Parents rejoice! Donald Trump's economic plan makes childcare expenses tax-deductible while eliminating the 'death tax'

Thursday, August 11, 2016 by: J. D. Heyes
Tags: Donald Trump, death tax, child expenses

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(NaturalNews) In a speech this week, Republican presidential nominee Donald J. Trump made a compelling economic case for the nation moving forward, pledging among other things to slash corporate taxes, end the so-called "death tax," and cut burdensome and expensive regulations.

Trump, speaking in Detroit – a city built primarily on the automobile industry, but which has suffered economic devastation and bankruptcy as foreign car makers took larger shares of the U.S. and global market – also pledged to revive the now-stalled Keystone XL oil pipeline project that President Obama halted, and pledged to make all childcare expenses completely tax deductible.

"We don't want it to be an economic disadvantage to have children," one campaign aide told the UK's Daily Mail.

The childcare platform was first hinted at by Trump's daughter, Ivanka, during her speech introducing her father at the Republican National Convention. She said her father would "focus on making quality childcare affordable and accessible for all."

Cut taxes, regulations and other burdens to growth

In addition to corporate taxes, Trump also said that he wants to trim taxes by reducing rates for all Americans, as well as by simplifying the tax code to make it easier to file and comply with tax laws. During his speech at the Detroit Economic Club, Trump said that as president he would cut the number of personal tax brackets from the current seven to only three, while pushing for a zero-tax band for the lowest wage-earners.

He said he would not mimic Democratic presidential nominee Hillary Clinton's approach, which he said was "more of the same" including higher taxes, increased regulation, more bureaucrats and new restrictions on American productivity.

Trump may have a point regarding Clinton's prospective tax plans. A study by the American Action Forum, which analyzed Clinton's economic and fiscal positions thus far, found that taxes would rise by a staggering $1.3 trillion over the next decade and add to the national debt, which has doubled during President Obama's term.

"Based on these estimates, Secretary Clinton's proposals would, on net and over a 10-year period, fiscal years 2017 through 2026, increase revenues by $1.3 trillion, increase outlays by $3.5 trillion, for a combined deficit effect of nearly $2.2 trillion over the next decade," the study summary notes.

Besides providing tax breaks for corporations and individuals, Trump has pledged to get rid of the estate tax, which critics call a "death tax," because estates worth a certain amount of money must be taxed when someone passes away. Estates valued at more than $5.45 million for individuals and $10.9 million for couples see tax hits of as much as 40 percent under the estate tax law.

National bankruptcy under Clinton?

In a Trump administration, provided he can convince Congress to send him the legislation, he would cut corporate tax rates to 15 percent from the top rate of 39 percent today. He also promised that hedge fund managers would not get special treatment any longer for "carried-interest." That tax, which is on investment earnings that are paid to fund managers, is at rates far below those for ordinary income generators, meaning it's a special carve-out for a group of Americans who are also heavy political donors.

In the speech, Trump concentrated primarily on tax reduction and simplification, cutting regulations, boosting trade by making better deals and reforming immigration. The speech was his first since announcing a 13-member economic advisory team the week before. Members of the newly formed group discussed their own economic views regarding policy with senior aides to Trump during a recent conference call, Stephen Calk, a member who took part, told the Daily Mail.

Critics of Clinton's economic plan say the raising of taxes and national debt threaten to bankrupt the nation, something that would reverberate the world over and result in a massive depression.

Sources for this story include:

DailyMail.co.uk

Breitbart.com

NaturalNews.com