Former President Donald Trump, delivering a major economic policy address to the Economic Club of New York on Thursday, vowed to return the United States to prosperity with a plan that will "reignite explosive economic growth" through a renewed focus on energy, lowered taxes, and jobs.
"I am promising low taxes, low regulations, low energy costs, low interest rates, secure borders, low, low, low crime, and surging incomes for citizens of every race, religion, color, and creed," Trump said in a speech that aired live and in its entirety on Newsmax and the free Newsmax2 streaming platform. "My plan will rapidly defeat inflation, quickly bring down prices, and reignite explosive economic growth."
First, Trump said he will end Democrat nominee Kamala Harris' "anti-energy crusade" while implementing a policy of energy abundance and independence.
"We have more liquid gold under our feet than any other country, including Russia and Saudi Arabia," Trump said. "My plan will cut energy prices in half or more than that within 12 months of taking office."
He further promised his changes will drop gasoline to below $2 a gallon, which would "bring down the price of everything from electricity rates to groceries, airfares, and housing costs."
Trump said the second major part of his plan is terminating the Green New Deal, calling it "the greatest scam in history," and ending the "electric vehicle mandate."
And the third part will be to liberate the economy from crippling federal regulations.
"I'm pledging today that in my second term, we will eliminate a minimum of 10 old regulations for every one new regulation," he said.
Trump added, as his fourth step, at the suggestion of billionaire innovator Elon Musk, he will create a government efficiency commission.
The commission will be tasked with conducting a complete financial and performance audit of the federal government, and Musk, because he's not very busy, has agreed to head that task force.
As its first order of business, Trump said, the commission will "develop an action plan to totally eliminate fraud and improper payments within six months. This will save trillions of dollars."
He also promised to make the tax cuts enacted under his first term permanent, including cutting taxes on tips and on Social Security benefits.
Trump also noted corporate tax revenues are now 31% higher today than before his tax law was signed.
"My plan calls for expanded R&D tax credits, 100% bonus depreciation expensing for new manufacturing investments, and a reduction in the corporate tax rate from 21% to 15%, solely for companies that make their product in America," he said.
Trump further called for tariffs on foreign products, because "We're not going to watch our wealth and jobs get ripped away from us and sent to foreign countries."
Harris has vowed to raise the corporate tax rate from 21% to 28%, but "we're bringing it down to 15%," Trump said.
Another pillar of Trump's plan is to encourage domestic production instead of punishing it.
"We impose lower tariffs and no tariffs on foreign producers," he said, but "Smart tariffs will not create inflation. They will combat inflation."
He added his administration will also require all essential materials for national security to be produced in the United States, as now, parts are built in various places.
"What the hell would we do if there's a war and we'll end up fighting half of those countries?" he said. "Right now we're closer to World War III than we've ever been in our lives with Russia, and Ukraine, which would have never happened if I was president."
"The United States will also become a major producer of rare-earth materials, which will also create jobs and make the country self-reliant rather than dependent on China," he said.
"We have sites that are phenomenal," Trump said. "We can't use them because of environmental protection."
He further promised to get mortgage rates down to at least 3%, which will allow young people to buy a home, and "be part of the American dream."
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