During a speech in Detroit, Donald Trump made his pitch for ‘economic renewal for America.” Here are the highlights.
1. Cutting Individual & Corporate Taxes
“Taxes are the biggest difference in this race,” Trump said. His plan, which promises the “biggest tax revolution since the Reagan Tax Reform,” would include three income tax brackets of 12%, 25% and 33%. He also promises to end the death tax.
2. Small Business Tax Break
Under Trump’s plan, businesses will not pay more than 15% of their income in taxes. He also plans “to cut regulations massively.”
3. Total Trade Policy Do-Over
The “center” of Trump’s trade plan focuses on cracking down on China. He said “enforcing intellectual property rules alone could save millions of American jobs.” Trump also aims to stop the TPP, apply tariffs and duties to countries that cheat, and renegotiate NAFTA .
4. Bring Jobs Back to U.S., Keep Companies at Home
Trump said his “lower business tax would also end job-killing corporate inversions,” bringing wealth back to the U.S. Trump plans to institute a 10% tax and allow businesses to immediately expense new investments.