Republican presidential nominee Donald Trump gave a speech on Monday at the Detroit Economic Club that provided a grim view of the American economy and offered conventional Republican policy solutions aimed at returning to a government that he said would put the American people first.
Many of Trump’s economic policies appear to have been taken directly from a Republican economic playbook, consisting of major “across the board” tax cuts, scaling back federal regulations, and supporting the fossil fuel industry while moving away from clean energy.
“As a result of recent Obama EPA actions coal fired plants across Michigan have either shut down entirely or undergone expensive conversions. The Obama-Clinton war on coal has cost Michigan over 50,000 jobs” Trump said.
Trump admitted that he will put our coal miners and steel workers back to work.
Trump’s rival, Hilary Clinton, supports a transition plan that depends less on coal powered plants and more on clean energy.
The decline in the U.S. coal industry has occurred during several years due in part to a shift to clean energy, weaker global demand, and isn’t solely blamed on “Obama EPA actions”, as Trump falsely claimed.
Trump said that he supports “across the board income tax reduction, especially for the middle class” and later claimed it will lead to “millions” of new good paying jobs.
Trump said he will eliminate the carried interest deduction, the “death tax,” and other special interest loopholes that have been good for Wall Street investors and people like him, but unfair to American workers.
Trump wants to lower the corporate tax rate from 35 percent to 15 percent which he said was the highest among major industrialized nations of the world.
“The United States also has the highest business tax rate among the major industrialized nations of the world, at 35 percent. It’s almost 40 percent when you add in taxes at the state level” Trump said.
The vast majority of U.S. corporation take advantage of loopholes and pay far less that the current 35 percent corporate tax rate.
A Congressional Research Service study in 2011 placed the corporate tax rate at 27.1 percent, and some corporations pay even lower levels.
Trump blamed Detroit’s lackluster economy on Democratic economic policies and said, “Detroit-Motor City-will come roaring back. We will offer a new future, not the same old failed policies of the past.”
“There will be no change under Hilary Clinton, only 4 more years of Obama” Trump said.