Trump vows to slash taxes and stimulate growth in the US

US presidential candidate Donald Trump has vowed to bring in a radical overhaul of the country's tax system, in order to stimulate growth and create 25m new jobs.

Speaking in front of the Economic Club of New York, the Republican nominee was attempting to solidify his economic policy, which has been criticised for not taking key considerations into account.

He said the new tax plan would relieve the state of $4.4trn over the next ten years, which would be offset by an increase in revenue and jobs.

"American cars will travel the roads," he beamed, "American planes will soar the skies, American ships will patrol the seas, American steel will send new skyscrapers into the clouds, American hands will rebuild this nation, and American energy harvested from American sources will power this nation."

Trump's proposal included reducing the number of individual tax brackets from seven to three, as well as lowering corporate tax to 15%.

Further proposals ranged from cutting regulations on environmental and consumer protection, to completely scrapping rules on power-plant emissions and food-safety standards.

"My economic plan rejects the cynicism that says our labor force will keep declining, that our jobs will keep leaving and that our economy can never grow as it did once before," Trump added.

Trump has been gaining momentum in the race for the White House as Hillary Clinton falters both physically and in the polls. Recent surveys suggest he is making up ground in key states at the expense of his Democratic rival.

Earlier this week, Oxford Economics predicted that the US economy may actually shrink by a total of $1trn after one term of a Trump presidency, taking into account his proposed tax regulations and the promise to rip up trade deals with emerging nations.