Trump and tax cuts

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Steven Rattner's 2016 in charts piece notes "the strong economy that President Obama will be leaving him:"

Unemployment is down to 4.6 percent, the lowest since August 2007 and a stunning decline from the 7.8 percent when Mr. Obama took office. The economy has expanded by nearly 15 percent (adjusted for inflation), the stock market has nearly tripled, auto sales have notched records, the federal deficit has been cut by more than half and house prices nationally are above past peaks. Even real median incomes ended marginally higher.

20170104-obamahighnote.jpg

Rattner says this of Trump's tax-cut plan:

It includes a $6 trillion tax reduction over the next decade, vastly tilted toward business and the wealthy. An estimated 83 percent of the benefits would go to the top 20 percent of Americans and 51 percent to the top 1 percent by 2025. A middle-class taxpayer would receive an average tax benefit of $1,090; a typical member of the top 1 percent would get $317,100.

These huge tax giveaways -- along with Mr. Trump's promises to increase infrastructure spending and not touch Social Security and Medicare -- would blow up the deficit and add $4 trillion to the national debt over the next 10 years over and above current projections. That's made particularly ironic by Mr. Trump's claim in a Washington Post interview that he would eliminate our current $19 trillion of debt over eight years through better trade deals and economic growth. [emphasis added]

Here's another chart, an indication of the fiscal damage that Trump intends to wreak:

20170104-trumptaxcuts.jpg

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This page contains a single entry by cognitivedissident published on January 4, 2017 10:55 AM.

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