

START YOUR FOX BUSINESS BY CLICKING HERE

It is expected to build on his earlier remarks outlining the Republican vision for tax policy for 2025, which he presented last month at the America First Policy Institute.

“We had the best economy under the Trump administration because the government did less, not more,” Johnson said at the time. “The formula for this success was simple: we produced our energy at home, cut regulations, reduced government bureaucracy and changed the tax code so Americans could keep more of what they earned.”