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Steve Forbes: 'Chagrined' Trump Must Get Back on Track

Steve Forbes: 'Chagrined' Trump Must Get Back on Track

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By    |   Monday, 08 August 2016 01:51 PM

Former GOP presidential candidate Steve Forbes said Donald Trump must regain focus and get his presidential campaign back on track or risk losing to Democratic rival Hillary Clinton.

Clinton leads Trump nationally in recent polls after Trump's public dispute with the Muslim parents of a U.S. Army captain killed in action in Iraq, CNBC reported.

Trump also refused to endorse Republican House Speaker Paul Ryan and Sen. John McCain in their primary battles. He relented on Friday. "If you saw him on Friday making that endorsement announcement, that was a chagrined man who finally realized his campaign's in trouble. If he doesn't change it, it's over," Forbes told CNBC.

Forbes, chairman and editor-in-chief of Forbes, said Trump's speech on Monday is a clear distinction between his tax-cutting initiatives and Clinton's plan to raise taxes. "This gets to the whole heart of the campaign. It's third term [Obama administration] versus temperament. If it's about third term, he wins. If it's about temperament, she wins," he said.

Forbes said people would ultimately focus on whether Trump's plan will stimulate growth, provide relief and pad Americans' paychecks, CNBC explained.

Clinton has not yielded on her "left-wing, far Bernie Sanders-like economic program," according to Forbes. "She wants increases on income taxes, estate taxes, business taxes, gun taxes, soda taxes — every kind of tax," he said.

For his part, Trump on Monday sought to regain momentum with an economic speech in which he floated new tax breaks and cuts to regulation, as protesters repeatedly interrupted him, Reuters reported.

Trump said his plan would include imposing a temporary moratorium on new federal regulations, reducing rates for income and corporate taxes, and establishing new provisions for working parents dealing with childcare costs.

He told the Detroit Economic Club, a traditional venue for political candidates to discuss their economic vision, that policies supported by Hillary Clinton, his Democratic opponent, had hurt Michigan's economy. "She is the candidate of the past," Trump said. "Ours is the campaign of the future."

In a statement ahead of Trump's speech, her campaign said his plan would give tax breaks to the wealthy and big companies, and would hurt working families and trigger a recession.

Trump on Monday proposed cutting the number of federal income tax brackets from seven to three and reducing the top rate to 33 percent from 39.6 percent. He had previously said he would drop that rate to 25 percent, an idea many tax experts said would dramatically reduce government income and balloon deficits.

He called for a new deduction for childcare costs. There is now a tax credit for child and dependent care, which is determined based on income and capped at expenses of $3,000 for one individual or $6,000 for two.

Trump also repeated his plan for a 15 percent corporate tax rate. The current corporate rate is 35 percent, and Republicans have long sought to reduce it. Trump's Detroit event gave him a chance to outline substantive policy proposals before a key audience of business leaders.

(Newsmax wire services contributed to this report).

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Former GOP presidential candidate Steve Forbes said Donald Trump must regain focus and get his presidential campaign back on track or risk losing to Democratic rival Hillary Clinton.
steve forbes, donald trump, hillary clinton, president
Monday, 08 August 2016 01:51 PM
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