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Donald Trump Is Proposing The Biggest Tax Cuts Since Ronald Reagan’s Presidency

Aug 06, 2016

In a new economic blueprint that is set to unveil next week, Donald Trump will propose one of the biggest tax cuts since Ronald Reagan's presidency, an advisor to the Republican Presidential nominee told Bloomberg.

The proposal will reiterate Trump's plan to cut the corporate tax rate to 15%, Stephen Moore, who is the chief economist for the Heritage Foundation, and of one of the men on Trump's 13-member economic advisory team that the Republican presidential candidate announced Friday, said.

Although he did not specify a timeline, Trump has managed to whittle down the cost in terms of lost tax revenue by about two-thirds, to $3 trillion, Moore said.

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Bloomberg reports that Trump has promised to unveil a new policy agenda for “revitalizing the American economy” in a speech Monday at the Detroit Economic Club.

The plan will also supposedly include the major changes to U.S. energy policy that will make the country the biggest producer in the world of oil and gas, as well as coal, Moore told Bloomberg.

For Trump to find his way to the White House, Moore said that the candidate needs to, "keep focused on this lousy economy that has so underperformed.”

Despite the fact a Labor Department report showed the economy created a stronger-than-expected 255,000 jobs in July, Moore told Bloomberg that the monthly payroll gains should be 400,000 to 500,000.

Moore said Trump has been been "off message for the last week," especially after his attacks on the Muslim parents of a U.S. Army officer killed in Iraq, as well as irritating senior Republicans after refusing to endorse House Speaker Paul Ryan.

“This is a critically important speech for Donald Trump. He’s got to get back on the message of the economy, jobs,” Moore said. “He’s got to change the subject, because he’s been off message for the last week, for sure," Moore told Bloomberg.

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