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Tags: donald trump | growth | tax rate | economy

Trump: 4 Percent Growth 'Easily Attainable' Under My Plan

(YouTube/Make America Great Again!)

By    |   Tuesday, 09 August 2016 09:40 AM EDT

Donald Trump predicts an "easily attainable" 4 percent growth in the nation's economy through his extensive reform plans, and Tuesday he said the plan he unveiled in a speech in Detroit on Monday will "substantially lower taxes and make our country hum."

"I think the answer is yes, and I think even more than that," the GOP nominee told Fox Business News' Stuart Varney on the network's "Fox and Friends" program. 

"With this plan I think more than that. I think we'd grow. You know, when China, as you know better than anybody, when China goes down to 7 percent, it's a national catastrophe. We are at 1 percent and maybe going lower, believe it or not. I think 4 percent is easily attainable."

Meanwhile, federal regulations are making it "impossible for people to open up new businesses," Trump said, and people who don't have jobs or good jobs are not paying income taxes.

"We have lowered the rates substantially for the middle class, as you see," said Trump of his economic plans, explaining it is key to increase jobs, which will result in people paying minimal tax rates.

"We want to create jobs, and the way we'll create jobs is to lower the corporate rate in particular, because we have companies that are going out of business," Trump said. "The other thing we're lowering, a very important part of it is we're lowering regulation."

Trump's plan also calls for creating tax exemptions for child care costs. The details of the plan will be announced this fall, he said, but the process is "very fair to the mothers and to the families. These are people that are working very hard."

Trump said his daughter Ivanka was very involved in working on the child care exemption plan, and it's something "people like a lot. The exact details, we'll be announcing over the next two weeks."

Democratic nominee Hillary Clinton was highly critical of Trump's plan on Monday, complaining Trump's advisers and he are all concerned about the same thing, "how to avoid paying their fair share."

Trump said the names he has released are just a partial list, and more names will be released over the next two weeks.

"We have had tremendous brain power working on it and we understand how to do it," he said. "If you look at Hillary Clinton, when she was a senator she was going to rebuild New York . . . upstate New York is a total disaster. Jobs have left. We lost 47 percent of our manufacturing jobs under her when she was a senator."

Trump also predicted union members will come to his side, even while their leaders back Clinton, and his plans for rebuilding the nation's infrastructure will also attract support.

Trillions of dollars have been spent fighting wars in the Middle East, he noted, when it could have been spent on the nation's infrastructure issues.

"The roads are coming apart," he said. "I have friends that are truckers and they say they buy these big beautiful trucks and they're afraid to drive them on the roads. The highways are all, you know, potholes and problems and everybody knows it."

Trump also said Tuesday his reforms do not include a flat tax, because he has never liked the idea of a flat tax and thinks a graduated tax is a "more fair tax."

"I think when you're making very little, you should be paying, you know, very little tax, because you need the money," he said. "When you're making a lot it could be graduated upward. I always felt that way."

Trump is also calling to end the nation's death or estate taxes, which he called a "very unfair" tax that kills businesses.

He also promises an energy revolution, noting technology allows more to be done, but there are still too many restrictions.

"The coal miners, these are miners you look at West Virginia, you look at Ohio, you look at Pennsylvania, Hillary Clinton wants to put them all out of business, wants to close every mine," he said. "We're being played by every country in the world. We don't know what we're doing. Honestly, we have leaders that don't know what they're doing."

Trump also discussed the stock market, telling Varney that there is a situation where "you have free money," but he wouldn't put money into stocks at this point because he thinks there is a "big bubble."

At the same time, the nation's current interest rates mean "free money."

"I even did stocks a while ago" he said. "I did 50 different stocks just for fun because I'm not a person that really believes in it too much, and I did it just for fun and I did it because, you know, with interest rates you're getting basically free money. If rates go up, you'll see something that's not going to be pretty. And, you know, it's all big bubble. In my opinion, I would not do it."

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Donald Trump is predicting an "easily attainable" 4 percent growth in the nation's economy through his extensive reform plans, and Tuesday he said the plan he unveiled in a speech in Detroit on Monday will "very, very substantially lower taxes and it will make our country hum."
donald trump, growth, tax rate, economy
Tuesday, 09 August 2016 09:40 AM
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