Trump announced a sharp tax cut
US presidential candidate Donald Trump from the Republican Party on Thursday announced the main provisions of his economic program, which, as the billionaire himself claims, “will make America great again.”
Trump’s key idea is the most radical tax reform since Reagan, says the website of his election campaign.
For individuals, the maximum rate is proposed to be lowered from 39.3 to 33%, for corporations – from 35% to 15% of profit.
In addition, the Trump package includes indulgences for the poor, as a result of which millions of poor Americans will be completely freed from the need to pay taxes.
The reduction in taxes for workers and businesses is aimed at improving the competitiveness of the US economy and its attractiveness for investment, says Trump’s program.
In addition, the economic package includes regulatory reform, trade and energy.
Within the first, Trump proposes to introduce a moratorium on new norms that regulate or restrict business.
As part of the trade reform, he proposes to get out the Trans-Pacific partnership project, to upset China’s recognition as a currency manipulator, and to introduce duties on goods from countries using dishonest forms of competition.
In the energy sector, Trump considers it necessary to denounce the Paris Climate Agreement, which requires reducing carbon dioxide emissions, restoring coal mining despite environmental risks, and increasing oil production in the Gulf of Mexico.
According to Trump, his plan will allow the economy to grow by 3.5% per year and bring 25 million jobs over 10 years.
The price of the issue is $ 3 trillion, Trump economic adviser Steven Moore told Bloomberg. As he said, calculations are made by analysts from Tax Foundation and are not final.
The combination of Trump’s migration and economic policies will cost the US 4 million jobs, plunge the country into a recession that spills over the world, and provoke a spiral of global trade wars, CNM’s economist Oxford Economics Jamie Topmsson said.