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Editor's note: NPR will also be fact-checking Democratic nominee Hillary Clinton's planned economic speech this Thursday.

coming off a week of disastrous headlines

 and cratering poll numbers. His major economic speech on Monday at the Detroit Economic Club, a vision described by his campaign as "Winning the Global Competition," was a chance to turn the page.

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During an address of just over an hour — which was interrupted multiple times by protesters — the GOP presidential nominee unveiled a new iteration of his proposal to reshape America's tax system. It has just three tax brackets (one fewer than the tax plan he released in September, which was removed from his website in the past 24 hours), would limit taxes on all forms of business income to 15 percent, would end the estate tax and would "exclude childcare expenses from taxation."

Other highlights include a proposed moratorium on all new federal regulations and would "remove bureaucrats who only know how to kill jobs [and] replace them with experts who know how to create jobs," according to a preview released by his campaign. It's unclear exactly what that means or how it would work, but there are currently about 2.7 million civilian federal employees.

As for trade, which has been a centerpiece of his economic agenda, Trump reiterated calls for the U.S. to pull out of the Trans Pacific Partnership trade deal and for NAFTA to be renegotiated. He said would appoint trade negotiators whose goal will be to "win for America," and he would apply tariffs on countries that cheat. Economists have raised concerns in the past that such tariffs could lead to a trade war that would ultimately hurt American interests.

Watch Donald Trump's full speech on economic policy

Below is the speech in its entirety, with annotations and fact-checks from NPR's team of political and economic reporters.

Thank you everybody, thank you very much. Thank you. Such a crowd - beautiful. Thank you very much. Thank you. Thank you. Please.

Thank you for the invitation to speak to you today. It's wonderful to be in Detroit. I've been here many times. We now begin a great national conversation about economic renewal for America. It's a conversation about how to make America great again - for everyone, especially and I say especially, for those who have the very least.

The city of Detroit is where our story begins. Detroit was once the economic envy of the world. The people of Detroit helped to power America to its position of global dominance in the 20th century.

When we were governed by the America First policy, Detroit was absolutely booming. Engineers, builders, laborers, shippers and countless others went to work each day, provided for their families and lived out, totally, lived out the American Dream. 

But for many living in this city, that dream has long ago vanished.

When we abandoned the policy of America First, we started rebuilding other countries instead of our own. The skyscrapers went up in Beijing and many other cities in the world while the factories and neighborhoods crumbled right here in Detroit. Our roads and bridges fell into disrepair. Yet we found the money to resettle millions of refugees at taxpayer expense. 

Today, Detroit has per capita income of under $15K - about half of the national average.

40% of the city's residents live in poverty, over two and a half times the national average.

The unemployment rate is more than twice the national average. Half of all Detroit residents do not work.

Detroit tops the list of the most dangerous cities in terms of violent crime.

These are silenced victims whose stories are never told by Hillary Clinton. But victims whose suffering is no less real or permanent. In short, the city of Detroit is the living, breathing example of my opponent's failed economic agenda. Every policy that has failed this city and so many others is a policy supported by Hillary Clinton.

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She supports the high taxes and radical regulation that forced jobs out of your community and the crime policies have made you far far less safe. And the immigration policies that have strained local budgets and the trade deals like NAFTA, signed by her husband, that have shipped your jobs to Mexico and other countries and she supports the education policies that deny your students choice, freedom and opportunity. She is the candidate of the past. Ours is the campaign of the future.

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This is a city controlled by Democratic politicians at every level, and unless we change policies, we will not change results. One hundred percent.

Today, I will outline my economic vision. In the coming weeks, we will be offering more detail on all of these policies, and the ones we have already rolled out (protesters interrupt) ...thank you everybody. This is what happens when you go from thirty five people to close to two thousand people, I guess. — in the coming weeks, we will be offering more detail on all of these policies and the ones we have already rolled out can be viewed on my campaign website.

Our opposition, on the other hand, has long ago run out of ideas. All Hillary Clinton has to offer is more of the same: more taxes, more regulations, more bureaucrats, more restrictions on American energy and on American production. More of that.

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If you were a foreign power looking to weaken America, you couldn't do better than Hillary Clinton's economic agenda. Nothing would make our foreign adversaries happier than for our country to tax and regulate our companies and our jobs right out of existence. The one common feature of every Hillary Clinton idea is that it punishes you for working and doing business in the United States. Every policy she has tilts the playing field towards other countries at our expense. And that's why she tries to distract us with tired political rhetoric that seeks to label us, divide us, and pull us apart.

My campaign is about reaching out to everyone as Americans, and returning to a government that puts the American people first. Here is what an America First economic plan looks like.

First, let's talk tax reform. Taxes are one of the biggest differences in this race. Hillary Clinton - who has spent her career voting for tax increases - plans another massive job-killing $1.3 trillion-dollar tax increase. Big increase - one of the biggest ever. Her plan would tax many small businesses by almost fifty percent.

Recently, at a campaign event, Hillary Clinton short-circuited - you know this, you've heard this one - Hillary Clinton short-circuited again - to use a now famous term - when she accidentally told the truth and said she wanted to raise taxes on the middle class.

I am proposing an across-the-board income tax reduction, especially for middle-income Americans. This will lead to millions of new and really good-paying jobs. The rich will pay their fair share, but no one will pay so much that it destroys jobs, or undermines our ability as a nation to compete.

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As part of this reform, we will eliminate the Carried Interest Deduction, a well-known deduction, and other special interest loopholes that have been so good for Wall Street investors, and people like me, but unfair to American workers. Tax simplification will be a major feature of the plan. Our current tax code is so burdensome and complex that we waste 9 billion hours a year in tax code compliance. 

My plan will reduce the current number of brackets from 7 to 3, and dramatically streamline the process.

We will work with House Republicans on this plan, using the same brackets they have proposed: 12, 25 and 33 percent.


For many American workers, their tax rate will be zero. While we will develop our own set of assumptions and policies, agreeing in some areas but not in all or in others, we will be focused on the same shared goals and guided by the same shared principles: jobs, growth and opportunity. These reforms will offer the biggest tax revolution since the Reagan Tax Reform, which unleashed years of continued economic growth and job creation. We will Make America Grow Again.

In the days ahead, we will provide more details on this plan and how it will help you and most importantly your family. It will present a night-and-day contrast to the job-killing, tax-raising, poverty-inducing Obama-Clinton agenda.

So important - the State of New York has already lived through Hillary Clinton's failed leadership. 

The Washington Post just published today a devastating article on Hillary Clinton's broken promises.

She pledged 200,000 jobs for upstate New York as Senator. But what happened? What happened? The Washington Post writes, and I quote: "upstate job growth stagnated overall during her tenure, with manufacturing jobs plunging record-setting levels, plunging nearly 25 percent...the former first lady was totally unable to pass big ticket legislation... Many promised jobs they were all promised, I remember it so well..."Vote for Hillary - she'll bring back your jobs", many promised jobs never materialized and others migrated to other states as she turned to her first presidential run which also was a disaster.

Data shows that upstate actually lost jobs a lot them during Clinton's first term. In other words, she was all talk, no action, upstate New York is a disaster. What's happened to upstate New York. And NAFTA, 

Compare that to my record. In a recent New York Post article by Steve Cuozzo, "How Donald Trump Helped Save New York City," the paper writes that I - and this is a direct quote in other words, it's not from me (crowd interruption) thank you...it's all very well planned out - and this is a direct quote that basically Donald Trump "waded into a landscape of empty Fifth Avenue storefronts, the dust-bowl mugging ground that was Central Park so dangerous and a Wall Street area seemingly on its last legs as companies moved out...then almost by sheer force of will — [he] rode to the rescue. Expressing rare faith in the future, he was instrumental in kickstarting the regeneration of neighborhoods and landmarks almost given up on for dead." True. Have to say. I didn't say it. They said it. It's true. This is what I want to do...(crowd interruption)... We all remember New York City was a disaster. We made it great. We made it great. This is want I want to do for our country - I want to jumpstart America. And it can be done. And it won't even be that hard.

Now let's look at what the Obama-Clinton policies have done nationally. Their policies produced 1.2% growth, the weakest so-called recovery since the Great Depression, it's been written about all over, it's a disaster and a doubling of the national debt during the Obama years. 

There are now 94.3 million Americans outside of the labor force. It was 80.5 million when President Obama took office, an increase of 14 million people.

The Obama-Clinton agenda of tax, spend and regulate has created a silent nation of jobless Americans. 

Home ownership is at its lowest rate in 51 years.

(More protesters interrupt) Thank you...I will say the Bernie Sanders people had far more energy and spirit, I will say.

Nearly 12 million have been added to the food stamp and, these people are growing and growing so rapidly, since President Obama took office. Another nearly 7 million people great Americans are right now living in poverty. We have the lowest labor force participation rates in four decades. 58 percent of the African-American youth are either outside the labor force or not employed.

1 in 5 American households do not have a single member in the labor force. Not a single member of a household. These are the real unemployment numbers - the five percent figure is one of the biggest hoaxes in American modern politics. Meanwhile, American households are earning more than $4,000 think of that, $4,000 less today than they were sixteen years ago. The average worker today pays 31.5 percent of their wages to income and payroll taxes. On top of that, state and local taxes consume another 10 percent. Very grim picture.

The United States also has the highest business tax rate among the major industrialized nations of the world, at 35 percent. It's almost 40 percent when you add in taxes at the state level and in many cases and in many states, it's much higher than that. In other words, we punish companies for making products in America - but let them ship products into the United States tax-free if they move overseas. This, ladies and gentlemen, is backwards, it's backwards. All of our policies should be geared towards keeping jobs and wealth inside of the United States.

Under my plan, no American company will pay more than 15% of their business income in taxes. In other words, we're reducing your taxes from 35% to 15%. Thank you. Small businesses will benefit the most from this plan. Hillary Clinton's plan will require small business to pay as much as three times more in taxes than what I am proposing, and her onerous regulations will put them totally out of business and you won't be able to start — you can not ever start a small business under the tremendous regulatory burden that you have in today in our country. We're going to end it. I am going to cut regulations massively massively.

Our lower business tax will also end job-killing corporate inversions, and cause trillions in new dollars and wealth to come pouring into our country - and by the way into cities like right here in Detroit. To help unleash this new job creation, we will allow businesses to immediately expense new business investments. No one will gain more from these proposals than low-and-middle income Americans.

My plan will also help reduce the cost of childcare by allowing parents to fully deduct the average cost of childcare spending from their taxes. We are also going to bring back trillions of dollars from American businesses that are now parked overseas they can't bring their money back into our country. Our plan will bring that cash home, applying only a 10 percent tax. This money will be re-invested in states like Michigan, states like Michigan which are having serious problems. 

Finally, no family will have to pay the death tax. American workers have paid taxes their whole lives, and they should not be taxed again at death - it's just plain wrong. And most people agree with that. We will repeal it.

Next comes regulatory reform. As with taxes, I will have one overriding goal when it comes to regulation: I want t jobs and I want wealth to stay in America. Motor vehicle manufacturing is one of the most heavily regulated industries in the country and even in the world. The U.S. economy today is twenty-five percent smaller than it would have been without the surge of regulations since 1980. It is estimated that current over-regulation is costing our economy as much as $2 trillion dollars a year - that's money taken straight out of cities like Detroit. So many of our cities are suffering so gravely, right out of Detroit and others. The federal register is now over 80,000 pages long.

As the Wall Street Journal noted, President Obama has issued close to four hundred new major regulations since taking office, each with a cost to the American economy of $100 million or more. In 2015 alone, the Obama Administration unilaterally issued more than 2,000 new regulations - each a hidden tax on American consumers, and a massive lead weight on the American economy. It is time to remove the anchor dragging us down, and that's what it's doing - it's dragging us down. Upon taking office, I will issue a temporary moratorium on new agency regulations.

My running mate, Mike Pence, and by the way, a great guy, signed a similar order when he became and when he worked so hard in Indiana as its governor. This will give our American companies the certainty they need to reinvest in our community, get cash off of the sidelines, start hiring new jobs, and expanding their businesses. So important. That's what it's about. I will also immediately cancel all illegal and overreaching executive orders.

Next, I will ask each and every federal agency to prepare a list of all of the regulations they impose on Americans which are not necessary, do not improve public safety, and which needlessly kill many many jobs. Those regulations will be eliminated quickly. We are in a competition with the world, and I want America to win. We don't win anymore. But when I am president, we will start winning again, big league.

One of the most important reforms of all is trade reform. As Bernie Sanders has said, Hillary Clinton has bad judgment. We've seen this bad judgment overseas, in Libya, Iraq, and Syria. We've seen it in Iran. We've seen it from President Obama, when he gives $150 billion to Iran, the number one terror state, and even gives them $400 million in money-laundered cash as a ransom payment.

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But we've also seen the terrible Obama-Clinton judgment right here for everybody to see in Detroit. Hillary Clinton has supported the trade deals stripping this city, and this country, of its jobs and its wealth. She supported Bill Clinton's NAFTA, she supported China's entrance into the World Trade Organization, she supported job-killing trade deal and that was a really bad one with South Korea, and she supports the Trans-Pacific Partnership. Not now, but very soon if she wins and we can't let her win. Cause that will be a disaster for Detroit and everybody else.

Let's talk about South Korea for a moment, because it so perfectly illustrates the broken promises that have hurt so many American workers. President Obama, and the usual so-called experts who've been wrong about every trade deal for decades, predicted that the trade deal with South Korea would increase our exports to South Korea by more than $10 billion - resulting in some 70,000 jobs. Like Hillary Clinton's broken promises to New York, these pledges all turned out to be false. Instead of creating 70,000 jobs, it has killed nearly 100,000 jobs, according to the Economic Policy Institute. Our exports to South Korea haven't increased at all, but their imports to us have surged more than $15 billion - more than doubling our trade deficit with that country. What else is new? It's happening with everyone.

The next betrayal will be the Trans-Pacific Partnership. Hillary Clinton's closest friend, Terry McAuliffe, confirmed what I have been saying, and this is from the beginning: if sent to the Oval Office, Hillary Clinton will enact the TPP. As sure as you're sitting there. Her donors will make sure of it. A vote for Hillary Clinton is a vote for TPP - and it's also a vote for NAFTA.

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During an address of just over an hour — which was interrupted multiple times by protesters — the GOP presidential nominee unveiled a new iteration of his proposal to reshape America's tax system.

Fact Check: Donald Trump unveils his economic plan in major Detroit speech

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