15, called for a USA goal of 4 percent annual economic growth, saying his plans to cut taxes, eliminate regulations and revamp US trade policy would create 25 million new jobs over a decade.
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Trump’s plan will “embrace the truth that people flourish under a minimum government burden”, he said.
TRUMP: “I believe the Fed is very political, it’s become very political”.
The tax and spending proposals are created to shore up support from some Republicans that have harbored doubts over his conservative bona fides while wooing independent voters.
“It used to be cars were made in Flint and you couldn’t drink the water in Mexico”, Trump told the Manhattan crowd, referring to the recent move south of the border by auto giant Ford. Trump denounced it as the weakest recovery of the last 70 years. The U.S. has achieved that growth rate only once in the past 15 years.
For Trump’s plans to succeed, they would have to overcome forces in the economy, such as rising automation, an aging population and low-wage competition overseas, that have led even conservative economists to call 4 percent growth an improbable goal. Trump wants to cap tax deductions at $100,000 for single filers and $200,000 for married couples. That would severely curb high-income households’ ability to deduct their state and local taxes, mortgage interest and charitable contributions. Should Trump release his tax returns? For those families, that’s largely just a relabeling of the personal exemption, which Mr. Trump would repeal. In his speech, Trump will provide more clarity on his economic policies, according to CNN.
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.
So presumably that means income from partnerships and small business will be subject to the top 33% income tax rate, which is still less than the 39.6% top rate in effect today.
Trump also renewed his promise to boost domestic energy production and reduce regulations such as President Obama’s Clean Power Plan.
Ryan, who was answering a question from a reporter, said that releasing tax records was a good thing for a candidate for national office to do, but said Trump should do so on his own schedule. Those businesses aren’t taxed on their earnings; instead, they pass the profit through to their owners, who pay at their individual income-tax rates.
The Republican nominee said his plans would raise the nation’s economic growth rate to at least 3.5 percent, well above its current rate of about 2 percent, and create 25 million new jobs over the next 10 years. The economy faces stiffer headwinds than it did 20 years ago because of an aging workforce and slowing birthrates.
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On Thursday, Donald Trump promised to kickstart a decade of economic growth if elected president.
