The last time economic growth was within shooting distance of 4 percent was in 2004 under President Bush, when it clocked in at 3.8 percent.
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Speaking at the Economic Club of New York, Trump outlined an economic blueprint he said would slash taxes and rejuvenate the economy, generating 4 percent annual GDP growth.
“A married couple earning $50,000 per year with two children and $8,000 in child care expenses will save 35 percent from their current tax bill”, the campaign said, while “Married couples earning $5 million per year with two children and $12,000 in child care expenses will get only a 3 percent reduction in their tax bill”.
A version of Trump’s plan released on Thursday, in conjunction with a speech the candidate delivered to the Economic Club of NY, made no mention of the proposed pass-through rate. The country has hovered around 2 percent growth since the recession, and economists have called previous Republican calls to double growth unrealistic.
Trump called for the elimination of whats known as the carried interest loophole, which is used by hedge funds and other investment funds to reduce their tax burden.
But perhaps most shockingly, Trump proposed slashing the power of the Food and Drug Administration. That’s well above the rates of 10%, 20%, and 25% that Trump originally proposed last September. Trump’s tax filings would reveal details about how much money he makes annually, his tax rate, his business partners, and his charitable giving.
“With the United States, you’re talking about something beyond the gold standard”, Trump said in a question-and-answer session after his speech.
On energy, the GOP nominee discussed “unleashing an energy revolution”, with the USA increasing the output. He said he’d pay for that by cutting waste and fraud in the nation’s unemployment program.
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The GOP nominee also said he would ensure every trade agreement adds to GDP growth; in the past, he has promised to tear many of them up. Fights over raising the debt limit have broken out between President Barack Obama and congressional Republicans, rattling investors. In a new detail released Thursday, he said US -based manufacturers would be allowed to fully write off the costs of new plants and equipment from their taxes, to encourage investment, though if they chose to do so they would give up their ability to deduct interest expenses. But entitlement programs such as Social Security and Medicare would be shielded from any cuts.
