Trump’s Economic Policy – Americanism not Globalism

Americanism, not globalism will be our new credo, Donald Trump said toward the close of his economic policy speech before the Detroit Economic Club earlier today. In his speech, which was interrupted at least 10 times by leftist protesters, Trump first laid out the dismal economic statistics that affect the state of Michigan. The policies proposed by Clinton on taxes, trade, regulation, energy restrictions, and immigration punish the American worker and those who do business here, he said.

Tax Plan

While Clinton said she would raise taxes, including on the middle class, Trump said taxes would be “reduced across the board, but the rich would pay their fair share.” His proposals include eliminating the carried interest deduction and special interest loopholes, as well as tax code simplification. Trump said Americans spend an average of 9 billion hours a year on tax preparation. He would reduce the number of tax brackets from nine to three. He said for many American workers, their taxes would be zero. He said his plan would bring more jobs, growth, and opportunity. He called it “the biggest tax revolution since Reagan.”

Trump said Hillary Clinton promised 200,000 jobs in New York State when she was a Senator. Instead, the state lost 25% of its jobs, and she was unable to pass any big-ticket legislation. He called the 5% unemployment figure “one of the biggest hoaxes in American politics.” Trump said Americans pay out 31% of their wages in federal and payroll taxes. The states and cities take another 10% or even more.

Trump’s tax plan would reduce corporate taxes to 15% from their current 35%. Businesses would be allowed to immediately expense new investments, and parents would be able to fully deduct average child care costs. Businesses would be allowed to bring back money currently held overseas and pay a 10% tax. The revenue from from these taxes would be used to rebuild infrastructure in ailing states and cities. The death tax would be repealed.

Regulatory Reform

If regulations force jobs and wealth out of the country, they would be removed. Over-regulation costs our economy $2 trillion per year, he said. Trump would impose a temporary moratorium on new agency regulations. Mike Pence, his running mate did that as Indiana’s governor. Trump said he “will immediately cancel all illegal and overreaching executive orders. He said he would ask the federal agencies for a list of regulations that are unnecessary or do not improve public safety. These are to be stricken off the books.

Trade Reform

Trump spoke about NAFTA, TPP, the trade deal with South Korea and the hare-brained deal with Iran that involved $400 million in laundered money paid as a ransom. Obama promised that the deal with South Korea would create 70,000 jobs. Instead, it killed 100,000 jobs.

“A vote for Clinton is a vote for TPP,” Trump said. “TPP will be far worse for the auto industry than NAFTA.” Already, some 40,000 jobs have been lost and TPP is not even in effect yet. Trump vowed to withdraw from TPP if elected.

Trump’s trade reforms with China include protections against currency manipulation, product dumping, and illegal subsidizing of goods. China is responsible for half of our trade deficit through illegal subsidies, intellectual property theft and lack of environmental and labor protections. He said intellectual property protection alone would create 2 million new jobs.

Trump also vowed a total re-negotiation of NAFTA.

Energy Reform

“The Obama / Clinton war on coal has cost over 50,000 jobs,” Trump said. A Trump administration would put coal miners and steel workers back to work. By 2030, under Obama/Clinton policies, 500,000 jobs would be lost and economic output reduced by $2.5 trillion. Incomes would be reduced by $7,000 per person. “A Trump administration will end the war on the American worker.”

According to the Institute for Energy Research, lifting restrictions on American Energy would:

  1. Increase GDP $100 billion annually.
  2. Add over 500,000 new jobs annually.
  3. Increase annual wages by over $30 billion over the next seven years.
  4. Increase, federal, state, and local tax revenue by over $6 trillion over the next four decades.
  5. Increase economic activity by $20 trillion over the next 40 years.

Trump said this new wealth would be used to rebuild our military and infrastructure, and roll out choices for child care. He said he would be unveiling a plan that he is working on with his daughter, Ivanka. The new wealth would also open up school choice. Trump said police departments would be given the funds they need to restore law and order. “Without security, there can be no prosperity. We must have law and order,” he said.

Repeal and Replace ObamaCare

Repealing and replacing ObamaCare will save 2 million American jobs. Trump also said our allies would pay their fair share for their protection by enforcing existing agreements.

Americanism, not Globalism

“Americans cars will travel the roads. American planes will connect our cities, and American ships will patrol the seas. American steel will send new skyscrapers soaring all over the country. We will put new American metal into the spine of this nation. It will be American hands that rebuild this country and it will be American energy mined from American sources that powers this country. It will be American workers who are hired to do the job.”

“Americanism, not Globalism will be our new credo. Our country will reach amazing new heights – maybe heights never attained before. All we have to do is stop relying on the tired old voices of the past. We can’t fix a rigged system by relying on the people who rigged it.”

“Only by changing to new leadership and new solutions will we get new and great results. We need to stop believing in politicians and start believing in our great country. Before anything great happened, the doubters said it couldn’t be done. They say it now. America is ready to prove the doubters wrong. They want you to think small. I am asking you to think big. If you are ready to dream big things, we are ready to show the world America is back, bigger, better, and stronger than ever before.”

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