Trump to set out his economic plan
NEW YORK: Republican presidential nominee Donald Trump is to outline an economic plan that includes tax help for working families, in a major speech in Detroit as he tries to regain momentum lost from a series of self-inflicted wounds.
Trump is to speak to the Detroit Economic Club, and advisers say he will focus on trade, taxes, immigration and regulation. The club, whose members are local 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 killed in Iraq in 2004 and sparring with Republican Party leaders.
A Trump campaign aide said Trump’s economic plan would lessen the tax burden on parents who paid for child care because “we don’t want it to be an economic disadvantage to have children”.
Protections
Trump also would propose stronger protections for American intellectual property and a temporary moratorium on new regulations, the aide said.
Trump’s plans also include a 15% corporate tax rate, an idea that is on his website. The current federal rate is 35%.
Banker Stephen Calk described Trump’s vision as the biggest tax revolution since President Ronald Reagan in 1986. The plan was to lower the corporate tax burden and encourage US companies with operations abroad to repatriate profits at a reduced tax rate.
Trump’s rough ride last week, plus a boost in support for Democratic candidate Hillary Clinton after she accepted her party’s nomination at its Philadelphia convention, has taken its toll on him.
A Washington Post-ABC News poll gives Clinton an eight-point lead, 50% to 42%. A Reuters-Ipsos poll from last week had her in the lead with a smaller margin of three points.
Clinton will offer her own economic vision in a speech in Michigan on Thursday.
Trump’s Detroit event gives him a chance to regain the initiative and outline some substantive policy proposals on the economy. The New York property developer prides himself on his economic expertise and job-creating ability and blames President Barack Obama for what he calls a weak recovery from the 2008/09 recession.
Larry Kudlow, an informal Trump adviser and financial commentator, wrote on CNBC. com that Trump would pledge to lower marginal tax rates on large and small businesses and on all income classes. He would also propose an increase in the standard deduction for families and special deductions for childcare and the elderly, Kudlow said.
All these polices would help the middle class and generate substantial new investment, business formation, jobs, and growth – and higher wages. – Reuters