Trump proposes 3-tier income tax structure, regulation freeze

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Republican U.S. presidential nominee Donald Trump speaks to the Detroit Economic Club at the Cobo Center in Detroit, Michigan August 8, 2016. REUTERS/Eric Thayer - RTSLUZZ

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GWEN IFILL: The two major candidates for president jostled for position in the last week, stepping into and out of political corners, and attempting to paint the other as unfit and unstable.

Today, Donald Trump stuck to policy, while Hillary Clinton stuck it to Donald Trump.

DONALD TRUMP (R), Presidential Nominee: These reforms will offer biggest tax revolution since the Reagan tax reform.

GWEN IFILL: Trump chose the traditional campaign setting of the Detroit Economic Club to deliver the sober outline of his economic ideas, starting with taxes.

DONALD TRUMP: I am proposing an across-the-board income tax reduction, especially for middle-income Americans. This will lead to millions of new and really good-paying jobs. The rich will pay their fair share, but no one will pay so much that it destroys jobs, or undermines our ability as a nation to compete.

GWEN IFILL: But throughout his scripted remarks, Trump was regularly interrupted at least a dozen times by hecklers.

DONALD TRUMP: Thank you.

I will say, the Bernie Sanders people had far more energy and spirit.

GWEN IFILL: Trump’s tax plan envisions three income tax brackets of 33 percent, 25 percent and 12 percent. His original plan, last fall, topped out at 25 percent for the wealthiest earners.

Trump also argued for cutting the top corporate tax rate to 15 percent, less than half what it is now. The Republican nominee also called for a freeze on new government regulation.

DONALD TRUMP: It is time to remove the anchor dragging us down. And that’s what it’s doing. It’s dragging us down. Upon taking office, I will issue a temporary moratorium on new agency regulations.

GWEN IFILL: Trump said the specifics of his plan will be spelled out on his Web site at some point. But he used today’s remarks to attack Hillary Clinton’s approach to economic policy, saying, it punishes you for working and doing business in the United States.

HILLARY CLINTON (D), Presidential Nominee: It’s clear — and a lot of the journalists have written this — that Trump is scrambling to do damage control.

GWEN IFILL: Clinton, who campaigned in Florida today, including a brewery tour in St. Petersburg, was quick to dismiss Trump’s economic plan.

HILLARY CLINTON: He wants to basically just repackage trickle-down economics.

(BOOING)

HILLARY CLINTON: Now, you know, that old saying, fool me once, shame on you, fool me twice, shame on me?

GWEN IFILL: The candidates sparred as Trump tumbled in the polls after a series of political missteps last week. On Friday, he finally endorsed House Speaker Paul Ryan and others he had initially declined to support.

Meanwhile, a new face, little known GOP operative Evan McMullin, said he is hoping to capitalize on Republican unease by launching his own independent bid for president.

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