Donald Trump expanded Thursday in Manhattan on his economic vision for the country, telling the Economic Club of New York that his policies would create at least 3.5 percent average annual growth and 25 million jobs over the next decade.
The GOP presidential nominee vowed a simplified tax code that would include cuts for every income group.
“This is the most pro-growth, pro-jobs, pro-family plan put forth, perhaps in the history of our country,” he said to a warm reception from the hundreds of business leaders at the Waldorf Astoria hotel luncheon.
Trump’s original tax plan, released in September 2015, was estimated to cost $9.5 trillion over a decade by independent groups including the Urban-Brookings Tax Policy Center.
The real estate mogul said the newest version would cost $4.4 trillion or “$2.6 trillion under dynamic growth models, which is how taxes should be scored.”
He cited an example of his plan: A married couple earning $50,000 annually with two children and $8,000 in child care expenses would save 35 percent from their current tax bill.
“He is scaling back rate cuts,” acknowledged Eric Toder, co-president of the Tax Policy Center, which said its estimated price tag of Trump’s most recent blueprint is forthcoming.
Toder said, however, that amid an aging American population and immigration proposals that would curb an incoming younger labor force: “The notion that his tax plan would create a large number of jobs is largely fictional.”
Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget, said Trump’s plan assumes annual growth of 3.5 percent, but that’s “75 percent higher than what’s currently projected.”
Still, Trump painted a rosy future under his leadership.
He said he would set a national goal of reaching 4 percent economic growth, and confided that his economists warned him to keep his projections conservative before adding, “I think we can do better than that.”
Trump complimented those in the business leaders in the ballroom as “total killers” in negotiations, saying he would put some of them to work on trade deals if he’s elected.
Trump read notes for the first couple of minutes as event organizers worked to get the TelePrompTer running.
He was introduced by his running mate, Indiana Gov. Mike Pence, and conducted a “fireside chat” question-and-answer session after his speech with club president John Paulson during which he said the country’s debt is “sacred” and he would never default.
The Democratic National Committee noted that Trump was unveiling his latest economic agenda on the anniversary of the 2008 collapse of Lehman Brothers bank and that a devastating recession followed.
DNC General Election Chief of Staff Brandon Davis said: “Today, we can expect Trump to offer more of the same failed economic policies that preceded the crisis in the first place: rolling back Wall Street reform, tax cuts for the rich, and nothing for hardworking middle-class families.”
Trump later Thursday taped an appearance on NBC’s “The Tonight Show with Jimmy Fallon” and to travel to Laconia, New Hampshire, for a campaign rally.
In an advance excerpt, Fallon thanked Trump for providing his show with comic fodder, adding, “You say some shocking things.”
The candidate responded, “But I’m trying not to anymore.”
Fallon also was granted permission to muss up Trump’s famous coif.