Donald
Trump on Monday laid out his plan to lower taxes, freeze financial regulations
and trigger an energy revival which he said would spur economic growth and
“open a new chapter in American prosperity.” Trump Trump It was a broad-brush
outline with some meaty specifics, aimed in part at reviving the Republican
presidential nominee’s flagging campaign after a series of missteps in recent
weeks that sent him careening off message. Here are highlights of the Trump
economic plan.
– Lower
taxes –
The
lynchpin of Trump’s plan is the slashing of various taxes on American
individuals and corporations, a proposal he said would lead to the biggest tax
reform since president Ronald Reagan in the 1980s. He would sharply reduce
corporate tax to 15 percent from the current 35 percent, and set a 10 percent
tax on what he described as trillions of dollars that US businesses have “now
parked overseas” but want to repatriate into the country. Personal income tax
rates would be compressed from seven brackets to just three, with today’s
highest rate of 39.6 percent shrinking to 33 percent. He would also abolish the
estate tax, and said he would allow parents to “fully deduct” the cost of
childcare spending from their taxes.
– Moratorium
on regulations –
Trump
would immediately slap a moratorium on all federal agency regulations that he
believes are needlessly killing jobs. He said he would “cut regulations
massively.” Already on the chopping block would be the Environmental Protection
Agency’s Clean Power Plan, which forces investment in renewable energy at the
expense of coal and natural gas, and the Interior Department’s moratorium on
coal mining permits. He would also repeal President Barack Obama’s landmark
health care law.
– Trade reform –
Trump is
opposed to the proposed Trans-Pacific Partnership backed by Obama and
Republican congressional leaders. It was signed by his administration and 11
other nations in 2015, but hit a snag in Congress. He wants to abolish the
North American Free Trade Agreement with Canada and Mexico that was signed into
law in 1994, describing it as a pact that has “shipped your jobs to Mexico and
other countries.” Trump reiterated his support for strengthened protections
against currency manipulation that allow other countries to “cheat by unfairly
subsidizing their goods.” China, warned Trump, “is responsible for nearly half
of our entire trade deficit.” He said he would go after Beijing for its
“rampant” theft of intellectual property, its dumping of Chinese products on
the US market and currency manipulation.
– Energy revival –
Trump
called for an “energy revolution,” starting with cancellation of Obama’s
climate plan and the Paris Climate Agreement, and a halt of US payments to
United Nations global warming programs. He would also expand offshore drilling,
increase natural gas production, and reverse what he called Obama’s “war on
coal” that led to the loss of thousands of energy industry jobs. He would call
on Canadian firm Trans Canada to renew its permit application for building
Keystone XL, the crude oil pipeline between Canada and US oil refineries
rejected by the Obama administration last year.
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