Trump’s Economic Plan
Yesterday we outlined how badly the economy has done under the Obama administration and how Crooked Hillary only offers more of the same failed policies. (If you want to read it, click here.)
Today we concentrate on Donald Trump’s plans for the economy. As you will see, the two could not be more different.
On Monday this week, in front of 1,500 members and guests of the prestigious Detroit Economic Club, Donald Trump unveiled the details of his plan to “Make America Great Again.”
He will also cut business taxes. “No American company will pay more than 15% of their business income in taxes,” he said.
He also pledged to reduce the number of regulations under which businesses currently had to operate, regulations that have increased substantially under the Obama administration. In a Trump administration it would be easier and less expensive to do business.
Mr. Trump said that Crooked Hillary’s economic vision entailed “onerous regulations”, which would put small companies “totally out of business, and you won’t be able to start – you could never, ever start – a small business under the tremendous regulatory burden that you have today in our country.”
With specific reference to Detroit, Trump said the city was, “the living, breathing example of my opponent’s failed economic agenda.”
“The unemployment rate [in Detroit] is more than twice the national average,” Trump said. “Half of all Detroit residents do not work. Detroit tops the list of the most dangerous cities in terms of violent crime. These are the silenced victims whose stories are never told by Hillary Clinton.”
He told the audience that when he became president, “Detroit, the Motor City, will come roaring back.”
Donald Trump also pledged to re-negotiate the decades-old North American Free Trade Agreement (NAFTA) enacted under the presidency of Bill Clinton and by almost universal opinion, a total disaster for American trade.
Trump warned that Crooked Hillary, if elected, would enact the Obama administration’s Trans Pacific Partnership, which critics argue would create even more disadvantages for the United States in international trade.
He also pledged to end federal regulations that have throttled coal plants and eliminated jobs. Again a stark contrast to Crooked Hillary who has said she will, more or less, shut down the coal industry.
Under the Trump plan personal income tax brackets would be reduced from seven levels to three – 12%, 25% and 33% – and income taxes would be eliminated for individuals who earn less than $25,000 annually, or $50,000 for a married couple. Parents would also be able to fully deduct the average cost of childcare from their taxable income.
“We will make America grow again,” Trump said to applause.
There can be no doubt that Trump has a plan that will stimulate the economy. It is a mixture of encouraging new job creation, assisting those already in business to compete much better, offers incentives for American companies to stay in America rather than move overseas and it will make life a lot easier for individual taxpayers too.
The choice between Trump’s economic plan and Crooked Hillary’s could not be easier.