Last updated on July 17th, 2023 at 09:11 pm
Donald Trump gave a speech to outline his economic vision that was completely divorced from facts and reality that offered an empty fairy tale of Trump fixing an economy that isn’t broken with tax cuts for the wealthy.
Trump went on an old man rant about things used to be in the United States, “It used to be cars were made in Flint and you couldn’t drink the water in Mexico. Now, the cars are made in Mexico and you can’t drink the water in Flint.”
Trump made crazy promises that have already been debunked by economists, “In working with my economic team, we’ve put together a plan that puts us on track to achieve that goal. Over the next ten years, our economic team estimates that under our plan the economy will average 3.5% growth and create a total of 25 million new jobs. You can visit our website to see the math….It will be deficit neutral. If we reach 4% growth, it will reduce the deficit.”
The Republican nominee’s brilliant plan is the same failed strategy that Ronald Reagan used to blow up the deficit, and caused the Great Recession under George W. Bush.
Trump’s plan is a tax cut for the wealthy sold as a middle class tax cut:
Our tax plan will greatly simplify the code and reduce the number of brackets from 7 to 3. The 3 new brackets will be 12, 25 and 33, but low-income Americans will pay no income tax at all – in fact, our plan will remove millions and millions of workers from the income tax rolls entirely.
By lowering rates, streamlining deductions, and simplifying the process, we will add millions of new jobs.
In addition, because we have strongly capped deductions for the wealthy and closed special interest loopholes, the tax relief will be concentrated on the working and middle-class taxpayer. They will receive the biggest benefit – it won’t even be close.
This is a working and middle-class tax relief proposal.
The non-partisan Tax Policy Center analyzed Trump’s plan and found that most of the benefit would go to the wealthy while spending for programs that benefit the middle-class and poor would need to be cut or the debt will grow by 80%.
The Center For Budget and Policy Priorities found that Trump’s tax plan contains a massive tax cut for the top one percent, “Mr. Trump, who has proposed a 15 percent corporate tax rate, proposes a pass-through rate of 15 percent as well. The Trump pass-through proposal would be an expensive tax cut that would flow primarily to the wealthiest Americans. That’s because more than two-thirds of pass-through business income flows to the highest-income 1 percent of tax filers.”
The rest of Trump’s plan is to slash regulations, kill clean energy, and start a trade war.
Statistics and the eye test show that the US economy is doing very well. What Trump is proposing is more of the same policies that George W. Bush used to crash the soaring the Clinton economy that he inherited at the turn of the century.
Donald Trump’s economic policy speech was a lie filled disaster full of the same policies that benefit the wealthy that voters have been rejecting for years.
Trump’s speech was a tutorial on how to take a growing economy and turn it into a dumpster fire of a recession. Donald Trump is pushing a policy that would do for the United States what it did for his business, make the rich richer while bankrupting the rest of us.
Democrats should pounce because Trump just tossed them a softball that they will hit out of the ballpark. Trump billionaire populist is really just an oranger version of out of touch rich guy Mitt Romney.
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