As of Tuesday night, our new President-Elect is Donald J. Trump. Love him or hate him, the man will be our President come January 2017, and it is important that we understand what plans and policies he would like to implement.
One of the biggest focuses of Trump’s campaign was the economy. He made promises throughout his campaign that he was going to lower taxes, close loopholes, and make things function well for the hardworking families across America. He specifically hit on four key points. This list from his campaign website states them clearly:
In an address made to the New York Economic Club in September, Mr. Trump stated,
“Look no further than the city of Flint, where I just visited. The jobs have stripped from this community, and its infrastructure has collapsed. In 1970, there were more than 80,000 people in Flint working for GM – today it is less than 8,000. Now Ford has announced it is moving all small car production to Mexico. It used to be cars were made in Flint and you couldn’t drink the water in Mexico. Now, the cars are made in Mexico and you can’t drink the water in Flint. We are going to turn this around.”
“Under my plan, no American company will pay more than 15% of their business income in taxes. Small businesses will benefit the most from this plan. Hillary Clinton’s plan will require small business to pay as much as three times more in taxes than what I am proposing, and her onerous regulations will put them totally out of business. I am going to cut regulations massively.
Our lower business tax will also end job-killing corporate inversions, and cause trillions in new dollars and wealth to come pouring into our country – and into cities like Detroit. To help unleash this new job creation, we will allow businesses to immediately expense new business investments.
No one will gain more from these proposals than low-and-middle income Americans...
We are also going to bring back trillions of dollars from American businesses that is now parked overseas. Our plan will bring that cash home, applying a 10 percent tax. This money will be re-invested in states like Michigan.
Finally, no family will have to pay the death tax. American workers have paid taxes their whole lives, and they should not be taxed again at death – it’s just plain wrong. We will repeal it.”
Veering away from these speeches and into what has been said on a debate stage, Trump discussed business taxation during the first nominee debate on Monday, September 26th.
“Under my plan, I'll be reducing taxes tremendously, from 35 percent to 15 percent for companies, small and big businesses. That's going to be a job creator like we haven't seen since Ronald Reagan. It's going to be a beautiful thing to watch.”
“We are bringing our jobs back. I'm going to renegotiate NAFTA. And if I can’t make a great deal, then we’re going to terminate NAFTA and we're going to create new deals that are going to terminate it we're going to make a great trade deal And if we can't, we’re going to go separate ways because it has been a disaster. And cut taxes massively-we’re going to cut business taxes massively. They’ll start hiring people. We’re going to bring the two and a half trillion dollars that is offshore back into the country. We are going to start the engine rolling again because right now our country is dying at a one percent GDP.” [Transcript from NPR]
Follow the author’s other work here, or follow her on Twitter: @kovanderhart