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2016 Election Economics

This Policy of Trump’s Could Add $6 Trillion in Revenue

Written by eaglerising

From the Daily Caller News Foundation:

Republican nominee Donald Trump pitched his economic policy to the country Monday at the Detroit Economic Club.

“We now begin a great national conversation about economic renewal for America. A conversation about how to make america great again for everyone, especially for those who have the very least,” Trump told the crowd.

Trump’s plans are aimed at getting Americans back to work, boosting jobs and allowing businesses to compete in the global marketplace by reducing regulations.

“We’re comfortable that we can get the agenda and the narrative of the campaign back on where it belongs, which is comparing the tepid economy under Obama and Clinton, versus the kind of growth economy that Mr. Trump wants to build,” Trump’s campaign manager Paul Manafort told Fox News Sunday. (RELATED: Which Candidate Is Better For Your Bottom Line, Trump Or Hillary?)

“We need much, much faster growth if we’re going to have wages rising and salaries rising and middle-class incomes rising,” economist Stephen Moore told The Associated Press. “How do we get back to a healthy rate of economic growth which we haven’t had in a decade?”

Trump’s plan includes reducing the corporate tax rate to 15 percent from 35 percent and allowing families to write off childcare costs on their taxes. Democratic nominee Hillary Clinton’s proposed government spending would subsidize childcare costs to no more than 10 percent of a family’s income.

“She is the candidate of the past, ours is the campaign of the future,” Trump said amid widespread applause.

Trump also wants to reduce income taxes and simplify the code. He aims to lower the number of tax brackets from seven to three. Trump’s proposed tax decreases are aimed at encouraging new investment, according to the campaign.

Trump proposes increased domestic energy production as a way that local and state governments can boost tax revenue. The Associated Press says that could add $6 trillion to revenue over the next 40 years.

Trump added that the Obama administration regulations and restrictions decreased U.S. energy jobs by at least “half a million,” and decrease personal incomes by up to $7,000 per person per year, citing a study by The Heritage Foundation.

The biggest proposal is his call to place a moratorium on any new regulations of the financial industry. The campaign told Bloomberg Trump will not release any new regulations until there is “significant growth” in the nation’s economy.

“When we were governed by the America first policy, Detroit was still booming,” Trump said. “But for many living in this city, the american dream is vanishing, when we abandoned America First, we stopped building our nation, and starting building others.”

Trump also took some time to attack Clinton.

“First lets talk tax reform, taxes are one of the biggest differences in this race… Clinton wants a job killing package that will add everyone’s tax bill,” Trump said, then mentioned Clinton’s speech last week where she admitted she would raise taxes on the middle class.

Trump promised that more information on the specifics of his plan would be made available in the coming weeks.

The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by EagleRising.com


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eaglerising

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