President Donald Trump talked about opportunity, prosperity and income taxes.

He mentioned that while the U.S. has been averaging two percent growth over the last 10 years. In August we have, just hit three present, according to federal government statistics.

So now he believes that “we have a once in a generation opportunity” to provide economic prosperity by lowering U.S. personal and business taxes. And boy was he upset! He says this time he “does not want to be disappointed by Congress.”

The Donald says he has a four-point plan.

The Donald states that in 1934, the IRS instruction book was only two pages. In 2017, it contains over 100 pages of instruction. So, he says, tax reform must simplify the tax code. His simple idea: Have a simple page that anyone can fill out without hiring an accountant.

In 1986, Trump says, the U.S. corporate tax rate was 34 percent. When it was lowered the economy boomed and incomes increased. He also mentioned that most foreign countries have a lower tax rate so we are at an economic disadvantage.

Now, says The Donald, the rate is at 35 percent, behind other nations, and this is why we have trade deficits, mainly because compared to other nations, we are 60 percent higher. The Donald wants to lower it to 15 percent.

The Donald calls them “The forgotten people.” Donald, crediting his own daughter with the idea, believes middle class taxes should be lowered with a focus on childcare.

The President says companies park their profits overseas so they don’t have to pay taxes. That amount, according to the president:  three to five trillion dollars. He believes that we should create a New American model. To hire American and raise wages.

The President finally called on Congress to create a 21st Century tax code.  Donald says, “They have to do it, it is time. Instead of exporting our jobs we will export our goods. People will have a job, make a big paycheck and buy American, and feel proud.”

That is quite a bit he just said with very little specifics. So let’s see if we can decipher this for you.

In regards to “individual taxes,” he really didn’t say to much about tax rates but he might have given a hint about the elimination of tax deductions. After all, according to his own speech, if you can lower the “tax instruction” book by over 98 percent then expect, as The Donald says, “you will be able to do your taxes on a postcard.”

Translation: we expect 98 percent of tax deductions and credits to be eliminated. If this were to indeed happen, most Americans will actually be receiving a tax increase by not being able to offset income to deductions. These increases for the average American could be as high as 20 percent. Childcare deductibility will of course bring just “a bit” of that money back to the affected parents.

On the American business side no economist would argue that a 65 percent tax cut in business taxes will not tremendously help business investment. Trump is trying to accomplish the “business spending” that took place in the 1980s. But with an unstable economy and business tax deductions, along with business spending to Gross Domestic Product, is only 10 percent, we believe that “the supply side” push Mr. Trump is looking for will be minimal. Trump also claims that his “supply side II” package will increase wages. Well, that’s a great soundbite, but does not make sound economic sense.

And Donald: A tax professional is not an accountant!

So US citizens, look out! There were many good elements to the controversial “supply side I” bill passed in 1986. But this supply side bill will increase your taxes, giving you less to spend.