Revamping econ plan, Trump vows tax cuts to 'jumpstart' US

Carla Harmon
August 9, 2016

Underlining the divisions over Mr Trump's controversial candidacy, noisy protestors were ejected periodically from his 52-minute economic speech.

Trump said he will release more details in coming weeks. He didn't provide examples of any such regulations, or explain how lifting those regulations and cutting taxes-the GOP's longstanding solution to everything-would help workers in cities like Detroit, which have been ravaged by complicated decades-long economic trends having to do with globalization and new technologies, not just government policies.

The New York businessman used a speech on the economy to try to turn the page after a week of missteps in which he came under heavy criticism, including from some in his own party, and rival Democrat Hillary Clinton surged ahead in opinion polls with three months to go until the November 8 election.

At least a dozen women protested Donald Trump's economic policy speech Monday by jumping up and shouting in a coordinated effort to disrupt the Republican presidential nominee's remarks.

Among his specific proposals will be allowing parents to fully deduct the cost of childcare from their taxable income. It's a theme Trump and his daughter, Ivanka, first introduced during the Republican National Convention as his campaign seeks to broaden its appeal to Democratic voters ahead of the general election. Most notably, he's in favor of abolishing the "death tax", a.k.a. the estate tax-a policy that would only alleviate the tax burden only for those making more than $5 million. Trump promised his policies would help struggling cities. He still wants to compress the current seven personal income tax brackets to three.

Trump laid out a series of policies he said are aimed at revitalizing a limping economic engine, including a sharp reduction of corporate tax to 15 percent from 35 percent, something he floated back in September as a way to lure back U.S. corporations that relocated overseas.

Trump's basic rationale is that of trickle-down economics, popularized by Republican President Ronald Reagan in the 1980s. The billionaire real estate mogul also has said he wants to close tax loopholes.

Trump's plan would cut taxes on the middle class, he said, though some economists predict the opposite effect.

Trump bemoaned the Trans-Pacific Partnership, claiming that, "a vote for Hillary Clinton is a vote for TPP-and it's also a vote for NAFTA".

At a rally in St. Petersburg, Florida, Clinton said the plans Trump outlined earlier in Detroit would push the country back into recession, warning that his plans benefit the rich and do little to create jobs or boost the economy.

Republican presidential candidate Donald Trump has announced an official change in his top rate tax proposal, lifting it in line with the House Republicans proposals. But Republican operatives and others who saw the speech praised the NY businessman for turning his focus to policy and contrasting his ideas with Clinton's. This apparently comes from a video in which it's not clear whether Clinton said "we are going to raise taxes on the middle class" or "we aren't going to raise taxes on the middle class". He pointed out that the automobile sector, in particular, has been hurt by low-priced foreign competition. And there are ample opportunities for Democrats in blue and swing states - namely in Pennsylvania, Illinois, Wisconsin, Ohio and New Hampshire. President Barack Obama narrowly won the state in 2012.

Detroit, however, is a different story. But mostly, the speech was a mishmash of Republican boilerplate, vague promises Trump has made many times before, and statements that were outright misleading. Making up that ground elsewhere in MI will be a tall order.

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