FIRST ON FOX: House Speaker Mike Johnson, R-La., is making a major speech to Wall Street Tuesday afternoon, when he is expected to get behind tax breaks for American families and push for limiting the flow of U.S. dollars to Chinese military companies.
Johnson is also expected to detail how a Republican-led federal government will protect U.S. business interests, including a robust Foreign Derived Intangible Income (FDII) incentive to encourage American companies exporting abroad to keep operations at home.
"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," Johnson will say, according to speech excerpts obtained by Fox News Digital.
"And as we support job creation and spur economic growth, we will reinstate the doubled guaranteed deduction and a strong child tax credit."
Johnson is also expected to allude to some form of work requirements. "But unlike other proposals, we will ensure that our tax policy respects the dignity of work and does not pay people more for staying out of the workforce," Johnson will say.
On China, Johnson is expected to point to the dozens of bills passed by the House GOP to limit the ruling Chinese Communist Party's "exploitation of trade deals and nefarious economic practices."
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"The BIOSECURE Act, especially, was a bipartisan victory that protected Americans’ healthcare data and halted federal contracts to biotech companies operated by our adversaries," Johnson will say.
"Bipartisan work will continue as we take on Chinese companies that use forced labor and that dodge tariffs through the de minimis exception.
"Congress also continues to have productive conversations about the best way to prevent American funds from flowing into firms that support the Chinese military… We’re looking for a bipartisan solution to restrict outbound investment before the end of the year."
A measure like that passing before the end of this year would mean Congress will consider it during its "lame duck" session, when lawmakers return to Washington, D.C., after the election to prepare for a new presidential administration – and possibly some power shake-ups on Capitol Hill.
For the most part, however, Johnson’s speech to the New York Stock Exchange is likely to outline his vision for U.S. tax policy if former President Donald Trump wins the White House and the GOP keeps the House of Representatives.
Many of the provisions of the Tax Cuts and Jobs Act, passed under Trump in 2017, are set to expire at the end of 2025. That includes the heightened standard deduction for American taxpayers and the special FDII tax rate for U.S. corporations with intangible income coming from foreign sources.
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Johnson is set to give his speech in downtown Manhattan around 4:40 p.m. ET.
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It is expected to build on his earlier remarks outlining a Republican vision for tax policy in 2025, which he gave at the America First Policy Institute last month.
"During the Trump administration, we saw the greatest economy because government did less, not more," Johnson said at the time. "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."
