“It’s time to start thinking big once again,” he continued. “That’s why I believe it is time to establish a national goal of reaching 4 percent economic growth.” This would be more than quadruple today’s hemophilic 0.95 percent growth rate.
“It begins with bold new tax reform,” Trump explained. He would . . .
“greatly simplify the code and reduce the number of brackets from 7 to 3. The 3 new brackets will be 12, 25 and 33.”
launch a “15 percent business tax rate — down from the current 35 percent rate, a reduction of more than 40 percent. [More precisely, this would be a 57 percent cut.] . . . An explosion of new business and new jobs will be created.”
“bring back trillions in business wealth parked overseas and tax it at a 10 percent rate,” rather than 35 percent today. This alone could welcome home and put to work some $2.1 trillion, Bloomberg estimates.
impose “a moratorium on new federal regulations that are not compelled by Congress or public safety.” Moreover, he added, “I will eliminate all needless and job-killing regulations now on the books,” including the private-property-snatching Waters of the U.S. Rule and Obama’s “so-called Clean Power Plan, which the government itself estimates will cost $7.2 billion a year.”
“lift restrictions on all sources of American energy production.”