Dr.Doom Exposes Trump's Tax Plan As "A Plot Against The 99%"

Tyler Durden's picture

Authored by Nouriel Roubini via Project Syndicate,

US President Donald Trump, in partnership with congressional Republicans, is pursuing tax cuts that will blow up the fiscal deficit and add to the public debt, while benefiting the rich at the expense of middle- and working-class Americans. Once again, Trump has not hesitated to betray the people he conned into voting for him.

After multiple failed attempts to “repeal and replace” the 2010 Affordable Care Act (Obamacare), US President Donald Trump’s administration now hopes to achieve its first legislative victory with a massive tax giveaway that it has wrapped in the language of “tax reform.” To that end, Republicans in the US Congress have just unveiled a bill that, if enacted, could vastly widen the deficit and increase the public debt by as much as $4 trillion over the next decade.

Worse still, the Republican plan is designed to funnel most of the benefits to the rich.

It would lower the corporate tax rate from 35% to 20%, reduce the tax on capital gains (investment profits), eliminate the estate tax, and introduce other changes that benefit the wealthy.

Like the Republicans’ health-care proposals, their tax plan offers little to struggling middle- and working-class households. Trump continues to govern as a plutopopulist – a plutocrat pretending to be a populist – who has not hesitated to betray the people he conned into voting for him.

Before releasing the current plan, congressional Republicans passed resolutions to reduce taxes by $1.5 trillion over the next decade. But the actual tax cut will likely be much larger. The proposal to lower the corporate tax rate to 20%, for example, implies a $2.5 trillion tax cut, once other tax cuts in the plan are considered. To keep the tax cuts below $1.5 trillion, one would have to keep the corporate rate at or above 28% and broaden the tax base.

To make up for this difference, the bill proposes a cap on the mortgage-interest deduction for homeowners, and on the deductibility of property tax, as well as eliminating other tax benefits for the middle class. It would eliminate or cap the income-tax deduction for state and local taxes – again, squeezing the middle class to cover tax cuts for the rich.

The problem is that eliminating the state and local tax deduction would provide just $1.3 trillion in revenue over the next decade. And because this change would hurt middle-income families, many epublicans in high-tax states such as New York, New Jersey, and California will oppose it. If congressional Republicans and the Trump administration end up keeping the state and local tax deduction, their tax cuts will add $3.8 trillion to the public debt over the next decade.

Moreover, Republicans want their tax cuts to be permanent. Yet they are trying to enact their bill through the congressional budget reconciliation process, which requires any tax cuts that add to the deficit after ten years to be temporary. Even if the Republican plan really did keep the cuts at $1.5 trillion, it still would not comply with this rule.

Trump and congressional Republicans argue that tax cuts will boost economic growth, and thus revenues. But standard dynamic scoring models show that increased growth would offset the cost by only one third, at most: the US would face $1 trillion, rather than $1.5 trillion, in lost revenues.

So, how will the Republicans fudge these fiscal rules? For starters, like President George W. Bush’s administration, they will set the personal income tax cuts to expire after ten years. This will give them plenty of time to enjoy the political gains of tax cuts – starting with the midterm elections in 2018 – long before the bill comes due.

But corporate tax cuts are another matter, because making them temporary would defeat the purpose. Companies operate with a much longer time horizon than households, and are unlikely to boost investment in response to cuts that last only ten years.

To get around this problem, Trump and the Republicans might decide to bend or manipulate congressional rules. Or they might rely on unorthodox and untested economic models to claim that their cuts actually are revenue-neutral, and will have a much larger impact on growth than what standard models project.

Most mainstream economists would estimate that a tax cut of the size being proposed would increase US potential growth by 20 basis points, at most, taking the growth rate from around 2% to 2.2% over time. Yet Trump and his advisers have clung to the false claim that growth will increase to 3% or even 4%.

If this far-fetched projection sounds like voodoo economics all over again, that’s because it is. Voodoo economics came into parlance in the 1980 presidential election, when George H. W. Bush criticized Ronald Reagan for claiming that his planned tax cuts would pay for themselves. Bush was vindicated just a few years later, when the Reagan administration’s tax cuts blew a huge hole in US public finances.

And yet Republican administrations have persisted in pursuing unsustainable and undesirable tax cuts benefiting primarily the rich, leading to ever-larger deficits and trillions of dollars of additional public debt. The Republicans’ eagerness to pass reckless tax cuts once in power gives the lie to their claims of fiscal rectitude.

Making matters worse, America’s pluto-populist president is peddling a tax plan that will further increase economic inequality at a time when income and wealth gaps are already widening, owing to the effects of globalization, trade, migration, new labor-saving technologies, and market consolidation in many sectors.

Given that the rich tend to save more than middle- and working-class people, who must spend a larger proportion of their incomes on basic necessities, the Trump tax plan will do little for economic growth; it may even decrease it. And it will add far more to the US’s excessively high public-debt burden. It is fake reform, brought to us by an alt-fact administration and a party that has lost its economic bearings.

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medium giraffe's picture

well, what the fuck else did you expect from a rich guy and his Golden Squid pals?

JimmyJones's picture

If this was true, McCain would be supporting it, since hes not then we know its not true.  The mortage intrest decution isn't illminated, its capped at $500,000 Mortages.  Thats very relevant. 

tmosley's picture

I prefer the white nationalist Dr. Doom to the mudshit Dr. Doom, tbh.

Bes's picture

you prefer orange jizz in your mouth

enjoy

loebster's picture

Trump WAS ALWAYS gonna turn. http://bit.ly/2fhGqif

Only the NAIVE believed otherwise.

arby63's picture

Think you could do a better job? It's easy to be a keyboard warrior criticizing anything and everything. You could never be pleased. Don't blame Trump for your limp dick or lack of initiative. Or balls. 

Mister Ponzi's picture

Roubini is not Dr. Doom, just Dr. Clown.

Anonymous_Beneficiary's picture

I thought the title of doctor doom belonged to Marc Faber?

Jack McGriff's picture

Betray the 99%?  WTF is this fool talking about?  The producers and earners in the highest tax bracket who pay MOST taxes are NOT GETTING A TAX CUT!!  39.6% is here to stay.  Adding insult onto injury, those in the highest tax brackets will be paying MORE in income tax!  FFS, #theresistance needs to READ!

This isn't Trump's plan.  He had nothing to do with writing it.

buyingsterling's picture

 

The free market stance is that the tax code should do as little as possible to affect market choices. In that regard, the GOP plan is brilliant, but doesn't go far enough. Why should the housing market be so dependent on the federal tax code? I would be for the cap and a phase out of all other mortgage deductions over the next 30 years.

Ditto the state and local tax deductions - why should federal tax code allow leftists to punish their citizens with onerous taxes?

Sadly, it's probably all irrelevant until McBrain's cancer kills him. He won't give Trump and Trump's 'crazies' a major victory. McBrain's ego and pride are wounded.

Escrava Isaura's picture

Oldwood below:

What we HOPE for under Trump is investment into our infrastructure that will enable greater commerce efficiency. It is still a HOPE, but Obama never promised any of that.

Wrong, as usual.

The American Recovery and Reinvestment Act of 2009 (ARRA), nicknamed the Recovery Act signed by President Obama was a stimulus package …. Of $831 billion between 2009 and 2019.

https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009

 

Again, Oldwood with his nonsense: I've been in business....self employed for over forty years. 

Great, now tell us why that you think that what you do is more productive and important than a doctor saving someone under Obamacare?

 

Again, more nonsense by Oldwood: Obama said ALL spending is stimulative...and he was DEAD WRONG.

Try learning something today from Akhil Punkhia:

Essentially there are three components that make an economy work
1. Public spending
2. Private spending
3. Consumption

1. Public spending
This is a function of how much the government and its state enterprises spend. The enterprises could spend in terms of capital expenditure building new productive assets hence putting more money into the economy. The government puts money by increased welfare spending, asset building etc. These measures put more money into circulation in the economy.

2. Private spending
Once private companies gain confidence that their products will have sufficient demand, they start investing in capital and operations. Through capital expenditure, those companies that manufacture those machines earn money who in turn transfer it to the people making them who in turn use it for consumption. This cycle continues and the more people spend, the velocity of money increases.

3. Consumption
As explained above, consumption spending power gained through employment circulates through the economy increasing the size of the economy. Te higher the consumption expenditure, the better the economy performs and forms a virtuos circle for companies to invest.

Ultimately if consumption demand in an economy holds up, it starts becoming a healthy economy. This is exactly what China is trying to achieve now post their export and hyper-investment led economic growth. The government slowly starts receding and market forces start taking over (not completely though).

There are several ways to boost this cycle like someone has pointed out below such as reducing interest rates, taxes etc. But those are supporting factors and not the critical factors to enhance growth.

 

Oldwood's picture

Obama oversaw over eight trillion in debt accumulation under his admistration. He won election against McCain claiming that BUSH had WASTED money and run up the debt. Within months of winning office we saw spending on steriod levels from Obama and his minions, with him publicly stating that republican complaints about his deficit spending were spurious as EVERYBODY KNOWS THAT ALL SPENDING IS STIMULUTIVE. But stimulative of WHAT?

IT IS NOT. The proof is in the results. Massive wealth inflows to a select few while millions bailed out of the workforce because Obama's policies made it easier than ever to get "entitlements" that offset lost wages and quietly made a mockery of any discussion of minimum wage....that being comparable to entitlements and not $15/hr.

Recall his famous shovel ready jobs that were going to pump billions into infrastructure and then a few years later admission that most were not really quite so shovle ready after all? Do we forget all of the teachers and govovernment workers who got bailouts to keep their high paid jobs and pensions....do we see that STILL in our face, threatening to bring down cities around the nation?

I understand that you and Krugman are best buds and all, but you can't seriously still agree with his broken windows or alien invasion fallacy.

AND HEALTHCARE? REALLY, YOU WANT TO GO THERE? My insurance rates that I pay for my employees went up ANOTHER 28% this year. Regardless of whether you believe it ois our government's right or responsibility to provide healthcare or to save ANY life, you surely must recognize the massive costs to our society and economy to sustain this madness. You realize that Obamacare has put us on a path of 100% government run healthcare as they will present themselves as they ONLY recourse to a collapsing system, one that failed due to competition and free markets...RIGHT....like we have seen any real competition of free markets in healthcare or much of anything else in the last hundred years.

Just get off the progressive juice and give up on repeating these old and flawed propositions. If you want to believe, feel free, but disparagement does NOT advance your case.

Escrava Isaura's picture

Oldwood, America built its suburbs, roads, and its middle classes in the 50’s and 60’s on debt.

By the 70’s the dollar ‘US’ was bankrupted.

Second, if you major US public debt vs. GDP, Reagan was the biggest spender. His debt increased about 180 percent to GDP. Obama would have had to run a deficit of $32 trillion dollars.

 

Public debt is not the problem, private debt is: 43,800 trillion dollars.

https://fred.stlouisfed.org/series/TCMDODNS

 

US healthcare is expensive and out of control because it’s run by private cartels. US government needs to take charge of healthcare and here’s how it should be run:

The health care system in Japan provides healthcare services, including screening examinations, prenatal care and infectious disease control, with the patient accepting responsibility for 30% of these costs while the government pays the remaining 70%. Payment for personal medical services is offered by a universal health care insurance system that provides relative equality of access, with fees set by a government committee. All residents of Japan are required by the law to have health insurance coverage. People without insurance from employers can participate in a national health insurance programme, administered by local governments. Patients are free to select physicians or facilities of their choice and cannot be denied coverage. Hospitals, by law, must be run as non-profit and be managed by physicians. For-profit corporations are not allowed to own or operate hospitals. Clinics must be owned and operated by physicians. 

https://en.wikipedia.org/wiki/Health_care_system_in_Japan

 

Oldwood's picture

So you are suggesting that America was bankrupt in the 70's due to infrastructure spending....or military and entitlement spending....The Great Society?

Private debt is high because banking has made it available as an alternative to declining incomes, and GOVERNMENT has been instrumental in that growth in debt, PROMOTING debt as a solution to a moribund economy.....by funding CONSUMPTION, NOT INVESTMENT.

Please do explain the wonders of Japanese and European healthcare while also explaining their massive DEBT. Japan is king....how much...1.2 quadrillion in debt? And how many are moving to Europe and Japan for their healthcare utopia?

There is a BIG PICTURE here and to continually be pulling these stats out like they are independent of every other part of a nation's economy is bullshit.

The US healthcare is not privately run cartels, they are government surrogates who charge what government says they can charge, cover what government says they can cover, sell where government says they can sell and are guaranteed profits on the policies they sell. We have not seen privately RUN healthcare or insurance in DECADES. Healthcare/insurance is as close to privately run in America as any corporation is privately run in China. Insurance company heads were warning us of what this would bring and were silenced by Obama and threatened with suit if they didn't shut up. What began as an attack on insurance became a government/insurance collusion to defraud Americans. These corporation heads don't care one shit about the future of their companies or their customers. They have their golden parachutes lined up and we've already seen a number of them slide away while this disaster builds. Once insurance becomes unaffordable to much of anyone, the crisis of which Obamacare was created to overt will have become very real, and only the government will have the "power" to remedy it. They will effectively nationalize insurance companies making them agencies of medicaid and we will find ourselves at the mercy of a governmental madness that we avoid to even buy our license plates. 

Thank you very much.

lasvegaspersona's picture

Public spending is just private spending...of funds that would have been better spent by the original producer of those funds.....Oh and public spending also includes spending borrowed money at a rate no frugal person would do. 

Escrava Isaura's picture

There’s a flaw in your statement, because, if they had invested that money, the money wouldn’t have been taxed, right?

Second, there are so many ways to write off that most business pays a fraction of what they should, if they do. Trump is a good example. He probably spent more in champagnes than in taxes.

 

Oldwood's picture

Bullshit! Do YOU own a business? What in the hell do you know about it other than the instances of corruption we read about...a TINY fraction. In America even still about 75% of employees work for small businesses like mine. We have no means to cheat and our government knows of our vulnerability and puts the screws to us every chance they get. Business pays more for everything to do with government. WE pay more for water, for phones and internet, for trash service for EVERYTHING.

Explain why 50% of Americans pay ZERO taxes. We business people are such big cheaters. And I'm bleeding from the ass paying property taxes so illegals can go to school. How much do YOU pay in taxes? Tell us that before you cast dispersions on others. YOU MAKE ME SICK!

Speak of something you KNOW something about rather than what you READ.

Yog Soggoth's picture

He's just another commie. If you took out all the small businesses the USA would crumble, and apparently that's the plan. They took out the average free worker with more regulations spun by insurance company lobbyists. That hurt mom and pop businesses because now they have to either make sure everyone is insured or do it themselves. Back in the day when a painter fell off a ladder he was reprimanded for being drunk, and replaced as soon as possible. What made the economy strong was common sense. Sueing people was not the norm, it was an aberration. It should not cost any money for a common laborer to go to work, as long as they sign a piece of paper saying they will not sue (unless other party makes unsafe environment which would negate deal, and hopefully have no impact on original hirer.) The counties, and now cities are getting in on this racket because they spent the money. People who own small businesses pay even more than they did before regulations, and most of the people that do not pay taxes can not afford to. Broken system thanks to large corporate entities and opioid epidemic.

UrbanMining's picture

Fred, You have absolutely made my day. Not only does this bill allow my company to pay taxes at 20% but also that you think that I'm going to take my net profits and declare it all to personal income and tax myself at 39.6% It's clear to me that you are just a simple man hopelessly clinching onto a rope covered in shit, all while my elitest buddies and I are fueling the fire below.

Off shoring just became so much more fun. Maybe I'll just take a loan on that money at a extremely low rate. Wow, it's so exciting to think about.

robertsgt40's picture

"Increase debt $4T in 10yrs?  Fk they're adding a trillion min) every year.  Now add compound interest in a collapsing economy. Like they say,  it doesn't take a rocket scientist to do the math.

gatorengineer's picture

Trump could enforce the laws on the books how about that?  Verbatim compliance with existing H1B requirements would be a damned good start.  Secondly he could enforce antidumping.  Third he could prosecute hitlery.  These are all things orange jesus could do by his lonesome.

Billy the Poet's picture

you prefer orange jizz in your mouth

 

Now I think I prefered it when you stuck to the childish, "hahaha."

Juggernaut x2's picture

At this rate you will need Viagra to get it up for your Trump sex doll

buyingsterling's picture

I  notice that anti-Trump girlie-men descend on posts that cast a negative light on Trump, while positive or neutral posts send them scurrying for their rat holes. Did any of you anti-Trump people bother to watch his speech last night in Korea? We have a real president now, one who doesn't kick every can down the road. I know you're perfect and he isn't, but try to be a little bit objective. Unless, of course, he offended you with some comment and that is the nub of your hatred for him. If that's the case, you're a cunt and hopeless.

Oldwood's picture

They very afraid. Men acting as men scares the bejesus out of them. Nothing pleased them more than the rumors about gay Barry and trans michelle. Nothing threatening there....unless in a dark room alone.

 

Oldwood's picture

OH MY FUCKING GOD!

4 Trillion over the next TEN years?

What, is he worried that Trump might spend HALF as much as Obama?

At least it might actually grow the economy rather than just making his political friends rich? Is THAT what he's worried about....not being on the best friends list?

Juggernaut x2's picture

How are you going to grow an economy when US workers compete globally against people making a few bucks a day to do the same job- take out govt workers and people in the healthcare industry supported by taxpayers and there is no US middle class.

arby63's picture

Drain the swamp and it's fuckin' easy. That's how. I'm not saying Trump can do it but he's off to a good start of creating the chaos (THAT'S CALLED SETTING THE CONDITIONS) necessary to open the drain.

Ye of little faith (or brains).

Oldwood's picture

We will compete the same way as the Chinese do. Technology. China is the worlds largest buyer of technology...ROBOTS. If labor costs are all that, then why is China spending their precious fake debt ridden money on robots instead of simply enslaving their infinite masses?

If we could eliminate our business taxes and minmize our regulations, we would have at least a chance to compete.

What's YOUR answer, beg for more entitlements to sustain non workers, ALL derived from debt? DO we REALLY think that our trendline is not going to end in massive debt if we continue to fail to compete? Do you think China will sell us their goods forever based on the promise of debt backed by endless dillution by our government to sustain people setting on their asses? Hell, even Americans won't do that. Enough are already sick of paying for everything TWICE while our entitled friends and neighbors sit on their butts LAUGHING at us for working. Chinese are not stupid and we better figure this shit out quick or have NO chance.

Archive_file's picture

Agreed.

Went to the VA hospital yesterday. My young doctor and her female supervisor were both Chinese. The only other I saw there was walking down the hallway and yep, you guessed it, Chinese.

Yog Soggoth's picture

First you have to build a wall. Wait, I heard that before. Oh yeah, it was Trump.

BustedUpBiker's picture

It isn’t not just the salaries of Gov. workers, even though they are paid more than their private sector counterparts but it is the over generous pensions and healthcare that we cannot afford. State after state are looking at pensions that they will not even come close to paying in near future and for some that future is now.

Not Too Important's picture

North America doesn't have ten years. And that's best case.

Anything Trump can do to keep doors open and healthcare running is a plus.

He knows full well what's coming. I suggest we all focus on getting our houses in order, hug our loved ones and make peace with your Creator.

Wild tree's picture

I have an seventeen year old daughter. I would like for you to be wrong NTI, but I agree with you. The war drums are beating louder, to drown out the screams of those going under in this economic depression we have been in since 2008. Good advice given.

Oldwood's picture

Things can get pretty bad but I believe as long as an economy exists those who have skills and are willing to actually show up and work will always have an advantage and a future. Look at it this way. As a percentage of population she will have the LEAST competition for a job in history....no matter HOW fucked up it is. We have millions out of the workforce, record unemployment (yes distorted, but still) and millions of unfilled jobs. Granted many are low paying but you can bet that entitlements are going to get "thinner" over time. They whole point of dependency is power and NOT luxury. Same as any pyramid scheme, lure them in with "too good to be true" benefits, and once in and dependent, where are they going to go? Got no skills, poor education, and ZERO motivation.

Yor daughter will be fine as long as she remains steely eyed and on point.

Wild tree's picture

Oldwood, she is exactly that: steely eyed and on point. She is in her second year of college, while a senior in HS. She has as her major a dual certification in Powerplant and Airframe, certified by the FAA. She is in the top of her class, and I'm pulling strong for her.

She has heard her Dad all her life, so she is focused like a laser beam on becoming the best that she can be to carve out a life for herself in whatever is left of our America. I pity the fool that tries to dissuade her.

It is my prayer, that we have a country left in ten years. Salute.

Oldwood's picture

She will do great. All that is required is to remain focused and not distracted and disillusioned by that which seeks to suck us all under.

DFCtomm's picture

You can only be destroyed once, and anything more is simply wasted overkill. If we've already crossed over the event horizon into total collapse, then what does it matter that we borrow 100X more? Will the nation be destroyed even harder or twice? If we're already finished then it's time to think about how do we soften the landing, and that's all that counts.

Jack McGriff's picture

I've been hearing the same BS refrain since the 70's.  It's the end of the world! LOL

DFCtomm's picture

There is a scene from that movie "the big short" and the autistic fucker was pleading to an investor saying "that he might have been early, but he wasn't wrong". The smart guy in the room replied "it's the same thing", so you have a legitimate point. If one has been fretting about the end of the world since the 70s then that is a wasted life. However, the doom and gloomers are right and the fundamentals are rotten. It will come down. The moral of the story is to prepare, but live your life.

Mikeyyy's picture

That 4 trillion estimate is in addition ot any deficits that are already built in.  For example, the deficit for the fiscal year that just ended in September was $666 billion.  Tack another $400 billion onto that.  

Oldwood's picture

I've been in business....self employed for over forty years. I don't claim to be a genius but I can tell you I have seen a lot of successes and a lot of failures in business. Almost ALL businesses use debt to build and grow. The difference in debt is if it is used to sustain a losing proposition or if it is used to enhance productivity, profitability or revenue.

Obama spent like a drunken sailor and all he accomplished was sustaining the unsustainable. Continued to pay government employees and their pensions KNOWING that it was unsustainable. Paying well connected "friends" for business startups with NO plan for success other than continued government support.

What we HOPE for under Trump is a loosening of business restrictions and investment into our infrastructure that will enable greater commerce efficiency. It is still a HOPE, but Obama never promised any of that and a little looking will inform you as to why. Obama said ALL spending is stimulative...and he was DEAD WRONG.

Sofa King's picture

Your down votes seem odd to me.  Must be a bunch of ass-licking looters registered on the site.

Seriously folks, If I hear one more twat-Democrat complain about the debt or blout deals struck in the shadows, I'm going to loose it.

Holy Fuck, this is just outragrously stupid...did we forget the Auto Bail-out when they shut down all the Rebulican-Owned dealerships.  Oh, no one wants to talk about that shit.  Fuck everyone in politics and in the media.  You are all fucked in the head.

Besides, where does ass-hat Roubini get the fucking marbles to even show his face in public...dirt-ass creep.

 

Oldwood's picture

Continued debt is a given, no matter how much we hate it. We can either go further in debt to invest in productive capacities that will make us more profitable and give more people hope to willingly actually TRY, or we can grow our dependency class, feeding the god damned bears while pretending that when the scraps give out that they won't be coming for US.

Trump has grown business from bankruptcy, and yes people have been fucked, but anyone who thinks that reconciliation of 20 trillion dollars isn't going to fuck a LOT of people is just plain delusional. Trump understands how to make investments in BUSINESS, not stock, not Bitcoin, but BUSINESS, to actually make them grow. 99% of our past presidents have either never run a business (graft doesn't count) or at least used their political office to enhance their "profitability" of any claimed commerce. All they know how to do is buy influence, buy advantage, not BUILD ANYTHING.

Criminal or not, Obama never had a clue how to build business and most of his advisors never ran a business in their life.

 

Zip_the_Zap's picture

"To that end, Republicans in the US Congress have just unveiled a bill that, if enacted, could vastly widen the deficit and increase the public debt by as much as $4 trillion over the next decade."

EXACTLY: The article is such bullsh%t. Acting like like he gives a hoot about the middle class. The whole fu&*ing bailout for the last 10 years has been placed on the backs of the middle class. All those yatchs and vactions homes purchased by the 1% over the last decade came from money transferred from the ignorant schlepp taxpayer, to the US Treasuray, to the Federal Reserve to the Banks, to their shareholders.That included the 10s of millions given to the banking industry's managers as part of the bailout. It really sucks being a sheep.

 

 

hawaiian waverider's picture

Roubini hosted Hillary fundrasiers.  This guy is a Never Trumper.  Fuck him.  

Peacefulwarrior's picture

The Inability of all the interesting Math and distortion guys to provide any type of real growth with their accommodations puts Trumps big ego in a corner where he will always choose winning even at the expense of the many. In this case he see's the only viable alternative is more debt driven policy, certain tax breaks to those who generate the most amount of velocity. The whole thing stinks but who is going to be "The Guy" who pulls the lynchpin to reset the system and possibly  unleash Armageddon.. "Nobody" till it just happens

Stuck on Zero's picture

Some truth and a lot of fiction in this piece. Low quality.

IH8OBAMA's picture

My thoughts exactly, Stuck.  I thought this was written by Nancy Pelosi.

 

mkkby's picture

Bullshit article written by a Hillary fan.

The estate tax, capital gains tax and others listed are on money already taxed once. Double taxation should be eliminated. How many times do liberals think we need to be bent over?

Why not eliminate corp taxes entirely? The money gets taxed when paid to employees or shareholders. Another unfair double tax.

Note to head-in-ass dr doom -- growth has been 3% lately. It's not some pipe dream. Things are relatively okay. Most of the 95 million long-term unemployed are welfare queens who like it that way.