The big problem with Mr. Trump’s tax ideas is that they would leave a multitrillion-dollar deficit for no benefit. On trade, Mr. Trump renewed his pledge to kill the Trans-Pacific Partnership, an agreement that Mr. Obama negotiated with 11 countries. Mr. Trump told the Detroit Economic Club that he would cut taxes to an extent not seen since Ronald Reagan was in the White House. Mr. Trump considers himself a businessman, uniquely capable of improving the economy. Mr. Trump’s previous tax plan, released last year, would have reduced federal revenue by $9.5 trillion over 10 years, according to the Tax Policy Center, meaning that Mr. Trump would have to slash government spending or increase borrowing substantially.

Source: New York Times August 09, 2016 00:11 UTC