Trump also laid out a blueprint to create 25 million new jobs in a decade, which would be more than three times as many as created since 2006.
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With a series of tax cuts and a moratorium on federal regulations, the GOP candidate promised that a Trump economy would also expand USA payrolls by 25 million new jobs over the next decade, harkening back to a period when the economy grew at a more rapid pace.
“My plan will embrace the truth that people flourish under a minimum government burden and will tap into the incredible, unrealized potential of our workers and their dreams”, Trump said in a speech to the Economic Club of NY.
Now Trump is adding insult to injury by making the same promise that was a key component of Bush’s economic plan-a pledge to more than double the United States’ current economic growth levels to 4%.
In the past 12 months ending in August, the US economy has added almost 2.5 million jobs the same annual pace Trump is promising. Trump only has about a third of the budget to work with, because he’s vowing to protect the vast areas of spending in the other two-thirds.
“He’s had a million excuses, but we all know why Donald Trump isn’t releasing his taxes: He’s hiding something”, Warren said.
FACTS: Trump offered no evidence to back up this assertion.
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 nation’s federal budget deficit, critics have said his economic proposals would add as much as $10 trillion to the nation’s debt over the course of a decade.
Donald Trump released a one-page doctor’s letter Thursday saying he is “in excellent physical health” while pressing his case that he has more strength and stamina than Hillary Clinton.
The economy is now expected to grow by roughly 2 percent a year.
Alan Cole, a Tax Foundation economist, confirmed that the nonprofit group had analyzed what he called potential, unpublished tweaks to Trump’s plan and concluded that its cost was around $3 trillion over a decade.
The plan was hailed by the conservative Club for Growth, who said it “should be the centrepiece of what he runs on”.
“When you look at a lot of these, the theory is nice, but the reality is there’s only going to be a small amount of savings”, said economist Marc Goldwein.
The big question is whether all businesses – or just corporations – should pay Mr. Trump’s proposed 15% business tax rate.
Among other measures, the plan proposes eliminating the federal estate tax, reducing the taxes that US companies pay to 15 percent from the current 35 percent rate and exempting childcare expenses. And according to an accompanying fact sheet released by the Trump campaign, the businessman turned White House aspirant plans to dramatically scale back government regulations, including food safety and environmental measures, in order to save nearly $1 trillion over the next decade.
Few businesses now pay the full 35 percent rate, taking advantage of many deductions in the existing tax code.
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Riccardi reported from Denver. News stories displayed here appear in our category for Business and are licensed via a specific agreement between LongIsland.com and The Associated Press, the world’s oldest and largest news organization.
