06:25 GMT +321 September 2017
Live
    US Republican presidential candidate Donald Trump puts on a miner's hat while speaking during a rally on May 5, 2016 in Charleston, West Virginia

    Tax Cuts, New Jobs, Infrastructure Development Part of Trump’s Economic Platform

    © AFP 2017/ Brendan Smialowski
    US
    Get short URL
    41216103

    The US presidential race has revealed the Republican Party's Donald Trump as the winner who is expected to take up residence in the White House in January and who has presented several points on the agenda of his economic platform.

    MOSCOW (Sputnik) — During the presidential campaign, every nominee made a number of statements that had shaped the candidates' political and economic electoral platforms. Trump, as a prominent businessman and a presidential candidate at the time, also made remarks on the issues that were expected to affect the future of the world's largest economy.

    TRUMP'S PLAN — VICTORY FOR UNITED STATES

    Politicians' statements made during the electoral campaigns affect their policy during their tenures, which is why the politicians try to work out plans to follow in future. The issue of the GDP growth is on the agenda of any economic program as it helps to improve the standards of living in the country and to make it stronger.

    "In working with my economic team, we’ve put together a plan that puts us on track to achieve that goal. Over the next ten years, our economic team estimates that under our plan the economy will average 3.5% growth and create a total of 25 million new jobs," Trump said in a speech at the New York Economic Club.

    He added that it was time to establish a national goal to reach economic growth of 4 percent.

    TAX CUTS

    One of the pillars of Trump's economic platform was the intention to reduce the tax burden in order to give impetus to the country's economic growth and to tackle economic difficulties.

    "We are going to be thriving again. We have no growth in this country. There’s no growth … We’re down at 1 percent [of GDP]," Trump said during the second presidential debate.

    His plan was to do this by cutting taxes, "And a lot of it has to do with the fact that our taxes are so high, just about the highest in the world. And I’m bringing them down to one of the lower in the world."

    Then-Republican hopeful proposed cutting business income taxes by more than half.

    "Under my plan, no American company will pay more than 15% of their business income in taxes. In other words, we are reducing new taxes from 35 percent to 15 percent," Trump said.

    He said that high taxes were among the reasons that made countries' entities reach out abroad to avoid taxes and promised to minimize them to bring this capital back to the United States.

    "We have to do things to keep companies in this country. Many many companies are moving and you report that but I think it’s far worse than you report … They are moving for a number of reasons … they are moving because taxes are too high. We are the highest taxed nation in the world," Trump said in an interview with CNBC.

    Trump added that he could make a decision on making a deal in a very short period by taking all the people responsible for the issue together.

    "America is one of the highest-taxed nations in the world. Reducing taxes will cause new companies and new jobs to come roaring back into our country. Believe it will happen and it will happen fast," Trump said to his party fellows.

    OBAMA CRITIC

    The Wednesday victory marked the fact that the Democratic administration of Barack Obama would be replaced by the one from the Republican Party. The two major US political forces have a number of differences including in the sphere of economics. This is one of the reasons the Republican politicians, including Trump, have criticized the economic situation caused during Obama's tenure.

    Speaking at his Cleveland speech, the politician criticized the level of regulation in the national economy and said that his administration would tackle it.

    "We are going to deal with the issue of regulation, one of the greatest job-killers of them all," Trump said.

    Speaking in September 2016 in New York, Trump continued to criticize the level of government spending and proposed to cut it, however, making exemption for defense and entitlement programs.

    "If we save just one penny of each federal dollar spent on non-defense, and non-entitlement programs, we can save almost $1 trillion over the next decade – again this is spending that does not touch defense, and that does not touch entitlements," Trump said.

    In his economic platform, the multi-billionaire suggested closing some loopholes that allowed the wealthy to pay much lower taxes.

    "As part of this reform, we will eliminate the Carried Interest Deduction and other special interest loopholes that have been so good for Wall Street investors, and people like me, but unfair to American workers," the politician said.

    The issue of national debt was also on Trump's agenda during the race.

    "Household incomes are down more than $4,000 since the year 2000. Our manufacturing trade deficit has reached an all-time high – nearly $800 billion in a single year. The budget is no better. President Obama has doubled our national debt to more than $19 trillion, and growing," Trump said at the Cleveland convention.

    SOLUTION

    In order to reach economic growth and to tackle the existing problems the businessman proposed to create jobs by creating and developing the country's infrastructure.

    "We will build the roads, highways, bridges, tunnels, airports, and the railways of tomorrow. This, in turn, will create millions more jobs," Trump said appearing before supporters in New York after he won the presidential election.

    "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," Trump said in a policy speech on the economy in Detroit.

    Continuing the Detroit speech, Trump promised to rebuild the country's military in order to make Washington's allies to pay for their defense and not to shift responsibility for the issue on the United States.

    "We will also rebuild our military, and get our allies to pay their fair share for the protection we provide – saving us countless more billions to invest in our own country," Trump said.

    Related:

    Obama to Meet Trump in Oval Office on Thursday
    Tags:
    Donald Trump, United States
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment