Posted on 10/26/2020 10:00:19 PM PDT by RandFan
President Donald Trump said during a stop on the campaign trail Monday that he will double down on his pro-American domestic policy if he is reelected to a second term in office in November’s election, delivering a promise to “cut middle class taxes even further.”
The President’s remarks came during a campaign rally in Martinsburg, Pennsylvania, the latest in a series of rallies across the Commonwealth, which is widely viewed as a key battleground state.
“And in my second term I will cut middle class taxes even further,” President Trump stated, eliciting uproarious applause from the crowd.
(Excerpt) Read more at nationalfile.com ...
And that’s great and I know I will catch heat for this but our spending every year is way past the concept of lower taxes will increase revenue enough to cover costs.
By all means cut taxes. But they have to slash and burn the budget. it is completely out of control and there is no way increased revenue will cover it from a tax cut.
Cut or eliminate lower class taxes and.....BOOM!
POTUS said, Forget the V recovery, we’re going to have a DOUBLE V recovery.
And...that this election is a choice between a Trump Super Recovery or a Biden Super Depression.
I’ll take the Double V and the Super Recovery, please :-)
That’s always been his plan because he knows it works.
Me too but we can still slash and burn spending.
I am sure a bipartisan group not worried about getting reelected could slash a trillion without blinking. Unfortunately no such group will ever exist.
I wonder what just the federal workforce and welfare and snap and some other out of control programs combined cost us each year.
I’m thinking he knows the truth about the income tax and is about to set us free.
“1040 is to be used exclusively for non resident aliens with US sourced income.”
From income tax shattering the myths by Dave Champion.
I’d like to see him fixing the justice wing under his control. Still waiting for Hillary to be locked up, along with hundreds of other treasonous goons left over from the Obama regime.
Good, people vote for their money, and Trump should focus on that.
I like it when Trump focuses on how he will make things more prosperous for people.
I agree with that, but you just watch what they will want
to cut. It will be our military.
Welfare just keeps on growing and it’s just massive at this
point.
There’s no plan for people to use it to move up. It’s a
lifelong goal to remain on it and vegetate.
I’ve been saying, we need to sunset it. Tell folks it’s
going to shrink by 1/84th over the next seven years.
In seven years, it’s gone completely.
We’re looking at more than a trillion dollars right there.
I know our budgets are out of control, but look back.
Whatever grew over the last five years, cut it back to
the level it was five years ago and be done with it.
A double V is actually a W.
It seems to me that Mr. Trump, like President Reagan, is a proponent of supply side economics (the Laffer curve.) Frankly, I think the only way out of this mess is to grow the economy, and for that Mr. Trump needs to continue to do what he has tried to do since the beginning of his presidency, and that is to get out of the way of business though tax cuts and deregulation.
He has also supported business growth by making us energy independent, by protecting US business from cut throat Chinese competition via protective tariffs, by negotiating new mutually beneficial favorable trade agreements with other countries, and getting us out of the Paris treaty, etc., as well as taking other measures that benefit our economy and our people.
In addition, he is working to stop these expensive wars we have been involved in, which are enormously expensive which should also lower govt expenditures in the future. As well, curbing illegal immigration will also have a positive benefit in controlling govt spending.
If this is a fair election, I doubt there will be enough profligate democrats left in govt to do anything, and (hopefully) chastened Republicans who will work with Mr. Trump instead of sabotaging him as they have been wont to do.
In summary, I think it will be all right. May I suggest that anyone who is interested in the Loffer curve do a little research, and see how President Reagan ended up with increased revenue which would have eventually retired the federal deficit had not congressional Democrats increased spending due to the increased revenue. This will help put your minds at rest.
Let us pray, with repentance for our sins and despite our sins, that God will forgive and protect us, that Pres. Trump and sufficient patriots will be elected so that supply-side economics will rule the day, deficit spending come to an end, and eventually the national debt paid. Let us pray also that with this new S/C justice that Roe vs Wade will be reversed and the matter handed back to the states where it properly belongs.
Oh my. Gauntlet thrown. Trump don’t play.
Another “middle class tax cut” has been part of Trump’s platform for months. This isn’t new. He has not released any plan. Personally, I think this is the ugly side of populism. Telling the majority you are going to stick it those who are doing better than them. We already have 45% of Americans paying no Federal Income Tax, and a significant number of them actually GET money, thanks to EITC, CTC, etc. Are we going for 50%? 55%?
How about we start cutting spending?
bookmark
given the middle class has shrunk quite a bit from the plandemic, he can do this with less impact
not his doing they shrunk, to clarify
The only way we're ever going to get control of this monster is to move the cutoff where people pay no taxes lower. As it is now the bottom 45% vote almost exclusively democrat because they're on the public dole and they know democrats will increase that. Once you've got 50% of the population on the dole it'll be impossible to ever elect a conservative again, half the people will be voting for their own pay raise.
As much disdain as I have for the northern european socialist model, at least those countries have a more balanced taxation system where almost everyone has some skin in the game. The U.S. tax system is hugely progressive which results in half the population living off the other half. That can't continue.
I think Trump is on the right track in focusing on expanding the economy. Unless we all want severe austerity across the board at some point, we’ve got to grow the pie itself significantly, instead of just fighting over allocation of the slices. And it has to happen on an international scale, not just domestically. We have to become producers and manufacturers again, and we’ve got to find ways to thwart China’s desire to supplant us as the dominant economy.
As for the tax cut question, as the old saying goes, we can’t tax ourselves into prosperity. There is a sweet spot on the Laffer Curve, where overall revenue versus tax rates is optimal. Raise taxes higher than that, and the tax burden becomes too high, creating economic disincentives and causing revenue to decrease. Lower taxes below that point and revenue also decreases simply because below a certain tax rate additional marginal economic expansion is outweighed by failure to capture enough revenue.
We should initially cut taxes further as Trump suggests, in order to do as much as is practical to juice the economy and to make our business environment as competitive and desirable as possible, to pull more activity here from overseas. Then, over time as the economy booms, taxes can be adjusted back toward the optimal point on the Laffer Curve to use that newly-built economic engine to pay off the debt. But you’ve got to have the engine in place first, otherwise we’ll just tax the country literally to death.
If I remember correctly, Art Laffer’s optimal tax rate on his curve is around 15% (I believe this represented the average total individual tax burden, though it may have been federal only, I don’t recall for sure).
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