“You can visit our website to see the math”, he insisted.
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The GOP nominee decried the announcement by Ford Motor Co. on Wednesday to move production of small cars to Mexico as a “disgrace” that he would move to block if elected in November.
Here’s what he said: “To think that Ford is moving its small vehicle division is a disgrace, its disgraceful”.
“I think we can do better than that”, he said about that target, although he said his economists didn’t want him to promise that.
Not sure what the politician thing was about. Trump said that low-income earners would pay no income tax at all and that his plan would actually remove “millions” of workers from the income tax roll. But since he’s excluding programs such as Social Security and Medicare, the cuts would affect only about 16 percent of the total federal budget.
He said that the plan will simplify the tax code by reducing from seven to three the number of tax brackets, with only a 12-percent, 25-percent and 33-percent bracket remaining, and people with low incomes will not have to pay taxes on their rent.
Trump also said he would instruct the US trade representative to bring trade cases against China, and said, “China’s unfair subsidy behavior is prohibited by the terms of its entrance to the WTO, and I intend to enforce those rules”. “And that’s OK. Luckily I brought some notes”, Trump said as he held up the notes he read from for the first few minutes of his speech.
Donald Trump adjusted his own economic plan’s growth projections on the fly Thursday afternoon, suggesting that 4 percent annual growth was possible, just minutes after saying his plan would average 3.5 percent growth.
He said the new tax plan would relieve the state of $4.4trn over the next ten years, which would be offset by an increase in revenue and jobs.
According to Trump, every income group in America would receive tax relief under his proposals.
“One of the keys to unlocking growth is scaling-back years of disastrous regulations unilaterally imposed by our out-of-control bureaucracy”, Trump said. Trump only has about a third of the budget to work with, because he’s vowing to protect the vast areas of spending in the other two-thirds.
Trump bundled the revisions with a proposal to cut $1 trillion in federal spending over a decade without touching safety-net programs or national defense; rollbacks to some federal regulations, including those governing air pollution and food safety, and new initiatives to open up more public and private lands for oil and gas drilling.
But when pressed to explain and quantify the impressive results he predicted, Trump struggled to offer more details.
If he makes that change, it would mean that some small businesses, whose owners take home as little as $225,000 for a married couple, would face marginal tax rates almost double what corporations would pay.
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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. Trump also proposed a lowered top corporate tax rate of 15 percent – down from the current 35 percent rate.
