Trump un­veils eco­nomic plan

The Myanmar Times - - International Business -

DON­ALD Trump has laid out his plan to lower taxes, freeze fi­nan­cial reg­u­la­tions and trig­ger an en­ergy re­vival which he said would spur eco­nomic growth and “open a new chap­ter in Amer­i­can pros­per­ity.”

It was a broad-brush out­line with some meaty specifics, aimed in part at re­viv­ing the Repub­li­can pres­i­den­tial nom­i­nee’s flag­ging cam­paign af­ter a se­ries of mis­steps in re­cent weeks that sent him ca­reen­ing off-mes­sage.

Here are high­lights of the Trump eco­nomic plan.

Lower taxes The lynch­pin of Mr Trump’s plan is the slash­ing of var­i­ous taxes on Amer­i­can in­di­vid­u­als and cor­po­ra­tions, a pro­posal he said would lead to the big­gest tax re­form since pres­i­dent Ron­ald Rea­gan in the 1980s.

He would sharply re­duce cor­po­rate tax to 15 per­cent from the cur­rent 35pc, and set a 10pc tax on what he de­scribed as tril­lions of dol­lars that US busi­nesses have “now parked over­seas” but want to repa­tri­ate into the coun­try.

Per­sonal in­come tax rates would be com­pressed from seven brack­ets to just three, with to­day’s high­est rate of 39.6pc shrink­ing to 33pc.

He would also abol­ish the es­tate tax, and said he would al­low par­ents to “fully deduct” the cost of child­care spend­ing from their taxes.

Mora­to­rium on reg­u­la­tions Mr Trump would im­me­di­ately slap a mora­to­rium on all fed­eral agency reg­u­la­tions that he be­lieves are need­lessly killing jobs. He said he would “cut reg­u­la­tions mas­sively”.

Al­ready on the chop­ping block would be the En­vi­ron­men­tal Pro­tec­tion Agency’s Clean Power Plan, which forces in­vest­ment in re­new­able en­ergy at the ex­pense of coal and nat­u­ral gas, and the In­te­rior De­part­ment’s mora­to­rium on coal min­ing per­mits.

He would also re­peal Pres­i­dent Barack Obama’s land­mark health care law.

Trade re­forms Mr Trump is op­posed to the pro­posed Trans-Pa­cific Part­ner­ship backed by Mr Obama and Repub­li­can con­gres­sional lead­ers. It was signed by his ad­min­is­tra­tion and 11 other na­tions in 2015, but hit a snag in Congress.

He wants to abol­ish the North Amer­i­can Free Trade Agree­ment with Canada and Mex­ico that was signed into law in 1994, de­scrib­ing it as a pact that has “shipped your jobs to Mex­ico and other coun­tries.”

Mr Trump re­it­er­ated his sup­port for strength­ened pro­tec­tions against cur­rency ma­nip­u­la­tion that al­low other coun­tries to “cheat by un­fairly sub­si­dis­ing their goods”.

China, warned Mr Trump, “is re­spon­si­ble for nearly half of our en­tire trade deficit”. He said he would go af­ter Bei­jing for its “ram­pant” theft of in­tel­lec­tual prop­erty, its dump­ing of Chi­nese prod­ucts on the US mar­ket and cur­rency ma­nip­u­la­tion.

En­ergy re­vival Mr Trump called for an “en­ergy rev­o­lu­tion”, start­ing with can­cel­la­tion of Mr Obama’s cli­mate plan and the Paris Cli­mate Agree­ment, and a halt of US pay­ments to United Na­tions global warm­ing pro­grams.

He would also ex­pand off­shore drilling, in­crease nat­u­ral gas pro­duc­tion, and re­verse what he called Mr Obama’s “war on coal” that led to the loss of thou­sands of in­dus­try jobs.

He would call on Canadian firm Tran­sCanada to renew its per­mit ap­pli­ca­tion for build­ing Key­stone XL, the crude oil pipe­line be­tween Canada and US oil re­finer­ies re­jected by the Obama ad­min­is­tra­tion last year.

Photo: AFP

Don­ald Trump prom­ises sig­nif­i­cant tax cuts for all.

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