Donald Trump’s economic plan summary

by Dr. Edwin Berry

On September 15, 2016, Donald Trump presented his Economic Plan for America to the Economic Club of New York.

Trump’s plan is the most pro-growth, pro-jobs, pro-family plan put forth in American history.

Our lives hinge on our economy. Our personal freedom, our health, our bank account, our environment, our education, our enjoyment of life, and our national defense all hinge upon our economy.

America’s power flows directly from its economic strength. America’s ability to influence other nations depends upon the competitive advantage of its industries.

America must become energy independent because abundant, low-cost energy is necessary for a strong economy.

Trump’s economic plan will:

  • Deliver 3.5 percent growth per year for the next decade
  • Produce 25 million new jobs in the next decade.
  • Regain America’s place as a heavy manufacturing leader.
  • Open up more public and private lands for oil and gas drilling.
  • Lift restrictions on all sources of American energy production.
  • Eliminate all needless and job-killing regulations.
  • Increase energy production.
  • Reduce trade deficits.
  • Renegotiate and enforce trade deals to favor American workers.
  • Cut $1 trillion from the federal budget in ten years without touching Social Security, Medicare, Medicaid or defense.
  • Shrink non-defense spending.
  • Reduce the budgets of government agencies including the Education Department, Transportation Department and Interior Department by 1% each year.

Trump’s tax plan will:

  • Allow US-based manufacturers to fully write off the costs of new plants and equipment.
  • Reduce taxes on all business income, including both traditional corporations and pass-through entities, to 15 percent.
  • Reduce the number of federal tax brackets from seven to three, with rates of 12 percent, 25 percent and 33 percent.
  • Limit deductions to $100,000 for a single filer and $200,000 for a married couple.
  • Set the standard deduction at $15,000 for individuals and $30,000 for married couples.

Watch Trump’s full speech and read the full text of his speech here.