Donald Trump’s economic speech at the Cobo Center in Detroit comes on the heels of a rocky week for the Republican presidential nominee. After comments he made about the Gold Star Khan family and further delay over releasing tax returns, Trump suffered in the polls.
But this week’s speech looks to turn America’s focus back on Trump’s policies. Click through to see 20 highlights from his economic speech.
1. Reduce Tax Brackets from 7 to 3
In a Trump economy, the federal tax rates will be reduced from seven to three. His proposed rates will be 12/25/33, an increase from his previously proposed 10/20/25 breakdown.
“For many Americans workers, their tax rate will be zero,” he said.
2. Slash Business Tax Rates
“The United States … has the highest business tax rate among the major industrialized nations of the world, at 35 percent,” said Trump, adding that the rate was closer to 40 percent after accounting for state taxes. He proposes lowering business rates from 35 percent to 15 percent.
3. Offer Childcare Relief
To support low- and middle-income parents, Trump hopes to curb childcare costs. He said his plan will allow parents to deduct from their taxes the average cost of childcare.
4. Increase Choices for Childcare
Later in his speech, Trump said he would roll out proposals to “increase choice and reduce cost in childcare, offering much-needed relief to American families.”
5. Implement Education Reforms
School choice has long been a staple of the Republican platform. Trump reiterated he’d pass education reform to give parents the opportunity to send their children to the schools of their choice.
6. Eliminate the Death Tax
The Trump campaign is also out to eliminate the estate tax. Trump’s website writes that “no family will have to pay the death tax. American workers have paid taxes their whole lives, and they should not be taxed again at death — it’s just plain wrong.”
7. Curb Corporate Tax Inversions
Trump’s economic speech tackles another tax loophole: corporate inversions. A corporate inversion is a strategy whereby U.S. companies move their legal tax residence overseas to avoid U.S. taxes. Touting his lower business tax rates, Trump said:
“Our lower business tax will also end job-killing corporate inversions, and cause trillions in new dollars and wealth to come pouring into our country — and into cities like Detroit.”
8. Provide Business Tax Relief
Trump also noted that he would allow businesses to “expense new business investments.” This is in contrast with the current law which requires business deductions to be amortized over longer periods of time.
9. Eliminate the Carried Interest Deduction
Trump promised he’d eliminate the carried interest rate deduction, which provides special tax treatment to the general partner of a private investment or equity fund. The income the general partner receives is typically taxed at the lower capital gains tax rate rather than as ordinary income.
10. Increase Funding to Law Enforcement
As the newly-branded “law and order” candidate, Trump didn’t overlook police enforcement. He promises to direct savings to law enforcement so they can better serve the American people.
“Without security, there can be no prosperity. We must have law and order,” he said.
11. Improve the U.S. Military and Infrastructure
Using revenue generated by numerous reforms and tax cuts, Trump plans to increase funding for the U.S. military and infrastructure. On Fox Business Network on Aug. 2, the Republican presidential candidate said he would “at least double” what Democratic presidential candidate Hillary Clinton plans to spend on infrastructure.
12. Get Allies to Pay for Protection
Trump’s proposal to meet with allies is nothing new. He reiterated his plan to get U.S. allies to pay for protection:
“[We will] get our allies to pay their fair share for the protection we provide — saving us countless more billions to invest in our own country,” he said.
13. Reform the Veterans Health Administration
Trump briefly touched on reforming the VA. His website notes plans to eliminate “corrupt and incompetent” VA executives, and improve care and overall support for veterans. Trump’s plan will increase funding for treating veterans and helping them find work.
14. Repeal Obamacare
Trump also promised in his speech to “repeal and replace disastrous Obamacare.” He estimates this action alone will save approximately 2 million jobs.
15. Implement a 7-Point Trade Reform Plan
Trade has been a cornerstone of the Trump rhetoric and the presidential nominee’s economic team doesn’t disappoint. In today’s speech, he spoke on his seven-point plan for trade reform, which aims to curb currency manipulation and issue tariffs against countries “that cheat by unfairly subsidizing their goods.”
16. Trade Enforcement With China
Trade enforcement with China is at the center of Trump’s trade reform strategy.
“This alone could return millions of jobs into our economy,” he said, adding that China is responsible for one-half of the U.S. trade deficit, have few environmental and labor protections and engage in “illegal export subsidies, prohibited currency manipulation and rampant theft of intellectual property.”
17. Renegotiate NAFTA and Kill the TPP
Trump’s plan also looks to renegotiate the North American Free Trade Agreement. He promised to renegotiate NAFTA and other trade policies. Citing figures from the Bureau of Labor Statistics, Trump claimed that “before NAFTA went into effect, there were 285,000 auto workers in Michigan. Today, that number is only 160,000.”
Finally, he further criticized the Trans-Pacific Partnership and suggested it would hurt the auto industry.
18. Boost the Auto and Energy Industries
Trump’s speech promised that new economic and tax proposals will benefit Detroit and the rest of Michigan.
“When we reform our tax, trade, energy and regulatory policies, we will open a new chapter in American prosperity,” he said.
19. Lift American Energy Restrictions
The presidential candidate also promised an energy revolution. He bemoaned the current administration’s coal and EPA policies, which he says have contributed to Michigan power plants closing down or undergoing expensive conversions.
“We will put our coal miners and steel workers back to work,” he said.
20. Pause New Regulations
Overregulation is costing the U.S. economy as much as $2 trillion dollars per year, according to estimates Trump cited. He further laments that the Federal Register — which covers new regulations, proposed rules and notices, executive orders and other documents — surpasses 80,000 pages.
As president, he promises an immediate and temporary moratorium on new agency regulations. “It is time to remove the anchor dragging us down,” he said.