Trumponomics–a yuuuuge tax cut?—58h.,b5
Trump Would provide incentives for private investment, economic growth, and job creation, a policy that worked brilliantly for Presidents Kennedy and Reagan. Hillary would provide zero incentives for growth and rely on government spending to generate jobs, a policy that has never produced a robust economy.
“Everything that is broken today can be fixed, and every failure can be turned into a great success…. It’s time to start thinking big once again.”
“This election can be won on the tax issue,” say Grover Norquists of Americans for Tax Reform. Tax cuts are “the organizing principle of the Republican party,” he says. And it’s no coincidence that Trump’s tax cuts are similar to those in House speaker Paul Ryan’s agenda for 2017. On taxes, at least, they alike.
‘My plan will embrace the truth that people flourish under a minimum government burden,” he told the Economic Club. His insistence on a military buildup might help too. He promised growth of 3.5 percent and 25 million new jobs over the next decade. ‘If we lower our taxes. remove destructive regulations, unleash the vast treasure of American energy, and negotiate trade deals that put America first, then there is no limit to the number of jobs we can create and the amount of prosperity we can unleash he said.
To be specific. Trump would reduce seven income tax brackets to three— 12, 25, and 33 percent. The corporate tax rate would drop to 15 percent from 35 percent, making American companies more competitive abroad and more likely to raise wages at home. He would allow companies to repatriate overseas profits at 10 percent. Treasury secretary Jacob Lew has suggested a 28 percent corporate rate. Hillary Clinton hasn’t suggested any cut at all.
“We have strongly capped deductions for the wealthy and closed special interest loopholes,” he said. Which deductions and loopholes, he doesn’t specify. This was to keep the beneficiaries of the targeted deductions—charities or realtors, for instance—from mounting early opposition, a Trump adviser says,.
She’s for tax hikes on the rich, the perfect disincentive to private investment and growth.
“Now the heart of my plan will be the biggest investment in American infrastructure in decades, including establishing an infrastructure bank that will bring private sector dollars off” the sidelines and put them to work there.
He spent $48 billion on infrastructure in his first term and proposed $73 billion more in his second. Harvard economist Edward Glaeser -Wrote in are City Journal It often gives the green light to bridges to nowhere, ill-considered high-speed rail projects and other boondoggles.” Also, Glaeser wrote, it’s not good “for fighting recessions.” Yet is Clinton is stuck on it.
source-weekly std, fred barnes, grover norquist, ed glaseser,