Republican presidential candidate Donald Trump will propose one of the largest tax cuts since Ronald Reagan in a new economic blueprint he plans to announce next week.
Trump will reiterate his plan to cut the corporate tax rate to 15 percent, Heritage Foundation chief economist Stephen Moore told Bloomberg Television.
The nominee's plan also expects to lower the cost of this tax cut in terms of lost tax revenue by about two-thirds, to $3 trillion, Moore said, though he did not specify a timeline for this to occur.
"If you’re a working-class American, there’s no question that an agenda that cuts taxes, that gets rids of regulations, redoes some of these trade deals in ways that are pro-America, is going to help," he told Bloomberg.
Trump plans to unveil his plan for "revitalizing the American economy" in a speech Monday at the Detroit Economic Club.
Moore was among 14 people named on Friday to Trump's team of economic advisers. Others included financiers John Paulson and Andy Beal and economists David Malpass and Peter Navarro.
Trump's roster immediately came under fire for excluding diversity on several fronts, including minorities and women.
His plan is expected to include major changes to U.S. energy policy that will make the country the world's largest producer of oil and gas, as well as coal, Moore said.
"For Trump to win this race, it’s not complicated," he told Bloomberg. "He has to keep focused on this lousy economy that has so underperformed."
Moore also slammed a Labor Department report released Friday showing that the economy created a stronger-than-expected 255,000 jobs in July, helping send U.S. stocks toward a record high.
Despite the rosy report, too many people remain outside the workforce, he said, and Americans don’t "feel good" about the job market — adding that monthly payroll gains should be 400,000 to 500,000.
"This is a critically important speech for Donald Trump," Moore said. "He’s got to get back on the message of the economy, jobs.
"He’s got to change the subject, because he’s been off-message for the last week, for sure."
Trump came under strong attacks for his criticisms of the parents of a Muslim Army captain who died in Iraq in 2004 and for refusing to endorse House Speaker Paul Ryan and two other Republicans — Arizona Sen. John McCain and New Hampshire Sen. Kelly Ayotte — in their re-election campaigns.
Citing the need for party unity in defeating Democrat Hillary Clinton in November, Trump endorsed
the incumbent GOP legislators at a rally Friday in Green Bay, Wisconsin, in Ryan's home state.
The speaker did not attend the event. Neither did Wisconsin Gov. Scott Walker, whom Trump defeated in the primaries, and Sen. Ron Johnson, who is facing his own tough re-election bid.
Trump's campaign also had to respond to poll results showing Clinton leading the Republican nominee — by double digits in some results — nationally or in key swing states.
His economic roster was slammed for containing no substantive diversity — all men, including several billionaire bankers and investment managers and only one academic economist.
"They certainly can provide many useful insights, assuming Trump is willing to listen to them," James Pethokoukis of the American Enterprise Institute told The New York Times
. "It’s just I would like to see more diversity in terms of expertise and background.
"I’m not sure how well the expertise on that list really matches up with some of the challenges facing the American economy," Pethokoukis said.
Here are Trump's advisers:
- Tom Barrack, founder and executive chairman of Colony Capital in New York and a former deputy Interior undersecretary under President Ronald Reagan.
- Andy Beal, founder and chairman of Beal Bank and Beal Bank USA in Boca Raton, Fla.
- Stephen Calk, founder, chairman and CEO Federal Savings Bank and National Bancorp Holdings in Chicago.
- Dan DiMicco, executive chairman of Nucor Corp., the largest steel producer in the U.S. that is based in Pompano Beach, Fla.
- Steven Feinberg, co-founder and CEO of Cerberus Capital Management, a New York private-equity firm.
- Dan Kowalski, former deputy staff director of the Republican staff of the Senate Budget Committee who also served the House Budget Committee.
- Howard Lorber, president and CEO of Vector Group with headquarters in Miami.
- David Malpass, a deputy assistant Treasury Secretary under President Ronald Reagan who also has served President George W. Bush.
- Steven Mnuchin, finance chairman for Trump's presidential campaign.
- Stephen Moore, chief economist for the Heritage Foundation.
- Peter Navarro, professor of economics and public policy at the Paul Merage School of Business at the University of California-Irvine.
- John Paulson, president and portfolio manager of Paulson & Co. investment management firm in New York.
- Wilbur Ross, the turnaround investor and chairman of Nexeo Solutions, a global distributor of chemicals based in Texas.
- Steven Roth, chairman and CEO of New York-based Vornado Realty Trust.
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