Democrat Hillary Clinton, who will face Trump in the November 8 election, denounced it as catering to the very wealthy and ignoring the working class.
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The Republican nominee said his plans would raise the nations economic growth rate to at least 3.5 percent, well above its current rate of about 2 percent, and create 25 million new jobs over the next 10 years.
Trump’s proposal included reducing the number of individual tax brackets from seven to three, as well as lowering corporate tax to 15%.
The U.S. economy is already creating 2.5 million jobs a year, the same pace promised by Trump over the next decade.
While Trump said the economic growth and some limited spending cuts would fully pay for the cost of his tax cuts, and may even allow for a reduction in the nations federal budget deficit, critics have said his economic proposals would add as much as $10 trillion to the nations debt over the course of a decade.
“My great economists don’t want me to say this but I think we can do better than that. and maybe substantially better than that”, he said, of the 4 percent growth target he said he’d set as a “national goal”. The economy grew 2.4 percent a year ago.
The plan is based on reducing taxes, ending “destructive” regulations and negotiating better trade deals so that the United States once again becomes the world’s best country for investment, creating jobs and growth.
The presidential candidate said in a speech to a the Economic Club of NY, a business group, that his economic team projects his plans would enable the economy to grow at a rate of 3.5 percent.
Tax experts told the Daily News in May that Trump could be hiding multiple bombshells in his yet-to-be-disclosed returns, such as that he could be paying no taxes at all due to savvy manipulations of current real estate tax laws, or that they could show him to be worth far less than the $10 billion he claims he is.
The rest of the money would come from almost $1 trillion in spending cuts over the next decade.
Although the cost of Trump’s tax plan remains unclear, it promises no cuts to Social Security, Medicare and Medicaid spending or to defense.
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Trump also introduced plans for an entirely new federal benefit this week, six weeks guaranteed paid maternity leave. But experts warned that would cause the USA deficit to grow by trillions. “But the plan appears to rely on rosy assumptions and murky policy changes”, she said in a statement.
