Republican presidential nominee Donald Trump waves after speaking at an event hosted by The Economic Club of NY at the Waldorf Astoria hotel in NY on 15 September, 2016.
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Trump also used the Manhattan address to bash Hillary Clinton’s economic plan, saying it favored only donors and special interests – and that only those who cozied up to Clinton could get rich. To help achieve the planned cuts to spending, Mr. Trump plans to reduce the budgets of government agencies such as the Education Department, Transportation Department and Interior Department by 1% each year. Let’s face it, Social Security and Medicare need a good hard look just to save them for future generations, but they aren’t called the third rail of politics for nothing.
The rest would come from nearly $1 trillion in spending cuts made over the next decade, which Trump would accomplish by cutting one penny from every dollar from certain segments of the government each year.
“The debt of this country is absolutely, one hundred percent sacred”, Trump said. Many African Americans object to Trump’s involvement in the “birther” movement and the implication that Obama’s presidency was illegitimate. That implies large cuts to a relatively small group of programs including education spending and scientific research. “It works”, Trump said.
He also reiterated that he wanted to simplify the tax code and offer an across-the-board tax cut.
Trump has never held elective office and says his main qualification is his business success. Among the regulations Trump wants to end, according to a fact sheet from his campaign: FDA rules governing “the soil farmers use, farm and food production hygiene, food packaging, food temperatures, and even what animals may roam which fields and when”.
Trump also introduced plans for an entirely new federal benefit this week, six weeks guaranteed paid maternity leave. The deduction would increase to $15,000 for individuals and $30,000 for married filers. It expands the Earned Income Tax Credit (EITC) to rebates up to $1,200 per child and allows for a stay-at-home deduction.
This week, the Bipartisan Policy Center estimated the government’s borrowing limit is set to run out in mid-March.
The economy is now expected to grow by roughly 2 per cent a year, and economists say Trump’s proposed restrictions on immigration would be among the many things hampering his ability to double that rate of expansion.
Since then we’ve learned that he would now call for somewhat higher income tax rates (12 percent, 25 percent, 33 percent) than he’d originally proposed (10 percent, 20 percent, 25 percent), although he did not specify the levels of income to which those new rates would apply. Trump’s tax filings would reveal details about how much money he makes annually, his tax rate, his business partners, and his charitable giving.
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Tankersley reported from Washington.
