The Trump team claimed in its release that the plan’s benefits would flow far more to the lowest-earning taxpayers than to the highest earners, as a share of the earners’ income. 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.
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The fact sheet released by the campaign did not say exactly what levels of income would be taxed at each rate, but said the cutoffs would largely match a proposal by House Republicans.
The US economy is already creating 2.5 million jobs a year, the same pace promised by Trump over the next decade.
In his speech to the Economic Club of New York, Trump predicted his updated package to reduce taxes, curb government regulation and take a tougher stance on negotiating trade agreements would produce annual economic growth of 3.5 percent.
“Everything that is broken today can be fixed, and every failure can be turned into a great success”, said Trump, who will face Democrat Hillary Clinton in the November 8 election.
There has been a steady and growing drumbeat of questions about why Donald Trump won’t release his tax returns, and Trump Jr.
Trump’s plan calls for lowering taxes, removing “destructive” regulations, increasing USA energy production, and negotiating new trade deals in favor of American businesses.
“This is more than just tinkering”, said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.
Trump, speaking at the Economic Club of NY, said it’s time “to reach” for 4% growth.
“This is the most pro-growth, pro-jobs, pro-family plan put forth perhaps in the history of our country”, Trump said, according to the prepared remarks.
Trump expanded on a plan he announced six weeks ago, when he called for slashing taxes, undoing onerous financial regulations and expanding the energy sector.
Oren Cass, a fellow at the Manhattan Institute and domestic policy director of Republican Mitt Romney’s 2012 presidential bid, said the plan for 1 percent cuts in some programs would not be enough to pay for Trump’s proposals.
But many economists are skeptical.
Trump’s proposal, which he detailed in a speech in NY, would reduce the top individual rate to 33 percent from the current 39.6 percent.
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.
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The webpage makes no mention of lowering the tax rate to 15 percent for “pass-through” businesses whose income is taxed on their owners’ returns through the individual tax code.
