On Aug. 8, Republican Presidential candidate Donald Trump spoke at the Detroit Economic Club to reveal his economic plan to Make America Great Again.
During his approximately one hour speech, Trump provided several general categories he intends to focus on should he become President, and a few specifics which he plans to expand upon on his website, and in speeches on future dates.
Repeal of the estate tax, also known as the “death tax,” which taxes estates larger than $5.45 million for individuals and $10.9 million for couples at 40%
Reduction of the corporate tax rate to 15% from 35%
Elimination of special tax treatment for carried interest paid to PE and Hedge Fund managers (carried interest currently taxed at dividend rates but Trump policy would tax it as ordinary income)
Elimination of the cap on childcare costs deductions (Hillary proposal caps deduction at 10% of income)
According to comments made to Bloomberg, Trump will focus on the burden of the regulations imposed by the Obama campaign:
Trump will take direct aim at the Clintons and Obama, pointing to Detroit as an example of their failed economic policies. He will argue that their “record-breaking pace of new regulations, tax increases, restrictions on private-energy production and one-sided trade deals” have hurt Detroit and other cities, according to a portion of the remarks shared with Bloomberg Politics.
He will call Obama’s Clinton-backed regulations a “lead-weight on the economy, an anchor dragging us down.” And he will say that Americans “need to hit the pause buttons on these regulations so our businesses can reinvest in the economy.”
“She’s the candidate of the past and ours is the campaign of the future,” Trump plans to say in the speech, according to the portion shared with Bloomberg. “Every policy that has failed Detroit has been fully supported by Hillary Clinton. The one common feature of every Hillary Clinton idea is that it punishes you from working and doing business in the United States.” – Zerohedge
There were a few interesting changes from a previous economic plan he laid out prior to receiving the nomination for the Republican ticket. In particular, the changing of the tax brackets from 10, 15, and 20% respectively to 12, 25, and 33%.
Most importantly, Trump intends to eliminate the onerous ‘Death Tax’ which has been the cause of many family farms and businesses to close down or be forced to sell to cover the tax.
All in all, the foundation of the speech was to place Hillary as a candidate of the past like her husband, and to project himself as the candidate of the future. And ironically, Trump placed himself in that light by almost comparing himself to the ghost of Ronald Reagan and his attempts to pull America into the future from the abyss of Jimmy Carter. Ie… is it morning in America or just the twilight of empire?
Kenneth Schortgen Jr is a writer for Secretsofthefed.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.