economy by about 3% over the next decade. so that s great news. and perhaps on that point, no country on earth has ever dropped the corporate rate so far so fast as is proposed under this plan. that s really good news. paul: all right. the other thing on the business side, two elements, and i want you to talk about those. one, expensing 100% immediate for five years for businesses. yeah. paul: that s big pro-growth, i think, if i read your literature correct. but the other thing is small businesses, the so-called pass-throughs, most of them small businesses but some somewhat larger, that rates going down from 39.6 to 25. those are big pro-growth as well? they are. they would have been more had the the expensing provision been made permanent. this ll be somewhat like the cash for clunkers approach to tax policy where they re going to get a rush of growth up front, but that ll taper off over time, and they won t get the growth over the long term
that said, people are closely watching the race between former rnc chair and the democratic governor because it may measure the effects of president trump s coattails. mr. trump may campaign for gillespie. vice president pence has already done so on saturday. ed gillespie is pro-jobs, pro-growth. pro-life, pro-second amendment. folks, you name it. ed gillespie is on the right side of every issue. the same can t be said of his opponent. former vice president biden campaigned for northiam. he emphasized state government needs to pick up the slack when the federal government under trump isn t doing so and touted the governor s credibility. the think that i ve admired about ralph and you can feel it and taste it, is the
something done as it relates to taxes because there is a big difference. well, for example, when i was visiting with him last week, we had a lot of time together, he talks about tax cuts. so he wants tax reform as well, but he really wants to simplify the tax code and make it pro-growth. leland: do you feel as though he has specifics yet, or are these general themes? because it would be hard to have anybody disagree with what you just said, tax reform and tax cuts, the devil s in the details. does he have specifics or these broad themes? he s really laid out principles, as you know. simplify the tax code, reduce the rates, make sure we bring back that foreign investment call repatriation. that s pro-growth, that s job-creating. eliminate the estate tax, focus on workers in the middle class in terms of making sure they have, keep more of their earnings in their pocket.
to provide jobs and opportunities to millions of struggling families. this includes tax reform that is pro jobs, pro growth, pro family and pro american. very simple. all pro american. we have four principles for tax code. make the tax code simple and fair. cut taxes substantially. the largest tax decrease in the mystery of our country for the middle class. encourage companies to hire and grow in america and by doing that, we ll have to reduce the taxes for companies. right now we re 35%. really much higher when you add state taxes in. china is at 15%. then we wonder why are we not competing well against china. so they re at 15%. we re at 35 plus. that doesn t work. bring back trillions of dollars we have trillions of dollars overseas that we ll bring back and bring them back
carefully at what s happening to wages. how do you bring wages up? some of it is we have a skills match, but we also have policies that need to be more pro growth. i this we need to be very careful about the direction we re growing in there. the wage growth i thought was a challenge for the republican. dp to give infrastructure, sensible regulatory reform, we need to do something, fix our tax system. how about adjusting the ratio of highly skilled immigrants to low skilled immigrants and bring in more high skilled immigrants? i certainly think we should bring in more high skilled