Trump outlines vision for economy, promising large tax cuts

NEW YORK -- Donald Trump outlined his vision for managing the nation's economy as president Thursday, promising his plans to lower taxes by $4.4 trillion over a decade and cut regulations would lead to growth, create millions of jobs and even cut into the nation's budget deficit.

"My plan will embrace the truth that people flourish under a minimum government burden and will tap into the incredible, unrealized potential of our workers and their dreams," Trump said in a speech to the Economic Club of New York.

The Republican nominee said his plans would raise the nation's economic growth rate to at least 3.5 percent, well above its current rate of about 2 percent, and create 25 million new jobs over the next 10 years.

For Trump's plans to succeed, they would have to overcome forces in the economy such as rising automation, an aging population and low-wage competition overseas that have led even conservative economists to say a 3.5 percent growth rate is an improbable goal.

The U.S. economy already is creating 2.5 million jobs a year, the same pace promised by Trump over the next decade.

The heart of Trump's plan is a revised tax code, which includes a pledge no business should pay more than 15 percent of its income in taxes, down from the current 35 percent corporate tax rate. Few businesses pay the full 35 percent rate, taking advantage of many deductions in the existing tax code.

He also proposed simplifying the U.S. tax code for individuals, reducing the current seven tax brackets to three: 12 percent, 25 percent and 33 percent of income after deductions.

As president, Trump said he would cut the number of regulations imposed by the federal government, including some designed to combat climate change and protect the food Americans eat.