Clinton And Trump: Two Major Economic Addresses—How Do They Compare?
Last week, Democratic presidential nominee Hillary Clinton and Republican presidential nominee Donald Trump both gave major addresses outlining their plans for the U.S. economy. Clinton’s plan called for more spending on infrastructure, higher taxes on the top earners in the country, and tougher trade negotiations. In his remarks, Trump highlighted the need for tax cuts and regulatory reform, and said the United States must renegotiate major trade deals.
Specifically, Trump called for:
- Simplifying the tax code by eliminating special interest loopholes, decreasing the number of personal income tax brackets from seven to three, and instituting a top corporate tax rate of 15 percent;
- Allowing parents to fully deduct childcare spending from their taxes, and repeal the estate tax;
- Opposing the Trans-Pacific Partnership and renegotiating the North American Free Trade Agreement (NAFTA) with the possibility of walking away from the agreement if a better deal is not reached; and
- Establishing a temporary moratorium on new agency regulations, immediately cancelling all “illegal and overreaching” executive orders, and rolling back regulations on fossil fuel development.
Clinton, meanwhile, called for:
- Expanding government spending on infrastructure projects, and bringing in private investment through an Infrastructure Bank;
- Making quality affordable childcare accessible to all Americans, at a cost of no more than 10 percent of family income;
- Opposing the TPP, appointing a chief trade prosecutor, and stopping future trade deals that threaten American jobs or wages;
- Creating tax incentives for local production and an ‘exit’ tax for outsourced companies; and
- Supporting labor union training programs and create tax incentives for paid apprenticeships, raising the minimum wage to $12 an hour, and encouraging companies to share profits with workers.