Editor-DN
Donald Trump laid out his economic vision for the country during a speech in New York on Thursday.
New York:
Republican presidential candidate Donald Trump laid out his economic vision for the country during a speech at the New York Economic Club on Thursday.
Trump’s new proposals include:
Sovereign Wealth Fund
Trump said if elected he would create a sovereign wealth fund to invest in “great national endeavors,” including major infrastructure projects such as highways and airports.
He said the fund would be created “through tariffs and other smart things” but gave no details.
Tax cuts for domestic producers
Trump promised to cut the corporate tax rate from 21 percent to 15 percent for companies that manufacture their products in the United States.
Although he had previously said he wanted to lower the corporate tax rate to 15 percent, he had not previously linked the lower rate to keeping manufacturing in the country.
Trump cut the corporate tax rate from 35 percent to 21 percent during his 2017-2021 presidency and vowed to cut it further in June.
He reiterated his proposal to end the tax on tip income, an idea he first floated in June to appeal to service workers. Current law requires employees to report their tips as income.
Elon Musk as the Efficacy Czar
Trump said he would establish an independent government efficiency panel headed by billionaire philanthropist Elon Musk to root out waste in the federal government. He did not say how the body would work but said it would come up with a plan to root out “fraud and improper payments” within six months of its formation.
The idea is not novel. Other politicians have proposed similar investigative bodies, and Republican President Ronald Reagan established the Grace Commission to do the same during his 1981-89 presidency. Many agencies are already dedicated to investigating fraud and incompetence within the federal government, including the Government Accountability Office and dozens of separate inspectors general.
Energy emergency
Trump promised to issue a national emergency declaration to boost domestic energy supplies. He said he would use it to remove bureaucratic hurdles in undertaking new energy projects.
Presidents can exercise a combination of special powers using emergency declarations, though efforts to help energy companies skirt regulators are likely to be challenged in the courts and Congress.
Ban on mortgages for immigrants living in the US illegally
Trump said he would ban mortgages for immigrants living in California illegally, after claiming without evidence that they were driving up housing costs. He did not provide details on how he would implement such a ban and did not say whether the ban would apply beyond California. Banks can legally provide mortgages to undocumented immigrants, but do so infrequently.
Housing affordability
Trump promised to open swaths of federal land to mass housing, with zones that would be “very low tax and very low regulation.”
While he has previously said he would open up federal lands to new housing construction, this is the first time he has promised to create a special tax and regulatory regime to attract homebuilders to the areas.
Trump has previously spoken out against proposals to loosen local zoning restrictions that prevent apartments, duplexes and other types of affordable housing from being built in neighborhoods zoned for single-family homes.
The Republican Party’s platform calls for increasing homeownership through tax breaks and eliminating regulations, though it does not spell out specifics.
(Other than the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
