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groundloop

(11,519 posts)
Thu Apr 27, 2017, 08:53 AM Apr 2017

Steven Mnuchin defends President Trump's tax-cut plan

Source: CBS News

President Trump says his tax plan is going to put people back to work, but some important details were missing from the one-page blueprint that calls for big corporate and personal tax cuts.

The Trump blueprint would slash tax rates and eliminate some deductions. It doubles the standard deduction that most taxpayers take. It would also eliminate taxes that are overwhelmingly paid by high-income Americans. The president's treasury secretary and economic adviser say the tax cuts will pay for themselves by growing the economy, but other analysts say they'll explode the national debt.

<snip>

Charlie Rose: Mr. Secretary, the question is, what kind of economic growth do you have to have in order to pay for the tax cuts, the massive tax cuts you're recommending?

Mnuchin: Well, we feel confident that we can get to at least 3 percent economic growth on a sustained basis.


Rose: When?

Mnuchin: And that's something we've said and that's something that we're confident with. The American economy has been held back and this is about unleashing economic growth. It's a combination of the tax plan, it's a combination of regulatory relief, and it's a combination of our trade principles. And those three are what are going to create economic growth that's been held back in this country.

Read more: http://www.cbsnews.com/news/steven-mnuchin-trump-tax-plan-full-transcript/



BULLSHIT BULLSHIT BULLSHIT.....

Once again GOPers are working to benefit the wealthy at the expense of working Americans. Right in the article it states that 45* wants to "eliminate taxes that are overwhelmingly paid by high-income Americans". And if you eliminate that source of income (and the rich can certainly afford to pay those taxes) the net result is going to be cutting spending on infrastructure, education, etc. etc.

And they have the nerve to talk about jobs. Employment in this country is doing pretty damned good, thanks to President Obama and despite every attempt at a GOPer Congress to hold back employment.
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bucolic_frolic

(43,202 posts)
2. The time for stimulus was in 2009
Thu Apr 27, 2017, 09:00 AM
Apr 2017

All Trump will produce from this nonsense is inflation like you've never seen

and probably stagflation too because it doesn't invest in new technologies

just in the same free market baloney that gave us GW Bush. If you're going to

create high paying jobs you need technological advancement and growth in

productivity, and you must induce the wealthy to stop hoarding cash. These

proposals do no such thing. They are a power and money grab. Again.

 

freddyvh

(276 posts)
3. think of.....
Thu Apr 27, 2017, 09:06 AM
Apr 2017

Kansas
The same person who advised Brownback also advised trump

And look what happened in Kansas

Yonnie3

(17,444 posts)
4. To grow the economy ...
Thu Apr 27, 2017, 09:31 AM
Apr 2017

you need to put money in the hands of people who will spend, not hoard it.

"we can get to at least 3 percent economic growth" ... Bullshit

not fooled

(5,801 posts)
5. They don't care
Thu Apr 27, 2017, 09:54 AM
Apr 2017

As has been pointed out elsewhere on DU, this is the koch bros agenda and since they are running the country at least in terms of economic "policy", dump is obligated to try and enact it, no matter how harmful for the nation and most Americans. Ensuring that david, charles, and their ilk pay less in taxes is all that matters.

That's where we come in, to say NO WAY. NO MORE TAX CUTS FOR THE WEALTHY while the rest of the nation suffers.



MedusaX

(1,129 posts)
6. Failed to answer question asked.... Yet No Redirect?
Thu Apr 27, 2017, 09:58 AM
Apr 2017

The question was
How much growth do you need to have to make this plan work?

The answer
We think we can get to 3%

You can get to 3%, That's nice...
BUT the question was
how much is needed.....
NOT how much do you think is possible....


vlyons

(10,252 posts)
7. Just more "Trickle Down Economics"
Thu Apr 27, 2017, 10:02 AM
Apr 2017

aka "Voodoo Economics" - There is absolutely no evidence, even after the tax cuts of Reagan, Bush Sr and Bush Jr, that tax cuts create more jobs and more economic growth. Yet the Republicans keep pushing this tired old canard time after time after time. They keep trying to drag us to a fiction movie about how tax cuts for millionaires will benefit the working poor and middle class. Don't buy this bullshit, because that's what it is. The current Trump "tax reform plan" is the biggest pile of economic poo-poo yet. The bottom 2 current tax brackets get absolutely nothing. But wow do the folks in Trump's tax bracket make out like bandits.

The past 40 years have seen a gradual decrease in the top bracket's income tax rate, from 91% in 1963 to 35% in 2003. It went as low as 28% in 1988 and 1989 due to legislation passed under Reagan, the trickle-down theory's most famous adherent. The Clinton years saw the top bracket hold steady at a higher rate of 39.6%, but under the younger Bush's tax-cut policies, the rich are once again paying less. The drastic change in tax policy that has taken place since the early 1960s gives us a great opportunity to study and evaluate the claims that lower taxes for the rich translate to more wealth for the average American.

We can compare changes in the top tax rate with the real GDP growth rate (a measure of the growth of the entire U.S. economy), and three measures of how life is for the average working American: annual median income growth, annual average hourly wage growth, and job creation. If cuts for the rich were really the magic elixir for the economy and the middle class that the Republican consensus claims it is, we would see an increase in the four indicators whenever the tax rate dropped. However, this is not the case. Such a trend occurs sometimes, but the opposite happens at other times!


Four reasons why trickle down economics just doesn't work in graphs
http://www.faireconomy.org/trickle_down_economics_four_reasons

Bill Moyers on why trickle down economics doesn't work
http://billmoyers.com/2014/09/11/a-wealthy-capitalist-on-why-money-doesnt-trickle-down/

Sunlei

(22,651 posts)
8. see how Republican party lets their man pretend its 'his plan' to keep him happy & out of their hair
Thu Apr 27, 2017, 10:14 AM
Apr 2017

there's even some new youngish, roundfaced, blond seated at his left this past week instead of old used up Bannon.

turbinetree

(24,703 posts)
9. Yepper this is from the same "guy" that kicked a woman out of her house for being late on a
Thu Apr 27, 2017, 10:18 AM
Apr 2017

27 cent mortgage that was owed, and then he has the audacity to get up during a news conference to run interference for a sexual predator that still hasn't show the american taxpayer what and where his moola is coming from on his tax returns-----------FU.

And then he has his side kick old Cohen standing there looking like bobble head

Bengus81

(6,931 posts)
11. The DOW was down 115 points since yesterday at 2pm when they trotted out this POS
Thu Apr 27, 2017, 12:55 PM
Apr 2017

It's recovered some but even Wall St. knows what this SHAM will do to the ND.

mpcamb

(2,871 posts)
12. Reading the headline, WHY is this even a story??
Thu Apr 27, 2017, 02:12 PM
Apr 2017

Mnuchin would sit up on his hind legs and bark at the moon if told to.

The economics behind this tax plan would be laughable if they weren't so destructive.

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