In a radio address on July 24, 1933, President Franklin D. Roosevelt referred to the 100-day session of the 73rd United States Congress between March 9 and June 17, a session that produced a record-breaking volume of new laws.
Despite the fact that the 100 days referred to a legislative session and not the beginning of a presidency, the term has become a metric for what a new president can accomplish and how effective they will be during their term. For this reason, president-elects often lay out a proposal for what they hope to accomplish during the early days after the Inauguration.
During a speech at Gettysburg, Pennsylvania last month, Donald Trump laid out his own plan for what he’ll do in his first days. Below is a summary of all the actions related to economics that Trump has promised to tackle in his Hundred Days.
The following are actions Trump believes he can take either through the executive orders or through the other powers of his office:
• Issue a requirement that for every new federal regulation, two existing regulations must be eliminated.
• Announce his intention to renegotiate NAFTA or withdraw from the deal under Article 2205.
• Announce that the United States will be withdrawing from the Trans-Pacific Partnership.
• Direct his Secretary of the Treasury to label China a currency manipulator.
• Direct his Secretary of Commerce and U.S. Trade Representative to identify all foreign trading abuses that “unfairly impact American workers” and direct them to use “every tool under American and international law to end those abuses immediately.”
• Lift the restrictions on the production of $50 trillion dollars’ worth of job-producing American energy reserves, including shale, oil, natural gas and clean coal.
• Remove any obstacles to “vital energy infrastructure projects” (e.g., the Keystone Pipeline) so that the projects can move forward.
• Cancel billions in payments to U.N. climate change programs and use the money to fix America’s water and environmental infrastructure.
The following are proposals for economic-related legislation that President Trump would send to Congress:
Middle Class Tax Relief And Simplification Act — An economic plan designed to grow the economy 4% per year and create at least 25 million new jobs through massive tax reduction and simplification, in combination with trade reform, regulatory relief, and lifting the restrictions on American energy. The largest tax reductions are for the middle class. A middle-class family with 2 children will get a 35% tax cut. The current number of brackets will be reduced from 7 to 3, and tax forms will likewise be greatly simplified. The business rate will be lowered from 35 to 15 percent, and the trillions of dollars of American corporate money overseas can now be brought back at a 10 percent rate.
End The Offshoring Act — Establishes tariffs to discourage companies from laying off their workers in order to relocate in other countries and ship their products back to the U.S. tax-free.
American Energy & Infrastructure Act — Leverages public-private partnerships, and private investments through tax incentives, to spur $1 trillion in infrastructure investment over 10 years. It is revenue neutral.
School Choice And Education Opportunity Act — Redirects education dollars to give parents the right to send their kid to the public, private, charter, magnet, religious or home school of their choice. Ends common core, brings education supervision to local communities. It expands vocational and technical education, and make 2 and 4-year college more affordable.
Repeal and Replace Obamacare Act — Fully repeals Obamacare and replaces it with Health Savings Accounts, the ability to purchase health insurance across state lines, and lets states manage Medicaid funds. Reforms will also include cutting the red tape at the FDA: there are over 4,000 drugs awaiting approval, and we especially want to speed the approval of life-saving medications.
Affordable Childcare and Eldercare Act — Allows Americans to deduct childcare and elder care from their taxes, incentivizes employers to provide on-side childcare services, and creates tax-free Dependent Care Savings Accounts for both young and elderly dependents, with matching contributions for low-income families.