Trump expected to unveil tax cuts for businesses and tax-deductible childcare in economic plan

GOP candidate Donald Trump is set to unveil his economic plan during a speech in Detroit today (8 August). The US presidential nominee is expected to include a reduction in the tax rate paid by companies as part of a plan to stimulate business investment, and for individuals he is announcing plans to make childcare costs tax deductible.

The Trump campaign's economic advisor Stephen Moore told CBS the plan was to help middle class workers by stimulating economic growth, stating: "We need much, much faster growth if we're going to have wages rising and salaries rising and middle-class incomes rising. How do we get back to a healthy rate of economic growth which we haven't had in a decade?"

The unveiling of Trump's economic plan comes following a disastrous two weeks for the candidate, as his numbers have fallen in the polls and members of his own party have distanced themselves from him following disparaging comments he made about the Muslim family of a fallen US soldier.

It is thought the economic plan is intended to put Trump back on track as a candidate with a serious plan for the presidency following his poor numbers over the fortnight.

However, Trump's speech also comes as a member of the Republican Party is reportedly set to announce his own independent bid for the presidency – allegedly with the support of donors from within the GOP.

Evan McMullin has long been a detractor of Trump, but his bid for power could split the GOP vote – with many of the old guard opting to support a conservative party stalwart as opposed to the more volatile Trump.