Republican presidential nominee Donald Trump is delivering a speech at the Economic Club at New York City’s Waldorf Astoria on Thursday.
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Mr Trump’s proposal, which he detailed in a speech in NY, would reduce the top individual rate to 33 per cent from the current 39.6 per cent.
“My view is let’s lower the tax rate, get rid of a lot of the gimmicks, and have more or less collected in taxes”, Baker said.
Speaking before the Economic Club of New York, Trump largely rehashed his plan for the economy if elected president, vowing a series of broad tax cuts, trimmed regulations and stricter trade policy to boost the US economy.
“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.
On top of that, he promised growth that would average 3.5 percent.
In a campaign speech Thursday, Trump said his economic proposals would boost the USA economy to grow at a pace of 4% a year.
Trump has feuded with the retailer since it announced it was pulling his clothing line following comments he made about Mexican immigrants.
In September 2015, the Tax Foundation estimated that Trump’s original plan would cost almost $12 trillion over a decade on a static basis, but $10.1 trillion on a dynamic basis.
“I think you’re going to have low interest rates until the end of the year, maybe no increase at all, and the market will stay artificially high, and then we’re going to have to see what happens after that”, he said.
The economic growth spurred by these changes will not only pay for his policy proposals – including the child care plan he rolled out earlier this week – but it will also stimulate further economic expansion, Trump said.
“Should Mr. Trump prove more successful in achieving adoption of his policies, the consequences could be far-reaching – knocking 5% off the level of US GDP relative to baseline and undermining the anticipated recovery in global growth”, it said.
A policy dubbed Trump’s “Penny Plan”, as detailed in a statement posted online after the speech, includes a directive that there would be “no reductions to defense spending” and “Social Security, Medicare, and Medicaid would be exempted” from annual spending cuts. Those programs make up two-thirds of the federal budget.
Donald Trump’s son argued his father can’t release his tax returns because that would allow voters to scrutinize them in a way that would detract from the candidate’s main message.
But many economists are skeptical.
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“This is not because we resent success”, Clinton said at the 2016 Democratic national convention “But when more than 90 percent of the gains have gone to the top one percent, that’s where the money is”. In addition to cutting the 35 percent tax rate for major corporations, he’d institute a 15 percent tax rate for income from partnerships and limited liability companies – so-called pass-through businesses.
