In an effort to reinvigorate his struggling campaign, Donald Trump announced a new tax plan Monday that more closely aligns his goals with those of House Speaker Paul Ryan. Trump’s new plan would cut the number of income tax brackets and reduce rates to just 12%, 25%, and 33%.
The latest update to Trump’s tax platform brings his proposed brackets higher than his previously-proposed rates of 0%, 10%, and 20%. The new proposal also brings Trump closer to Speaker Ryan, who he initially refused to endorse against his primary challenger last week. After a long week of contention within the Republic party, Trump eventually backed Ryan on Friday.
In a speech in front of the Detroit Economic Club Monday, Trump announced an extensive list of economic adjustments, including a moratorium on new financial regulations, a relaxation of environmental protections, and an end to the estate tax.
Trump was also diligent in his attempts to contrast his platform with that of Hillary Clinton.
“All Hillary Clinton has to offer is more of the same: more taxes, more regulations, more bureaucrats, more restrictions on American energy and American production. If you were a foreign power looking to weaken America, you couldn’t do better than Hillary Clinton’s economic agenda,” Trump said.
Trump also reiterated his opposition to the proposed Trans-Pacific Partnership trade deal, going as far as to guarantee that Clinton will enact the TPP if elected. During the Democratic National Convention, several key Democrats, including runner-up Bernie Sanders, outlined a platform that was in clear opposition to the TPP.
Just months after the Obama administration led the charge to sign the historic Paris Climate Change Agreement, Trump promised to reverse the environmental regulations put in place under Obama.
“We will put our coal miners and steel workers back to work… A Trump Administration will end this war on the American worker, and unleash an energy revolution that will bring vast new wealth to our country,” said Trump.
Trump’s new plan is sure to be divisive, as his closer alignment with Republican leaders only sharpens the partisan divide in Washington. His promise to eliminate the estate tax is receiving criticism online, as many see this policy has merely self-beneficial, but his proposals to lower taxes and reduce regulation are in-line with most conservative talking points.
After a week filled with PR nightmares, Trump was down as much as 10 points in the latest nationwide polls. As his platform continues to be defined, it will be interesting to see whether voters will listen. Today’s new proposals are clearly an effort to legitimize the campaign, but public opinion will be the ultimate judge of their success.
Hillary Clinton will also be in Detroit later this week, and the Democratic nominee is expected to lay out her own economic policy.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Image: Bigstock
Dissecting Trump's New Economic Plan
In an effort to reinvigorate his struggling campaign, Donald Trump announced a new tax plan Monday that more closely aligns his goals with those of House Speaker Paul Ryan. Trump’s new plan would cut the number of income tax brackets and reduce rates to just 12%, 25%, and 33%.
The latest update to Trump’s tax platform brings his proposed brackets higher than his previously-proposed rates of 0%, 10%, and 20%. The new proposal also brings Trump closer to Speaker Ryan, who he initially refused to endorse against his primary challenger last week. After a long week of contention within the Republic party, Trump eventually backed Ryan on Friday.
In a speech in front of the Detroit Economic Club Monday, Trump announced an extensive list of economic adjustments, including a moratorium on new financial regulations, a relaxation of environmental protections, and an end to the estate tax.
Trump was also diligent in his attempts to contrast his platform with that of Hillary Clinton.
“All Hillary Clinton has to offer is more of the same: more taxes, more regulations, more bureaucrats, more restrictions on American energy and American production. If you were a foreign power looking to weaken America, you couldn’t do better than Hillary Clinton’s economic agenda,” Trump said.
Trump also reiterated his opposition to the proposed Trans-Pacific Partnership trade deal, going as far as to guarantee that Clinton will enact the TPP if elected. During the Democratic National Convention, several key Democrats, including runner-up Bernie Sanders, outlined a platform that was in clear opposition to the TPP.
Just months after the Obama administration led the charge to sign the historic Paris Climate Change Agreement, Trump promised to reverse the environmental regulations put in place under Obama.
“We will put our coal miners and steel workers back to work… A Trump Administration will end this war on the American worker, and unleash an energy revolution that will bring vast new wealth to our country,” said Trump.
Trump’s new plan is sure to be divisive, as his closer alignment with Republican leaders only sharpens the partisan divide in Washington. His promise to eliminate the estate tax is receiving criticism online, as many see this policy has merely self-beneficial, but his proposals to lower taxes and reduce regulation are in-line with most conservative talking points.
After a week filled with PR nightmares, Trump was down as much as 10 points in the latest nationwide polls. As his platform continues to be defined, it will be interesting to see whether voters will listen. Today’s new proposals are clearly an effort to legitimize the campaign, but public opinion will be the ultimate judge of their success.
Hillary Clinton will also be in Detroit later this week, and the Democratic nominee is expected to lay out her own economic policy.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>