Donald Trump says his tax and jobs plan is the plan of an outsider with new ideas.
The GOP presidential nominee claims he wants to reshape America’s tax system and reduce the number of income brackets to three. He outlined his proposal to a crowd gathered in Detroit on Monday.
Female protesters interrupted Trump at least 14 times, calling out his treatment of women as security escorted them outside the venue. In between the outbursts, Trump explained his plan to those in attendance and the nation.
The self-proclaimed billionaire proposed to cut the tax rate on the rich to 33 percent, make child care deductible, end the estate tax, and cap corporate taxes at 15 percent.
Trump would also like to renegotiate the North American Free Trade Agreement with Mexico and reject the Trans-Pacific Partnership (TPP).
Critics have lambasted The Donald’s economic play with an astounding thumbs-down.
Analysts say the plan adds at least $8 trillion to the national debt and would probably hurt the economy significantly and kill jobs.
Dr. William Spriggs, Chief Economist for the AFL-CIO, said Trump’s plan for the American economy is “sort of George W. Bush’s tax plan rehashed.”
“You can think of it as George Bush doubled and we know what that experiment got us – absolutely nothing.”
Spriggs continued, “We’ve run this experiment for thirty-something years. We know that trickle down doesn’t work. So what we’re essentially doing is cutting a huge hole in the federal budget, it goes to the top and we’ve seen no evidence that this generates investment. It definitely doesn’t generate jobs.
“It exasperates inequality and the current number one problem we have with growth is inequality,” Spriggs said.
NewsOne Now panelist Will Jawando agreed with Spriggs’ assessment of Trumponomics and said the plan detailed by the Republican presidential nominee is a “diaper – if you spray a diaper with perfume it smells good for a second, but it’s still going to stink.”
Jawando also said Trump didn’t explain how he was going to pay for this tax plan and economic initiatives. He added, “It’s just a continuation of bad policies.”
John Burnett, author, adviser, and member of the New York Republican State Committee, equated Trump’s economic plan to the way a business is run.
Burnett explained one aspect of Trump’s plan that no one else is addressing revolves around getting offshore funds to come back onshore. “They’re not going to bring that money back onshore to [a] forty percent clip or thirty-three percent.”
Burnett believes if the corporate tax is lowered to ten percent, America has an “opportunity to bring in one trillion to three trillion of new capital.”
Dr. Spriggs pushed back against the idea of lowering corporate tax as an attempt to entice offshore account holders and said, “You’re not going to do that at fifteen percent. We are in a global race to the bottom when it comes to corporate taxes.
“You can find any island nation in the world that’s willing to say two percent, one percent, no percent in order to get a crumb from the profits that get offshored.”
Spriggs continued, “The solution isn’t for us to lower our rates, the solution is as President Obama is currently doing and the rest of the world is doing – to try and go after this tax evasion and have a real meaningful tax floor.”
According to Spriggs, partaking in a race to the bottom is not going to bring that money back to the American economy.
Watch guest host Avis Jones-DeWeever, Economist Dr. William Spriggs, and the NewsOne Now panel discuss Donald Trump’s economic plan in the video clip above.
PHOTO CREDIT: Getty
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