Trump’s economic plan will have you seeing dollar signs. Not because the government will be taking more of your money, but because you will be keeping more of it. Check it out!
Republican presidential candidate Donald Trump will propose imposing a temporary moratorium on new federal regulations, reviving the Obama-stalled Keystone oil pipeline project, slashing business tax rates and making childcare expenses fully tax-deductible, in a landmark economic speech Monday.
A campaign aide who asked not to be identified told a Reuters reporter that ‘we don’t want it to be an economic disadvantage to have children.’
Trump’s proposals include measures to dramatically reduce income tax rates and simplify taxes for all Americans. He would trim the number of personal tax brackets from seven to just three.
He would also ‘remove bureaucrats who only know how to kill jobs; replace them with experts who know how to create jobs,’ according to an outline of the speech shared with a few reporters.
Trump will also propose a repeal of the estate tax, which Republicans derisively call the ‘death tax.’ That federal tax seizes 40 per cent of estates beginning with amounts over $5.45 million for individuals and $10.9 million for couples.
A tax rate of 15 per cent would be the norm for businesses in a Trump administration, and hedge-fund managers would no longer get the benefit of special treatment for ‘carried-interest.’
That tax, on investment earnings paid to fund managers, is currently taxed like capital gains – at rates far lower than ordinary income.
Current federal tax rates for business income top out at 39 per cent, a rate that Trump has correctly placed as among the highest in the world.
Trump is to speak to the Detroit Economic Club and advisers said he will focus on trade, taxes, immigration and regulation. The club, whose members are area business leaders, is a traditional venue for political candidates to discuss their economic vision.
The Detroit speech will be Trump’s first on the economy since announcing a 13-man team of economic advisers last week.
It also comes after he slogged through perhaps his worst week as a candidate, getting entangled in a fight with the Muslim parents of an American soldier slain in Iraq in 2004 and sparring with Republican Party leaders.
Trump will propose stronger protections for American intellectual property and a temporary moratorium on new regulations, the aide said.
Members of Trump’s advisory group shared their views on policy with senior Trump aides on Sunday in a conference call, said banker Stephen Calk, one of the members who took part.
Calk described Trump’s vision for taxes as the biggest tax revolution since President Ronald Reagan in 1986. He said the plan was to lower the corporate tax burden and encourage U.S. companies with operations abroad to repatriate profits at a reduced tax rate.
Hillary Clinton called for raising taxes on the “middle class” while campaigning on Monday in Omaha, NE. Joined by left-wing Democrat billionaire Warren Buffett, she received applause from those in attendance.
“Because while Warren is standing up for a fairer tax code, Trump wants to cut taxes for the super-rich,” said Clinton. “Well, we’re not going there, my friends. I’m telling you, right now – we’re going to write fairer rules for the middle class and we are going to raise taxes on the middle class!”
Presumably a slip of the tongue, Clinton’s comment came amid broader Marxist-themed demagoguery about forcing “the wealthy” to “pay their fair share” of taxes.