Trump Jobs Plan: 'I'll Be Reducing Taxes Tremendously'

By Susan Jones | September 27, 2016 | 5:53am EDT
Republican presidential nominee Donald Trump listens to an answer to a question from Democratic presidential nominee Hillary Clinton during the presidential debate at Hofstra University in Hempstead, N.Y., Monday, Sept. 26, 2016. (AP Photo/David Goldman)

( - "Our jobs are fleeing the country. They're going to Mexico. They're going to many other countries," Donald Trump said at the presidential debate Monday night.

"But we have to stop our jobs from being stolen from us. We have to stop our companies from leaving the United States and, with it, firing all of their people."

He mentioned the Carrier air conditioning company that recently left Indianapolis for Mexico.

"We cannot let it happen. Under my plan, I'll be reducing taxes tremendously, from 35 percent to 15 percent for companies, small and big businesses. That's going to be a job creator like we haven't seen since Ronald Reagan. It's going to be a beautiful thing to watch.

"Companies will come. They will build. They will expand. New companies will start. And I look very, very much forward to doing it. We have to renegotiate our trade deals, and we have to stop these countries from stealing our companies and our jobs."

Clinton dismissed Trump's plan as "trumped-up trickle-down," and she said that is not the way to grow the economy.

(Clinton also noted that Trump has been "very fortunate in his life," starting out in business with $14 million borrowed from his father, and that explains why he wants to help wealthy people. Trump said he used the loan from his father to build a company "that's worth many, many billions of dollars, with some of the greatest assets in the world, and I say that only because that's the kind of thinking that our country needs.")

Trump said in addition to lowering corporate taxes, "We have to renegotiate our trade deals."

He used the example of Mexico: "They have a VAT (valued added tax). We're on a different system. When we sell into Mexico, there's a tax...automatic, 16 percent, approximately. When they sell into us, there's no tax. It's a defective agreement. It's been defective for a long time, many years, but the politicians haven't done anything about it."

Trump noted that Clinton started talking about this only recently. "She's been doing this for 30 years. And why hasn't she made the agreements better? The NAFTA agreement is defective. Just because of the tax and many other reasons..."

Trump gave himself credit for creating a movement against NAFTA.

"And what you do is you say, fine, you want to go to Mexico or some other country, good luck. We wish you a lot of luck. But if you think you're going to make your air conditioners or your cars or your cookies or whatever you make and bring them into our country without a tax, you're wrong.

"And once you say you're going to have to tax them coming in, and our politicians never do this, because they have special interests and the special interests want those companies to leave, because in many cases, they own the companies.

"So what I'm saying is, we can stop them from leaving. We have to stop them from leaving. And that's a big, big factor."

Clinton said she wants to rebuild the middle class by imposing higher taxes on wealthy people.

But Trump said that by approving "one of the biggest tax increases in history," Clinton will "drive business out. Your regulations are a disaster, and you're going to increase regulations all over the place," he said.

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