Trump shifted between an aspirational tone – he said his plan will lead to the creation of 25 million new jobs over 10 years – and cynicism about the current state of USA economic policy as he addressed the Economic Club of NY.
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“Our economic team has further modeled that the growth-induced savings from trade, energy and regulation reform will shave at least another $1.8 trillion off the remaining cost”, Trump said – leaving about $800 billion in lost revenue over the decade.
Republican presidential candidate Donald Trump speaks at luncheon for the Economic Club of New York in New York, Thursday, Sept. 15, 2016. Trump’s tax filings would reveal details about how much money he makes annually, his tax rate, his business partners, and his charitable giving. “That would be the only discussion we’d have”, King, a Trump supporters, said on “New Day”.
The GOP presidential nominee said he would set a national goal of reaching 4 percent economic growth.
Trump had promised in August that if he wins the election he would launch the “biggest tax revolution” since Ronald Reagan’s 1981-1989 administration, with tax cuts for the middle class and “massive” cuts in federal regulations.
It’s a rare thing to see honesty emerge from Donald Trump’s presidential campaign, but we were all treated to a bracing dose of forthrightness this week by the Republican candidate’s son, Donald Trump Jr., on the subject of his father’s tax returns. It would reduce the number of federal tax brackets from seven to three, with rates of 12 percent, 25 percent and 33 percent, accordingly.
The rest would come from nearly $1 trillion in spending cuts made over the next decade, which Trump would accomplish by cutting a penny from every dollar from certain segments of the government each year.
Clinton, once seen as a presumptive victor, spent most of last month with a healthy edge over Trump only to see that lead dwindle throughout September.
“The hardworking people she calls deplorable are the most admirable people I know”, he said, listing them as police and soldiers, teachers and firefighters.
It would also put Trump in direct conflict with House Speaker Paul Ryan, whose plans for the federal budget, widely embraced by Republicans, call for reining in the costs of programs such as Medicare and Social Security. By eliminating the 15 percent rate for pass-through income, he removed a major boon for high earners.
“I think I’ll win the Hispanic vote”, Trump told reporters after touring the bridge. But the cap on deductions in Trump’s plan could alter that arithmetic. It’s more hard to calculate exactly how many retirees the USA holds, but almost 45 million were at least 65 years old and receiving some form of Social Security payments in July.
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Math questions aside, Trump’s latest economic proposal does lay out fairly clearly where he plans on generating growth and cutting spending. “The debt of this country is absolutely sacred”, he said.
