Republican presidential nominee Donald Trump outlined his economic platform during an Aug. 8 speech in Detroit, calling for tax cuts for individuals and businesses, as well as sanctions on U.S. trade partners.
"When we abandoned the policy of America First, we started rebuilding other countries instead of our own," Trump said, according to Time. "The skyscrapers went up in Beijing, and in many other cities around the world, while the factories and neighborhoods crumbled in Detroit. Our roads and bridges fell into disrepair, yet we found the money to resettle millions of refugees at taxpayer expense."
Trump described Democratic presidential nominee Hillary Clinton's economic proposals as “more taxes, more regulations, more bureaucrats, more restrictions on American energy and American production.”
“If you were a foreign power looking to weaken America, you couldn’t do better than Hillary Clinton’s economic agenda,” Trump said.
The real estate mogul said he would reduce taxes for everyone, “especially for middle-income Americans.”
“The rich will pay their fair share, but no one will pay so much that it destroys jobs, or undermines our ability to compete,” Trump said. “As part of this reform, we will eliminate the Carried Interest Deduction and other special interest loopholes that have been so good for Wall Street investors, and people like me, but unfair to American workers.”
"Under my plan, no American company will pay more than 15 percent of their business income in taxes. Small businesses will benefit the most from this plan," Trump said. "Hillary Clinton’s plan will require small business to pay as much as three times more in taxes than what I am proposing, and her onerous regulations will put them totally out of business. I am going to cut regulations massively."
Trump also dinged Clinton on trade policy.
“As Bernie Sanders has said, Hillary Clinton has bad judgment,” Trump said, referring to Clinton's rival during the hard-fought Democratic primary. “We’ve seen this bad judgment overseas, in Libya, Iraq, and Syria. We’ve seen it in Iran. We’ve seen it from President Obama, when he gives $150 billion to Iran, the number one terror state, and even gives them $400 million in money-laundered cash as a ransom payment.”
Trump continued: “But we’ve also seen the terrible Obama-Clinton judgment right here in Detroit. Hillary Clinton has supported the trade deals stripping this city, and this country, of its jobs and wealth. She supported Bill Clinton’s NAFTA, she supported China’s entrance into the World Trade Organization, she supported the job-killing trade deal with South Korea, and she supports the Trans-Pacific Partnership.”
Bloomberg News reported that big-time Republican donors have been wanting specifics about what Trump would offer in terms of tax policy, and this speech may have satisfied some of those desires.