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Trump says US$4.6 trillion tax cuts will spur America’s economy to new heights
- Donald Trump stressed the benefits of his tax cuts on the campaign trail which he hopes will give him the edge over rival Kamala Harris
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Republican nominee Donald Trump said his plan to renew expiring tax cuts would pay for itself by boosting economic growth as he highlighted his agenda on taxes in a visit to a key swing state in November’s election.
“Growth, we’re gonna have tremendous growth,” Trump said when asked how he would pay for those tax cuts during a campaign stop in Las Vegas.
The former president has said he will renew tax cuts from his 2017 tax law that are set to expire next year – a centrepiece of his economic agenda which has won him support from business leaders and many on Wall Street.
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But extending those cuts carries a US$4.6 trillion price tag, and risks further growing a federal deficit Republicans have long vowed to tame.
Trump has also promoted additional tax cuts – including eliminating federal taxes on tipped wages, which was the focus of his event Friday at a Mexican-Italian restaurant in Las Vegas. The Committee for a Responsible Federal Budget estimated that such an exemption would cost around US$100 to US$200 billion over a decade.
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Trump said he believed the policy would help win him support from workers in Las Vegas, where hospitality remains the dominant industry, and accused his Democratic rival Kamala Harris is pushing tax policies that would place more burdens on workers and small businesses.
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