10 things you need to know today: August 12, 2016

Clinton rejects Trump's economic plan and proposes her own, Simone Biles wins the all-around gymnastics gold, and more

Hillary Clinton talks about the economy
(Image credit: Bill Pugliano/Getty Images)

1. Clinton rejects Trump economic proposals and unveils her own

Democratic presidential nominee Hillary Clinton delivered an address on the economy on Thursday, flatly rejecting the policies proposed by her Republican rival, Donald Trump, in his economic plan earlier in the week. Clinton said Trump, a billionaire businessman, "wants to give trillions in tax breaks to people like himself," while pretending to be "on the side of the little guy." Clinton called one part of Trump's proposed tax cuts the "Trump loophole" because, she said, it would let him "pay less than half the current tax rate on income from many of his own companies." Trump, who reportedly will meet with GOP officials Friday in an "emergency meeting" about his campaign, responded by saying Clinton "doesn't have the talent" to jump-start the economy.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.