Donald Trump’s Economic Plan: ‘I Want to Jump Start America’

Republican presidential candidate Donald Trump delivers an economic policy speech to the Detroit Economic Club, Monday, Aug. 8, 2016, in Detroit.
AP Photo/Evan Vucci
Washington, DC

Donald Trump is blasting Hillary Clinton’s record, using his economic policy speech at the Detroit Economic Club as a chance to attack.

It’s a city where “half of all Detroit residents do not work,” Trump notes, adding he wants to jump start the U.S. economy through tax reform, cutting regulation and reforming energy and trade.

“The city of Detroit is where our story begins,” Trump stated, saying the motor city “was absolutely booming” once.

“When we abandoned the policy of America first, we started rebuilding other countries instead of our own,” Trump declared, adding that now 40 percent of Detroit’s residents live in poverty and the unemployment rate is more than double the national average. “In short, the city of Detroit is the living breathing example of my opponent’s failed economic agenda.”

“Every policy that has failed this city and so many others is a policy supported by Hillary Clinton. She supports the high taxes and radical regulation that forced jobs out of your community,” Trump jabbed, also pointing to Clinton’s immigration and trade policies that have shifted jobs overseas. “She is the candidate of the past. Ours is the campaign of the future.”

Trump, although interrupted by roughly a dozen protesters during his speech, detailed an America first economic policy, which he says begins with tax reform.

“Taxes are one of the biggest differences in this race. Hillary Clinton, who has spent her career voting for tax increases, plans another…$1.3 trillion tax increase.”

Trump is proposing an across the board income tax reduction where “no one will pay so much that it destroys jobs or undermines our ability as a nation to compete.”

He said he will eliminate the carried interest deduction and special interest loopholes that benefit Wall Street, but hurt the American worker.

“Tax simplification will be a major feature of the plan,” he added, saying his plan reduces tax brackets from seven to three brackets in order to stream line the process. “We will work with House Republicans using the same brackets they have proposed.”

Trump’s tax plan excludes childcare expenses from taxation and ends the death tax. He also wants to limit taxation on business income to 15 percent.

The New Yorker touted trade reform to help the U.S. economy by proposing to renegotiate the North American Free Trade Agreement (NAFTA) and to stop the Trans Pacific Partnership (TPP) trade agreement that is currently pending in Congress.

He also discussed energy and regulatory reform, saying he will cut regulations “massively.”

“I want to jump start America,” he proclaimed, saying it can be done and won’t be that hard.

“In the coming weeks, we will be offering more detail on all of these policies,” the billionaire added. His campaign says there will be more detail on repealing and replacing Obamacare in an upcoming speech. “Our opposition, on the other hand, has long ago ran out of ideas.”

Trump blasted President Obama for doubling the national debt during his presidency and for having the lowest labor participation force in four decades, stressing that Clinton offers “more of the same” failed policies. “There will be no change under Hillary Clinton.”