Tax rates will be simplified to 12%, 25% and 33%
He is speaking in Detroit. His advisors have released the text of his speech. Below are some of the highlights of his plan.
- He will reduce corporate tax rate to no more than 15%; will end inversions
- He will use house plan for tax brackets up to 33%
- Tax brackets to be reduced to three from seven (12%, 25% and 33%)
- Tax simplification will be major feature economic plan
- Says he'll target special interest loopholes in tax code
- He will eliminate carry interest deduction
- Will eliminate estate tax
- He will issue a temporary moratorium on regulations. Will cut regulations "massively"
- Not seeing isolation; seeking well-crafted trade deals
- Will lift restrictions on all sources of US energy
- Parents would fully deduct average child care expenses
- Corporate overseas cash would come back with 10% tax. Bring back trillions of dollars back to the US.
- China breaks rules in every way imaginable.
- Enforcing intellectual property on China could save millions of jobs
- Cracking down on currency manipulation will bring back trillions of dollars to the US
- Want trade deals that bring more jobs and higher wagers for Americans
- Anti energy rules have destroyed jobs.
- We will put coal miners and steel workers back to work.
- We must have "law and order". Without security, we cannot have prosperity
- Repeal and replace Obamacare
- Rebuild military and get allies to pay their fair share.
- Complete reform of Veterans Administration.
I will say this...he is finally getting to some concrete talk about his economic plan.
His speech is being interrupted by hecklers. He is doing his share of Clinton and Obama bashing as well. However, he is for the most part sticking to the teleprompter script (he is not the smoothest of teleprompter presenters). Stocks are little changed with the S&P trading around above and below 2180 down 2.75 points and forex rates have stopped trading.
