Trump’s tax-plan folly is typical of the man

Review of the year 2010.File photo dated 27/05/10 of Donald Trump swinging a golf club on the Menie Estate, where his controversial luxury golf resort will be built. The coastal resort in Balmedie, Aberdeenshire, will have two golf courses, a 450-bedroom hotel, 950 holiday apartments and 500 residential homes. Issue date: Sunday December 19, 2010. This image is transmitted as part of a set forming the Press Association's review of the year 2010. See PA story REVIEW 2010. Photo credit should read: Andrew Milligan/PA Wire URN:9942605 (Press Association via AP Images)

So Donald Trump, the savior of the American working class, defender of the little man and someone who is supposed to upend the usual way of doing things in Washington — that Donald Trump has a tax plan that he wants to peddle to the American people.

Stop me if you’ve heard this one before:

He wants to slash taxes on corporations that have already been enjoying some of the highest after-tax profits in the nation’s history. And while there’s something for almost everybody in his little magic tax-cut bag, the most dramatic cuts would go to the richest of Americans, people already reaping the benefits of an immense and ongoing shift of wealth away from lower and middle classes and toward the wealthy.

-1

Last fall, when Trump initially announced this tax-reform plan, he tried to disguise its true nature by claiming that it would increase taxes on the wealthy, claiming that it “is going to cost me a fortune, which is actually true.”

It actually wasn’t. It was the opposite of true, which means it is a lie.

If written into law, the Trump tax plan would save its own author tens of millions of dollars annually in taxes. It would slash taxes on the wealthy to such a degree that it would increase the national debt by $10 trillion in the next decade, on top of the debt increase that is already baked into the cake.

According to an analysis by the Tax Policy Center, 35 percent of the tax savings would accrue to the top 1 percent of taxpayers. An estimated 17 percent of the savings would accrue to the top 0.1 percent, saving them an average of $1.3 million in taxes annually.

We all know that America has many problems. An underfunded, undercapitalized upper crust badly in need of tax cuts would not seem to be among them. Nonetheless, that’s the “problem” that the Trump plan would attempt to fix.

In fact, the original Trump tax plan announced last fall was so downright Trumpian in its gaudy excess that even anti-tax conservatives got embarrassed by it. Politico quotes Ryan Ellis, former tax policy director for Grover Norquist’s Americans for Tax Reform, as saying that the Trump plan “drags down the entire effort at conservative tax reform to a circus level.”

According to the Committee for a Responsible Federal Budget, the Trump plan would push our national debt from its current level of 74 percent of GDP to 129 percent by 2026. That’s quite a different story from that told by Trump, who has promised voters that he would raise defense spending, protect entitlements from cuts AND eliminate the national debt within eight years. Yes, he would eliminate the DEBT — not the annual deficit, but the country’s $19 trillion debt — in a mere eight years.

In a campaign reeking with ridiculous claims, that’s probably the most ridiculous of all. The Trump economic package is so obviously absurd that apparently it even embarrassed Trump himself, which is a hard thing to do. A few weeks ago, Trump asked TV celebrity economist Larry Kudlow and tax-cut fetishist Stephen Moore to pencil-whip his plan into better shape and give it at least a patina of realism.

Both Kudlow and Moore are acolytes of Arthur Laffer, the man who has gotten rich and famous by telling the rich and famous that for the good of the country, they should be paying much less in taxes. Laffer’s theories drove the tax cuts implemented under the Bush administration, and by the end of its term the nation had fewer private-sector jobs than when it took power. It also stuck President Obama with a $1.3 trillion deficit in 2009 before he even took the oath of office. At the state level, Laffer-nomics has been implemented in Kansas and Louisiana, and in both states budgets are in a meltdown because the economic boom that the Lafferites promised is nowhere in sight.

In short, these are highly ideological economists committed to faith in tax-cut magic, but even they understood that the Trump plan was grotesque. Together, they have produced a revised tax plan that would “only” raise the national debt by an additional $3.6 trillion, instead of the $10 trillion extravaganza originally proposed by Trump. It would also trim some of the tax cuts for the wealthy, reducing them from ridiculously massive to merely enormously huge.

And you know what? Trump has now rejected that plan. His spokesmen told the New York Times on Thursday that the campaign would not accept the Kudlow-Moore revision and was instead re-embracing its original plan.

Ladies and gentlemen — and mainly, it’s gentlemen — he is playing you for fools.

Reader Comments 0

1498 comments
JohnnyReb
JohnnyReb

No posts this morning on the additional overreach of Obama on putting penis equipped bodies into girl's locker rooms and showers at public schools.

My guess is this one will backfire on Obama and the Libs, of which Hilary will receive her due share.

The idea of a junior high girls shower being invaded by a boy who thinks he's a girl is something the majority of parents will reject regardless of their political party choice.

BTW, I'm wondering if this crowd considers transgender individuals bisexual?

Seems to me if some trans are bisexual it raises the issue in more ways than one. 

RantNRave
RantNRave

"Trump has received more votes in a Repub primary than any candidate in history, but you keep believing we are doing something wrong."


@Johnny The Rebel


Sorry you have been INSULTED with the facts.


K


breckenridge
breckenridge

"There are those folks who are mad that I’m a conservative Christian and made no bones about it. They say that people of strong faith don’t belong in public service. I’m a man of faith. I ran for office as a man of faith. And I will continue to serve you as a man of faith." Ken Paxon, Texas Attorney General, in a video explaining why he should have security fraud charges against him dismissed,  5-10-2016

honested
honested

@breckenridge 

When your 'lifestyle' is based on fraud, how else would you be expected to behave in public service?

Kamchak
Kamchak

Posting a story about a Muslim prayer soccer jersey found in the Arizona desert? And you want to be taken seriously? Good luck with that.

stefpe
stefpe

@Kamchak But but but - they were interrupted right when they were about to convert the jersey into a rug!

DownInAlbany
DownInAlbany

@Kamchak Almost two years later and still humping that same leg?  And you want to be taken seriously?  Good luck with that.

St Simons he-ne-ha
St Simons he-ne-ha

Like I said earlier, the political class are being drama queens right now, but when The Regular Murican finally picks up his/her head out of all the overwork they're saddled with - about Sept/October, and says 'what the actual f*^!?' this is gonna be a wipeout, but they don't care. They're.Not.Running.For.President.

All their chips are on keeping the Senate. The Senate.The Senate.


I will go even farther than this - if we take the senate back by 4 or more, they will split up, go out of business, whatever. That is my prediction on this opinion blog. 

stefpe
stefpe

@St Simons he-ne-ha "they will split up"

I don't know about that. But maybe they'd finally take Rince Prius' 2012 election post mortem report seriously.

Peachs
Peachs

They should go out of business, you can't build a party on foundation that is sand. Obviously their own party rejects what they claim to stand for!

JohnnyReb
JohnnyReb

@stefpe @St Simons he-ne-ha Trump has received more votes in a Repub primary than any candidate in history, but you keep believing we are doing something wrong.

MaryElizabethSings
MaryElizabethSings

Obama at Rutgers University yesterday:  "Our world is becoming more and more interconnected and building walls is not going to change this.  In life, as in politics, ignorance is not bliss."


In the meantime, the Prime Minister of Great Britain, David Cameron, pushed back against Donald Trump's ideas of keeping out Muslims.  Donald Trump said, "It may be that we will not have a good relationship with Great Britain.  We shall see how David Cameron reacts."


Imo, Donald Trump's supporters, for the most part, are rebels.  I wish to remind readers that ISIS and Al Qaeda are made up mainly of rebels.  The WACO motorcycle gangs, who killed one another last year in a gun fight, were rebels. Please vote for Hillary.  This world cannot take more rebels.  It needs maturity and steadiness, especially at this time.

Peachs
Peachs

An atheist too..

Nick_Danger
Nick_Danger

@Peachs 

A "Deist." 

Jefferson acknowledged the possibility of a God, but rejected the supernatural.

MaryElizabethSings
MaryElizabethSings

@_GodlessHeathen_ @MaryElizabethSings


And, thank God for Thomas Jefferson.  Washington, Hamilton, and Adams were all Federalists who sometimes opposed dissent. Jefferson spoke out against all three in behalf of dissent within our nation, through our governmental processes.


However, Jefferson had a brilliant mind and could see with great nuance and in myriad complexities.  I consider myself a rebel, as Jefferson was (but no where near his brilliance), but I cannot support the simplicity and demagoguery of the rebels who act out in lack of compromise and killing to "win."  I could never support Donald Trump.  He represents everything that Thomas Jefferson did NOT represent. 

JohnnyReb
JohnnyReb

@MaryElizabethSings MES, just how does one become so misguided, asks this "Rebel"?

The little skinny one with the big ears is apparently recognizing himself as "all knowing" and you are eating it up.

DownInAlbany
DownInAlbany

@MaryElizabethSings Equating Trump supporters with ISIS, Al Qaeda and biker gangs?  And, you want to be taken seriously?  Good luck with that.

breckenridge
breckenridge

@MaryElizabethSings @DownInAlbany 

We like dancing and we look divine
You love bands when they're playing hard
You want more and you want it fast
They put you down, they say I'm wrong
You tacky thing, you put them on

stefpe
stefpe

@JohnnyReb @MaryElizabethSings "The little skinny one"

Not that it makes a damn difference but Obama is 6'1" / 180lbs, that's the same height as your hero st. Ronnie and I wouldn't say 180lbs is especially skinny for that height.

MaryElizabethSings
MaryElizabethSings

@DownInAlbany @MaryElizabethSings


I'm sorry that you cannot see the correlation of my examples and of what extreme rebellion, in any form, can take any person or any nation.


Btw, our  young nation rebelled against Great Britain, but we had the brilliance of our Founding Fathers to modulate our young nation's varying ideas, in reason, against each other's views, to come up with a strong, enduring nation.


That is why I can correctly say, "Thank God for Jefferson, Washington, Hamilton, Adams, Madison, and later Lincoln."  They balanced each other's views for the good of the whole.

MaryElizabethSings
MaryElizabethSings

@Nick_Danger @Peachs


Jefferson created his own Bible, which he called the Jefferson Bible, in which he cut and pasted from the King James' version of the New Testament, which contained Jesus' teachings but left out Jesus' miracles.  He believed in God, in his own way or his own version of God, as was authentic and meaningful to him.

Kamchak
Kamchak

@Bill OrvisWhite 

 The FAIRTax NEEDS to be discussed more

The FairTax?

A piece of crap legislation that can't even get out of committee regardless of which party chairs it.

Too funny!

honested
honested

@Kamchak @Bill OrvisWhite 

It still won't work as advertised but there are a new crop of loonies looking for a revenue fantasy who haven't seen the data.

Kamchak
Kamchak

@honested 

It still won't work as advertised...

I believe you are correct, but we won't know for sure until it is implemented. In my opinion, the biggest flaw is that it won't survive the legislative process as it is written.

Nick_Danger
Nick_Danger

@honested @Kamchak 

Start with the first $15K (indexed to inflation) tax-free. 

Keep the personal exemption, and dump all other deductions. 

Tax all income equally. 

Remove the cap from the SS tax. 

There's a start - let's talk.

honested
honested

@Nick_Danger @honested @Kamchak 

Unfortunately, that is precisely what the 'fair tax' crowd want's to avoid.

Their interest has always been to provide a more effective method for tax evasion.

Kamchak
Kamchak

@honested 

Agreed, but my point still remains -- if it does pass (a very big IF) it won't be the same bill described in the two books Kneel Bortz conned people into buying, so all of those carefully memorized formulae will be meaningless.

honested
honested

@Kamchak @honested 

The biggest flaw in preventing its consideration has always been the "revenue neutral" bs.

If you want to replace a system that is already inadequate with another that is hobbled at the inception, what's the point.

Add in the ridiculous exemption for all business purchases and failure is guaranteed.

Bill OrvisWhite
Bill OrvisWhite

@honested @Kamchak WE THE PEOPLE (Tea Party Republicans/those with Common Sense) are in lockstep with Mister Boortz because The FAIRTax is the only plan that uses real arithmetic. Imagine keeping your entire paycheck. You can CHOOSE as to where you send your kids to school, your doctors and where you wish to allocate your own dollar$ - rather than allowing Uncle Sam to confiscate your hard-earned paychecks. Bill and millions bought Mister Boortz's book because He wrote what WE THE PEOPLE (Tea Party Republicans/those with Common Sense) were already thinking. Bill and Roosevelt pray that Mister Trump will infuse The FAIRTax into His Common Sense Tax Proposal because quite honestly, The FAIRTax is one instrument that will Make America Great Again. Amen, Bill 

Kamchak
Kamchak

@Bill OrvisWhite 

(shrug)

The bill as it is currently written will not survive the legislative process, so any FairTax arithmetic that you have committed to memory is pretty much useless.

Just sayin'.

rimsky
rimsky

Ok folks.  A customer wants a meeting, got to go.  Be nice to each other.

Donnie_Pinko
Donnie_Pinko

Lol. The US political establishment is so OVER its fake reservations about a semi-fascist in the White House. It's rubbing its hands together and ready to do some business.

Centrist Democrats: We can work with President Trump

As Democrats portray Donald Trump as a dangerous leader for his party, most of them barely acknowledge he could be president. But some centrist Democrats say they’re ready and willing to work with the business mogul should he defeat their party’s nominee.

http://www.politico.com/story/2016/05/donald-trump-moderate-democrats-223168

Btw did you notice the nice photo spread in yesterday's Sunday print edition of the AJC which shows a white man and a black man who had reconciled themselves to their respective presumptive party nominees (it goes without saying who the white man would be supporting, as with the black man)? 

Yep, Trump gets more legitimate by the day.

KUTGF
KUTGF

@Donnie_Pinko Having to accept Trump, if he is elected, is what a democracy is all about.  As much as I believe Trump is a nightmare, my hope would not be to end this country but to find a way to try to make the best of it.  It's not eagerness (IMO) it is acknowledgement of the consequences. 

rimsky
rimsky

@Donnie_Pinko Trump gets more legitimate by the day.////

Are you praying for it?  

A pig is always a pig no matter how you dress it.

Donnie_Pinko
Donnie_Pinko

@rimsky @Donnie_Pinko 

Me, praying for that? Why would I be praying for that? Thought the whole thrust of my post would make it clear where I stand on that.

MaryElizabethSings
MaryElizabethSings

@KUTGF @Donnie_Pinko


Let us not think that way, at this time.  Let us think, instead, that Hillary Clinton will defeat Donald Trump in November.  And, that means we must speak in her behalf, not simply remain silent, like the white people of the Jim Crow South when they should have spoken up to end racism, without federal troops having to come into the South to insure human rights for all.