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.
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The tax and spending proposals are created to shore up support from some Republicans who have harbored doubts over his conservative bona fides while wooing independent voters.
Along with hitting Democratic opponent Hillary Clinton as a nominee who would help only “the donors and special interests” as president, Trump continued to push his own proposal as a family affair – crediting daughter Ivanka Trump not just on her role in creating his childcare plan but also for her help on his economics plan as a whole.
Mr. Trump has in the past embraced a large infrastructure-spending push, a key piece of Mrs. Clinton’s platform. “But the plan appears to rely on rosy assumptions and murky policy changes”, she said in a statement.
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.
In fact, 25 million jobs is what Trump promised.
“This is more than just tinkering”, said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “Trump’s latest revision of his economic plan would benefit Trump at the expense of millions of hardworking folks across our country who deserve the opportunity at a better future”.
He called for replacing “globalism” with a policy of “America first”.
Trump also now proposes to cut federal taxes by $4.4 trillion, not $10 trillion; he insists the plan would ultimately cost the government only $2.6 trillion in revenue, with the difference made up in economic growth. That would severely curb high-income households’ ability to deduct their state and local taxes, mortgage interest and charitable contributions.
Under his new plan, Trump would increase today’s standard deduction to $15,000 for individuals and $30,000 for married couples.
To keep companies in the U.S., Trump also included a 10 percent tax on repatriation, and outlined an incentivizing proposal to allow U.S. -based manufacturer to fully expense the cost of their plants and equipment.
Trump’s plan would reduce the tax brackets for individual income tax to three from the current seven, with the highest rate dropping to 33% from 39.6%. The top capital-gains rate would be 20%.
“Because he’s got a 12,000-page tax return that would create. financial auditors out of every person in the country asking questions that would detract from [his father’s] main message”, Trump Jr. said. “Trump announced that his plan will result in a “$4.4 trillion tax cut” and, subsequently, huge economic growth and job creation. His policies, he said, will add 25 million new jobs over the next decade. The economy faces stiffer headwinds than it did 20 years ago because of an aging workforce and slowing birthrates. In a new detail released Thursday, he said USA -based manufacturers would be allowed to fully write off the costs of new plants and equipment from their taxes, to encourage investment, though if they chose to do so they would give up their ability to deduct interest expenses.
In the question and answer period with Mr. Paulson, Mr. Trump also ruled out any plan to default on the USA debt.
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Donald Trump unleashed a firestorm of criticism from liberals, conservatives and those in between when he called for a ban on Muslims entering the United States.
