Republican presidential nominee Donald Trump laid out his economic vision for the country during a speech at the New York Economic Club on Thursday.
The new proposals presented by Trump are as follows:
sovereign wealth fund
Trump said that 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 intelligent means,” but gave no details.
Tax cuts for domestic producers
Trump promises to reduce corporate tax rate from 21% to 15% for companies making their products in the US
Although he has previously said he wants to cut the corporate tax rate to 15%, he has not previously linked this lower rate to keeping manufacturing within the country.
Trump cut the corporate tax rate from 35% to 21% during his 2017-2021 presidency and vowed in June to cut it further.
He reiterated his proposal to eliminate taxes on tip income, an idea he first floated in June to attract service workers. Current law requires employees to report their tips as income.
Elon Musk as the Efficiency Czar
Trump said he would create an independent government efficiency panel, headed by billionaire backer Elon Musk, to root out waste in the federal government. He did not elaborate on how the body would work, but said it would develop a plan to root out “fraud and improper payments” within six months of its formation.
The idea is not new. Other politicians have proposed similar investigative bodies, and Republican President Ronald Reagan established the Grace Commission to do just that during his 1981-89 presidency. Several agencies are already dedicated to investigating fraud and inefficiency within the federal government, including the Government Accountability Office and dozens of different 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 that hinder new energy projects.
The president can use emergency declarations to invoke a slew of special powers, though efforts to help energy companies evade regulators would likely be challenged in the courts and in Congress.
Mortgage ban for immigrants living illegally in the US
Trump said he would ban mortgage loans to immigrants living illegally in California, after claiming without evidence that they were driving up housing costs. He gave no specifics about how he would enforce such a ban, and did not say whether the ban would apply beyond California. Banks can legally provide mortgages to undocumented immigrants, but they rarely do.
Housing affordability
Trump pledged to open up portions of federal land to mass housing construction, with areas that would have “extremely low taxes and extremely low regulation.”
Though he has previously said he would open federal lands to new housing construction, this appears to be the first time he has pledged to create special tax and regulatory arrangements to attract homebuilders to those areas.
Trump has also previously spoken out against proposals to loosen local zoning restrictions that prevent the construction of apartments, duplexes and other types of affordable housing in neighborhoods reserved for single-family homes.
The Republican Party’s platform calls for promoting homeownership through tax breaks and eliminating regulations, though it does not outline specifics.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
