Republican presidential candidate Donald Trump says he would lower taxes and reduce business regulations to improve the U.S. economy.The businessman outlined his main economic policies Monday during a speech to the Detroit Economic Club.
Trump began by talking about how in the past, the U.S. auto industry had made Detroit the “economic envy of the world.” He noted that today, the city is one of America’s poorest, with high unemployment, poverty and crime rates.
He said Detroit is an example of how failed economic policies including high taxes and government regulations hurt the city. Trump said his Democratic rival Hillary Clinton’s economic plan supports these kinds of policies, which can lead to U.S. job losses.
“The one common feature of every Hillary Clinton idea is that it punishes you for working and doing business in the United States. And that’s why she tries to distract us with tired political rhetoric that seeks to label us, divide us, and pull us apart.”
He said his campaign is “about reaching out to everyone as Americans, and returning to a government that puts the American people first.”
Trump read from prepared text during the speech, which was interrupted numerous times by protesters.
The protesters stood on chairs and shouted at the candidate before they were removed by security. At one point, Trump said he thought the protests were “very well planned out.”
Across the board tax cuts
Trump proposed “across-the-board” tax cuts that he said would especially help middle-income Americans. “This will lead to millions of new good paying jobs. The rich will pay their fair share, but no one will pay so much that it destroys jobs, or undermines our ability to compete.”
He said his plan would simplify U.S. tax regulations and that many American workers would pay no income tax. “These reforms will offer the biggest tax revolution since the Reagan Tax Reform, which unleashed years of continued economic growth and job creation.”
Trump also pledged to lower the business tax rate. He said high taxes on companies punishes them for making products in America.
“Under my plan, no American company will pay more than 15 percent of their business income in taxes. Small businesses will benefit the most from this plan.”
He said part of his plan would also allow parents to fully deduct the average cost of childcare spending from their taxes.
