In an address to the Economic Club of New York, Trump rehashed his plan to reduce taxes on all earners and sharply reduce the nation’s corporate tax rate from 35 percent to 15 percent.
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Aides to Democratic rival Hillary Clinton have disputed Trump’s analysis, saying his tax cuts benefit only wealthy people like himself. His policies, he said, will add 25 million new jobs over the next decade.
In fact, 25 million jobs is what Trump promised.
“This is the most pro-growth, pro-jobs, pro-family plan put forth perhaps in the history of our country”, he said in a speech at the Economic Club of NY.
Republican nominee Donald Trump said that under his economic plan, the USA economy would average 3.5 percent economic growth over the next 10 years and create 25 million new jobs.
You are reading news and information on LongIsland.com, Long Island’s Most Popular Website, Since 1996. “Just look at the math, it works”.
Trump has an economic-recovery-and-prosperity plan. “Now cars are made in Mexico, and you can’t drink the water in Flint”, Trump quipped. But the cap on deductions in Trump’s plan could alter that arithmetic. Oxford Economics, a British forecasting firm, estimates his proposals would cut $1 trillion a year from the United States economy, a much bigger hit than what occurred during the Great Recession of 2008 and 2009.
“Combining these policies together, the impact could be significantly negative for the USA economy”, Jamie Thompson, head of macro scenarios at Oxford Economics, told CNN Money. When asked how he settled on that rate, Trump offered up a boilerplate variation of his campaign mantra of making American great again.
The last time economic growth was within shooting distance of 4 percent was in 2004 under President Bush, when it clocked in at 3.8 percent.
House Speaker Paul Ryan (R) is imposing that GOP Presidential Candidate Donald Trump should follow suit and become transparent with his earnings as he is the only major-party candidate since 1976 not to release his tax returns. “I think we can do substantially better”. “But no, the debt of this country is absolutely sacred”.
Ms Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget, welcomed the scaling back of Mr Trump’s original tax-cut proposals but said the plan would still leave the country on an unsustainable budget path.
His campaign said that under his plan all income groups would receive a tax cut and “millions” of low-income taxpayers would be removed from the tax rolls.
“Someone earning $5 million, like the people in this room, will receive virtually no change in their tax bill at all”, he said, capping off his remarks on income taxes.
Tax experts told the Daily News in May that Trump could be hiding multiple bombshells in his yet-to-be-disclosed returns, such as that he could be paying no taxes at all due to savvy manipulations of current real estate tax laws, or that they could show him to be worth far less than the $10 billion he claims he is. “As your president, I will fight for every last American job and every American company”.
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“The only thing associated with his campaign that remotely resembles “alternative energy” are the flames from the dumpster fire that is Trump’s energy policy – and those are obviously unhealthy to be around”, Sierra Club Political Director Khalid Pitts said.
