Here’s the question: do you you believe he would attempt to do what’s in the plan? For all the things that I might give him grief over, the man does know how the private business sector works. And, no, he’s not perfect.
​FACT SHEET: DONALD J. TRUMP’S PRO-GROWTH ECONOMIC POLICY WILL CREATE 25 MILLION JOBS
Donald Trump has proposed sweeping reforms in tax, trade, energy and regulatory policies. The Trump campaign’s economist estimates that the plan would conservatively boost growth to 3.5 percent per year on average, well above the 2 percent currently projected by government forecasters, with the potential to reach a 4% growth rate.
Growth averaged at least three and a half percent per year in the 55 years between World War II and the year 2000. With the faster growth from the Trump Plan, the economy will create 25 million new jobs over the next decade. For each 1 percent in added GDP growth, the economy adds 1.2 million jobs. Increasing growth by 1.5 percent would result in 18 million jobs (1.5 times 1.2 million times 10 years) above the projected current law job figures of 7 million, producing a total of 25 million new jobs for the American economy.
On taxation, a few highlights (I’ll leave it up to you to read in full)
- Every income group receives a tax cut under the Trump plan, with million more being removed from the income tax rolls and low-income Americans paying no income tax at all.
- The plan lowers the business tax rate to 15%. The current business rate 35% rate is one of the highest in the world, making domestic investment unattractive. It includes a 10% tax on repatriation, instantly bringing trillions of dollars back into the U.S. economy now parked overseas.
- Tax brackets in the individual income tax will be reduced from 7 to 3. Tax rates will be 12%, 25% or 33%, with thresholds very similar to the House GOP plan.
Obviously, the Usual Suspects are not happy about reducing taxes on individuals and corporations, not on doing away with the death tax. I do think he’d be better off dropping repatriation down to 5% or lower. You want that money brought back.
Mr. Trump has proposed a moratorium on new federal regulations that are not compelled by Congress or public safety, and will ask agency and department heads to identify all needless job-killing regulations and they will be removed.
This includes eliminating some of our most intrusive regulations, like the Waters of The U.S. Rule. It also means scrapping the EPA’s so-called Clean Power Plan which the government itself estimates will cost $7.2 billion a year. This Obama-Clinton directive will shut down most, if not all, coal-powered electricity plans in America.
He should demand that wasteful regulations be found and killed.
On trade, he wants the Trans-Pacific Partnership killed. Interestingly, TPP has bipartisan support and opposition. And tends to poll negatively, including among folks like the Bernie Sanders supporters and true American Conservatives. Trump wants to make sure that trade agreements are upheld by foreign governments. He’d like to renegotiate NAFTA. And bring cases against China for currency manipulation and unfair trade (I doubt that will happen.)
He’s all for an “all of the above” energy policy, and for removing restrictions that cause harm. Streamlining regulation and permitting is mentioned.
Liberals will be against this all, as you can guess. Why? They think the solution is always taxation (on Other People), rather than economic movement where people are making more money, saving more, spending more, thereby increasing taxes paid. Hillary just wants to put more and more restrictions on everything while increasing taxation, which reduces economic output and drives out business.
