Trump is also expected to spend much of the speech contrasting his approach with that of Clinton, whom his campaign accuses of pushing the same “stale, big government policy prescriptions that have choked economic growth in America and led to over 40 years of wage stagnation”.
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Clinton has proposed raising taxes on the highest-income earners, including a surcharge on multimillionaires, but analysts have found lower-income earners would see little change beyond measures like additional tax credits for expenses like out-of-pocket health care costs.
He initially had proposed simplifying individual income tax rates with four brackets – 25%, 20%, 10% and 0%. Trump also vowed again Monday that the poorest Americans will have a zero tax rate, which he included in his initial proposal.
There are a lot of reasons why Republicans may lose this presidential election, but the fact that Donald Trump perfectly represents their base is the biggest one of all. The real estate mogul initially refused to endorse the speaker, who faces a primary Tuesday. But Trump ultimately backed Ryan on Friday after a tumultuous week of intra-party fighting.
On Thursday, Clinton plans to trace Trump’s footsteps, in travelling to Detroit to make what her campaign is billing as a major speech on economic policy.
Trump’s speech, in which he offered detailed policy proposals rarely heard in his typical stump speech, came as the Republican faces steeply declining poll numbers following two bad weeks on the campaign trail during which he repeatedly stoked controversies that distracted from his core campaign message.
The speech came a few days after Trump debuted a 13-man economic advisory panel, made up of ultra-wealthy businessmen and one professor of economics.
Prior to those changes, a Moody’s Analytics report concluded that Trump’s economic agenda would thrust Americans into a lengthy recession, create “very large deficits” and burden the country with “a much higher debt load”.
Trump called the city’s economic collapse an example of politicians abandoning “America first” policies in favor of a globalist agenda.
While expressing doubts about Hillary Clinton, the Democratic nominee, the signatories said none of them would vote for Mr Trump. The plan includes several suggestions that have been championed by Republicans in Congress, including reducing the number of tax brackets from seven to just three, slashing the corporate tax rate by more than half and eliminating the so-called “death tax”. President Barack Obama narrowly won the state in 2012.
At a rally later in the day in Kissimmee, Florida, Clinton continued her criticism, saying that Trump “hasn’t offered any plans on infrastructure besides building a wall and having Mexico pay for it”. Now, you know that old saying, ‘Fool me once, shame on you, fool me twice, shame on me?’ ” Clinton said.
Despite Clinton’s accusations, Trump insisted Monday that his proposals would help lower- and middle-class Americans the most.
Reeling from a cascade of blunders that drove his poll ratings down, Donald Trump sought to regain his standing Monday by laying out an economic agenda of tax cuts, vast spending on public construction and a tougher posture on trade.
Earlier Monday, Clinton toured a brewery as a way of highlighting her commitment to small businesses.
“We now begin a great national conversation about economic renewal for America”, Trump said. “That’s why I have announced we will withdraw from the deal before that can ever, ever, ever happen”.
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“I have said throughout this campaign I am not going to raise the taxes on the middle class, but with your help we are going to raise it on the wealthy”, said Clinton.
