Trump To Propose Largest Tax Cuts Since Reagan

Donald Trump is preparing to introduce one of the biggest tax reductions since Ronald Reagan’s presidency in a new economic plan that he will release in the coming week, a campaign aide said.

The adviser, Heritage Foundation chief economist Stephen Moore, told Bloomberg on August 5 that the Republican presidential nominee’s blueprint will reduce the corporate tax rate to 15 percent while reducing the cost of lost tax revenue by $3 trillion, roughly two thirds, though there is no known timeline in which he will accomplish this.

“If you’re a working-class American, there’s no question that an agenda that cuts taxes, that gets rids of regulations, redoes some of these trade deals in ways that are pro-America, is going to help,” said Moore, a new addition to Trump’s panel of economic advisers that also includes financiers John Paulson and Andy Beal and economists David Malpass and Peter Navarro.

Trump’s current tax plan, available on his official campaign website, explains how he would simplify, reduce and eliminate several different kinds of taxes, including the income tax, which he said he would eliminate for approximately 73 million households in the lower income bracket.

“For those Americans who will still pay the income tax, the tax rates will go from the current seven brackets to four simpler, fairer brackets that eliminate the marriage penalty and the AMT while providing the lowest tax rate since before World War II,” the tax plan states.

Trump is expected to reveal his new plans to boost the economy in an August 8 speech at the Detroit Economic Club, Moore told Bloomberg. According to the economist, these proposals include drastically revising U.S. energy policy to increase oil, gas and coal production higher than any country in the world.

Trump is reportedly shifting much of his focus toward appealing to voters who are unhappy with the current job market.

“For Trump to win this race, it’s not complicated,” he said. “He has to keep focused on this lousy economy that has so underperformed.”

Moore said that the nominee strayed too far from that message in recent days after feuding with the parents of a Muslim-American soldier killed in the Iraq war and declining to endorse high-profile GOP congressmen up for reelection.

“This is a critically important speech for Donald Trump,” Moore explained. “…He’s got to change the subject, because he’s been off message for the last week, for sure.”

Sources: Bloomberg, DonaldJTrump.com / Photo Credit: Gage Skidmore/Flickr