Trump's new economic proposals

Here are the proposals Mr. Trump has outlined:

Sovereign Wealth Fund

Mr Trump said that if elected, he would create a sovereign wealth fund to invest in “great national endeavors”, including major infrastructure projects such as highways and airports. He said the fund would be created “through tariffs and other smart things”.

Republican presidential candidate Donald Trump speaks at the Economic Club of New York on September 5. Photo: Reuters

Tax breaks for domestic producers

Mr. Trump pledged to cut the corporate tax rate from 21% to 15% for companies that manufacture products in the United States. During his 2017-2021 term, Mr. Trump cut the corporate tax rate from 35% to 21%. In June, he pledged to cut it further.

He repeated his proposal to eliminate the tip income tax, an idea he first floated in June for service workers. Current law requires workers to report tips in their earnings.

Elon Musk appointed to head a committee

Mr Trump said he would create a government efficiency commission headed by billionaire Elon Musk to clean up waste in the federal government. He did not elaborate on how the agency would operate, but said it would develop a plan to eliminate “fraud and improper payments” within six months of its creation.

The idea is not new. During his 1981–1989 presidency, President Ronald Reagan created the Grace Commission to do the same thing. Several agencies were created to investigate fraud and inefficiency in the federal government, including the Government Accountability Office and dozens of separate inspectors general.

Energy emergency and housing problem

Mr. Trump pledged to declare a national emergency to remove administrative barriers that are holding back new energy projects, boosting domestic energy supplies.

Mr Trump has pledged to open up some federal land for large-scale housing development, with areas that offer “extremely low taxes and extremely low regulation”. This appears to be the first time he has pledged to create a special tax and regulation regime to attract homebuilders to those areas.

Ngoc Anh (according to Reuters)

Source: https://www.congluan.vn/bau-cu-my-2024-nhung-de-xuat-moi-cua-ong-trump-ve-kinh-te-post310864.html