Factbox: What New Proposals Did Trump Make During His Economic Speech?

By Gram Slattery and Helen Coster

NEW YORK – Donald Trump, the Republican presidential candidate, unveiled his economic vision during a recent address at the New York Economic Club. Here are the key proposals he presented:

Sovereign Wealth Fund
Trump proposed the establishment of a sovereign wealth fund aimed at investing in significant national projects, particularly in infrastructure such as highways and airports. He indicated that this fund would be funded through tariffs and other unspecified methods.

Tax Cuts for Domestic Producers
The candidate committed to reducing the corporate tax rate from 21% to 15% for companies manufacturing products in the U.S. While he previously expressed a desire to lower the corporate tax rate, this marks the first time he has linked the reduction to domestic manufacturing. Trump had reduced the corporate tax rate during his previous term and has reiterated his intention to cut it further. He also proposed eliminating taxes on income derived from tips, a move aimed at benefiting service workers.

Efficiency Oversight Panel
Trump announced plans to create a government efficiency panel, to be led by billionaire supporter Elon Musk, tasked with identifying waste within the federal government. Although lacking specifics on its operations, he stated that the panel would aim to identify "fraud and improper payments" within six months of its establishment. This concept of creating oversight bodies has historical precedence, with similar initiatives proposed by past politicians.

Energy Strategy
He also promised to declare a national emergency to enhance domestic energy supply, intending to remove bureaucratic obstacles that hinder energy projects. While presidential declarations can grant special powers, any attempts to expedite energy regulations may face legal and legislative challenges.

Housing Policy Change
Trump mentioned plans to ban mortgages for undocumented migrants in California, citing concerns that they contribute to rising housing costs. However, he did not clarify how this ban would be implemented or if it would extend beyond California. While banks can issue mortgages to undocumented individuals, such cases are rare.

Housing Affordability Initiative
He proposed to open parts of federal land for large-scale housing development, suggesting these areas would feature low taxes and minimal regulations. This announcement marks a new focus on creating a favorable tax and regulatory framework to attract homebuilders, adding to previous remarks about utilizing federal lands for housing construction.

Trump has previously opposed actions to relax local zoning laws that restrict the construction of affordable housing in areas designated for single-family homes. The Republican Party’s platform advocates for increased home ownership through tax incentives and the removal of regulations, though it does not provide detailed plans.