Can protection rebuild industrial strength?

We're bringing in revenue. One, it's really a pittance. I think it's about $100 billion, $150 billion more than last year's what's going to come in this year. And that over 10 years might be $1.52 trillion, but we're going to borrow like $15 trillion over the next 10 years. But when you look at it and you say, from a global point of view, is it good to raise taxes? Most Republicans always say we didn't like more taxes. Part of the Tea Party acronym is taxed enough already. We didn't want more taxes. Now everybody wants more taxes. It's inconsistent with who we are. But the other one I love is that we're going to do it and we're going to eliminate the income tax. And I say, come to me with that.

Why? Because I have 100% depreciation across all my capex. It's a complete changer on the IRR of these projects. So before, where I would have to raise billions of dollars from outsiders, I can subsidize a lot more of it internally because I can actually underwrite to a better gain because the tax savings are so meaningful. Same thing for this data center that I'm building in Arizona. So, in all of these cases, I think that A, you have this uptick in revenue because of tariffs on the short term. And B, the important thing is to redo this pie chart in probably a year. Like for example, our ground breaking in Michigan will be in July of next year for that factory. It will be online two years after that.

And then you know how much power you have to put into that to melt it, to make it look like one of those things we've seen on TV where you're pouring the iron ore. And imagine if I gave you the power for free. You'd be making your steel for 250 bucks a metric ton. And you'd say, how much does it cost in America? 700 bucks a metric ton. So they're going to put our guys out of business, which means they put our guys out of business. And then Japan subsidizes it. Korea subsidizes it. So maybe they can do it for 400 bucks a metric ton. And meanwhile, our, so we start with 40 steel blast furnaces. Now we have 10 And if we kept going, we were going to have zero, zero.

In other words, you're seeing more government activity to create infrastructure, to bring in industries, and so on. You need that not only economically, but you need it geopolitically because you can't have dependencies. In other words, we're entering a world of greater conflict. We've moved from a multilateral world order to a power-based, confrontational world economy. And in that environment, everybody's threatening to cut off everything from it. You know, the goods and capital wars that we can have are threatening. And so you have to build independence. And so that's part of a plan to try to build that independence. So I think when I look at that, I don't think that's the problem. I'd say, and it's misunderstood. So, yes, I think people are misunderstanding that. And the important thing is we get the other things right.

Why? Because I have 100% depreciation across all my capex. It's a complete changer on the IRR of these projects. So before, where I would have to raise billions of dollars from outsiders, I can subsidize a lot more of it internally because I can actually underwrite to a better gain because the tax savings are so meaningful. Same thing for this data center that I'm building in Arizona. So, in all of these cases, I think that A, you have this uptick in revenue because of tariffs on the short term. And B, the important thing is to redo this pie chart in probably a year. Like for example, our ground breaking in Michigan will be in July of next year for that factory. It will be online two years after that.

In other words, you're seeing more government activity to create infrastructure, to bring in industries, and so on. You need that not only economically, but you need it geopolitically because you can't have dependencies. In other words, we're entering a world of greater conflict. We've moved from a multilateral world order to a power-based, confrontational world economy. And in that environment, everybody's threatening to cut off everything from it. You know, the goods and capital wars that we can have are threatening. And so you have to build independence. And so that's part of a plan to try to build that independence. So I think when I look at that, I don't think that's the problem. I'd say, and it's misunderstood. So, yes, I think people are misunderstanding that. And the important thing is we get the other things right.