JQPublic1
Gold Member
- Aug 10, 2012
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After proposing massive tax cuts, which will, of course, benefit the rich more than anyone else, Trump seems oblivious to the economic consequences. If he can succeed in getting Congress to build a wall and dole out massive tax cuts simultaneously, the present national debt will skyrocket. And by the time he leaves office...that is, barring an early departure via impeachment... Trump will continue the GOP tradition of passing a ruined economy to the Democrats and letting them take the heat In fixing it.
Opinion | The False Promises in President Trump’s Tax Plan
"Over all, the cuts, paired with loophole closers, would cost at least $3.4 trillion in revenue in the first 10 years and $5.9 trillion over the following decade. The question is how House Republicans will deal with those potential deficits. Many of them have built their reputations as fiscal hawks. Even if they were inclined to set aside their professed aversion to deficits to pass a big tax cut, their scope for deficit financing has now been narrowed by the floods in Houston, which will force them to borrow and spend for relief and recovery efforts. That is a responsible thing to do in an emergency. Borrowing to cut taxes — akin to taking cash advances on a credit card — is not responsible, in good times or bad."
Opinion | The False Promises in President Trump’s Tax Plan
"Over all, the cuts, paired with loophole closers, would cost at least $3.4 trillion in revenue in the first 10 years and $5.9 trillion over the following decade. The question is how House Republicans will deal with those potential deficits. Many of them have built their reputations as fiscal hawks. Even if they were inclined to set aside their professed aversion to deficits to pass a big tax cut, their scope for deficit financing has now been narrowed by the floods in Houston, which will force them to borrow and spend for relief and recovery efforts. That is a responsible thing to do in an emergency. Borrowing to cut taxes — akin to taking cash advances on a credit card — is not responsible, in good times or bad."
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