15, called for a US goal of 4 percent annual economic growth, saying his plans to cut taxes, eliminate regulations and revamp USA trade policy would create 25 million new jobs over a decade.
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Addressing one of the country’s most august economic debating societies, the Economic Club of NY, the Republican presidential nominee sought to dispel the criticism that has dogged his campaign that his mathematics do not add up in balancing tax cuts and new spending. The campaign said the real-estate mogul’s plans, if enacted, would create 25 million jobs over a decade.
He made the promise in a speech to the Economic Club of NY.
He also railed against Democratic nominee Hillary ClintonHillary Rodham ClintonSenators wage White House fight on Senate floor Sandra Bland’s family agrees to.9M settlement in wrongful death lawsuit Trump vows sweeping changes to U.S. trade policy MORE’s economic agenda, arguing that she was tied to the lackluster economic recovery under Obama. They say his proposed regulation cuts in energy would increase pollution and undermine climate change efforts, while reduction of financial regulations would restore the fiscal environment that fostered the financial crash of the previous decade.
“The only thing she can ever offer is a welfare check”.
Trump’s audience of financiers and corporate executives cheered his pitch in NY. Trump said that would reduce spending by $1 trillion over a decade.
Trump also vowed Thursday to not cut defense spending and to exempt Social Security, Medicare, and Medicaid from any reductions. That would included block the 12-nation Trans-Pacific Partnership, TPP, and renegotiating NAFTA.
Also read: Donald Trump raises his proposed tax rate for individuals.
One of the major benefits is that it provides a more simplified federal tax code. By putting a hard number on his job-creation promises – even if far-fetched – Trump may be aiming to strengthen a campaign message that has been light on policy outside of the issues of immigration and trade.
Mr. Trump also would set the standard deduction at $15,000 for individuals and $30,000 for married couples.
The nonpartisan Tax Foundation estimated the plan would cut taxes by $4.4 trillion over 10 years, but likely lower revenue to government by only $2.6 trillion after factoring in the economic growth it would generate.
Combined with “budget savings”, Mr. Trump said that level of growth would be enough to reduce the deficit, and ensure that the policies he has laid out on the campaign trail will be paid for.
The energy part of Trump’s plan includes fewer restrictions on coal and oil and gas drilling, both on land and off shore. Specifically, it was during former President Bill Clinton’s administration when it grew an average of almost four per cent a year, CNN reported. “And the market will stay artificially high and we’ll have to see what happens”, Trump said.
“If he could go from 2 to 3, that would be unbelievable; he’d be in the hall of fame”, said Douglas Holtz-Eakin, president of the right-leaning American Action Forum.
Trump spoke loosely and plainly enjoyed himself, repeatedly teasing the well-tailored crowd about their own wealth and business ventures. Repeating lines that draw big applause at rallies, Trump again pledged to build an anti-migration wall along the U.S. -Mexico border, and again said that Mexico would pay for it.
Mr Trump ended his speech, which drew only spasmodic polite applause, with a starkly nativist call for American revival.
“Lucky I brought some notes”, he said before continuing his speech. And every failure can be turned into a truly great success.
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“And boy, oh boy did [the economy] used to grow”, Trump remarked, with retrospective infatuation audible in his voice for just a moment. “Who else could have pulled that off, OK?”
