Finally the Presidential Merry-go-round has ended and Trump is Victorious. It has been an eventful election campaign filled with drama, scandals, and debates to name a few. Against all odds Trump has managed to pull off one of the biggest upsets in presidential election history. It was not an easy road for Trump as he faced stiff competition from Clinton in all regions. Now that presidential election is done and dusted, it is time to look to the Future under President Donald Trump.
Trump has personally had his fare share of success and failure in making his empire. So what can he bring to the table as The President of United States of America? According to Trump, There are three key elements that need to address to stabilize and grow the US economy.
- Taxes: Trump plans to give a big fiscal boost by lowering Taxes. The top rate of Federal income tax will be cut from 39.5 per cent to 33 per cent, with three bands instead of seven, and corporation tax from 35 per cent to 15 per cent. He also plans to focus on core Federal programmes, such as Medicare. All this plans sounds great but would it be sustainable, and whether such a plan would increase interest rates? Only time will tell.
- Trade Deals: When it comes to Trade, Trump has proposed a 45 per cent tariff on Chinese imports and a 35 per cent on Mexican. This is bound to play out negatively as there will definitely be retaliation.
- Legal Changes, Immigration and Banking Regulations: Immigration is one area of Trumps campaign that has been under heavy scrutiny and criticism. The proposal for a wall between Mexico and the US and banning Muslims has led to intense negative image. He also wants to repeal the Dodd-Frank Act, and shut down the US Consumer Financial Protection Bureau. There is also gone be fewer controls on banks.
Trump claims that if all things go according to plan US growth will be between 3.5 per cent to 4 percent and also create 25 million jobs.
Many economists disagree with these statements as it requires US to grow faster than world economy. Only time will tell if Trump can keep up his word. He has managed to show the world polls wrong, now it is time to show the world how wrong the economists are.
- Posted by Mark Williams
- On November 9, 2016