Donald Trump appeared in Milwaukee Tuesdayas his campaign tries to keep the candidate on message. He met with law enforcement to show support after rioting erupting following a police shooting.
Former Fox News chairman Roger Ailes, badly tarnished by a sexual harassment scandal, is reportedly advising Donald Trump on the upcoming debates and the presidential campaign.
Republican presidential nominee Donald Trump is shaking up his campaign staff, after a series of missteps that led to slumping poll numbers.
Trump has tapped Stephen Bannon of Breitbart News to serve as chief executive of the campaign. Pollster Kellyanne Conway was promoted to campaign manager. Paul Manafort will stay on as Trump’s campaign chairman. The Wall Street Journal first reported the news.
“I have known Steve and Kellyanne both for many years,” Trump said in a statement. “They are extremely capable, highly qualified people who love to win and know how to win.”
Bannon has been in charge of Breitbart News for a period in which it has been a strong platform for the kind of populism and fierce opposition to illegal immigration that gave rise to Trump’s candidacy in the Republican primaries. A campaign release highlighted that Bloomberg Politics has called Bannon the “most dangerous political operative in America.”
Since the Republican and Democratic conventions last month, Trump has been losing ground in both national and swing-state polls. NPR’s latest analysis of the electoral map suggests if the election were held today, Democratic rival Hillary Clinton would have a clear path to the White House, even if she were to lose the most closely contested states.
Republicans have complained about Trump’s repeated stumbles, including his fight with the Gold Star family of a Muslim Army captain who was killed in Iraq and his claim last week that President Obama is the “founder” of ISIS.
Trump appeared somewhat more disciplined in recent days, largely sticking to his script during a counterterrorism speech in Ohio on Monday and a law-and-order address outside Milwaukee on Tuesday night.
Manafort came under scrutiny this week after the New York Times reported that his name had appeared in a ledger of under-the-table payments made by former Ukraine President Viktor Yanukovych’s party. Manafort, however, dismissed the idea that he’d accepted cash payments for his work in Ukraine as “unfounded, silly and nonsensical.”
Manafort has been effectively managing the campaign since June, when Trump’s campaign manager Corey Lewandowski was dismissed amid a pivot toward the general election. At the time, Trump described the change to Fox News: “I think it’s time now for a different kind of a campaign. We ran a small, beautiful, well-unified campaign. It worked very well in the primaries.”
Those close to the campaign had described two opposing camps behind the scenes aligned to Manafort and Lewandowski. Possible tensions between the two received fresh attention when Lewandowski tweeted out a recent New York Times story about Manafort’s ties to the ousted pro-Russian government in Ukraine.
Manafort spoke of a pivot in tone and style in his early days on the campaign, but all along Trump has insisted there will be no change. In recent days, he has been more scripted on the campaign trail following weeks of controversy the GOP nominee has inflicted on his campaign with off-the-cuff statements since the end of the political conventions.
On Wednesday morning, Lewandowski weighed in on the changes, praising Conway’s long experience in Republican campaigns and long-standing ties to Trump. He also described similarities between Bannon’s style and his own.
“He’s a person who, I think, a little bit like myself, is a bit of a street fighter,” Lewandowski said on CNN, where he has been a paid contributor since being dismissed from the Trump campaign in June. He went on to describe Bannon as “a person who is willing to go right at his opponents and make sure that they know that, in politics, all’s fair in love and war.”
The campaign shakeup comes as the campaign prepares to launch its first television ads of the general election. The Clinton campaign and its allies have already spent more than $100 million on TV ads.
“I am committed to doing whatever it takes to win this election, and ultimately become President,” Trump said in his statement. “Our country cannot afford four more years of the failed Obama-Clinton policies which have endangered our financial and physical security.”
Bill and Hillary Clinton moved into the White House in 1993 as a first couple of modest means. If they return in January, it will be as millionaires.
Forbes estimates of their wealth range at $50 million; the Clintons got there through hard work, while also benefiting from their fame and their friendships.
What they seem not to have done, contrary to Internet theories, is break any laws.
“The Clintons have always been very careful to walk about two inches inside the line,” said Michael Johnston, a professor emeritus at Colgate University who is researching public perceptions of legal and illegal corruption.
He said the wealthy have usually dominated American politics, and the system enables successful politicians to move up. “Money is very, very familiar [in presidential politics] and so are the people who have it,” he said.
The Clintons built their wealth in two stages: first in Arkansas, and then on the East Coast after Bill’s presidency ended.
As attorney general and then governor of Arkansas from 1976 to 1992, Bill Clinton was paid at most $35,000 a year. Hillary, a rising young lawyer and the governor’s wife, became a partner at the Rose Law Firm; she also served on the boards of directors of Wal-Mart, TCBY and LaFarge, the American subsidiary of a French cement manufacturer. In 1991 she was paid $110,000 by the firm and $60,700 from the three corporations. Wal-Mart is now a donor to the Clinton Foundation.
The Clintons invested, sometimes with help from friends. It brought mixed success and plenty of controversy. They borrowed to invest with friends in a vacation-home development called Whitewater. It triggered a scandal even as they lost money. Hillary had better advice and more success with commodities trading. Her guide was James Blair, a close family friend and a Little Rock lawyer whose corporate clients sometimes dealt with government agencies. He helped her turn a $1,000 investment into a return of nearly $100,000.
The East Coast
In 1999, Bill Clinton’s second term was winding down and Hillary Clinton was preparing her Senate campaign in New York. They bought their post-presidency home, an 1889-vintage, five-bedroom house in Chappaqua, N.Y. It cost $1.7 million — also what it’s worth today according to an estimate by the online real estate firm Zillow.
The Clintons got a five-year, interest-only mortgage. By not paying down the principal, they would keep payments low until they were settled. The mortgage required a down payment of $350,000. For the borrowed amount, $1.35 million, the lending bank wanted some sort of guarantee.
Again, a friend stepped in to help. Terry McAuliffe, a Democratic fundraising wizard and close friend of the Clintons who’s now the governor of Virginia, put $1.35 million in a bank account to backstop the mortgage.
The following year, barely a month after Hillary Clinton won the New York Senate race, the Clintons bought a second home: a red-brick Colonial, also with five bedrooms, near Washington’s Embassy Row. The asking price was $3.5 million; they got it for $2.85 million. News accounts noted the sellers were registered Republicans. Zillow now values the house at $6.6 million.
This was a period of financial stress. When Hillary Clinton famously said, “We came out of the White House not only dead broke but millions of dollars in debt,” she wasn’t far wrong.
The presidential salary of $200,000 had been overwhelmed by defense attorneys’ fees for scandal investigations, the impeachment proceedings against Bill Clinton and action to suspend his Arkansas law license.
Hillary Clinton’s disclosure as a Senate candidate listed outstanding legal bills totaling between $2.3 million and $10.6 million. Her 2001 disclosure stated that she and her husband paid more than $13.1 million in legal fees “for themselves and former staff members.” By 2004, those debts had been erased.
The primary money-making engine was Bill Clinton. In his first year as an ex-president, he gave 57 speeches, an average of more than one per week. He traveled from Salem, Mass. (for the standard fee of $125,000), to Stockholm, Vienna and Warsaw ($183,333 each), and Milan ($350,000). Their 2001 tax return reports $13.7 million in gross receipts for his “speaking and writing” business.
An analysis by CNN early this year concluded that the Clintons were paid $153.7 million for speeches they gave between 2001 and 2015, when she launched her current presidential campaign.
Also on the 2001 return, Hillary Clinton reported receiving $2.9 million, the first installment of an $8 million advance for her memoir, Living History. The contract was signed the day before she took her oath as a U.S. senator. Bill was already collecting a $10 million advance for My Life, and when Hillary stepped down as secretary of state, she got an advance of $14 million for Hard Choices.
Subsequent tax records show both Clintons earning money as speakers and writers, and Bill also as a consultant. These have raised political questions: Why was Hillary giving well-paid speeches at big banks? Was Bill creating conflicts of interest for Hillary as secretary of state? But in 2014, the last year before Hillary Clinton started campaigning, their income from speaking, writing and consulting totaled $32.3 million.
It’s likely the speaking fees and book advances would have been smaller for politicians without the Clintons’ larger-than-life reputations.
Michael Johnston, the ethics scholar, said it’s a symptom of the wealthy elite’s rising prominence.
“We love the notion of the citizen politician,” he said, but added this: “You can’t be a presidential candidate without some acquaintance with wealth and power.”
Jeremy Peter Green registered ClintonKaine.com in 2011. After Hillary Clinton named Tim Kaine as her running mate, Green offered the site to Clinton’s campaign but it wouldn’t meet his price. Who did?
Editor’s note: NPR will also be fact-checking Democratic nominee Hillary Clinton’s planned economic speech this Thursday.
Donald Trump is coming off a week of disastrous headlines and cratering poll numbers. His major economic speech on Monday at the Detroit Economic Club, a vision described by his campaign as “Winning the Global Competition,” was a chance to turn the page.
During an address of just over an hour — which was interrupted multiple times by protesters — the GOP presidential nominee unveiled a new iteration of his proposal to reshape America’s tax system. It has just three tax brackets (one fewer than the tax plan he released in September, which was removed from his website in the past 24 hours), would limit taxes on all forms of business income to 15 percent, would end the estate tax and would “exclude childcare expenses from taxation.”
Other highlights include a proposed moratorium on all new federal regulations and would “remove bureaucrats who only know how to kill jobs [and] replace them with experts who know how to create jobs,” according to a preview released by his campaign. It’s unclear exactly what that means or how it would work, but there are currently about 2.7 million civilian federal employees.
As for trade, which has been a centerpiece of his economic agenda, Trump reiterated calls for the U.S. to pull out of the Trans Pacific Partnership trade deal and for NAFTA to be renegotiated. He said would appoint trade negotiators whose goal will be to “win for America,” and he would apply tariffs on countries that cheat. Economists have raised concerns in the past that such tariffs could lead to a trade war that would ultimately hurt American interests.
Speaking at a rally later Monday afternoon in Florida, Hillary Clinton didn’t pass up the opportunity to criticize Trump’s economic speech. The Democratic presidential nominee pointed to a recent analysis, written by a former adviser of 2008 GOP presidential nominee John McCain, which showed her economic plan would create upwards of 10 million jobs, while Trump’s could cost the country more than 3 million. She also accused Trump of “scrambling to do damage control” by listing a new group of economic advisers.
“He’s got, I don’t know, a dozen or so economic advisers he just named: Hedge fund guys, billionaire guys, six guys named Steve, apparently. And so they wrote him a speech and he delivered it in Detroit. Now, they tried to make his old tired ideas sound new. But here’s what we all know, because we heard it again. His tax plans will give super big tax breaks to large corporations and the really wealthy, just like him and the guys who wrote the speech, right,” said Clinton. “He wants to basically just repackage trickle-down economics.”
Below is Trump’s speech in its entirety, with annotations and fact-checks from NPR’s team of political and economic reporters.
Donald Trump, Detroit Economic Club
Thank you everybody, thank you very much. Thank you. Such a crowd – beautiful. Thank you very much. Thank you. Thank you. Please.
Thank you for the invitation to speak to you today. It’s wonderful to be in Detroit. I’ve been here many times. We now begin a great national conversation about economic renewal for America. It’s a conversation about how to make America great again – for everyone, especially and I say especially, for those who have the very least.
The city of Detroit is where our story begins. Detroit was once the economic envy of the world. The people of Detroit helped to power America to its position of global dominance in the 20th century.
When we were governed by the America First policy, Detroit was absolutely booming. Engineers, builders, laborers, shippers and countless others went to work each day, provided for their families and lived out, totally, lived out the American Dream. But for many living in this city, that dream has long ago vanished.
When we abandoned the policy of America First, we started rebuilding other countries instead of our own. The skyscrapers went up in Beijing and many other cities in the world while the factories and neighborhoods crumbled right here in Detroit. Our roads and bridges fell into disrepair. Yet we found the money to resettle millions of refugees at taxpayer expense. Today, Detroit has per capita income of under $15K – about half of the national average.
40% of the city’s residents live in poverty, over two and a half times the national average.
[This is true. The most recent figures show Detroit’s poverty rate is 39.3 percent, which is more than the double the national average of 15.5 percent. -Will Huntsberry]
The unemployment rate is more than twice the national average.
[This is technically true. Detroit city proper has an unemployment rate of 11.6 percent, which is twice the national average of 4.9 percent. However, the Bureau of Labor Statistics often figures these numbers by metro area. The Detroit metro area has an unemployment rate of 5.8 percent. -Will Huntsberry]
Half of all Detroit residents do not work.
[It is true, according to the most recent data, that less than half of Detroiters have a job, but this figure includes small children and retirees. The ’employment-population ratio,’ as calculated by the Bureau of Labor Statistics, showed that 43.9 percent of Detroiters had a job in 2014, while 59 percent of people in the United States had a job the same year. A more often cited statistic, which removes people younger than 16 from the calculus, is the ‘participation rate.’ It was 53.4 percent in Detroit and 62.9 percent for the United States. -Will Huntsberry]
Detroit tops the list of the most dangerous cities in terms of violent crime.
[Recent FBI data do show that among major cities, Detroit has the highest violent crime rate. However, the FBI also cautions against comparing cities’ rates, as many factors, like population density, can affect a city’s rate. — Danielle Kurtzleben]
These are silenced victims whose stories are never told by Hillary Clinton. But victims whose suffering is no less real or permanent. In short, the city of Detroit is the living, breathing example of my opponent’s failed economic agenda. Every policy that has failed this city and so many others is a policy supported by Hillary Clinton.
She supports the high taxes and radical regulation that forced jobs out of your community and the crime policies have made you far far less safe. And the immigration policies that have strained local budgets and the trade deals like NAFTA, signed by her husband, that have shipped your jobs to Mexico and other countries and she supports the education policies that deny your students choice, freedom and opportunity. She is the candidate of the past. Ours is the campaign of the future.
This is a city controlled by Democratic politicians at every level, and unless we change policies, we will not change results. One hundred percent.
Today, I will outline my economic vision. In the coming weeks, we will be offering more detail on all of these policies, and the ones we have already rolled out (protesters interrupt) …thank you everybody. This is what happens when you go from thirty five people to close to two thousand people, I guess. — in the coming weeks, we will be offering more detail on all of these policies and the ones we have already rolled out can be viewed on my campaign website.
Our opposition, on the other hand, has long ago run out of ideas. 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. Nothing would make our foreign adversaries happier than for our country to tax and regulate our companies and our jobs right out of existence. The one common feature of every Hillary Clinton idea is that it punishes you for working and doing business in the United States. Every policy she has tilts the playing field towards other countries at our expense. And that’s why she tries to distract us with tired political rhetoric that seeks to label us, divide us, and pull us apart.
My campaign is about reaching out to everyone as Americans, and returning to a government that puts the American people first. Here is what an America First economic plan looks like.
First, let’s talk tax reform. Taxes are one of the biggest differences in this race. Hillary Clinton – who has spent her career voting for tax increases – plans another massive job-killing $1.3 trillion-dollar tax increase. Big increase – one of the biggest ever. Her plan would tax many small businesses by almost fifty percent.
Recently, at a campaign event, Hillary Clinton short-circuited – 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 she wanted to raise taxes on the middle class.
[Politifact has rated this claim “pants on fire,” but Trump continues to say it at events, including in this highly scripted speech. Clinton has campaigned extensively on not raising taxes on the middle class. His campaign has circulated a misleading video with a caption saying she said she wants to raise taxes on the middle class, but you can hear she says “we aren’t going to raise taxes on the middle class” – Tamara Keith]
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 compete.
As part of this reform, we will eliminate the Carried Interest Deduction, a 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. Our current tax code is so burdensome and complex that we waste 9 billion hours a year in tax code compliance. My plan will reduce the current number of brackets from 7 to 3, and dramatically streamline the process.
[Many politicians argue that streamlining the U.S. tax code is a good idea. However, cutting the number of brackets doesn’t do a whole lot to simplify things. — Danielle Kurtzleben]
We will work with House Republicans on this plan, using the same brackets they have proposed: 12, 25 and 33 percent.
[Last September Donald Trump released a tax plan with four tax brackets: 0, 10, 20 and 25 percent. It was pulled down from his website in the last 24 hours but can still be found through the internet archive. The new proposal eliminates the 0 percent bracket, thus making this line from Trump’s original tax plan null: “If you are single and earn less than $25,000, or married and jointly earn less than $50,000, you will not owe any income tax. That removes nearly 75 million households – over 50% – from the income tax rolls. They get a new one page form to send the IRS saying, “I win,” those who would otherwise owe income taxes will save an average of nearly $1,000 each.” -Tamara Keith]
For many American workers, their tax rate will be zero. While we will develop our own set of assumptions and policies, agreeing in some areas but not in all or in others, we will be focused on the same shared goals and guided by the same shared principles: jobs, growth and opportunity. These reforms will offer the biggest tax revolution since the Reagan Tax Reform, which unleashed years of continued economic growth and job creation. We will Make America Grow Again.
In the days ahead, we will provide more details on this plan and how it will help you and most importantly your family. It will present a night-and-day contrast to the job-killing, tax-raising, poverty-inducing Obama-Clinton agenda.
So important – the State of New York has already lived through Hillary Clinton’s failed leadership. The Washington Post just published today a devastating article on Hillary Clinton’s broken promises.
[Here is that article. — Danielle Kurtzleben]
She pledged 200,000 jobs for upstate New York as Senator. But what happened? What happened? The Washington Post writes, and I quote: “upstate job growth stagnated overall during her tenure, with manufacturing jobs plunging record-setting levels, plunging nearly 25 percent…the former first lady was totally unable to pass big ticket legislation… 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 as she turned to her first presidential run which also was a disaster.
Data shows that upstate actually lost jobs a lot them during Clinton’s first term. In other words, she was all talk, no action, upstate New York is a disaster. What’s happened to upstate New York. And NAFTA, which her husband signed, is a very, very big reason.
[Bill Clinton did sign NAFTA, but it’s misleading to attribute that policy entirely to him. In fact, it was negotiated under George H.W. Bush, who signed it in 1992, as the Washington Post’s Fact Checker has pointed out. After Congress passed it, Clinton then signed it into law in 1993. — Danielle Kurtzleben]
Compare that to my record. In a recent New York Post article by Steve Cuozzo, “How Donald Trump Helped Save New York City,” the paper writes that I – and this is a direct quote in other words, it’s not from me (crowd interruption) thank you…it’s all very well planned out – and this is a direct quote that basically Donald Trump “waded into a landscape of empty Fifth Avenue storefronts, the dust-bowl mugging ground that was Central Park so dangerous and a Wall Street area seemingly on its last legs as companies moved out…then almost by sheer force of will — [he] rode to the rescue. Expressing rare faith in the future, he was instrumental in kickstarting the regeneration of neighborhoods and landmarks almost given up on for dead.”
True. Have to say. I didn’t say it. They said it. It’s true. This is what I want to do…. We all remember New York City was a disaster. We made it great. We made it great. This is want I want to do for our country – I want to jumpstart America. And it can be done. And it won’t even be that hard.
Now let’s look at what the Obama-Clinton policies have done nationally. Their policies produced 1.2% growth, the weakest so-called recovery since the Great Depression, it’s been written about all over, it’s a disaster and a doubling of the national debt during the Obama years. There are now 94.3 million Americans outside of the labor force. It was 80.5 million when President Obama took office, an increase of 14 million people.
[His numbers are right (the number of people outside the labor force has grown by 13.8 million, according to the Labor Department). However, this statistic alone is misleading. The number of people in the labor force (that is, either working or looking for a job) has also grown by more than 5 million altogether since January 2009. It’s true that the labor force participation rate — the share of Americans in the labor force — is low in recent years. However, as of 2014, the Congressional Budget Office attributed half of the recent decline to simple demographics, as an aging population retires. — Danielle Kurtzleben]
The Obama-Clinton agenda of tax, spend and regulate has created a silent nation of jobless Americans. Home ownership is at its lowest rate in 51 years.
[Homeownership recently hit a 51-year low, as the Associated Press recently reported. However, the homeownership rate can be deceiving, as Trulia Chief Economist Jed Kolko wrote in 2014 at the New York Times. For some young adults who live with their parents, renting their own apartments could be a sign of economic progress. But as they go out and create their own households in those rented apartments, that could push down the homeownership rate (measured as a share of all households), even while their situations are improving. — Danielle Kurtzleben]
(More protesters interrupt) Thank you…I will say the Bernie Sanders people had far more energy and spirit, I will say.
Nearly 12 million have been added to the food stamp and, these people are growing and growing so rapidly, since President Obama took office.
[According to annual totals, more than 12 million more people were receiving SNAP benefits in 2015 than in 2009. However, Trump is wrong that the total is “growing and growing so rapidly.” The total number of recipients has fallen every month since December 2015, according to the USDA. And by the annual numbers, participation has been falling since 2013. — Danielle Kurtzleben]
Another nearly 7 million people, great Americans, are right now living in poverty.
[The number of Americans in poverty grew by 6.8 million from 2008, the year before Obama took office, through 2014, the latest year of data available. The poverty rate (a better measure here, though it’s still very flawed) is up by 1.6 percentage points, to 14.8 percent, though it is down from a high of 15.1 in 2010. Numbers aside, though, it’s hard to blame President Obama for all these increases — for example, poverty was already rising when he took office. — Danielle Kurtzleben]
We have the lowest labor force participation rates in four decades.
[His numbers are generally right here: the labor force participation rate — the share of people working or looking for work — right now is at 62.8 percent. That rate hit a recent low of 62.4 percent in September 2015, but it has been hanging in the 62 to 63 percent range for around two years now. The last time it was in that range was the late 1970s. However, this statistic is very easy to misunderstand. As we explained above, though some of the recent decline was due to weakness in the economy, some of this decline has been due to demographics (i.e., Baby Boomers retiring), so the decline in the rate isn’t entirely a bad thing. — Danielle Kurtzleben]
58 percent of the African-American youth are either outside the labor force or not employed.
[Trump pointed to this table from the Labor Department, and the data do show that 58.5 percent of African-Americans age 16 to 24 aren’t in the labor force or are unemployed. It’s true that the unemployment rate is higher among black youth than among whites and Asian-Americans. Still, this figure seems high because many 16-to-24-year-old Americans (of any race) aren’t in the labor force (for example, because they’re in school). Around 49 percent of African American youth aren’t in the labor force, by these data, compared to around 45 percent of all 16-to-24-year-olds. — Danielle Kurtzleben]
One in five American households do not have a single member in the labor force. Not a single member of a household. These are the real unemployment numbers – the five percent figure is one of the biggest hoaxes in American modern politics.
[Earlier in the speech, Trump used Labor Department measures of unemployment for Detroit, but here he is calling the unemployment rate a hoax, which is a contradiction. His son, Donald Jr., has also said the numbers are manipulated for political gain. PolitiFact gave that claim a “pants on fire” rating. — Danielle Kurtzleben]
[Aside from that, it’s true that the current unemployment figure — 4.9 percent — is an incomplete way of measuring joblessness. In fact, that figure is just one of six different unemployment rates that the Labor Department computes each month to show different aspects of joblessness. However, that doesn’t make the headline unemployment rate a “hoax.” As for the 1 in 5 figure, Trump is working off of a BLS report that found that 19.7 percent of families had no employed family members in 2015. That’s different from “in the labor force,” and it’s also an incomplete measure — the Labor Department’s definition of family would include retired couples, for example. — Danielle Kurtzleben]
Meanwhile, American households are earning more than $4,000 think of that, $4,000 less today than they were sixteen years ago. The average worker today pays 31.5 percent of their wages to income and payroll taxes. On top of that, state and local taxes consume another 10 percent. Very grim picture.
The United States also has the highest business tax rate among the major industrialized nations of the world, at 35 percent. It’s almost 40 percent when you add in taxes at the state level and in many cases and in many states, it’s much higher than that. In other words, we punish companies for making products in America – but let them ship products into the United States tax-free if they move overseas. This, ladies and gentlemen, is backwards, it’s backwards. All of our policies should be geared towards keeping jobs and wealth inside of the United States.
Under my plan, no American company will pay more than 15% of their business income in taxes. In other words, we’re reducing your taxes from 35% to 15%.
[While the federal corporate tax rate is 35%, the Congressional Research Service found in 2014 that the average effective corporate tax rate was around 27% and the Government Accountability Office calculated in 2010 that profitable businesses were paying federal income taxes amounting to about 13% of their total global income. —Arnie Seipel]
Thank you. Small businesses will benefit the most from this plan. Hillary Clinton’s plan will require small business to pay as much as three times more in taxes than what I am proposing, and her onerous regulations will put them totally out of business and you won’t be able to start — you can not ever start a small business under the tremendous regulatory burden that you have in today in our country. We’re going to end it. I am going to cut regulations massively massively.
Our lower business tax will also end job-killing corporate inversions, and cause trillions in new dollars and wealth to come pouring into our country – and by the way into cities like right here in Detroit. To help unleash this new job creation, we will allow businesses to immediately expense new business investments. No one will gain more from these proposals than low-and-middle income Americans.
My plan will also help reduce the cost of childcare by allowing parents to fully deduct the average cost of childcare spending from their taxes. We are also going to bring back trillions of dollars from American businesses that are now parked overseas they can’t bring their money back into our country. Our plan will bring that cash home, applying only a 10 percent tax. This money will be re-invested in states like Michigan, states like Michigan which are having serious problems. Finally, no family will have to pay the death tax. American workers have paid taxes their whole lives, and they should not be taxed again at death – it’s just plain wrong. And most people agree with that. We will repeal it.
Next comes regulatory reform. As with taxes, I will have one overriding goal when it comes to regulation: I want t jobs and I want wealth to stay in America. Motor vehicle manufacturing is one of the most heavily regulated industries in the country and even in the world. The U.S. economy today is twenty-five percent smaller than it would have been without the surge of regulations since 1980. It is estimated that current over-regulation is costing our economy as much as $2 trillion dollars a year – that’s money taken straight out of cities like Detroit. So many of our cities are suffering so gravely, right out of Detroit and others. The federal register is now over 80,000 pages long.
As the Wall Street Journal noted, President Obama has issued close to four hundred new major regulations since taking office, each with a cost to the American economy of $100 million or more. In 2015 alone, the Obama Administration unilaterally issued more than 2,000 new regulations – each a hidden tax on American consumers, and a massive lead weight on the American economy. It is time to remove the anchor dragging us down, and that’s what it’s doing – it’s dragging us down. Upon taking office, I will issue a temporary moratorium on new agency regulations.
My running mate, Mike Pence, and by the way, a great guy, signed a similar order when he became and when he worked so hard in Indiana as its governor. This will give our American companies the certainty they need to reinvest in our community, get cash off of the sidelines, start hiring new jobs, and expanding their businesses. So important. That’s what it’s about. I will also immediately cancel all illegal and overreaching executive orders.
Next, I will ask each and every federal agency to prepare a list of all of the regulations they impose on Americans which are not necessary, do not improve public safety, and which needlessly kill many many jobs. Those regulations will be eliminated quickly. We are in a competition with the world, and I want America to win. We don’t win anymore. But when I am president, we will start winning again, big league.
One of the most important reforms of all is trade reform. As Bernie Sanders has said, Hillary Clinton has bad judgment. We’ve seen this bad judgment overseas, in Libya, Iraq, and Syria. We’ve seen it in Iran. We’ve seen it from President Obama, when he gives $150 billion to Iran, the number one terror state, and even gives them $400 million in money-laundered cash as a ransom payment.
[Trump is referring to the $400 million dollars flown to the Iranian government by the Obama administration in January, at the same time American prisoners were released from Iran. The money was part of a settlement of a decades-old legal dispute, involving military sales before the Shah was overthrown in 1979. The State Department said it is “completely false” to say it was a ransom payment, though it coincided with the release of American prisoners. The payment was made in foreign currencies because it’s illegal to conduct a transaction with Iran in U.S. dollars under current law. —Arnie Seipel]
But we’ve also seen the terrible Obama-Clinton judgment right here for everybody to see in Detroit. Hillary Clinton has supported the trade deals stripping this city, and this country, of its jobs and its wealth. She supported Bill Clinton’s NAFTA, she supported China’s entrance into the World Trade Organization, she supported job-killing trade deal and that was a really bad one with South Korea, and she supports the Trans-Pacific Partnership. Not now, but very soon if she wins and we can’t let her win. Cause that will be a disaster for Detroit and everybody else.
Let’s talk about South Korea for a moment, because it so perfectly illustrates the broken promises that have hurt so many American workers. President Obama, and the usual so-called experts who’ve been wrong about every trade deal for decades, predicted that the trade deal with South Korea would increase our exports to South Korea by more than $10 billion – resulting in some 70,000 jobs. Like Hillary Clinton’s broken promises to New York, these pledges all turned out to be false. Instead of creating 70,000 jobs, it has killed nearly 100,000 jobs, according to the Economic Policy Institute. Our exports to South Korea haven’t increased at all, but their imports to us have surged more than $15 billion – more than doubling our trade deficit with that country. What else is new? It’s happening with everyone.
The next betrayal will be the Trans-Pacific Partnership. Hillary Clinton’s closest friend, Terry McAuliffe, confirmed what I have been saying, and this is from the beginning: if sent to the Oval Office, Hillary Clinton will enact the TPP. As sure as you’re sitting there. Her donors will make sure of it. A vote for Hillary Clinton is a vote for TPP – and it’s also a vote for NAFTA.
[Clinton and Trump alike are in favor of renegotiating NAFTA, as the Washington Post’s Fact Checker reports. — Danielle Kurtzleben]
Our annual trade deficit in goods with Mexico has risen from close to zero, think of that, in 1993 to almost $60 billion today. Our total trade deficit in goods hit nearly $800 billion last year. Total trade deficit. Almost $800 billion. This is a strike at the heart of Michigan, and our nation as a whole. According to the Bureau of Labor Statistics, before NAFTA went into effect, there were 285,000 auto workers in Michigan. Today, that number is only 160,000. Detroit is still waiting for Hillary Clinton’s apology. She has been a disaster. Obama has been a disaster. I expect Detroit will get that apology right around the same time Hillary Clinton turns over the 33,000 emails she deleted.
Hillary Clinton’s Trans-Pacific Partnership will be an even bigger disaster for the auto industry, believe me, even bigger and even worse than NAFTA. In fact, Ford Motor Company has announced its opposition to the deal. According to the Economic Policy Institute, the U.S. trade deficit with the proposed TPP member, all of the member countries has cost over 1 million manufacturing jobs in the year 2015.
By far the biggest losses occurred in motor vehicles and parts, which lost nearly 740,000 manufacturing jobs. What are we doing? Michigan ranks first for jobs lost as a share of state workforce due to the trade deficit with TPP members. Just imagine how many more automobile jobs will be lost if the TPP is actually approved. It will be catastrophic. That is why I have announced we will withdraw from the deal before that can ever ever ever happen.
Hillary Clinton will never withdraw from TPP. She is bought, controlled and paid-for by her donors and special interests. One hundred percent. Because my only interest is the American people, I have previously laid out a detailed 7-point plan for trade reform, available on my website. It includes strong protections against currency manipulation, big problem, tariffs against any countries that cheat by unfairly subsidizing their goods, and it includes a total renegotiation of NAFTA, which is a disaster for our country. A total renegotiation. If we don’t get a better deal, we will walk away.
At the center of my plan is trade enforcement with China. This alone could return millions of jobs into our country. They break the rules in every way imaginable. China engages in illegal export subsidies, prohibited currency manipulation, and rampant theft of intellectual property. They also have no real environmental or labor protections, further undercutting American workers. Just enforcing intellectual property rules alone could save millions of American jobs. According to the U.S. International Trade Commission, improved protection of America’s intellectual property in China would produce more than 2 million more jobs right here in the United States. Add to that the saved jobs from cracking down on currency cheating and product dumping, and we will bring trillions of dollars in new wealth and wages back to the United States.
Trade has big benefits, and I am in favor of trade. But I want great 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 are.
Also critical to our economic renewal will be energy reform. The Obama-Clinton Administration has blocked and destroyed millions of jobs through their anti-energy regulations, while raising the price of electricity for both families and businesses. As a result of recent Obama EPA actions coal-fired power plants across Michigan have either shut down entirely or undergone expensive conversions. The Obama-Clinton war on coal has cost Michigan over 50,000 jobs.
Hillary Clinton says her plan will “put a lot of coal companies and coal miners out of business.” We will put our coal miners and steel workers back to work. Clinton not only embraces President Obama’s job-killing energy restrictions but wants to expand them, including going after oil and natural gas production that employs some 10 million Americans. According to the Heritage Foundation, by 2030, the Obama-Clinton energy restrictions will eliminate another half a million manufacturing jobs, reduce economic output by $2.5 trillion dollars, and reduce incomes by $7,000 dollars per person.
A Trump Administration will end this war on the American worker, and unleash an energy revolution that will bring vast new wealth to our country. According to the Institute for Energy Research, lifting the restrictions on all sources of American energy will: Increase GDP by more than $100 billion dollars annually, add over 500,000 new jobs annually, and increase annual wages by more than $30 billion dollars over the next 7 years; Increase federal, state, and local tax revenues by almost $6 trillion dollars over 4 decades; Increase total economic activity by more than $20 trillion dollars over the next 40 years. The reforms I have outlined today are only the beginning When we reform our tax, trade, energy and regulatory policies, we will open a new chapter in American Prosperity. We can use this new wealth to rebuild our military and our infrastructure.
As part of this new future, we will also be rolling out proposals to increase choice and reduce cost in childcare, offering much-needed relief to American families. I will unveil my plan on this in the coming weeks that I have been working on with my daughter Ivanka and an incredible team of experts. Likewise, our education reforms will help parents send their kids to a school of their choice. We will also give our police and law enforcement the funds and support they need to restore law and order to this country. Without security, there can be no prosperity. We must have law and order. In the coming days, we will be rolling out plans on all of these items. One of my first acts as President will be to repeal and replace disastrous Obamacare, saving another 2 million American jobs.
[In a footnote to the speech, Trump pointed to a December 2015 CBO working paper, which estimated that in 2025, the labor force would be smaller by 2 million full-time-equivalent workers than it would be without Obamacare — meaning people would work fewer hours, enough to equal 2 million FTE workers. However, that’s not necessarily bad for those people: a combination of factors would reduce the amount of work done in the U.S. economy: “Some people would choose to work fewer hours; others would leave the labor force entirely or remain unemployed for longer than they otherwise would,” the CBO reported. In other words, some people might work less because health insurance is no longer a big incentive to working. — Danielle Kurtzleben]
We will also rebuild our military, and get our allies to pay their fair share for the protection we provide – saving us countless more billions to invest in our own country. We also have a plan, on our website, for a complete reform of the Veterans Health Administration. This is something so desperately needed to make sure our vets are fully supported and get the care they deserve.
Detroit – the Motor City – will come roaring back. We will offer a new future, not the same old failed policies of the past. Our party has chosen to make new history by selecting a nominee from outside the rigged and corrupt system. The other party has reached backwards into the past to choose a nominee from yesterday – who offers only the rhetoric of yesterday, and the policies of yesterday.
There will be no change under Hillary Clinton – only four more years of Obama. But we are going to look boldly into the future. We will build the next generation of roads, bridges, railways, tunnels, sea ports and airports that our country deserves. 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.
[This is a frequent campaign promise from Trump, but his own hiring practices haven’t always reflected this view. A recent Buzzfeed article detailed Trump’s effort to bring in foreign guest workers for his Mar-a-Lago resort. When asked about this, Trump has said it is hard to get enough American workers for these seasonal jobs. -Tamara Keith]
Americanism, not globalism, will be our new credo. Our country will reach amazing new heights. All we have to do is stop relying on the tired voices of the past. We can’t fix a rigged system by relying on the people who rigged it in the first place. We can’t solve our problems by relying on the politicians who created them. Only by changing to new leadership, and new solutions, will we get new results. We need to stop believing in politicians, and start believing in America.
Before everything great that has ever happened, the doubters have always said it couldn’t be done. America is ready to prove the doubters wrong. They want you to think small. I am asking you to think big. We are ready to dream great things for our country once again. We are ready to show the world that America is Back – Bigger, and Better and Stronger Than Ever Before. Thank you, and God Bless You.
Donald Trump laid out his economic policies during a speech in Detroit Monday.
NPR’s Audie Cornish talks to Avik Roy, opinion editor at Forbes, for an analysis of the political ideologies Donald Trump espoused Monday in his economic speech.
Republicans opposed to Donald Trump are making a last-ditch effort to put forth an alternative to the GOP presidential nominee.
Evan McMullin, a onetime chief policy director for House Republicans and a former CIA officer, is launching an independent presidential campaign with the help of political group Better for America.
Blasting Trump as personally unstable and “a real threat to our Republic,” McMullin said on his website that he felt compelled to run as an independent.
“With the stakes so high for our nation and at this late stage in the process, I can no longer stand on the sidelines,” McMullin wrote. “Our country needs leaders who are in it for the right reasons and who actually understand what makes this country the greatest on earth. Leaders who will unite us and guide us to a prosperous, secure future, beyond the dysfunction of a broken political system.”
In an interview with ABC News shortly after announcing, McMullin said that both Trump and Democratic nominee Hillary Clinton were unacceptable.
“Look, Donald Trump is defeating himself. He is ensuring that Hillary Clinton is elected,” he told ABC. “I think they would both be absolutely terrible.”
McMullin called Trump inhuman and an authoritarian who does not care about anyone but himself.
“I do believe he is a fraud and a con man and that’s not something I say lightly,” he continued.
McMullin also said he is strongly anti-abortion, calling it “a test of our humanity” and that Roe v. Wade should be overturned.
To say McMullin has an uphill battle ahead of him is an understatement. The deadline for filing as an independent presidential candidate has already passed in 26 states. But with three months left until the general election, some members of the GOP’s anti-Trump movement are nonetheless rallying behind the “Hail Mary” alternative.
Rick Wilson, a veteran Republican strategist who’s working with McMullin, said his phone’s been ringing off the hook from “big time” donors and volunteers looking to assist with the former House operative’s bid.
“We don’t have a Death Star of operations like Hillary Clinton or the celebrity of Donald Trump,” Wilson said. “But can we put a campaign together that gets on enough ballots? Yes. Can we raise the money? Yes, we can.”
“A lot people have been looking for an alternative to the disaster on both sides,” Wilson continued, argued that there’s rare opening thanks to both Clinton and Trump’s high unavailability ratings.
“The money is coming. Americans are responding very quickly,” McMullin told ABC News.
Although McMullin starts out virtually unknown to the general public, he has a lengthy history in government work. He spent 11 years working at the CIA as an undercover operations officer in several conflict zones in Africa, the Middle East and Asia. Before working at the CIA, he spent a year as a volunteer refugee resettlement officer in the Middle East and Africa for the United Nations High Commissioner for Refugees. Earlier in May, he gave a Tedx Talk at London’s Business School discussing genocide and how individuals and companies can help to end it.
For the past three years, he’s worked on foreign affairs, national security and women’s empowerment policy for the House Republican Conference, though an aide said he was no longer an employee there.
“The House Republican Conference has zero knowledge of his intentions,” said Nate Hodson, a spokesman for the House Republican Conference.
McMullin’s work as a policy director could strike a chord with those worried about Trump’s lack of political and policy experience, even though McMullin himself has never held a position in public office.
“He isn’t corrupt and he isn’t crazy. He’s an accomplished guy who’s served this country,” Wilson argued.
Conservatives opposed to Trump have been trying to find an alternative for some time now, but McMullin is the only one who has actually gone through with a candidacy. National Review‘s David French had been mulling a bid and had the backing of the Weekly Standard’s Bill Kristol. But in June he decided to pass.
Hillary Clinton began a two-day campaign visit to the key battleground state of Florida on Monday.