He also asserted that his new plan will cut taxes by $4.4 trillion in the first decade, which is considerably less than the more than $10 trillion that outside analysts estimated his original plan would cost.
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Those forces have led even conservative economists to say a 3.5 percent growth rate is improbable.
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 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.
He then promised to add 25 million jobs to the economy over the next 10 years.
Earlier this week, he proposed a new package of tax breaks for child care together with a new federal entitlement for maternity leave. Jacob Leibenluft, a senior policy adviser to Clinton, said the plan would “benefit Trump at the expense of millions of hardworking folks across our country who deserve the opportunity at a better future”. The Tax Policy Center has calculated the richest 0.1% would on average see tax cuts under his plan of $1.3m in 2017 compared with just $5,100 for everybody else. Trump has promised three income tax brackets of 33 percent, 25 percent and 12 percent, down from seven brackets and a now top rate of almost 40 percent.
Donald Trump said Thursday he wouldn’t let the USA default on its debt, saying the nation’s debt is “absolutely, 100% sacred”.
It summarized lab findings from Trump’s physical last week, saying his cardiac, liver, thyroid and other test results were normal for a 70-year-old man.
At its heart is reducing the current 35 percent corporate tax rate – which many corporations go to elaborate lengths to avoid – to 15 percent and reducing the current seven income tax brackets to three: 12 percent, 25 percent and 33 percent.
It also could mean that hedge fund managers will pay more than they do today, because Trump would eliminate the preferred tax rate they get on a portion of their income called carried interest, which is a share of a fund’s profits.
Video appears to show Democratic presidential candidate Hillary Clinton stumble as she leaves the 9/11 memorial at ground zero Sunday morning.
Trump said his team has determined that “growth-induced savings from trade, energy, and regulation reform” could cut $1.8 trillion from the $4.4 trillion cost of his plan.
Trump also vowed Thursday to not cut defense spending and to exempt Social Security, Medicare, and Medicaid from any reductions.
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As president, Trump said he would cut the number of regulations imposed by the federal government, including some that are created to combat climate change and protect the food Americans eat. He also reiterated his plans to unleash fossil fuels and cut back on government regulation, both of which he says will further spur economic activity.
