“Over the next 10 years, our economic team estimates that under our plan, the economy will average 3.5 percent growth and create a total of 25 million new jobs”, Trump said.
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And as Trump reiterated his conspiracy theory that the Federal Reserve is in cahoots with President Obama, he admitted that as a real estate guy, he doesn’t mind low interest rates.
Trump added that, “for low-income individuals who have no net income tax liability, we will offer an expanded Earned Income Tax Credit (EITC) in the form of a childcare rebate”.
Trump’s original tax plan proposed having just three tax brackets set at 10, 20, and 25 percent, which would have meant bringing the top rate paid by the wealthiest down from 39.6 percent. “I’ll leave it to him when to do it”.
Donald Trump outlined his economic vision Thursday, focused on putting America’s national interests first, as he called for robust economic growth, tax reform, reduced regulation and better trade deals. He said he would shrink government programs outside of defence by 1% each year. He described the blueprint as “the most pro-growth, pro-jobs, pro-family plan put forth perhaps in the history of our country”.
TRUMP, on 14 million people leaving the workforce during Barack Obama’s presidency: “My economic plan rejects the cynicism that says our labor force will keep declining”. He is also expected to take questions following his remarks.
“Everything that is broken today can be fixed, and every failure can be turned into a great success”, Trump said.
The Republican presidential nominee also repeated pledges to revamp trade policy and de-regulate energy production as part of a plan he said would boost growth to 3.5% per year, generating more jobs. I have said for years that we don’t have many problems that wouldn’t be solved by a few years of 4 percent economic growth.
The US economy last achieved 4% growth during the administration of Democratic President Bill Clinton in the 1990s. Specifically, it was during former President Bill Clinton’s administration when it grew an average of almost four per cent a year, CNN reported.
He claimed his new plan will now disproportionately benefit “the working and middle class taxpayer”.
“It doesn’t square”, Cass said. “This is spending that does not touch defense, and that does not touch entitlements”.
Further proposals ranged from cutting regulations on environmental and consumer protection, to completely scrapping rules on power-plant emissions and food-safety standards.
“He’s moving in the right direction by pursuing a less costly tax plan and identifying some spending cuts to help pay for it”.
Many other components of the plan appear unchanged from Trump’s most recent iteration of the proposal.
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Oxford Economics earlier this week estimated Trump would cost the USA $1 trillion and 4 million jobs should he emerge from Election Day victorious.
