Donald Trump is expected to propose one of the deepest income tax cuts since the days of the Reagan administration. According to Stephen Moore, one of Trump’s 13 economic advisors, said that the Republican presidential candidate will reiterate his plan to cut corporate taxes to 15%. Moore added that Trump has found the way to reduce the cost to federal tax revenue by approximately two-thirds: about $3 trillion.
The plan will be unveiled at the Detroit Economic Club on August 8. Moore, who is an economist at the Heritage Foundation, said that it will include changes to federal energy policy that are intended to convert the US into the world’s biggest product of petroleum, coal, and natural gas.
As for the campaign, Moore said that Trump should “keep focused on this lousy economy that has so underperformed.” As evidence, despite a Labor Department report that showed that 255,000 jobs were added to the economy last month, Moore said that the monthly payroll gains should have been between 400,000 to 500,000. Moore said that Trump has been “off message for the last week”: a reference to a series of exchanges the candidate had with the Pakistani Muslim parents of a U.S. Army officer killed in Iraq. “This is a critically important speech for Donald Trump. He’s got to get back on the message of the economy, jobs,” Moore said. “He’s got to change the subject, because he’s been off message for the last week, for sure,” Moore told Bloomberg.