Trump outlines vision for economy, promising large tax cuts

[webfact]

Trump outlines vision for economy, promising large tax cuts

By JONATHAN LEMIRE and JILL COLVIN

 

NEW YORK (AP) — Donald Trump outlined his vision for managing the nation's economy as president Thursday, promising that his plans to lower taxes by $4.4 trillion over a decade and cut regulations would lead to booming growth, create millions of jobs and even cut into the nation's budget deficit.

 

"My plan will embrace the truth that people flourish under a minimum government burden and will tap into the incredible, unrealized potential of our workers and their dreams," Trump said in a speech to the Economic Club of New York.

 

The Republican nominee said his plans would raise the nation's economic growth rate to at least 3.5 percent, well above its current rate of about 2 percent, and create 25 million new jobs over the next 10 years.

 

Trump's proposals are sharply different than those of his Democratic rival Hillary Clinton. She has proposed free college tuition, universal child care for 4-year-olds, infrastructure investments and other expensive government programs to be paid for with a tax hike on the wealthy and businesses.

 

For Trump's plans to succeed, they would have to overcome forces in the economy, such as rising automation, an aging population and low-wage competition overseas, that have led even conservative economists to say a 3.5 percent growth rate is improbable.

 

The U.S. economy is already creating 2.5 million jobs a year, the same pace promised by Trump over the next decade.

 

The heart of Trump's plan is a revised tax code, which includes a pledge that no business should pay more than 15 percent of its income in taxes, down from the current 35 percent corporate tax rate. Few businesses now pay the full 35 percent rate, taking advantage instead of many deductions in the existing tax code.

 

He also proposes simplifying the U.S. tax code for individuals, reducing the current seven tax brackets to three: 12 percent, 25 percent and 33 percent of income after deductions.

 

Trump called for the elimination of what's known as the carried interest loophole, which is used by hedge funds and other investment funds to reduce their tax burden.

 

As president, Trump said he would cut the number of regulations imposed by the federal government, including some that are designed to combat climate change and protect the food Americans eat. The celebrity businessman said that "excessive regulation" costs Americans nearly $2 trillion a year.

 

Among those he plans to target: Environmental Protection Agency regulations for coal-fired power plants and standards for ground-level ozone. Before Trump's speech, his campaign also said he would target the Food and Drug Administration's "food police" and rules that govern "food production hygiene, food packaging and food temperatures."

 

Later Thursday, the campaign removed the FDA regulations from its online "fact sheet" and from an email on Trump's plans to more closely match his remarks. The deleted language closely tracked that in a May report from the conservative Heritage Foundation that aimed to assess the costs of regulations enacted under the Obama administration.

 

Trump said he will lift restrictions on energy production, including offshore drilling, scrap trade deals like the North American Free Trade Agreement and the Trans-Pacific Partnership, and implement a child care plan, including six weeks of paid maternity leave, he outlined earlier this week.

 

While Trump said the economic growth and some limited spending cuts would fully pay for the cost of his tax cuts, and may even allow for a reduction in the nation's federal budget deficit, critics have said his economic proposals would add as much as $10 trillion to the nation's debt over the course of a decade.

 

The campaign disputes those estimates. To help offset the cost of the tax cuts, he said Thursday his administration would reduce non-defense, non-safety net spending by one percent of each previous year's total. Trump said that would reduce spending by $1 trillion over a decade.

 

He vowed to not cut defense spending and to exempt Social Security, Medicare, and Medicaid from any reductions. Yet if benefits to veterans are included as part of defense spending, the programs Trump places off limits for cuts make up nearly 70 percent of the federal budget, and it wasn't immediately clear how he would reach his spending cut goal with such programs off the table.

 

Such an approach also would conflict with House Speaker Paul Ryan plans for the federal budget, widely embraced by Republicans, that call for reining in the costs of programs such as Medicare and Social Security.

___

Colvin reported from Washington. Associated Press writer Nicholas Riccardi contributed to this report from Denver.

 

-- © Associated Press 2016-09-16

[LomSak27]

I wonder what all our Trump-sters here would do if he really won.

 

The stock market would take a major dive, if you have IRA's, Bonds, or other retirement investments you better look out.

[Pimay1]

12 minutes ago, LomSak27 said:

I wonder what all our Trump-sters here would do if he really won.

 

The stock market would take a major dive, if you have IRA's, Bonds, or other retirement investments you better look out.

The sky is falling, the sky is falling.

[LomSak27]

That is a quote from a Republican, but I doubt you have any money there ... likely you get yours through entitlements and think it is not connected. Yep you are a classic Trumpster

 

 

[LomSak27]

[alanrchase]

Strange he never mentioned closing any of the tax loopholes he can take advantage of.

[LuckyNo4]

Hes gonna make a great President "for the people" of the United States.

[Mansell]

1 hour ago, LuckyNo4 said:

Hes gonna make a great President "for the people" of the United States.

BARFFFFFF

[manfredtillmann]

please, all ,accept:  you will never win a political  debate on a forum - you will never win one, anywhere.

we all 'know' what we believe in and adverse  arguments on a platform like this one will do nothing to change your or someone's  mind. no one will ever convince me that afd/trump/wilders will make a good government - and v/v.

that's just how it is.

i think.

[sgtsabai]

The Trump recently made a "speech" on economics in which he walked back his proposed tax cuts for the middle/working class and increased the cuts for the rich and corporations that don't pay their fair share already. The only thing he understands about economics and taxes is fraud, cheat, don't pay employees, the rich are important and shouldn't have to pay, screw the middle/working class and never release your taxes, oh and bankruptcy, he understands that quite well.

[dunroaming]

5 hours ago, manfredtillmann said:

please, all ,accept:  you will never win a political debate on a forum - you will never win one, anywhere.  we all 'know' what we believe in and adverse arguments on a platform like this one will do nothing to change your or someone's  mind.  no one will ever convince me that afd/trump /wilders will make a good government - and v/v.

that's just how it is.  i think.

 

 

I agree.  However the baiting and ranting is not to be taken seriously.  It is based on a load of angry old men (and sometimes even young ones) with much too much time on their hands.  What makes it quite unique is that both candidates are pathetic and fair game for the farcical vitriol.  Let's face it we will all be sorry when the "election" is over

[scotinsiam]

I am not an American so only an interested bystander. I do not trust Clinton and the money her and Bill have been paid by corporations into their foundation for speaking fees etc.

I don't know if Mr Trump is better but at least he is not a politician - I think I would vote for him.

[Opl]

I'm not an American either, and an interested bystander too.

DT is  a " post truth era " ( Ralph Keyes's concept)  politician   - he's becoming iconic of the kind.

The formula describes the dangerous trend of Western democracies to disbelieve the facts in the political debate, and instead firmly  give credit to lies told  and repeated with insistance.

 It's just the begining of trumpism

 

https://www.theguardian.com/commentisfree/2016/may/13/boris-johnson-donald-trump-post-truth-politician

 

https://www.washingtonpost.com/posteverything/wp/2016/06/16/why-the-post-truth-political-era-might-be-around-for-a-while/?utm_term=.32dd708fd269

 

http://www.ralphkeyes.com/the-post-truth-era/

 

 

 

Edited September 16, 2016 by Opl

[LuckyNo4]

 

6 hours ago, dunroaming said:

 

 

I agree.  However the baiting and ranting is not to be taken seriously.  It is based on a load of angry old men (and sometimes even young ones) with much too much time on their hands.  What makes it quite unique is that both candidates are pathetic and fair game for the farcical vitriol.  Let's face it we will all be sorry when the "election" is over

One thing for sure is this election has shown what a dirty corrupt criminal deceitful enterprise american politics is.

[Ulysses G.]

13 hours ago, LomSak27 said:

 

Snopes says this is a LIE. Trump never said it. Hardly anyone even knew what Fox News was back then anyway. You owe the readers an apology.

[Pinot]

3 hours ago, Ulysses G. said:

 

Snopes says this is a LIE. Trump never said it. Hardly anyone even knew what Fox News was back then anyway. You owe the readers an apology.

 

Oh please, look who is asking for an apology for something written here. Where is the link that's a lie? Breitbart? 

[Pinot]

4 hours ago, scotinsiam said:

I am not an American so only an interested bystander. I do not trust Clinton and the money her and Bill have been paid by corporations into their foundation for speaking fees etc.

I don't know if Mr Trump is better but at least he is not a politician - I think I would vote for him.

 

You don't trust Clinton because of speaking fees and corporations? 

 

Trump isn't a politician, he's not smart enough to be one. He's a carnival barker. Hey thanks for your valuable non-American insight. (snicker) 

[Ulysses G.]

1 hour ago, Pinot said:

 

Oh please, look who is asking for an apology for something written here. Where is the link that's a lie? Breitbart? 

 

Brush up on those reading skills. My post clearly  states that SNOPES called it FALSE.

 

Despite People's comprehensive online content archive, we found no interview or profile on Donald Trump in 1998 (or any other time) that quoted his saying anything that even vaguely resembled the words in this meme.

http://www.snopes.com/1998-trump-people-quote/

[Chris Lawrence]

what do the yanks on this board think of this fella?

[Ulysses G.]

3 minutes ago, Chris Lawrence said:

what do the yanks on this board think of this fella?

 

 That he is preferable to Hillary.

[stander]

 

Nation's largest police union endorses Trump

 

The Fraternal Order of Police (FOP) gave the GOP presidential nominee its endorsement after he received support from more than two-thirds of the group's national board.

"[Trump] has seriously looked at the issues facing law enforcement today. He understands and supports our priorities and our members believe he will make America safe again," said Chuck Canterbury, the FOP's national president.

"He's made a real commitment to America's law enforcement and we're proud to make a commitment to him and his campaign by endorsing his candidacy today."  

 

http://thehill.com/blogs/ballot-box/presidential-races/296342-nations-largest-police-union-endorses-trump

[Xircal]

Large tax cuts (for the rich no doubt) but double the military spending budget. That'll do wonders for the deficit.

[Chris Lawrence]

Cam Brady appears a good Caricature for Trump. But then I think Trump lampoons himself.   

[jcsmith]

14 hours ago, Chris Lawrence said:

what do the yanks on this board think of this fella?

 

He's a madman. If he gets elected I'm never going back home. 

[Pinot]

If Trump draws even spitting distance of HRC everyone should bail on the market. The world economy will tank with this lunatic in charge, along with the $. We're use to adults running the United States, not Trump and his family. I can just see Cheeto Jesus on the one dollar bill, the five, the ten...

 

What an ugly thought, Trump as POTUS. Naaa...

[stander]

RNC chairman: Party could penalize former candidates who don't back Trump

 

Republican National Committee chairman Reince Priebus on Sunday warned there could be consequences for former presidential candidates who don't endorse their party's nominee.

"People who agreed to support the nominee, that took part in our process, they used tools from the RNC. They agreed to support the nominee, they took part in our process," Priebus said on CBS's "Face The Nation."
 

http://thehill.com/blogs/blog-briefing-room/news/296526-rnc-chairman-party-could-penalize-former-candidates-who-dont

Edited September 19, 2016 by metisdead
Edited as per fair use policy.

[Pimay1]

On 9/17/2016 at 11:00 PM, jcsmith said:

 

He's a madman. If he gets elected I'm never going back home. 

Get ready for a long stay wherever you are.

[metisdead]

Posts in violation of fair use policy have been removed. 

[Linzz]

On 9/17/2016 at 3:15 AM, Ulysses G. said:

 

Snopes says this is a LIE. Trump never said it. Hardly anyone even knew what Fox News was back then anyway. You owe the readers an apology.

 

Agree. Only 2 reasons to post it. Either the poster believes it to be true which is naive and under researched or knew it to be false and posted anyway which is misleading