11 Economic Policy Changes Donald Trump Wants to Implement If Elected

Republican presidential candidate Donald Trump has focused his economic agenda on foreign trade, American manufacturing and targeted tax cuts as he seeks to return to the White House after serving as president from 2017 to 2021.

Voters became increasingly concerned about the economy. A recent Gallup poll showed that 43% of voters said that economic issues were their primary concern, compared to 36% in April.

Both candidates have made the economy a major part of their election platforms. Here are some of Trump’s most important economic proposals if he is re-elected.

Trump’s economic proposals

Definitions

• Trump has proposed imposing tariffs on goods made in foreign countries, which could add costs to imported products. China, where the former president said he would impose tariffs of up to 60% on goods made in that country, is particularly targeted by the proposal.
• He proposed imposing a tariff of between 10% and 20% on goods made in other countries.
• Trump also targeted specific industries. He has proposed imposing tariffs on automakers that use factories in Mexico to manufacture cars for sale in the United States; Trump said that such tariffs could reach 2,000%. The goal is to move more manufacturing facilities to the United States, he said

Taxes

• Trump has pledged to renew most of the Tax Cuts and Jobs Act of 2017 (TCJA), which includes several provisions that are set to expire at the end of 2025. Trump has pledged to make most of these provisions permanent, including a higher level of personal standards. Deductions and tax cuts in most brackets.
• One provision of the TCJA that Trump has talked about repealing is the law’s limitations on deductions for state and local taxes (SALT) on federal income tax.
• Trump proposed several new targeted tax breaks, including overtime and additional income taxes. The former president also proposed excluding Social Security payments from income taxes.
• Trump’s latest proposal would also exempt interest payments on car loans from taxes.
• His campaign also proposed expanding the child tax credit to $5,000 per child from $2,000.
• Trump has suggested that companies that manufacture products in the United States could be subject to a lower tax rate of 15%, compared to the current corporate tax rate of 21%.

Housing

• Trump has proposed opening up large swaths of federal land to housing development. More than a quarter of the land in the United States is owned by the government, although most of it is inhospitable or used for national parks, wildlife refuges, or military bases.
• He also proposed deporting millions of immigrants, in part to solve the country’s persistent housing shortage.