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TomCADem

(17,382 posts)
Sat Aug 6, 2016, 09:23 PM Aug 2016

Donald Trump Is Proposing The Biggest Tax Cuts Since Ronald Reagan's Presidency

Source: Fortune

In a new economic blueprint that is set to unveil next week, Donald Trump will propose one of the biggest tax cuts since Ronald Reagan’s presidency, an advisor to the Republican Presidential nominee told Bloomberg.


The proposal will reiterate Trump’s plan to cut the corporate tax rate to 15%, Stephen Moore, who is the chief economist for the Heritage Foundation, and of one of the men on Trump’s 13-member economic advisory team that the Republican presidential candidate announced Friday, said.

Although he did not specify a timeline, Trump has managed to whittle down the cost in terms of lost tax revenue by about two-thirds, to $3 trillion, Moore said.

* * *
The plan will also supposedly include the major changes to U.S. energy policy that will make the country the biggest producer in the world of oil and gas, as well as coal, Moore told Bloomberg.




Read more: http://fortune.com/2016/08/06/donald-trump-tax-cut



Donald is running for the Presidency and, surprise, his plan involves giving himself a huge tax cut.
32 replies = new reply since forum marked as read
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Donald Trump Is Proposing The Biggest Tax Cuts Since Ronald Reagan's Presidency (Original Post) TomCADem Aug 2016 OP
Been there, done that. No tee shirt only a recession courtesy of the republicans. MichiganVote Aug 2016 #1
Great! Let's produce more coal that nobody wants. VMA131Marine Aug 2016 #2
I live in coal country Montana sorefeet Aug 2016 #13
Exactly .... VMA131Marine Aug 2016 #14
Glad to hear that. Alternative energy is the future. Owl Aug 2016 #28
Won't put many people to work either modrepub Aug 2016 #19
Next he will be announcing that cold rootbeer will be dispensed from all hallway drinking fountains. 63splitwindow Aug 2016 #3
Doesn't give a crap about the deficits Ilsa Aug 2016 #4
Let Our Children Pay Our Bills, They Won't Mind Yallow Aug 2016 #8
Right, he doesn't give a shit about anybody but himself. smirkymonkey Aug 2016 #27
By "he" you mean "Republicans", right? JHB Aug 2016 #31
Reagan 80's = recession, GWBush tax cuts = Depression, GOP = Bad times for America nt TeamPooka Aug 2016 #5
Why Wait? Let's Just Burn The Planet Now Yallow Aug 2016 #6
Ah! More of that "trickle down" magic! Buckeye_Democrat Aug 2016 #7
To paraphrase the Outlaw Josie Wales awoke_in_2003 Aug 2016 #16
And there is no groudswell of demand for that right now bluestateguy Aug 2016 #9
For Trump, Hiring Workers Is A Huge Sacrifice TomCADem Aug 2016 #10
I'd like to see the loopholes he plans to close jmowreader Aug 2016 #17
Wait, wait, don't tell me.... Stonepounder Aug 2016 #11
Gary Southern simply must have a role in the Trump Administration jmowreader Aug 2016 #18
You knew this was coming bucolic_frolic Aug 2016 #12
If I was a soulless millionaire who didn't care if the Earth was still around when my kids grew up, Little Tich Aug 2016 #15
And don't forget he wants to issue bonds at whistler162 Aug 2016 #20
While, of course, suggesting it would be no big thing for the USA to default on its debts muriel_volestrangler Aug 2016 #24
"will make the country the biggest producer in the world of oil and gas..." BumRushDaShow Aug 2016 #21
His plan is essentially the Sam Brownback plan on a bigger scale. What could go wrong? Vinca Aug 2016 #22
Sure Donny, let's see your tax returns first IronLionZion Aug 2016 #23
It will probably show that he has hundreds ... TomCADem Aug 2016 #25
Even Newton is calling bullshit on this plan. Chicago1980 Aug 2016 #26
The definition of insanity: King_Klonopin Aug 2016 #29
Reagan raised taxes 11 times during his administration, 7 times in 8 years. olddad56 Aug 2016 #30
He is trying to convince his followers that 2 + 2 actually does make 5. mysuzuki2 Aug 2016 #32

VMA131Marine

(4,136 posts)
2. Great! Let's produce more coal that nobody wants.
Sat Aug 6, 2016, 09:25 PM
Aug 2016

There's already a glut, which is why US coal companies have been going out of business.

sorefeet

(1,241 posts)
13. I live in coal country Montana
Sat Aug 6, 2016, 09:58 PM
Aug 2016

there used to be shit loads of coal trains coming thru here. Not no more. They are parked on the side tracks. But what do I see, lots of flat bed railroad cars carrying sections of wind mills. The blades for the props take up two entire cars. There is no future in coal.

modrepub

(3,491 posts)
19. Won't put many people to work either
Sun Aug 7, 2016, 07:07 AM
Aug 2016

since most new coal operations use strip mining techniques, which use fewer people at lower wages. Automation (long wall mining) has accounted for most of the mining job loses in the last 30 years anyway.

Ilsa

(61,690 posts)
4. Doesn't give a crap about the deficits
Sat Aug 6, 2016, 09:28 PM
Aug 2016

or increasing debt unless it's Obama's budget.

His tax cuts are a bribe for votes, nothing more.

 

Yallow

(1,926 posts)
8. Let Our Children Pay Our Bills, They Won't Mind
Sat Aug 6, 2016, 09:32 PM
Aug 2016

Just ask them.

I mean when they get back from the Bernie Rally.

 

smirkymonkey

(63,221 posts)
27. Right, he doesn't give a shit about anybody but himself.
Sun Aug 7, 2016, 02:04 PM
Aug 2016

It's just too bad that so many of his acolytes believe his lies and support him.

JHB

(37,157 posts)
31. By "he" you mean "Republicans", right?
Mon Aug 8, 2016, 07:18 AM
Aug 2016

Another case where Trump supports actual established Republican practice, they just don't like his packaging.

bluestateguy

(44,173 posts)
9. And there is no groudswell of demand for that right now
Sat Aug 6, 2016, 09:34 PM
Aug 2016

Between the Japan bashing yesterday and his attempts to copycat the Reagan tax cut, you'd think that he still thinks its 1981.

Workers need raises and better benefits. Tax cuts actually discourage employers from doing that.

TomCADem

(17,382 posts)
10. For Trump, Hiring Workers Is A Huge Sacrifice
Sat Aug 6, 2016, 09:41 PM
Aug 2016

...also, he plans to pay for close to 9 trillion in tax cuts by closing loop holes?

jmowreader

(50,529 posts)
17. I'd like to see the loopholes he plans to close
Sun Aug 7, 2016, 01:47 AM
Aug 2016

According to http://www.forbes.com/sites/richardgreen/2013/03/19/how-much-money-would-dropping-the-mortgage-interest-deduction-raise-less-than-people-think/#3e33592a6ff4, the mortgage interest deduction only costs the Treasury about $70 billion.

According to http://fortune.com/2012/11/27/its-time-to-fix-the-charitable-deduction/, the charitable donation deduction costs the Treasury about $60 billion per year.

My favorite simile: You want your kid to get straight A's in school, and you're going to use money to do it.

If you decided to do it the way a high-rate/high-loophole tax structure does, you would call your kid forth and tell him, "if you get straight As this quarter I will give you $50. If you have straight As at the semester I will give you $100. You will get $200 for the third quarter and if you maintain straight As all year long I will give you $500."

A tax-cutter parent would call the same kid in and tell him, "here's $850. Get straight As, but it's okay if you don't. Just try really, really hard."

Which one would be more effective in getting your kid to get straight As?

Stonepounder

(4,033 posts)
11. Wait, wait, don't tell me....
Sat Aug 6, 2016, 09:47 PM
Aug 2016

Sam Brownback for Treasury Secretary,
Rick Snyder as Secretary of the Interior,
Oh, and Sam Ham as head of the EPA.

jmowreader

(50,529 posts)
18. Gary Southern simply must have a role in the Trump Administration
Sun Aug 7, 2016, 01:51 AM
Aug 2016

Gary Southern was the guy who, in 2014, dumped 10,000 gallons of coal-washing soap into the Elk River in West Virginia because he was too fucking cheap to fix the hole at the bottom of the tank it was in. I'd say that puts him on the short list for Secretary of the Treasury or something.

bucolic_frolic

(43,062 posts)
12. You knew this was coming
Sat Aug 6, 2016, 09:56 PM
Aug 2016

Drill Baby Drill
Federal Lands and National Parks
Coal, pipelines, oil
Gazprom will probably be invited
Sell America and Make Donald Rich!

Little Tich

(6,171 posts)
15. If I was a soulless millionaire who didn't care if the Earth was still around when my kids grew up,
Sun Aug 7, 2016, 12:02 AM
Aug 2016

then I would definitely vote for Trump.

Who cares about the environment anyway - it can't vote...

 

whistler162

(11,155 posts)
20. And don't forget he wants to issue bonds at
Sun Aug 7, 2016, 07:54 AM
Aug 2016

the same time to fund all his projects!

The guy has never met a debt he didn't love.

muriel_volestrangler

(101,271 posts)
24. While, of course, suggesting it would be no big thing for the USA to default on its debts
Sun Aug 7, 2016, 09:21 AM
Aug 2016

which is an unprecedented thing for a candidate to suggest: http://www.theatlantic.com/politics/archive/2016/06/donald-trump-brings-back-the-default-talk/488270/

If anyone thought Trump would actually be able to control the US budget the way he wants to, the interest rate the markets would demand for the risk would go through the roof.

BumRushDaShow

(128,515 posts)
21. "will make the country the biggest producer in the world of oil and gas..."
Sun Aug 7, 2016, 08:00 AM
Aug 2016
we already ARE the "biggest producer in the world of oil and gas, as well as coal". Which is why the markets are oversupplied at the moment. Where have they been?

And this illustrates the problem we keep saying over and over. Apparently no one at Bloomberg (who this Fortune article quotes) corrected the idiot (where my embedded link of another Bloomberg article notes our ascendancy to #1 a year ago).

IronLionZion

(45,380 posts)
23. Sure Donny, let's see your tax returns first
Sun Aug 7, 2016, 08:48 AM
Aug 2016

so we can all see how successful you are!

I've heard on the internet that Donny isn't really a billionaire, just a faker. There's something going on. People have said...



TomCADem

(17,382 posts)
25. It will probably show that he has hundreds ...
Sun Aug 7, 2016, 10:55 AM
Aug 2016

...of shell corporations, which may explain why he is so keen to cut the corporate tax rate.

King_Klonopin

(1,306 posts)
29. The definition of insanity:
Sun Aug 7, 2016, 10:03 PM
Aug 2016

A) Doing the same thing, over and over, and expecting different results.

B) Voting for Republicans, and against your own self-interests.

C) Donald Trump's perception of himself and the world.

D) All of the above

olddad56

(5,732 posts)
30. Reagan raised taxes 11 times during his administration, 7 times in 8 years.
Mon Aug 8, 2016, 02:23 AM
Aug 2016

4 times in 2 years. Google it

mysuzuki2

(3,521 posts)
32. He is trying to convince his followers that 2 + 2 actually does make 5.
Mon Aug 8, 2016, 11:15 AM
Aug 2016

How does he plan to give massive tax cuts while greatly increasing the military budget at the same time? Didn't Reagan do that and manage to triple the budget deficit? His Trumpeteers will probably fall for it. Not only do they fail at history but they are incapable of basic arithmetic as well.

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