It is forecast that the $1.3 trillion estimated cost of annual foregone revenue from Trump's tax reduction plans (out of a total revenue intake of $6.3 trillion annually) is a shortfall of 20.1% which would be offset by $5.9% increase in revenue from Trump's tariff plan. In sum, a total loss of $14.2% of federal revenue with no plans for how to make up the shortfall. He has suggested giving the President control over the Fed to set interest rates as well as control of the money supply (printing money). He has also suggested to eliminate the debt ceiling. Economists & the Congressional Budget Office have derided both of these ideas as leading to precipitous rises and consumer prices and dangerously inflationary.
More detailed breakdown: Donald Trump's proposed tariffs to make up this revenue loss from his tax cuts (which include a 10% worldwide tariff and a 60% tariff on Chinese goods paid for by the American consumer - so in effect a hidden tax), are estimated to generate approximately $280 billion annually. If the 2017 Tax Cuts and Jobs Act Trump legislations provisions are made permanent, it is estimated that the federal government would experience a reduction in revenues of approximately $400 billion annually. Additionally, the long-term fiscal impact would increase the national debt by $16.5 trillion over the next 75 years. This revenue loss primarily arises from the continuation of foregone income tax introduced by the TCJA. Regarding the image above, Trump has NO ability to influence insurance rates as they are set at the state level, Congress has signaled that they have no plans to restore the state and local tax deduction (SALT), the president has no ability to mandate coverage of IVF treatment and the president has no ability to set credit card interest rates.
I support Trump's economic plans
I opposed Trump's economic plans
This data is fake news. Trump is a great businessman. He'll figure out the numbers.
I support some of it, but not all of it. I support a huge tariff on Chinese goods. Although I'd rather they be removed from the favored nation status, which they should never have gotten in the first place.
Most of this why I keep saying he's not a real Republican. Most of this is Democrat thinking, not Republican. He's a RINO if there ever was one.
A real Republican should be slashing the hell out of the government, not figuring out ways to pay for a bigger and bigger government. If he'd slash the government like he should, he wouldn't need to go looking for revenue. That's pure Democrat thinking.
I always love speaking to somebody who's well informed as you obviously are. I agree this absolutely resembles a Democrat platform rather than a Republican! Of course it's for the purpose of buying votes and he has no intention of following through on any of it. That being said I'm curious why you support the large Chinese tariffs? What's the end game in doing that? And I do disagree about the MFN that we granted to China in I think 1995 if I'm not mistaken. I don't think there's any way we could have avoided it as they continually pushed up market for higher value goods. Any company that didn't want to jump into China at that time would have been a fool because they had a decade plus a double digit economic growth and it's things like that that make the shareholders drool. I don't think enough Americans understand or even care to understand that China has reached its peak as far as a manufacturing power and they certainly do hold a lot of cards for both domestic market as well as an international market for manufacture good. But what Americans don't understand is that they are now reaching into the service economy and there's going to be a shitload of white collar workers who are going to wake up one day soon and feel and find out they've been automated or made redundant or AI has taken over their job or as I'm predicting all of the above plus China is going to be the gross and net beneficiary.
Many of us know Trump is a failed businessman, not a savvy one he pretends to be. His “plan” sound as if it would be economically dangerous for the US. He has nothing planned for the poor or middle class that I can see, except the promise of cutting social security and Medicare, something people depend on to survive. So the poor and middle class would suffer immensely if he should unfortunately become president again. The only ones who’d benefit are the top 2% of the population— billionaires and millionaires who’d receive highest tax cuts. Our national debt would increase more, just as it did before he left office at an increase of 8 trillion.
Never forget, he didn’t go bankrupt 6 times in his life as a businessman for no little reason.
undecided. he largely gets my vote for a few other priorities which are life and $ in essence. I haven't studied the economic ones. What I'd expect of him is to get our finances in better order. If he fails, he's fired again!
Th current bunch... were now at 35 trillion, with hot wars all over, have they cut spending anywhere in an overheated economy... nope! spending like drunken sailors on the federal credit card. they are fired!
for good reason... if they didn't we'd start imploding faster, but still...
--I also got a disagree with you about the overheated economy. The Fed and the market says that it's the most stable productive economy in decades. I agree!!!
27.1K opinions shared on Society & Politics topic.
I support his plan. During his first term he was told his tax cuts would blow up the debt. In reality, because the tax cuts had stimulated the economy and the government revenues increased by a record amount. I expect the same thing to happen.
Yes. Commonly refer to as a "sugar high" and there was no need for priming the pump in 2017. Covid came along at the end of his term When the deficit spending was much more needed. Although it doesn't really matter as it went to the 1% and the lower corporate tax rate as well as the COVID loans only served to enrich the shareholders with stock buybacks.
Can you provide a links that actually support your claims?
Incidentally, are you aware that the Chinese government not only uses slave labor in at least some export industries and subsidizes the cost of exports through subsidies, tax breaks, cheap loans from state-owned banking institutions and that it intensified these measures when Trump previously applied tariffs to China? Are you also aware that the Biden/Harris Administration has primarily left these tariffs in place (thus making them their policy as well). Finally, are you aware that official statistics on actual import price inflation don't support your claims of a disaster for US consumers?
12.1K opinions shared on Society & Politics topic.
I support Trump unconditionally. Only an act of G0d would change that. And the assassination near misses strengthen it. Democrats have nothing to offer. All they want is power and money. Old school democrats like JFK, RFK, Truman and others were more populists. Republicans and Democrats have changed seats since Nixon, except for Reagan who was a populist Democrat early on. So was Trump.
Gladly. If I had someone else's credit card I could make things look absolutely rosy but I'm not sure that's a wise idea to give the credit card to someone who gave himself the title "King of Debt".
"In the runup to his 2016 election victory, Trump played down his bankruptcies as a smart business strategy and even referred to himself as the “king of debt.”
I don't care about your bullshit claims. Every time somebody says some bullshit about Trump and I look into it, it was twisted or he was joking and they took it 100% seriously. I trust the far left less than I trust a deranged meth addict laying in a puddle of their own urine.
I mean you're the type of guy to take Hillary Clinton seriously when she wants to get rid of section 230 when it is clearly only because she is salty about Elon Musk owning twitter. You're a joke man.
This is so disingenuous. You only care because Elon Musk has control of Twitter. You never complained when the far left had a stronghold on social media, even when I complained about social media companies abusing their status as platforms.
Platforms deserve to exist but they should follow the rules and not editorialize.
And also you fail to understand that if YouTube for example was a Publisher instead of a platform, it's business would fail overnight. You clearly haven't thought too much about this and you are coming at this from a biased, partisan standpoint.
Here is the bottom line. Obama left us with a lackluster economy and told us to get used to it as the post WWII boom was over. Trump made the economy zoom which Obama tried to take credit for even though he said it was Trump’s economy when in the first year it stumbled. Then Covid started and hit the economy and then… Biden came in and just watched it all burn as he signed Trillions in packages that meant nothing except to impoverish our children with debt. I’ll vote Trump.
A great review and assessment, but I am not an economist, and cannot comment with any real knowledge/understanding, of how to resolve the current National Debt crisis.
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