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President Donald Trump on Friday revealed his plan to create 25 million new jobs in the next decade and return the American economy to 4 percent annual growth, according to a White House statement.
The plan seeks to lower rates for every tax bracket, simplify the tax code, reduce corporate taxes and repeal regulations.
Trump promised in his campaign to reduce the number of tax brackets from seven to three, and cut the corporate tax rate to 35 percent from 15 percent.
"In 2015 alone, federal regulations cost the American economy more than $2 trillion," according an online White House statement.
The plan also aims to renegotiate trade deals with other countries that "engage in illegal or unfair trade practices that hurt American workers," the statement said.
Trump has threatened to withdraw the U.S. from the the North American Free Trade Agreement with Mexico and Canada, and the Trans Pacific Partnership, another multinational trade deal.
Also Friday, the Trump White House uncovered plan for American energy security, aiming to eliminate the Waters of the U.S. rule that defines what lakes, streams rivers are under federal jurisdiction, and "restrictons" imposed by former President Barack Obama's Climate Action Plan that tried to reduce carbon dioxide emissions.
"Lifting these restrictions will greatly help American workers, increasing wages by more than $30 billion over the next 7 years," according to a separate.
At noon (1700GMT) Friday, the moment Trump became president by law, all White House pages with reference to climate change under the Obama administration were removed from the website.
With a promise to "unleash an energy revolution" during his campaign, Trump wants to increase domestic shale oil, gas and coal production, including from federal lands, in order to achieve "energy independence from the OPEC cartel," and to generate revenue for Trump's $1 trillion infrastructure spending plan.
"We must take advantage of the estimated $50 trillion in untapped shale, oil, and natural gas reserves," the statement read.
The U.S. has almost doubled domestic oil output since 2008, from 5 million barrels per day to 9.6 million last April, and has managed to significantly loosen its dependence on foreign oil supply, according to the Energy Information Administration.
Despite planning to increase hydrocarbon production, Trump said he would preserve clean air and water by making the Environmental Protection Agency refocus on protecting those resources. -
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