Trump unveils economic policy; offers to promote 'Americanism' not 'globalism', tax sops

Trump offered major tax sops across the board.

PTI| Updated: Aug 08, 2016, 23:25 PM IST
Trump unveils economic policy; offers to promote 'Americanism' not 'globalism', tax sops

Washington: In a bid to boost his flagging campaign, Republican presidential nominee Donald Trump on Monday unveiled his economic policy in which he promised major tax reforms while asserting that he would adopt a tough posture against China and promote 'Americanism' not 'globalism'.

Trump offered major tax sops across the board.

"Today we begin a great national conversation about economic renewal for America - it's a conversation about how to Make America Great Again for everyone, and especially those who have the very least," Trump said as he unveiled his economic policies in Detroit.

"The other party has reached backwards into the past to choose a nominee from yesterday -- who offers only the rhetoric of yesterday, and the policies of yesterday. We are going to look boldly into the future, and with new leadership -- and new solutions we will get new results," the 70-year-old business tycoon said.

Announcing his tax reforms, Trump said his policies would benefit working families while ensuring the wealthy pay their fair share, dramatically cut taxes for everyone and streamline deductions while presenting the biggest tax reform since Ronald Reagan.

He announced to exclude childcare expenses from taxation, limit taxation of business income to 15 per cent for every business, from freelancers to the Fortune 500; make corporate tax globally competitive and the US the most attractive place to invest in the world and end the death tax.

Reiterating that he would renegotiate the North American Free Trade Agreement (NAFTA, or walk away if the US has to and stop the Trans-Pacific Partnership (TPP), Trump said he would bring trade relief cases to the WTO, label China a currency manipulator, apply tariffs and duties to countries that cheat.

Trump said he would issue an executive order to impose a regulatory moratorium on new agency regulations and require each federal agency to prepare a list of all of the regulations they impose on American business, and rank them from most critical to health and safety to least critical.

Trump announced to rescind all the "job-destroying" executive actions of President Barack Obama including the Climate Action Plan, save the coal industry and other industries threatened by Hillary Clinton's "extremist" agenda.

He said he would stop payments of US tax dollars to UN global warming schemes.

He announced to lift restrictions on American energy, which will increase GDP annually by USD 100 billion, create 500,000 new jobs and increase wages by over USD 30 billion over the next seven years.

"We are going to look boldly into the future. We will build the next generation of roads, bridges, railways, tunnels, sea ports and airports that our country deserves. American cars will travel the roads, American planes will connect our cities, and American ships will patrol the seas," he said.

"American steel will send new skyscrapers soaring. We will put new American metal into the spine of this nation. It will be American hands that rebuild this country, and it will be American energy -- mined from American sources -- that powers this country. It will be American workers who are hired to do the job. Americanism, not globalism, will be our new credo," he said.