I’m always willing to appear cranky.
I was looking at Trump’s economic policy plan today. I have to say it’s better than the Clintonista plan:
- Trump slashes the corporate tax rate to 15 percent, down from the current 40 percent, the highest rate in the industrialized world. Not all American companies pay that staggering rate, but even after deductions and accounting maneuvers, companies in the United States end up clobbered by taxes nearly twice the global average (24 percent).
In Ireland, a magnet for tax-weary companies, the rate is only 12.5 percent and their economy is growing about three times as fast as ours. Conversely, Japan and Argentina are stuck in the doldrums along with America, partly because of their high rates.
- Trump also proposes a one-time 10 percent repatriation tax on profits US companies made overseas and kept there to avoid the 40 percent rate. That bargain could lure back as much as $2.5 trillion in capital urgently needed here.
- To promote investing in plants and equipment, Trump would allow companies to write off the purchases the year they’re made, rather than over several years, as current law requires.
Economist Larry Kudlow predicts that if Trump’s corporate tax plan becomes law, you’ll see “a tremendous movement of capital and labor back to the United States.”
- Trump’s lower 15 percent business rate would also apply to small businesses that usually get taxed at individual income tax rates. That would give a break to mom-and-pop operations, startups and other small businesses that are the source of most jobs. (This would help my business enormously.)
- Trump’s “make America rich” plan targets impoverished cities like Baltimore with incentives for companies to move there. For African-Americans, whose unemployment rate is twice as high as the nation’s overall, Trump’s has a four-letter remedy: J-O-B-S.
- For young blacks with no job experience, he’s got plans. One is borrowed from the left-leaning Century Foundation. Every summer, the State Department brings about 100,000 young foreigners into the United States to work in restaurants, camps and seaside resorts under J-1 visas. Trump says convert the program into a jobs bank for our own inner-city youth.
(Source:
nypost.com/2016/05/04/donald-trumps-policy-plans-are-real-detailed-and-great/)
Thank you for posting a summary of the economic issues proposed by Trump,
The tax items could literally be done on Day One of the Trump Administration.
As you know, the new Congress takes office on January 1, whereas the President doesn’t get sworn in until January 20.
So, Congress could pass the tax law changes and if Trump is elected in November, then he could sign those laws on January 20th.
Easy peasy.
Other things could also be done on Day One of the Trump Administration.
He could order the Border Patrol to go back to work. [Right now, they have been ordered by President Obama to stand down. He could just reverse that.]
There are some controversial administrative rules such as the EPA outlawing carbon dioxide … [Yes, I simplify] … he could reverse that.
Then there are the Waters of the USA … the Army now “owns” all drainage ditches and mud puddles. He could reverse that.
There are some squishy “science” issues … such as coal generated electricity being blamed for air pollution … and asthma … all based on speculation, not based on science. All is part of the Obama agenda to “make the cost of electricity necessarily skyrocket”. He could reverse that.
Add to that the CAFE … miles per gallon … for cars … Corporate Average Fuel Economy … which lead to such lightweight cars that they become unsafe in crashes. He could reverse that.
All kinds of bureaucratic things.
Trump wants education returned to the states … he could implement that. He could order the Dept of Education bureaucrats to drive to Texas and New Mexico and be merged in with the Border Patrol.
We used to have medical insurance with HSA’s and catastrophic; he could re-allow those and make ObamaCare to be optional.
Quit subsidizing wind and solar power … saves billions and gets reliability into the system. That would also allow nuclear and coal power to continue without mandating unreliable, expensive, boutique power.
There are lots of things he could do on Day One.