(CNN) The economic plan that Donald Trump presented on Monday in Detroit, while light on details, provides a good glimpse into what the nation can expect from a Trump presidency. At the same time, Trump promises a lower tax rate on business income and full expensing of investment. Trump also called for tax simplification, such as reducing the number of existing tax brackets. Though the plan had a few noteworthy ideas, it misfired on issues ranging from tax reduction and reform to regulatory reform and trade policy. Reductions in marginal tax rates can spur economic activity, but unless the tax cuts improve the incentives to work and save, they are at best mildly beneficial in the short run and detrimental in the long run.

Source: CNN August 09, 2016 02:26 UTC