YESTERDAY in Detroit Donald Trump gave a much-anticipated speech on the economy. It was billed as setting out Mr Trump’s economic agenda for America; its political function was to move media coverage on after a disastrous week for Mr Trump (see article). On policy, the speech did two almost contradictory things. First, it brought Mr Trump closer to the position of congressional Republicans on tax and regulatory policy. Second, it reiterated Mr Trump’s desire to tear up America’s trade agreements (a position most congressional Republicans hate). Yet Mr Trump left many gaping holes in his economic plan.
Take tax. Mr Trump confirmed in the speech that he was modifying his tax plan to bring it closer to that of Paul Ryan, the Republican chairman of the House. Little wonder: Mr Trump’s initial ideas were projected to cost an eye-watering $12 trillion over a decade (before accounting for their effects on the economy). Mr Trump is now adopting Mr Ryan’s proposed marginal tax rates of 12%,...Continue reading
Source: United States http://ift.tt/2aJenIz
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