Here’s Donald Trump’s Economic Plan “to save the U.S. economy”

…Donald Trump is promising change, and many of his proposals sound good (and, yes, there are also some areas to be concerned about), but Trump’s plan stops well short of the fundamental overhaul of our economic and financial systems that is required. [That being said,]…what he is proposing is vastly superior to Hillary Clinton’s plan so he should definitely be applauded for at least moving in the right direction. Below are some of his economic proposals “to save the U.S. economy.”

The comments above and below are excerpts from an article by Michael Snyder (theeconomiccollapseblog.com) which may have been enhanced – edited ([ ]) and abridged (…) – by  munKNEE.com (Your Key to Making Money!)  to provide you with a faster & easier read.

Can Donald Trump turn the U.S. economy around?  Is Donald Trump the man for the hour? If so, how would he fix things? This week Trump unveiled details of his new economic plan (if you would like to read his full economic plan, you can find it on his official campaign website) which is summarized (in part) below:

1. Trump would lower taxes on the middle class

The tax savings under Trump’s plan would actually be quite substantial for middle class families.  The following numbers come from a recent Charisma article:

• A married couple earning $50,000 per year with two children and $8,000 in child care expenses would save 35% from their current tax bill.
• A married couple earning $75,000 per year with two children and $10,000 in child care expenses would receive a 30% reduction in their tax bill.
• A married couple earning $5 million per year with two children and $12,000 in child care expenses would get only a 3% reduction in their tax bill.

2. Trump would lower taxes on businesses

Under his plan, no business in America would be taxed more than 15%…so Trump’s plan would undoubtedly be good for businesses, and it would encourage many that have left the country to return – but where would the lost tax revenue be made up?

3. Trump would exempt childcare expenses from taxation

For working families with children this would be a great blessing.  Without a doubt this is an effort to win over more working women, and this is a demographic that Trump has been struggling with but, once again, where would the money come from to pay for this?

4. Trump would allow U.S. manufacturers to immediately fully expense new plants and equipment

While this would undoubtedly lead to a boom in capital investment, it would also reduce tax revenue.  As an emergency measure this would be very good for encouraging manufacturers to stay in America, but it would also likely increase the budget deficit.

5. Trump would put a temporary freeze on new regulations

Red tape is one of my big pet peeves, and so I greatly applaud Trump for this proposal.  I think that Bob Eschliman put it very well when he wrote the following about Trump’s planned freeze on new regulations:

“Studies show that small manufacturers face more than three times the burden of the average U.S. business, and the hidden tax from ineffective regulations amounts to “nearly $15,000 per U.S. household” annually. Excessive regulation is costing our country as much as $2 trillion dollars per year, and Trump will end it.”

6. Trump would review all existing regulations and eliminate unnecessary regulations

The following are some of the specific areas that he identifies on his official campaign website:

• The Environmental Protection Agency’s Clean Power Plan, which forces investment in renewable energy at the expense of coal and natural gas, raising electricity rates;
• The EPA’s Waters of the United States rule, which gives the EPA the ability to regulate the smallest streams on private land, limiting land use; and
• The Department of Interior’s moratorium on coal mining permits, which put tens of thousands of coal miners out of work.

7. Trump would fundamentally alter our trade relationships with the rest of the globe

Trump…recognizes that our trade deficit is absolutely killing our economy [and, as such,] proposes  the following:

• Appoint trade negotiators whose goal will be to win for America:
  • narrowing our trade deficit,
  • increasing domestic production, and
  • getting a fair deal for our workers.
• Renegotiate NAFTA.
• Withdraw from the TPP.
• Bring trade relief cases to the world trade organization.
• Label China a currency manipulator.
• Apply tariffs and duties to countries that cheat.
• Direct the Commerce Department to use all legal tools to respond to trade violations.

8. Trump’s plan would be a tremendous boost for the U.S. energy industry

…The energy industry, as a whole, is enduring their worst stretch since the last recession.  To turn things around, Trump would do the following:

• Rescind all the job-destroying Obama executive actions including the Climate Action Plan and the Waters of the U.S. rule.
• Save the coal industry and other industries threatened by Hillary Clinton’s extremist agenda.
• Ask Trans Canada to renew its permit application for the Keystone Pipeline.
• Make land in the Outer Continental Shelf available to produce oil and natural gas.
• Cancel the Paris Climate Agreement (limit global warming to 2 degrees Celsius) and stop all payments of U.S. tax dollars to U.N. global warming programs.

9. Trump would repeal Obamacare

Trump claims that Obamacare would cost our economy two million jobs over the next ten years and says that he would “replace” Obamacare, but that is a rather vague statement. What exactly would he replace it with?…

Yes, Trump is promising change, and many of his proposals sound good (and, to be sure, there are also some areas to be concerned about), but Trump’s plan stops well short of the fundamental overhaul of our economic and financial systems that is required.  [That being said,]…what he is proposing is vastly superior to Hillary Clinton’s plan so he should definitely be applauded for at least moving in the right direction.

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