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 Reagans presidency, an advisor to the Republican Presidential nominee told Bloomberg.
The proposal will reiterate Trumps 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 Trumps 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.
MichiganVote
(21,086 posts)VMA131Marine
(4,136 posts)There's already a glut, which is why US coal companies have been going out of business.
sorefeet
(1,241 posts)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.
VMA131Marine
(4,136 posts)Owl
(3,639 posts)modrepub
(3,491 posts)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.
63splitwindow
(2,657 posts)Ilsa
(61,690 posts)or increasing debt unless it's Obama's budget.
His tax cuts are a bribe for votes, nothing more.
Yallow
(1,926 posts)Just ask them.
I mean when they get back from the Bernie Rally.
smirkymonkey
(63,221 posts)It's just too bad that so many of his acolytes believe his lies and support him.
JHB
(37,157 posts)Another case where Trump supports actual established Republican practice, they just don't like his packaging.
TeamPooka
(24,209 posts)Yallow
(1,926 posts)Climate Change Denying Traitors.
Buckeye_Democrat
(14,852 posts)It always works so well... NOT!
awoke_in_2003
(34,582 posts)Dont piss down my back and call it trickle down economics
bluestateguy
(44,173 posts)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)...also, he plans to pay for close to 9 trillion in tax cuts by closing loop holes?
jmowreader
(50,529 posts)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)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)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)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)then I would definitely vote for Trump.
Who cares about the environment anyway - it can't vote...
whistler162
(11,155 posts)the same time to fund all his projects!
The guy has never met a debt he didn't love.
muriel_volestrangler
(101,271 posts)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)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).
Vinca
(50,237 posts)IronLionZion
(45,380 posts)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)...of shell corporations, which may explain why he is so keen to cut the corporate tax rate.
Chicago1980
(1,968 posts)King_Klonopin
(1,306 posts)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)4 times in 2 years. Google it
mysuzuki2
(3,521 posts)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.