Model plane builder Otto Dieffenbach III makes his remote control plane resembling U.S. Presidential candidate Donald Trump release fake money as it flies over the beach in Carlsbad, California, U.S. September 15, 2016. REUTERS/Mike Blake
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NEW YORK: Donald Trump has attached a price tag to an economic vision promising what many economists say is impossible: lower taxes, a dramatic expansion in some federal programs and a slimmer government running a smaller deficit. In a speech Thursday to the Economic Club of New York, Trump said his plan – a mix of tax cuts, regulation elimination and new spending – would reduce the nation's tax burden by $4.4 trillion over 10 years and create 25 million new jobs.The U.S. economy is already creating 2.5 million jobs a year, the same pace promised by Trump over the next decade.Earlier in his campaign, Trump proposed a $10 trillion tax cut over 10 years that was so large and costly that several Republican economists laughed when asked about it. Trump also introduced plans for an entirely new federal benefit this week, six weeks guaranteed paid maternity leave.The heart of Trump's plan is a revised tax code, which includes a pledge that no business should pay more than 15 percent of its income in taxes, down from the current 35 percent corporate tax rate.
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