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. The Daily Mail
Donald Trump’s campaign to right the ship, unite the Republican Party, and establish an economic platform to challenge Hillary Clinton is being cemented as we speak. It is long past time for Trump to focus on his strengths: the economy being one of them. Despite his ridiculous threats of higher tariffs on foreign goods (which is most likely a bluff anyway), Donald Trump does have a program of outstanding proposals for the US Economy.
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. The Daily Mail
What Republican can’t get behind this?
While I’ve never quite understood the virtue of our tax code, Trump’s proposals are viable under our current Republican Leadership in the House and Senate. Today’s speech does not appear to be the Red, White, and Blue Morning in America fantasy pitch I was expecting. Trump is taking this seriously and not a moment too soon.
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.’
While essentially raising taxes on hedge-fund managers isn’t a particularly good idea, it will play well with middle America. Both white and blue collar men will get behind Trump’s tax plan, while women will support his proposal to make childcare tax deductible.
Donald Trump is expected to continue calling for a rewriting of NAFTA, an unpopular free trade agreement to which Hillary Clinton is inescapably tied. Defending NAFTA will not help Hillary with the Bernie Sanders’ crowd. Our economy, much like during the Great Depression, is recovering too slowly for most Americans. The more the government tries to fix the economy, the more expensive the economy becomes.
Voters want to see our plants reopening and manufacturing grow. Trump’s opposition to NAFTA will help him win Ohio and Pennsylvania.
If the Daily Mail is correct in reporting that Donald Trump intends to address rolling back federal regulations, which he’ll blame for suffocating the economy, then he’s finally giving me something to get excited about. Over regulation is one of the most expensive and disastrous problems facing businesses in the United States.
Any serious proposal to scale back the overreach of the federal bureaucracy is a huge step in the right direction, as each regulation requires expensive enforcement and compliance that would otherwise be circulating in the free market.
Simply taking a scalpel to federal regulations could be the spark that reignites this stagnant economy of ours. President Reagan proved that drastic measures aren’t necessary to achieve phenomenal results. A small tax cut, simplification of the tax code, and a marginal reduction in regulation aren’t controversial policy proposals and I hope to see Speaker Ryan get behind many of Trump’s proposals.
Trump’s Detroit speech is a good sign that The Donald is focused and is listening to his advisers.