Trump Economic Speech puts America First
And he just got a standing ovation when recounting her dismal failure at job creation as a senator in New York. The room stood up and gave him an extended standing ovation, and he was talking about a Washington Post story today which is (snorts), I guess, the obligatory anti-Hillary story of the week in which they recount her promise to create 200,000 jobs in Upstate New York and her dismal failure to do so.
They chronicle all of the falsehoods, the “short-circuits,” the lies and so forth. And Trump is referencing that story. And whenever he talks about his economic policy and how it’s gonna make us more competitive and it’s gonna create jobs, this place erupts, the Economic Club of Detroit. But when he criticizes… This is significant: When he criticizes her policies… He hasn’t started making fun of her for anything. It’s all policy related.
When he criticizes her policies, this room erupts.
TRUMP: All Hillary Clinton has to offer is more of the same: more taxes, more regulations, more bureaucrats, more restrictions on American energy and on American production, more of that. If you were a foreign power looking to weaken America, you couldn’t do better than Hillary Clinton’s economic agenda. My campaign is about reaching out to everyone, as Americans, and returning to a government that puts the American people first.
TRUMP: Recently at a campaign event, Hillary Clinton short-circulated — you know this, you’ve heard this one. Hillary Clinton short-circuited again, to use a now famous term, when she accidentally told the truth and said that she wanted to raise taxes on the middle class. I am proposing an across-the-board income tax reduction, especially for middle income Americans. This will lead to millions of new and really good-paying jobs. The rich will pay their fair share, but no one will pay so much that it destroys jobs or undermines our ability as a nation to complete.
TRUMP: We will eliminate the carried interest deduction, well known deduction, and other special interest loopholes that have been so good for Wall Street investors and people like me, but unfair to American workers. Tax simplification will be a major feature of the plan.
TRUMP: My plan will reduce the current number of brackets from seven to three and dramatically streamline the process.
TRUMP: We will work with House Republicans on this plan using the same brackets they have proposed, 12%, 25%, and 33%. For many American workers, their tax rate will be zero.
TRUMP: She pledged 200,000 jobs for upstate New York when she was a Senator. But what happened? The Washington Post writes, “Manufacturing jobs plunging record setting levels, plunging nearly 25%. Many promised jobs” — they were all promised. I remember it so well. Vote for Hillary, she’ll bring back your jobs. “Many promised jobs never materialized and others migrated to other states.” She turned her first presidential run, which also was a disaster.
TRUMP: We will eliminate the carried-interest deduction — a well-known deduction — and other special interest loopholes that have been so good for Wall Street —
RUSH: All right. All right. Okay. Okay. Well, now, I’m now confused. I’m gonna do a search of the transcript of this thing and see if he mentioned it again, because I could swear… I know these guys do not want the carried-interest deduction eliminated. I mean, would you? If you’re a gazillionaire, and your income is taxed at 25%, would you want that eliminated in exchange for paying 39.6% on it?
The deal they’ve got now is they pay whatever the capital gains rate is, and for many people it’s just earned income. But for them, the way hedge funds financially are structured, they’ve been able to call it carried interest. It’s really convoluted. It’s typical, typical convoluted tax law. And I could have sworn that there was a negative reaction to it. So I might… As I say, I listen to this stuff all on the fly during commercial breaks and have heard something else. Also Trump’s tax rates, his brackets, he announced 12%, 25%, and 33%.
That 33% used to be 28%. Trump’s original proposal was 12%, 25%, and 28%. The 28 has become 33. (interruption) Hmm? (interruption) Just the three brackets. (interruption) Well, I don’t have the income levels, so I don’t know. That’s part of what’s yet to be released. But he does say that for many workers, their tax rate will be zero, which it is now. That’s the case now for the income tax rate. Everybody pays FICA, Social Security — if you work. You see. It’s hard to calculate those who don’t pay taxes. There are 94 million Americans not in the workforce.
TRUMP: Hillary Clinton’s closest friend, Terry McAuliffe, confirmed what I’ve been saying — and this is from the beginning. If sent to the Oval Office, Hillary Clinton will enact the TPP. Her donors will make sure of it. Detroit is still waiting for Hillary Clinton’s apology. I expect Detroit will get that apology right around the same time Hillary Clinton turns over the 33,000 emails she deleted.
CROWD: (wild cheers and applause)
TRUMP: Trade has big benefits, and I am in favor of trade. But I want trade deals for our country that create more jobs and higher wages for American workers. Isolation is not an option! Only great and well-crafted trade deals where we, as a country, for once benefit instead of being taken advantage — instead of being taken advantage of. We are gonna benefit, and our workers are going to benefit or we’re not gonna make those deals.
TRUMP: American cars will travel the roads. American planes will connect our cities. And American ships will patrol the seas. American steel will send new skyscrapers soaring. We will put new American metal into the spine of this nation. It will be American hands that rebuild this country, and it will be American energy mined from American sources that powers this country. It will be American workers who are hired to do the job. Americanism, not globalism, will be our new credo.
RUSH: And the globalists are shuddering in fear. The globalists are angry and can’t believe that this guy with his nationalism is being so applauded. But, remember, for all of that that you heard, he did rip on to the NAFTA deal and demanded it be renegotiated or gotten rid of if we can’t make it America-favorable and said “no” to TPP. So, as I say, he caught fire there at the end.