From Accounting Today (Source: Bloomberg): Donald Trump laid out a tax plan on Monday that he said will increase the burden on hedge fund managers, cut rates for corporations and the middle class, and eliminate payments for more of the poor. (See Donald Trump Unveils Tax Plan)
Gee whiz, all that sounds great, but at what cost?
Trump suggested that his tax plan would, at least initially, add to the federal deficit, much like the plans from Bush and Rubio. Like his two rivals, Trump said his proposal relies on projected growth to offset losses. “We’re going to grow the economy so much,” he said on 60 Minutes.”
And, how long have we been hearing this bullshit? More, “let’s devour all the goodies now, and pass the bills on to future generations.” Mr. Trump just made the Generational Theft Hall of Fame. What is so sad is that socialism is so embedded in United States politics and governing that a candidate rolling out a Socialist-Fascist program to redistribute wealth to current generations from future generations, is somehow a “limited government” concept.
Let’s get to the gory details:
- “…eliminate the Alternative Minimum Tax, the so- called marriage penalty, the estate tax, and the carried interest deduction, while keeping the mortgage interest deduction, he said. Single people earning less than $25,000 per year or married people earning less than $50,000 per year would pay no income tax.” Translation: Under my plan, half of the population will pay no taxes, the upper middle-income will pay less tax, the wealthiest people in the country will get to take the wealth they stole from future generations to their graves and hedge fund managers will pay slightly more.
- “Trump called for lowering the tax rate on all businesses to 15 percent. The highest individual rate under his plan would be 25 percent, versus the current top rate of 39.6 percent, he said.” Translation: I will continue with the same old worn out policy of punishing companies for doing business in the US and the highest income earners will pay less in taxes.
- “increase taxes on Chinese imports if the country continues to devalue its currency, and would tax products made by companies that moved operations overseas to take advantage of lower rates.” Translation: I obviously don’t understand basic economics and prefer that US citizens pay more for the products they purchase. Instead of slashing government spending and regulations, and making it more attractive for companies to do business in the US, I would prefer to start wars with other countries.
- “It’s going to be very specific,” Trump told voters in Columbia. “It’s a plan that’s going to create great incentives, and I think it’s going to be a plan that’s going to make people happy—other than maybe the hedge fund guys.” Translation: My goal is is to give out as much free shit as possible to the voters, and pass the bills on to the unborn.
- “Trump said on 60 Minutes that he no longer wants to raise the retirement age to 70, and would not cut Social Security benefits.” Translation: Thank God for Ponzi schemes! This shit is great!
And, this gem to sum it all up:
On Sunday, (Scott) Pelley told Trump his opposition to the trade deal could be seen as an attack on free trade, a cornerstone of the Republican platform. Trump’s reply carried with it a palpable similarity to rhetoric used by a self-declared socialist.
“Scott, we need fair trade,” Trump said. “Not free trade. We need fair trade. It’s got to be fair.”
What Donald Trump is campaigning for, given his rhetoric against non-white ethnicity, anti-immigration, trade protection, wealth re-distribution, no government restraint and continued deficit spending, is a further step towards totalitarian Fascism. And, for those still trapped in the Socialist left-right paradigm, Mr. Trump would represent a move further left, not right. See Fascism is NOT Far Right!