Donald Trump offers “the biggest tax revolution since the Reagan reforms”
Monday in Detroit Donald Trump outlined his economic plan that he said will streamline the US tax code and lower the tax rate for working Americans, offering “the biggest tax revolution since the Reagan tax reform.”
With a 55-min speech to the prestigious Detroit Economic Club, the GOP nominee called rival Democratic candidate Hillary Clinton “the candidate of the past.”
“Ours is the campaign of the future,” he said
“America is ready to prove the doubters wrong,” he said. “They want you to think small. I’m asking you to think big … we are ready to show the world that America is back, bigger, and better and stronger than ever before.”
Donald Trump said as part of this economic plan, “we will eliminate the carried interest deduction … and other special interest loopholes, that have been so good for Wall Street investors and for people like me, but unfair to American workers.”
He also said “tax simplification will be a major feature of the plan.”
“Our current system is so burdensome and so complex, that we waste 9 billion hours a year in tax code compliance,” he said. “My plan will reduce the current number of brackets from 7 to 3 and dramatically streamline the process.”
He said the brackets of 12%, 25% and 33% will mean “for many American workers, their tax rate will be Zero.”
He promised American businesses will enjoy a reduction in taxes from “35 to 15%,” and vowed to eliminate the “death tax” for all Americans.
“The average worker, today, pays 31.5% of their wages to income and payroll taxes, on top of that, state and local taxes consume another 10 percent, very grim picture” he said. “The United States also has the highest business tax rate among the major industrialized nations of the world at 35 percent … almost 40%.”
“We punish companies for making products in America, but let them ship products into the United States, tax-free, if they move overseas,” he added. “This … is backwards.”
“All of our policies should be geared toward keeping jobs and wealth inside of the United States.”
Donald Trump said, “I will offer the biggest tax revolution since the Reagan tax reform,which unleashed years of continued economic growth and job creation,” he said.
“We will make America grow again.”
Details, he said, “will present a night-and-day contrast to the job-killing taxing, poverty-inducing Obama-Clinton agenda.”
“I am going to cut regulations massively,” he added, helping to bring companies and jobs back to the country.
“Our lower business tax will also end job-killing corporate inversion and cause trillions in new dollars and wealth to come pouring into our country,” he vowed.
He also said he planned to reduce the cost of child care by allowing parents to fully deduct the average cost of child care spending from their taxes, and “bring back trillions of dollars from American businesses that are now parked overseas.”
“I want to jump-start America and it can be done and it will not even be that hard,” he vowed.
He also touched on a wide range of other reforms too, including energy reform, asserting “the Obama-Clinton war on coal has cost Michigan more than 50,000 jobs, and that he “will put our coal miners and steelworkers back to work, where they want to be.”
He also hammered US President Barack Hussein Obama “and the usual so-called experts who have been wrong about every trade deal for decades.”
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