Donald Trump’s big tax plan
Donald Trump will propose big tax breaks for working families and businesses in a speech on the economy Monday in Detroit.
The plan — timed as an attempt to fix a string of unforced errors over the past week — will include a temporary moratorium on new federal regulations and reviving the Keystone pipeline project that was killed by President Obama.
Trump will also say he wants to simplify taxes and “remove bureaucrats who only know how to kill jobs; replace them with experts who know how to create jobs,” according to Reuters.
A Trump campaign aide told Reuters Trump’s economic plan will lessen the tax burden on parents who pay for child care because “we don’t want it to be an economic disadvantage to have children.”
The GOP nominee’s plans also include proposing a 15 percent corporate tax rate, an idea that is on his website. The current corporate rate is 35 percent and Republicans have long sought to reduce it.
Trump will also propose stronger protections for American intellectual property and a temporary ban on new regulations, the aide said. Trump blames an excess of red tape for stifling economic activity.
Trump’s rough ride last week took its toll in opinion polls. A Washington Post-ABC News poll released Sunday gave his Democratic rival, Hillary Clinton, an eight-point lead, 50 to 42 percent.
Members of Trump’s advisory group shared their views on policy with senior Trump aides Sunday in a conference call, said banker Stephen Calk, one of the members who took part.
Calk called Trump’s vision for taxes the biggest tax revolution since changes enacted under Republican President Ronald Reagan in 1986.
He said the plan was to lower the corporate tax burden and encourage US companies with operations abroad to repatriate profits at a reduced tax rate.
Trump’s Detroit event gives him a chance to regain the initiative and outline some substantive policy proposals.
He has vowed to rewrite some international trade deals, including the North American Free Trade Agreement with Canada and Mexico that was signed into law in 1994 by Clinton’s husband, then-President Bill Clinton. Critics blame NAFTA for costing American jobs.
Peter Navarro, a University of California-Irvine professor who is the only formal Trump economic adviser with a deep academic background, noted that Detroit, home of US autos, has seen a movement of auto manufacturing jobs to Mexico.
source: New-York Post