Trump’s Reaganesque Approach to Business

One of President-elect Trump’s better ideas is to ease regulation, especially the regulatory burden on business. Some of the regulations that bedevil business are woven into the corporate income tax. Besides easing those tax-related regulations, Trump wants to lower the federal corporate income tax rate to 15 percent. Such a tax rate cut, in one fell swoop, would be truly Reaganesque. Indeed, it might even out-Reagan Reagan. But is 15 percent the right rate?

The casual reader may believe that the U.S. has the highest corporate income tax rate in the world. On August 18, the Tax Foundation ran “Corporate Income Tax Rates around the World, 2016” that contrasts corporate tax rates in various nations. The authors are Kyle Pomerleau and Emily Potosky who report (italics added):

Take note of that “top.” You see, the corporate income tax has several statutory rates. There are eight such rates, and they kick in as taxable income rises. But these rates seem rather screwy, for as incomes rise, the tax rates rise but then fall, and then the rates rise and fall again. E.g., taxable income between $100,000 and $335,000 is taxed at 39 percent, but above $18,333,333 is taxed at 35 percent. Passing strange, no? See the Tax Rate Schedule on page 17 of the instructions for the 2015 Form 1120, (the form for the corporate income tax.) You’ll notice that the lowest statutory corporate tax rate is 15 percent, just what Mr. Trump wants to lower all corporate income tax rates to.

E-mail- not sure of origin.

Thumbnail sketch of The Donald:

Specifications:

* Donald John Trump, was born June 14, 1946.

* He will be 70 years old on election day.

* From the Internet, he is 6’2” or 6’3’ and weighs between 195 and 200 lbs.

* He has a full head of blond/brown hair (which is long and elaborately combed) and blue eyes.

* The Internet tells us he wears a size 12 shoe.

* Donald Trump was born the fourth of five children who were born over eleven years.

* The oldest, Mary Ann, was born in 1937 and is currently a Federal Judge.

* His older brother, Fred Jr, died in early adulthood as a result of complications from alcoholism.

* He has another older sister, Elizabeth and a younger brother, Robert.

* Donald Trump has been married three times.

* Trump’s first wife, Ivana, was an immigrant from Czechoslovakia and a divorcee who has been married 4 times in her life.

She is a lifelong avid skier and worked in design at the Trump Organization.

* Marla Maples, Trump’s second wife is an actress and model

* Trump’s third wife, Melania is an immigrant from Slovenia (born in Yugoslavia) and has been a super model.

* Two of Trump’s children, Donald Jr. And Ivanka, have gone to Penn. Son Eric, went to Georgetown.

* Donald Trump tells us that he is Presbyterian.

* Donald Trump does not appear to have had any interest in occults, mysticism or exotic mythologies.

* Donald Trump’s oldest daughter, Ivanka, and her three children are Jewish.

* Trump’s oldest daughter, Ivanka, is married to Jared Kushner who is, among other things, a newspaper publisher.

The Kushner family is very successful in New York City area real estate.

* Donald’s grandmother, mother, first wife, and third wife are all immigrants.

* Donald Trump was born and raised in Queens NY

* Though his family was very wealthy, Trump’s boyhood home in the Jamaica Estates section of Queens was

Not a grand mansion. The Trump home was a larger version of the homes Fred Trump built for his tenants.

* There are no indications that the Trump family lived among the wealthy elites on vacations or country clubs.

* Queens is the largest of New York’s five boroughs and the most ethnically diverse.

* Trump attended a local private day school, the Kew Forrest School, in Queens until about 8th grade.

* His secondary schooling was at New York Military Academy which is about 60 miles north of NYC in Cornwall

On the Hudson. He was in class of 1964.

* Trump was never a “Preppie.”

* Trump never embraced any aspect of the “Hippie” movement of the time.

* Trump was a very good high school athlete - football, soccer, and especially baseball. He had potential to become

a professional baseball player.

* Even in high school - Trump liked women and women liked him.

* Trump was generally popular in high school.

* Trump’s boarding school room mate liked him.

* He attended Fordham University in NYC for two years and transferred to the University of Pennsylvania’s

Wharton School of Business.

* At that time, the Wharton School offered a rare program for Real Estate Business.

* Though he was of age, Donald Trump did not serve in Vietnam.

* He was not drafted due to bone spurs in his heels (4F) and also student deferments.

* Ultimately, in the draft lottery, he drew a high number.

* By all we know, Donald Trump does not smoke, drink or use recreational drugs.

He’ll be the first President in more than 25 years who hasn’t smoked weed.

* BTW: Trump’s children don’t smoke or drink.

* Trump makes it well known that he enjoys sexual interaction with women.

* I am unaware that Donald Trump is a recreational gambler.

* His doctor publicly announced Donald to be in excellent health.

I think that to really know Donald Trump, you must know his family background.

The Trump family story is a very American story.

Trump family history - concise version.

* Donald Trump’s grandparents immigrated to the U.S. From Alsace (Kallstadt, Germany) which

Throughout history has been alternately French and German. The Trumps are German, originally speaking

The same German dialect as the Amish of Lancaster County, PA.

* His maternal grandparents lived in Scotland.

* Freiderich (Drumph) Trump made a small but respectable fortune in the late 19th Century in the

Mining boom towns of the American Northwest.

* He returned to Germany to marry his childhood neighbor, Elizabeth Christ.

* The newly married Trumps resettled in the Borough of Queens NY.

* Freidrich was establishing a Real Estate business in Queens when he died suddenly at age 49 (1918).

* In 1920, at the age of 15, Fred Trump (Freiderich’s son and Donald’s father), started a business partnership

with his widowed mother called Elizabeth Trump & Son.

* This business was built upon the real estate holdings that his father, Frederich, had amassed

(worth about $500,000.00 in today’s dollars). This is the original “seed money” of the current Trump Organization.

* Elizabeth & Fred remained close business partners her entire life (she died in 1966).

* In 1936 Fred Trump (age 31) married Mary Ann MacLeod (age 24) of Stoneaway Scotland.

* During the depression, Fred Trump built and successfully operated a supermarket (a new concept at the time)

which was sold to King Kullen Co. which operates to this day.

* Fred Trump made a lot of money building housing for the military during WWII.

* Fred Trump was investigated by the Justice Department for making “excessive profits” from government contracts.

* All (or nearly all) of the building of Elizabeth Trump & Son’s non-government building was residential property in Queens.

* Fred Trump died in 1999 (age 94) - beloved and worth between $250 million and $300 million. His wife died a year later.

“The Donald’s” career: Donald Trump is the greatest career achiever of the “baby boomer” generation.

Donald Trump has reached the zenith in his careers as book author, TV entertainer, sports entertainer, Real Estate developer,

and currently as a politician.

* Donald Trump has authored more than 18 books. At least one of them, The Art of the Deal was a top seller.

* Donald says that the Holy Bible is his favorite book. The Art of the Deal is his 2nd favorite book. And The

Power of Positive Thinking by Norman Vincent Peale is his third favorite
book.

* He likes golf. Donald Trump has developed more than 11 golf courses which bear his name.

* Donald Trump has twice been nominated for an Emmy Award

* Donald Trump has a star on the Hollywood Walk of Fame.

* Donald Trump has been inducted to the Professional Wrestling Hall of Fame.

* Donald Trump has appeared in more than a dozen movies such as Home Alone 2, Zoolander, and Little Rascals

* Donald Trump has been a guest actor in more than 6 TV shows such as Fresh Prince of Bel Air, Days of Our Lives,

Sex and the City, and others.

* Trump has been the Executive Producer of 7 TV shows.

* Trump has been the guest host of 5 TV shows such as Extra, Larry King Live, and Saturday Night Live and more.

* Donald Trump has been co-producer of the longest running reality TV show.

* Donald Trump performed in several WWE wrestling shows.

* Donald performed in Wrestlemania 23 which set attendance records and revenue records up til that time.

* In his first candidacy for public office, Donald Trump received the most popular votes for the President of the

United States out of a field of experienced and successful politicians. And in most cases, he achieved this

with less money than any of his opponents.

Keeping in mind that 90% of start-up businesses fail, Trump’s record of enterprise is nothing short of amazing.
Donald Trump has enjoyed success in at least 11 very different enterprises: Professional football, Ice Skating rinks,

Fragrance, Ice, Steaks, Wines, Model management, Airline, blenders, Men’s wear, Bicycle races, world class

beauty contests, and many others. In some of these, such as model management, his firm has risen to the top

of that particular industry.

* There are 31 buildings that bear his name.

* The largest private real estate development in New York is Trump Riverside. Drive down the Henry Hudson Blvd. - you can’t miss them.

* There are at least 12 Trump Towers

* There are at least 6 Trump Plazas.

* There are at least 11 Trump Golf Course developments

* And much, much, more in real estate.

* Trump Entertainment, casinos and resorts was recently sold to Carl Ichan.

* Donald Trump’s personal managing of the Wollman Ice Skating Rink project in the early 1980’s is the quintessential

case study for MBA students in Wharton, Harvard, and other business schools. His performance there was phenomenal.

* Donald Trump’s privately held businesses have employed more than 200,000 people.

* In the casino business in Atlantic City, Trump had to do business with known mobsters - and he stayed “clean” and alive.

* Aside from his personal investments, Donald Trump has never been a Wall Street “player”.

The Political Trump:
about 1967 - 1987 - Democrat (he was a supporter of Ronald Reagan)
1987 - 1999 - Republican
1999 - 2001 - Reform Party (he supported Ross Perot)
2001 - 2009 - Democrat
2009 - 2011 - Republican
2011 - 2012 - Independent
2012 - Present - Republican
Donald Trump was openly supportive of Mitt Romney’s candidacy.
Donald Trump does not seem to hold political party organizations in high regard. For the most part, his political involvement

has been for practical reasons. Donald Trump does not appear to be held to political ideology.

Some of the take aways (from those who know him):

* Trump has an extraordinarily energetic central nervous system much like Teddy Roosevelt, but more targeted to industry and enterprise.

* Trump’s presidency will be very energetic, transparent, and communicative.

* Trump will be a very hard working President.

* His interaction with his older brother (who everybody loved) tells me that he thinks that everybody is

like him - or wants to be - or should be.

* His relationship with his older brother was a hard lesson in tolerance for him.

* Trump is the Babe Ruth of career achievements.

* He is dumb like a fox. When you think he just said something stupid - he didn’t. It’s just that you were not his target audience.

* Trump knows the people - the folk.

* His son, Donald Jr. is right. Trump is a “Blue Collar Billionaire”.

* More than anything, his TV show, The Apprentice, was his passion.
He wants all Americans to have confidence (like he does) to venture.

* Donald Trump is attracted to and marries smart, high achieving women.

* The highest levels of a Trump Administration is certain to have many women - and they will be bright and assertive.

* Donald Trump’s children are very important to him. And it shows.

PS - Now you know a heck of a lot more about Donald Trump than you know of our current president with 2 terms in office.

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