When Donald Trump outlined his economic plans in a speech before the New York Economic Club on Thursday, policy experts noted it did not include mention of a significant proposal he outlined months earlier in the campaign: A $1 trillion tax cut for small businesses.
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Before his policy details, Trump blasted the Ford Motor Co. for announcing Wednesday that it is moving us small-car production to Mexico.
“It used to be cars were made in Flint, and you couldn’t drink the water in Mexico”, said Trump. They don’t add up.
In a moderated discussion after his speech, Trump once again accused the Federal Reserve of being ” very political”.
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.
“My economic plan rejects the cynicism that says our labor force will keep declining, that our jobs will keep leaving and that our economy can never grow as it did once before”, Trump added.
Trump’s plan may be less than flawless, but it’s a credible entry into a campaign that surely needs a measure of credibility.
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.
Trump has proposed cutting the tax rates for individuals across the board, taking the top tax rate to 33 percent – down from 39.6 percent now.
Donald Trump contrasted his plan for economic growth Thursday to that of his Democratic opponent, who he said can only offer more economic stagnation.
It will be simpler and lower, Trump said, when he’s president.
The new tax rates would be 33 percent, 25 percent and 12 percent. So now Trump has been telling the country that he couldn’t release his taxes because he was under an audit.
Trump also renewed his promise to boost domestic energy production and reduce regulations such as President Obama’s Clean Power Plan.
According to Bloomberg, one economist from the Tax Foundation tentatively reduced the new loss estimate to $3 trillion, down from $10 trillion, but the group has also said that it can be hard to estimate precisely how much would be saved without more information. And he vowed to renegotiate trade deals.
Trump proposed “bold new tax reform”.
The GOP nominee also addressed what he called the “Penny Plan”, named for the idea that “if we save just one penny of each federal dollar spent on non-defense, and non-entitlement programs, we can save nearly $1 trillion over the next decade”.
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While Donald Trump says he won’t release his tax returns because of an ongoing federal audit, the Republican presidential nominee’s son seemed to suggest Wednesday that something else was behind Trump’s refusal to join the time-honored presidential tradition.
