JimBowie1958
Old Fogey
- Sep 25, 2011
- 63,590
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Trumps long awaited economic policy speech was given and I would give it a B+. Like most Republican plans, it emphasizes tax cuts over tax fairness and effectiveness and controling the national deficit/debt. OF course the Democrats have no credibility on this issue any moe after backing Obama's doubling of a $10 trillion national debt to a $20 trillion debt.
Trump is good at refinancing debt from having a lot of experience doing such, so maybe we should give him a plus here too.
These are the differences between Clinton and Trump’s tax plans
Main points of Trumps plan:
The Republican platform states that tax rates that penalize thrift or discourage investment must be lowered, and rules that discourage economic growth must be changed. The platform calls for eliminating unspecified special interest-loopholes while being mindful of the tax burdens that are imposed on families with children and an aging population. That’s typical boilerplate stuff.
Specific proposals
More specific proposals include:
The Democrat’s tax platform also includes boilerplate stuff, such as closing tax loopholes that benefit millionaires and billionaires and supporting small businesses with tax relief and tax simplification.
Specific proposals
More specific proposals include:
1. The cap on Social Security needs to be removed. It is the only completely regressive tax we have left and removing the cap would make Social Security totally funded for the indefinite future, last I saw. There is no reason on Earth to keep this cap that is peanuts to the wealthy making over the cap and could really help Social Security. The Democrats will raise taxes on the wealthiest to pay for Social Security and the simplest way to do this is to kill the cap. Big Advantage to the Democrats
2. Trumps corporate tax rate policy seems more equitable to me, as it removes deductions while lowering the effective rate from 17% to 15%, which is a win-win for everyone. The Democrats take a resent-the-rich approach and only choose to reduce tax advantages for corporations, which wont address the underlying problem of a system that incentivizes off shoring money, though ending deferrals will help. Slight Advantage to the Republicans.
3. A tax on High Frequency Trading would be a huge benefit to all electronically traded markets as HFTs are abusive and absurd, posting thousands of new orders in a tenth of a second, then canceling them all to manipulate the markets, which is ILLEGAL. Trump says he wants to raise taxes on hedge fund managers which seems punitive instead of an improvement. Big Advantage to the Democrats on this one, but almost no one will understand it or why.
4. Republicans want to cancel the ACA program, while Democrats argue to keep it and soften its pain, and too many people seem now dependent on it, in the millions, and taking it away all at once is political suicide or a promise soon to be broken. The ACA needs major core area reform, and if Republicans seriously plan to cancel it, the same legislation had better include what will replace it and that had better not be a ball that gets dropped. A compromise that brings in both parties to engage in rebuilding the ACA is a more serious proposal. Slight Advantage to the Democrats.
5. Making child care a financial transaction via the federal government puts the cost up a year to current budget costs instead of kicking the can down the road a year in the form of tax deferments, which also only benefit people with jobs that pay taxes. The struggling mother searching for work is not getting help with her child care costs, nor the newly laid off worker either. Slight Advantage to the Democrats.
6. Republicans want a Balanced Budget Amendment, while the Democrats want to continue the pork barrel spending ways that their party is built around since the early 1800s. Decisive advantage to the Republicans.
7. Republicans oppose any carbon tax, while Hillary has said she favors studying it. Strong Advantage to the Republicans.
8. Abolishing the IRS has long been meat to the Republican masses, and the recent abuse of IRS power to target Tea Party groups has not won them any friends in the GOP. I have personally worked with IRS people and they are generally some of our best bureaucrats, despite bungling a multi-million dollar intra-network program they worked on for years. They are honest, patriotic and good folks. If the IRS gets abolished, which I doubt, there should be some form of shifting them to other areas of the Federal government and a freeze put on any other new hires until the IRS people get new positions. They deserve this consideration after decades of service to our country doing a very thankless job. But still, banishing the IRS in today's Information Age is a no-brainer if one is wanting to control costs of government. Big Advantage to the Republicans.
9. Removing marriage penalty in the tax code is something that should have been done effectively and finally 50 years ago. Big Advantage to the Republicans.
10. The Republicans energy policy would remove restrictions on energy exploration and development that would bring down fuel costs and stimulate the economy. Democrats want to start shifting the energy load onto forms of energy that largely dont exist yet, or are encrusted with Good ole Boy networks and are not dynamic and ready to hit the pavement unless the new business ifs part of the club. Advantage to the Republicans
Overall, it seems that the there is a huge dynamic advantage to the Republican proposals in the fact that they have synergy with each other and thus carry the potential for exponential economic growth.Lower energy costgs, lower tax rates, lower corporate taxes here in the US that draw them back to our shores, the lifting of pointless strangling regulations and more, all work together in a multiplicative fashion, while the Democratic proposals are separate from each other and the benefits of one dont much bleed over to other reductions. For example working Moms getting more money back on child care is not much of an impact on other economic stimulants Democrats are proposing like the market investor who will be able to more effectively compete with the computer HFTs, nor will it enable her to out and buy a new solar panel to lower her energy costs.
While the Democrats have some good proposals in their economic plan, like increasing the funding of Social Security, The Republicans have the better plan because when you allow more sectors of people to have the freedom to engage in business as they see fit and remove much of the government restraint, they all affect each other as the lower costs get transmitted in an exponential way across the entire economy.
So the Big Picture is strongly in favor of the Republican proposal, in my not so humble opinion.
Trump is good at refinancing debt from having a lot of experience doing such, so maybe we should give him a plus here too.
These are the differences between Clinton and Trump’s tax plans
Main points of Trumps plan:
The Republican platform states that tax rates that penalize thrift or discourage investment must be lowered, and rules that discourage economic growth must be changed. The platform calls for eliminating unspecified special interest-loopholes while being mindful of the tax burdens that are imposed on families with children and an aging population. That’s typical boilerplate stuff.
Specific proposals
More specific proposals include:
- Making the Internal Revenue Code so simple and easy to understand that the IRS can be abolished.
- Removing all marriage penalties from the Tax Code.
- Repealing the Affordable Care Act, and the tax increases that it imposed (such as the 3.8% Medicare surtax on net investment income of higher-income individuals).
- Considering all options to preserve Social Security without tax increases.
- Reducing the corporate tax rate to be level with or below the rates charged by other industrialized nations.
- Adopting a balanced budget amendment that would require a super-majority for tax increases.
- Opposing any carbon tax.
The Democrat’s tax platform also includes boilerplate stuff, such as closing tax loopholes that benefit millionaires and billionaires and supporting small businesses with tax relief and tax simplification.
Specific proposals
More specific proposals include:
- Taxing some individual income above $250,000 to help fund Social Security.
- Establishing a multimillionaire surtax to ensure that millionaires and billionaires pay their “fair share.”
- Restoring “fair taxation” of multimillion dollar estates.
- Expanding the earned income tax credit program for low-wage workers who are not raising children.
- Liberalizing the child tax credit by making more of it refundable (meaning you don’t have to actually have a tax liability to collect it).
- Clawing back tax breaks for companies that ship jobs overseas, and cracking down on inversions and other strategies that companies use to “dodge their tax responsibilities.”
- Ending tax deferral on foreign business profits.
- Supporting a financial transactions tax to curb “excessive speculation” and high frequency trading.
- Eliminating special tax breaks and subsidies for fossil fuel companies and extending tax incentives that promote energy efficiency and clean energy.
- Repealing the Affordable Care Act’s 40% excise tax on high-cost health insurance (not scheduled to take effect until 2020).
1. The cap on Social Security needs to be removed. It is the only completely regressive tax we have left and removing the cap would make Social Security totally funded for the indefinite future, last I saw. There is no reason on Earth to keep this cap that is peanuts to the wealthy making over the cap and could really help Social Security. The Democrats will raise taxes on the wealthiest to pay for Social Security and the simplest way to do this is to kill the cap. Big Advantage to the Democrats
2. Trumps corporate tax rate policy seems more equitable to me, as it removes deductions while lowering the effective rate from 17% to 15%, which is a win-win for everyone. The Democrats take a resent-the-rich approach and only choose to reduce tax advantages for corporations, which wont address the underlying problem of a system that incentivizes off shoring money, though ending deferrals will help. Slight Advantage to the Republicans.
3. A tax on High Frequency Trading would be a huge benefit to all electronically traded markets as HFTs are abusive and absurd, posting thousands of new orders in a tenth of a second, then canceling them all to manipulate the markets, which is ILLEGAL. Trump says he wants to raise taxes on hedge fund managers which seems punitive instead of an improvement. Big Advantage to the Democrats on this one, but almost no one will understand it or why.
4. Republicans want to cancel the ACA program, while Democrats argue to keep it and soften its pain, and too many people seem now dependent on it, in the millions, and taking it away all at once is political suicide or a promise soon to be broken. The ACA needs major core area reform, and if Republicans seriously plan to cancel it, the same legislation had better include what will replace it and that had better not be a ball that gets dropped. A compromise that brings in both parties to engage in rebuilding the ACA is a more serious proposal. Slight Advantage to the Democrats.
5. Making child care a financial transaction via the federal government puts the cost up a year to current budget costs instead of kicking the can down the road a year in the form of tax deferments, which also only benefit people with jobs that pay taxes. The struggling mother searching for work is not getting help with her child care costs, nor the newly laid off worker either. Slight Advantage to the Democrats.
6. Republicans want a Balanced Budget Amendment, while the Democrats want to continue the pork barrel spending ways that their party is built around since the early 1800s. Decisive advantage to the Republicans.
7. Republicans oppose any carbon tax, while Hillary has said she favors studying it. Strong Advantage to the Republicans.
8. Abolishing the IRS has long been meat to the Republican masses, and the recent abuse of IRS power to target Tea Party groups has not won them any friends in the GOP. I have personally worked with IRS people and they are generally some of our best bureaucrats, despite bungling a multi-million dollar intra-network program they worked on for years. They are honest, patriotic and good folks. If the IRS gets abolished, which I doubt, there should be some form of shifting them to other areas of the Federal government and a freeze put on any other new hires until the IRS people get new positions. They deserve this consideration after decades of service to our country doing a very thankless job. But still, banishing the IRS in today's Information Age is a no-brainer if one is wanting to control costs of government. Big Advantage to the Republicans.
9. Removing marriage penalty in the tax code is something that should have been done effectively and finally 50 years ago. Big Advantage to the Republicans.
10. The Republicans energy policy would remove restrictions on energy exploration and development that would bring down fuel costs and stimulate the economy. Democrats want to start shifting the energy load onto forms of energy that largely dont exist yet, or are encrusted with Good ole Boy networks and are not dynamic and ready to hit the pavement unless the new business ifs part of the club. Advantage to the Republicans
Overall, it seems that the there is a huge dynamic advantage to the Republican proposals in the fact that they have synergy with each other and thus carry the potential for exponential economic growth.Lower energy costgs, lower tax rates, lower corporate taxes here in the US that draw them back to our shores, the lifting of pointless strangling regulations and more, all work together in a multiplicative fashion, while the Democratic proposals are separate from each other and the benefits of one dont much bleed over to other reductions. For example working Moms getting more money back on child care is not much of an impact on other economic stimulants Democrats are proposing like the market investor who will be able to more effectively compete with the computer HFTs, nor will it enable her to out and buy a new solar panel to lower her energy costs.
While the Democrats have some good proposals in their economic plan, like increasing the funding of Social Security, The Republicans have the better plan because when you allow more sectors of people to have the freedom to engage in business as they see fit and remove much of the government restraint, they all affect each other as the lower costs get transmitted in an exponential way across the entire economy.
So the Big Picture is strongly in favor of the Republican proposal, in my not so humble opinion.
