Tuesday, August 9, 2016

Trump's economic plan is ridiculous

Trump's economic plan is ridiculous. Cut corporate taxes. Cut estate taxes. Moratorium on financial sector regulation. 

Well, of the $2.8 trillion in taxes that the Federal gov't collected last year, corporate taxes amounted to $380 billion or, 13%. Not a lot. Estate taxes were $1.4 billion. That's five-one-hundredths of one percent of the total taxes collected. Do these really need to be cut more? 

By far the largest share of taxes, $2.2 trillion, came from employment and withholding taxes. That's FICA, etc. That's paid by wage earners--working people. How about a tax cut for them, Mr. Trump? Like you promised when you first started your campaign. 

And as far as that moratorium on financial regulation, that's just what we need, right? Let the financial sector loose to play its casino games that almost destroyed the entire global economy. I am finding it harder and harder to support Trump. He's really stupid.

18 comments:

berko said...

I suspect his tax cuts are all about him. What's the betting he, or his father had to pay estate taxes at some point and really resented it, now it's his chance to 'get even'.

Viewed from the other side of the Pacific, I have to say I don't envy your choices for President this election, more of the same warmongering neoliberal misery from Clinton, or god knows what from the narcissistic blowhard Trump.

Kaivey said...

I have these beautiful French doors in my living room. Old French doors are easy to break into so I got a specialist company in to me a quote for double glazing them and doing them up with better security. When the salesman said £750 my eyes lit up, I could afford that. But he said as it was a long way from his factory, about a 3 hour drive, there was a £500 surcharge on top. Well, £1250, I could still afford it. So I said yes, and off he went.

A few days later I got the quote through the door, and I opened up the letter and there was 20% vat on top as well. Well, I couldn't afford that. I'm old fashioned working class, so I never borrow any money, I just save up the money. But I never saved up the money for the doors. There was no other companies that could do this work.

I was once winding the right up here when I said that only the rich should pay taxes. But it does makes sense. Ordinary people do most of the buying and if they don't have spending power, there is will be no businesses or capitalism.

Reversing neoclassical/ neoliberal logic makes sense. But really it's about balance, as the rich need money to invest. Although I would argue that if the rich won't invest, then the government should do it instead.

John said...

Welcome on board, Mike! Trump is a ludicrous, stupid, thin-skinned, narcissistic bigmouth who thinks he's something because his daddy gave him lots of money. He'll be an awful president: the worst of Nixon combined with the worst of Kennedy.
Nevertheless, he'll almost certainly be better than Killary!

In any case, any really crazy President Trump policies will be blocked by the Congress or mutiny by the State Department and the Pentagon, who are all behind the Killary agenda of surrounding Russia and China. What'll be interesting is when President Trump has to make what are called "hard choices": national healthcare, protecting social security and all the other social policies he is claiming to support at the same time as balancing the budget, even reducing the national "debt". Maybe his brain will melt when he realises two plus two does not equal five. Maybe he'll fire his cabinet because they're "losers", "dumb" and "don't know how to win".

And with John Paulson to offer advice, what could go wrong?

Those who don't have to make a choice between these two awful candidates and live in "liberal" areas should vote for Jill Stein. So-called "conservatives" should vote for Gary Johnson.

Gary Hart said...

If what you are saying is that a progressive tax policy is important to the distribution of wealth, then I am with you 100%. I don't like Trump's tax policy but I am afraid of Killory starting WWIII. What are we to do?

Kaivey said...

The same as me. Trump's team looks awful too, but peace with Russia and china, that's worth it? But he might start a war with Iran instead. I just hope it all a pantomime and that he will go for peace when he gets in. He has warned us of Hilary, how dangerous she is.

Matt Franko said...

Kevin maybe just look at a steel assembly to put across the doors , like a removable rod with loop latches on each door ...

Ryan Harris said...
This comment has been removed by the author.
Matt Franko said...

Also over here at least thieves typically do not like to break glass... So if you just put some sort of steel deadbolt feature into the door that should help a lot

Bob said...

Trump may blow up the system, but Hillary may blow up the world. The choice is yours!

Ignacio said...

Cut estate taxes.

Hah! Off course, good for (his) business.

Ignacio said...

He's really stupid.

I don't think he is really stupid, he is just trying to rig the system, what politicians do usually.

Elections are a vote for whose on the elite will get welfare from the state, directly or indirectly, with maybe a bit of scraps thrown to the plebe to buy some votes, specially from the professional urban class which enable the system.

Trump is just doing that. His business benefit from the sort of policies he is pushing (including good relations with Russians, as he has business relations with Russian magnates).

Everything else is a side effect.

Matt Franko said...

"I don't think he is really stupid, "

C'mon....


He is trying to take it back to the 80's which is when he was most effective in what he mainly likes to do...

More US manufacturing, cold war, detente, infrastructure, construction, higher interest rates, deregulation, less imports, tax cuts, etc...

A way less libertarian Reaganism...

But still no evidence he is not believing the "we're out of money!" falsehood so will ultimately come up short... NAIRU type results AT BEST.... will most likely start significant "inflation!" as the morons term it...

Michael Norman said...

"I don't think he is really stupid."

He's taking advice from Larry Kudlow. I rest my case.

John said...

Just when you thought it couldn't get any worse, Trump does it again. I just heard him say that to protect the second amendment (the only amendment anyone seems to care much about), someone may have to assassinate Killary. And that's hot on the heels of Trump claiming that the election will be rigged in Killary's favour! What a dumb motherfucker.

Somebody really ought to buy a gigantic silver spoon - one even bigger than the one that was already in place in his cakehole - and jam it so far down his throat so he can't talk until November. That way he may have a chance of beating Killary and saving planet earth.

Ignacio said...

But still no evidence he is not believing the "we're out of money!" falsehood so will ultimately come up short... NAIRU type results AT BEST.

This is a naive position, you guys think that people who goes for president actually care about the plebe.

You need to drop the veil and see beyond that...

He is not stupid, for his own interests. Not cynical enough guys.

Ignacio said...

(At least not the current trope doesn't give a iota, as long as they can keep the system running and kind of functioning. Who cares if there are 5, 10 or 20% unemployment as ling as the plebe doesn't revolt).

Matt Franko said...

" Not cynical enough guys."

LOL i didnt think anyone could be more cynical than myself! ;)

He cares about the plebes similar to UKs Theresa May (they sound similar when they talk (to e)) but the question is whether he is still too stupid to do the most about it...

I see no evidence to indicate that he is not remaining stupid in this regard...

then he is now bringing in all of these known idiots as advisers...

NAIRU is not all that great in the overall scheme of things...

imo NAIRU is still coming up way short.... Trump is probably thinking NAIRU is the best outcome...

Ugh said...

When he was cutting up the Republicans in the primaries I thought Trump was crazy like a fox. He surely was going to pivot and stop with the sophomoric insults and buffoonish inanities in the general, right. Nope he doubles down. I never assumed he was a deep thinker like the genius we have in the WH now, but he's a regular moron.

The choice between a massively corrupt liar and a buffoon. God help us. I can't vote for either...