That puts us on track to achieve that goal, over the next we 10 years, Economic Team estimates under our plan the economy will average 3. 5 growth and create a total of 25 million new jobs. You can visit our website, just look at the map. It works. [applause] this growth means our jobs and plans including our childcare reforms my daughter is involved in will be complete. Will be completely paid for in combination with proposed budget savings. It will be deficit neutral. If we reach 4 growth it will reduce the deficit. It will be accomplished through a complete overhaul of our tax, regulatory, energy policies. Right now, under the Obama Clinton policies the economy grew only 1. 1 last quarter. A number that was shocking to people that do this professionally and for life. It translates into millions of lost jobs and certainly millions of lost good jobs because we dont have good jobs anymore. Those jobs are gone and going. This is the weakest soc recovery since the great depression. Over the last 7 years the economy grew only 2. 1 , the slowest period in 70 years. Had the economy grown under obama at the same rate of reagan it would have meant 10 million more jobs. Perhaps most shockingly, one in 6 men age 18 to 34 are either in jail or out of work. Meanwhile another 2 million hispanic americans have been added to the ranks of those in poverty. On top of it all the Obama Clinton policies have doubled the national debt. It took more than 230 years for the United States to accumulate its first 10 trillion in debt. It took president obama less than eight years to add another 10 trillion. It would be one thing if that money had been used to completely rebuild our nation, our military, our infrastructure but that didnt happen. The opposite happens, we doubled the debt and in return we have dilapidated infrastructure, badly depleted military, greatest people on earth and a badly depleted military, its equivalent old and tired and another 14 Million People who left the workforce, never has so much money been spent so poorly and so unwisely, but we are going to turn that around and here is how. It begins with. They are going down, not up. You were concerned they were going up. As outlined in detroit, our tax plan will greatly simplify the code and reduce the number of brackets from 7 to 3. The new brackets will but low income americans will pay no income tax at all. In fact our plan will remove millions and millions of workers from the income tax roll that work that we do in washington can be discontinued. They will pay tax. They will pay tax but they will pay tax when they start making a certain amount of income. By lowering rates streamlining process we will add millions and millions of new jobs. In addition, because we have strongly capped deductions for the wealthy, and closed special interest loopholes, the tax relief will be concentrated on the working and middle class taxpayer. They will receive the biggest benefit and it wont even be close. They have been forgotten. We are not going to forget them. They have built our country. We will not forget. This is a0l working thank y. [applause] this is a working and middle class tax relief proposal. The tax relief for these workers will be expanded by my child care proposals that i have worked on with my daughter, ivanka. These proposals are central and very, very powerful central element of our comprehensive tax reform and Economic Growth plan. Families will be able to fully deduct the average cost of child care from their taxes, including stay at home parents. Because this deduction is capped, it will be disproportionately and it will benefit working and middle class families. Got to take care of our middleclass families. The less you make, the larger a share of your income you can exclude from taxation. Parents will also be able to enroll taxfree dependentco care savings account for their children or elderly relatives. Lowincome households will benefit from both an expanded earned income tax credit in the form of child care rebates and a matching 500 contribution for their savings account. A married couple earning 50,000 per year, with two children and 8,000 in child care expenses will save 35 from their current tax bill. Thats a tremendous savings. And they will have a better life. A married couple earning 75,000 a year and two children, and 10,000 in child care, expenses will receive a 30 reduction in their tax bill from what theyre paying right now. By contrast, someone earning 5 million, like the people in this room, will receive virtually no change in their tax bill at all. One of our greatest job creation measures is going to be our 15 business tax rate, down from the current 35 rate, a reduction of more than 40 . [applause] i know that is what you people have been waiting for. An explosion of new businesses and new jobs will be created. It will be amazeing to watch. You watch and it will happen. We will allow flightsbased manufacturers to fully exexpense the cost of new equipment. A big, big deal. [applause] on top of that we will bring back trillions in business wealth and business wealth that is parkedlzn overseas. Nobody knows how much it is. They say it is 2 1 2 trillion. I have people that think it is 5 trillion. Well bring them back and it will be taxed only at the rate of 10 instead of 35 . And who would bring it back at 35 . Obviously nobody becausern n y is doing that. Something that will be so phenomenal, far beyond what people even think. By taxing it at 10 instead of 35 , all of this morn any will come roaring back into our country and lots of good things we will turn america into a new magnet for new jobs, and that means jobs in our poorest communities. So important. And right now we have companies leaving the country because taxes are too high but we actually have companies leaving the country to getzez their mo. And thats first. Nobody has ever heard of that one before but believe me, thats happening. Next comes regulations. One of the keys to unlocking growth is scaling back years of disasterous gi regulations unilaterally imposed by out of control bureaucrats. Regulations have grown into a massive jobkilling industry and the regulation industry is one business i will absolutely put to an end day one. Yon [applause] in 2015 alone federal agencies issued over 3300 final rules and regulations, up from 2400 the prior year. Every year overregulation costs our economy 2 trillion a year and reduces Household Wealth by almost 15,000. I propose a moratorium on new federal regulations that are not compelled by congress or public safety. And i will eliminate all needless and jobkilling regulations now on the books and there are plenty of them. [applause] this includes eliminating some of our most intrusive regulations like the waters of the u. S. Rule. It also means scrapping epa socalled Clean Power Plan which the government itself estimates will cost 7. 2 billion a year. This obamaclinton directive will shut down most, if not all coal powered electricity plants. I mean all over the country theyre shutting down. Remember, what Hillary Clinton said. She wants to shut down the miners, justlike she wants to shut down the steel mills and shut doesnt steelworkers and were not going to let it happen. [applause]ly were going to put our great miners and our steelworkers back to work. Energy reform is central to our plan as well. According to heritage foundation, by 2030 president obamas Energy Restrictions will eliminate another half a Million Manufacturing jobs, reduce economic output by 2. 5 trillion, and reduce incomes by 7,000 per person. And today you have workers, and i see them all the time, and i meet them all the time and theyre part of this Massive Group of people that have just come on to this movement, but you have workers making less money today than they made 18 years ago in real wages. Theyre working much harder, ooxt times because of the disasterous obamacare that were going to repeal and replace. Often times theyre working two jobs. [applause] so theyre working harder, theyre older, and theyre making less. Like me. Im working harder than i have ever worked also but these are nobody cares about that. Who cares about that . [laughter] Hillary Clinton wants to go even further and her plan could cost the economy 5 trillion. A Trump Administration will lift restrictions on all sources of American Energy production. According to the institute for American Energy resources, this will increase the gdp by more than 100 billion annually. Add over 500,000 new jobs annually. Increase annual wages by more than 30 billion over the next seven years. Increase federal, state, local, tax revenues, by almosttrillion almosttrillion 6 trillion over four decades. Increase total Economic Activity by more than 20 trillion over a 40year period. The permitting process for all Energy Infrastructure projects which are desperately needed. Including the billions of dollars in projects held up by president obama currently being held up. They just wont approve anything, creating countless more jobs in the process. Finally comes trade. The foundation for everything, americas annual trade deficit with the world is now almost 800 billion a year. Who are negotiating these deals . Anybody this room negotiating these wonderful deals . Think of it. You have a trade deficit of almost 800 billion a year. That is going to change so fast. Between world war i and the year 2000, the United States averaged a 3. 5 growth rate. But after china joined the world trade organization, our average growth rate has been reduced to only 2 . Predatory trade practices, product dumping, currency manipulation which is a big one, and intellectual property theft have taken millions of jobs and trillions of dollars in wealth right out of our country, right out of our country. So sad that we allowed this to happen. Our incompetent politicians were not watching, and the ones that were watching were taken care of in some form because this should have never allowed, been allowed to have happened. It is no great secret that many of the special interests funding my opponents campaign are the same people profiting from these terrible trade deals. They are terrible. Theyre terrible for everybody. The same, socalled, experts advising Hillary Clinton are the same people who gave us nafta, chinas entry into the world trade organization, the jobkilling trade deal with south korea, another disaster, and now the Transpacific Partnership that theyre pushing so strongly. The verdict is in. All of the special interests that the media race to comment and race to get comment from, have been proven wrong over such a long period of time. Every single deal they have promoted, every lie, and every prediction has crashed, it has just crashed. They have been so absolutely wrong and they have been so bad for our country. Our Manufacturing Base has crumbled, communities have been hollowed out, wages have declined, and households are making less today than they were in the year 2000. I proposed a detailed plan to reform our trade policies and bring vast, new jobs and wealth to america. We need our wealth back. We dont have wealth. We are a debtor nation. This includes the following steps. Im going to direct the secretary of commerce to identify every violation of trade agreement that a foreign country is using to harm our country and our workers. Thats whats happening. Theyre being harmed and our country is being harmed. I will use every tool under american and International Law to end these abuses and i will use our greatest Business Leaders and finest negotiators, and i will tell you, some of them are in this room right now. Not all of them but some, and i know who you are, ande were going to be calling on you because we have people negotiating the biggest deals in the world, far bigger than your company deals. Your company deals are little deals by comparison. We have, it is true. You take some of these big nss anies and you look at some of these trade deals, hate to say it, but your companies are peanuts but were going to use our best. Right now we have political hacks negotiating the biggest, most important deals in the world. Were going to start with nafta, which is causing so much damage to our country. We will entirely renegotiate nafta into a deal that will either be a good one for us as a country and for our workers, or we will terminate it until a brand new and productive deal can be signed. [applause] well also, and we have to, were going to keep america out of Transpacific Partnership unless we can do something that is phenomenal and im not seein. It right now, i can tell you that, im not seeing it. [applause] next im going to instruct my treasury secretary to label china, and i like china, theyre my tenet, they buy condos all the time, theyre just fine, but you know what . They are a currency manipulator, and were going to apply tariffs to any country that devalues its currency to gain an unfair advantage over the United States. They are a manipulator, grandmasser level. We cant allow it to happen. Our people and our representatives and our politicians dont have even a little clue as to how to play the game. We have a trade deficit this year with china of approximately 500 billion. What kind of a deal is that . And this has been going on for years. 200 billion, 300 billion, 400 billion, for years. Im going to instruct the United States trade representative to bring trade cases against china. Chinas unfair subsidy behavior is prohibited by the terms of its entrance into the wto and i intend to enforce the rules. And im sure well deal somewhere along the way but theyre not playing fairly and our politicians dont understand how to play the game. [applause] if china does not stop its illegal activities including its theft of american trade secrets and intellectual properties, i will apply counterveiling duties until china ceases and desists. You know what that means . Just a single action of enforcing intellectual property rules, alone, just alone, would add millions of new american jobs. According to the United StatesInternational Trade commission improved protection of americas, just think of this. Improved protection of americas intellectual property in china would add 2 million jobs a year within the United States, every single year. And we do nothing. We allow them to get away with it. Who can blame them. I dont blame them at all. If you can get away with it, theyre going to get away with it. Were going to stop the outflow of jobs from our country. And open a new highway of jobs back into our country. Heres how the plan adds up. Were proposing a 4. 4 trillion tax cut that will score as a 2. 6 trillion under Dynamic Growth models, which is how taxes should be scored. [applause] this includes the child care plan that we announced the other day. Modeled that the growth induced savings from trade, energy, and regulation reform will shave at least another 1. 8 trillion off the remaining debt. That leaves around 800 billion. Through simple, common sense reforms. If we just save one penny of each federal dollar spentwmq on nondefense, and nonentitlement programs, we can save almost 1 trillion over the next decade. One penny, we can all do that. [applause] save over a trillion. Again this is spending that does not touch defense. Because we have to build up our military which is so terribly depleted. And that does not touch entitlements. If our plan succeeds, the 3. 5 , 10year growth average, then our jobs proposed will actually reduce and start really, strongly reducing the deficit. Savings will be compounded by the fact that people who are currently receiving unemployment or welfare, will finally be able to find jobs. This is the most progrowth, projobs, profamily plan put forth, perhaps in the history of our country. This is what our new future will look like. I am going to low you are your taxes very, very substantially. Im going to get rid of massive amounts of unnecessary regulation. All of these regulations on your business, and in your life, im going to unleash American Energy. Im going to repeal and replace obamacare. Im going to appoint justices of the Supreme Court who will follow the constitution. [applause] im going to rebuild our depleted military and take care of our vets who are treated so badly. [applause] and in many cases our vets are treated not nearly as well as people who come into our country illegally. We cant have that. Im going to save your Second Amendment which is under siege. Im going to stop illegal immigration, an drugs from pouring into our country. And totally poisoning our youth and others. [applause] we have tremendous problem. And yes, we will build the wall. The wall will be built. And just in case youre worried about who is going to pay for it, mexico will pay for it. Being totally serious about that. [applause] mexico will pay for it. And you understand, mexico, by the way, we look at the trade deficit we have with mexico, its massive. The wall is peanuts compared to what were talking about. Mexico will pay for the wall. And im going to renegotiate our disasterous trade deals, especially nafta and we will only make great trade deals that put the American Worker first and put the American Worker back to work. [applause] that includes our miners and our steelworkers. Theyre going back to work. We will rebuild our roads, our bridges, our tunnels, our highways, our airports, schools, hospitals. Well rebuild everything. American cars will travel the roads. American planes will soar the skies. And american ships will patrol the seas. American steel will send new skyscrapers into the clouds. American hands will rebuild this nation. And American Energy, harvested from american sources, will power this