Conservative Musings

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Showing posts with label tax cuts. Show all posts

Tuesday, July 31, 2018

Another Reason To Vote Republican In November. If Dems Win Taxes Will Go UP!

OUTRAGE! Elizabeth Warren slams Trump over proposed tax cut

JULY 31, 2018

by Kylie Handler, editor

Last week, The Horn reported that Senator Elizabeth Warren stunned voters when she promised to raise taxes for almost every American — and now she is bashing President Donald Trump after a report stated he is considering another tax cut.

On Monday, The New York Times reported that the Trump administration is considering bypassing Congress to grant another tax cut and Warren is already angry at Trump’s possible next move.

The Massachusetts senator tweeted, “.@realDonaldTrump wants to go around Congress & hand $100 billion to his rich buddies on top of $1.5 trillion he gave away to billionaires & big corporations last year.”

Warren added, “DC works great if you’re rich & powerful. How about a gov’t that works for everyone?”

In a recent interview with CNBC’s John Harwood, Warren admitted that raising the tax rates up to 50 percent may not even be high enough… and with rates that high it does not seem like she cares to provide a government that works for everyone.

Warren’s outburst on Twitter on Monday came after comments were made by Treasury Secretary Steve Mnuchin at a meeting in Argentina this month.

During his economic meeting, Mnuchin did not confirm that Trump was going to bypass the tax cut through Congress. Instead he said that the administration may try instituting the tax cut through legislation, and was also considering other prospects.

But, that did not stop Senate Minority Leader Chuck Schumer from also weighing in on the New York Times report.

“At a time when the deficit is out of control,” Schumer said, “wages are flat and the wealthiest are doing better than ever, to give the top 1 percent another advantage is an outrage and shows the Republicans’ true colors.”

Apparently Schumer has not seen the most recent job report that states over 200,000 jobs were added in the U.S. in June. Not to mention, unemployment has rose from an 18-year-low.

It is no secret that Democrats were furious over Trump’s tax reform last year and have plans to raise taxes if they win the 2018 midterm elections.

There is no better time than to now to support Trump and his administration… because your hard-earned money could be at stake.

–Kylie Handler is a news editor for The Horn News

Wednesday, July 25, 2018

Pocahantas Is Irrational!

Elizabeth Warren stuns voters: “I’ll raise your taxes to 50%…. or more!”

JULY 25, 2018

The 2018 midterm elections are more critical than most people think. It is important to send President Donald Trump the support he needs in Washington, D.C. — but it’s even more critical if you’re an American on a budget.

Make no mistake: Democrats are eager to raise taxes. And if they win, there’s no telling how much they’ll take from taxpayers.

During a CNBC interview Tuesday, Massachusetts Sen. Elizabeth Warren promised that if Democrats win, they’ll raise taxes for almost every Americans… up to a 50 percent tax bracket for some of the top brackets.

Their first target is Trump’s 2017 tax cuts…. but they won’t stop there, Warren promised.

“If Democrats take the Congress, if you’re in the White House, or both, would you like to see these corporate tax cuts repealed?” CNBC’s John Harwood asked Warren.

“Yeah, I really want to see them rolled back,” Warren replied. Then she said Democrats wouldn’t stop at the old 35 percent tax rate.

“Here’s how I look at budgets and taxes are at the heart of this. A lot of people think they’re just numbers; they’re not. They are the expression of our values,” Warren said, before saying that Trump’s tax cuts were only “crumbs” to the average American.

“What’s too high for the top personal rate?” Harwood asked. “Is 50 percent too high?”

“It’s not about the numbers,” Warren said, and promised it would all come down to backroom negotiations.

In fact, she said they might not even stop at 50 percent tax rate.

“Look, there was a time in a very prosperous America — an America that was growing a middle class, an America in which working families were doing better generation after generation after generation — where the top marginal rate was well above 50 percent,” Warren said, referring to the 1960s when the top tax rate in America was an eye-watering 90 percent.

This is what is at stake in the election, folks.

Democrats want the government to control your money and choose where it’s spent.

Warren herself wants to tax between 50 to 90 percent of some American’s personal income. She’s not even hiding it, she’s talking about it live on national television.

But that’s only if Democrats win control of the House and Senate in November.

That means, the 2018 election might just be the most important election in American history.

— The Horn editorial team

Monday, July 2, 2018

If New Tax Cuts Pass, Trump Will Be A Shoe In

Trump Calls for ‘Phase Two’ in Effort To Give Back to Middle Class Families

Trump Calls For 'Phase Two' In Effort To Give Back To Middle Class Families

By Jack Davis
July 2, 2018 at 7:52am

Another tax cut is in the works, President Donald Trump said in an interview released Sunday. Trump spoke with Maria Bartiromo of the Fox Business Network on the show “Sunday Morning Futures.”

“We’re doing a phase two,” Trump said, according to the Orlando Sentinel.

“We’ll be doing it probably in October, maybe a little sooner than that, and it’ll be more of a middle class — we did a lot for the middle class, but this will be even more aimed at the middle class… It’s a great stimulus.”

Late last year, Congress approved sweeping tax cuts that Trump had proposed.

On Friday, administration officials spoke about the impact of those cuts.

“We’ve had 1 million new jobs alone since the tax cut, 3.4 million since President Trump was elected. And it’s not just the new jobs. It’s wages are going up. Everyone is winning with these tax cuts,” said Secretary of Labor Alex Acosta, according to a White House pool report.

White House adviser Kellyanne Conway said that not only did the tax cuts spur the economy, they created confidence among the American people.

“You talk about the metrics surrounding the tax cut, but it’s the buoyancy, it’s the confidence that people are spending their money, they can make plans. If there are more jobs available than job seekers, it gives you freedom. You’re not stuck in your job,” Conway said.

Trump on Friday said that the work of his administration is not done.

Do you support the president’s call for further tax cuts?

“I just want everybody to keep up the great work, because common sense is being restored in Washington again because hardworking Americans are in charge of their government once again. Washington tried to change us, but that’s not going to happen. Instead, we’re changing Washington and we’re changing it quickly and for the better,” he said, according to a White House media pool report.

“Six months ago, we unleashed an economic miracle by signing the biggest tax cuts and reforms — I have to add the word ‘reform.’ Very important word. But the tax cuts is what got us there, and that’s what’s really doing it. The biggest tax cuts in American history,” Trump said, later adding that the result of the tax cuts was, “six months of new jobs, bigger paychecks, and keeping more of your hard-earned money where it belongs, in your pocket or wherever else you want to spend it.”

House Ways and Means Committee Chairman Kevin Brady, a Texas Republican, said that Congress is already planning to consider legislation extending the tax cuts, which in the legislation that was adopted would be phased out on 2025.

“I expect to see the legislative outline released in early August with votes in the fall, depending on when leadership wants to schedule them,” Brady said, according to The Washington Post. “I don’t see it as one bill. I see it as a package of two, three or four approaches, with permanency being one of them.”

Trump also said during his interview with Bartiromo that despite the controversy his trade policies are causing, the results show that the American economy is booming.

“And one of the things I’ve been doing that you’ve been reporting on, though I’m not sure if you’re a believer but think you’re getting there, look what’s happening with the steel companies,” Trump said.

“They are expanding, they are going wild, and we need steel. And we need aluminum, and we need solar panels. You know the same thing with solar panels. It was like a dead business, and we did a 30 percent tariff because they were dumping all over the place. And washing machines. It doesn’t sound very glamorous, but it’s actually a very big business.

“But if you look at what’s happened to steel and aluminum, we’ve practically built a new industry in a period of four, five months. It’s incredible what’s happening.

“But the big thing I’m focused on now is trade. I have to straighten out trade deals… As an example with China. We don’t even have a trade deal with China. Nobody bothered to make a deal. And they’ll charge 25 percent for a car, and we charge 2.5 percent, and you’ve used those numbers on your show, so I don’t want to bore people, but we have a — we have some of the worst trade deals in the world,” Trump said.

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Friday, December 29, 2017

With A Successful Year Under Trump's Belt, What Will Happen In 2018?

Wednesday, December 27, 2017

A Trump Opponent Starts Figuring Out Trump

What I got wrong about Trump in 2017

Rick Newman

Columnist

Yahoo FinanceDecember 27, 2017

When Donald Trump won the 2016 presidential election, I predicted gloom. “The policies he favors … pose many land mines for the economy,” I wrote the day after the election. The result, I suggested, could be a prompt Trump recession.

There was no Trump recession. Quite the contrary, in fact. Economic growth accelerated modestly in 2017. Job growth has continued to improve steadily. The biggest financial story in 2017 is the stock market, with the S&P 500 index up a robust 20% for the year. Americans feel increasingly confident about their prospects, and the business tax cuts Congress just passedought to keep the party going.

How did I get this so wrong?

Many critics have weighed in via email and Twitter, arguing that I’m a fake-news practitioner biased against Trump. They’re wrong. It’s true that I’m turned off by Trump’s bombast, by his untruths, and by his racially charged incitements. But I also concede that Trump won legitimately in 2016, in large part because he understood the frustrations of millions of disaffected voters his many opponents in both parties talked down to or simply ignored. Voters wanted change. Trump delivered it.

Here’s why I guessed wrong about Trump’s impact on the economy: I expected him to do what he said he would do. Instead, Trump has done only some of what he said he would do, and apparently accepted the counsel of cooler heads persuading him to deep-six several of his most troubling campaign promises. People who know Trump say it’s a mistake to take everything he says literally. Instead, they advise, follow the direction of his thinking, while leaving considerable room for detours. This is the lesson I hope to take from 2017.

As a candidate, Trump promised several things that would almost certainly harm the economy if put into action:

Tough new limits on trade with China, including new tariffs on imports as high as 45%
Canceling the North American Free Trade Agreement if the United States doesn’t get more favorable terms, and imposing tariffs in the range of 35% on imports from Mexico and some other countries
Expelling all 11.3 million undocumented immigrants in the United States, and putting tough new limits on legal immigration
Overhauling the Federal Reserve

On three of those four issues, Trump has done nothing (yet). As a candidate, he bashed the Fed and denigrated Chair Janet Yellen, whom investors thoroughly respect for her careful leadership of one of the world’s most powerful institutions. As president, however, Trump became a quick convert to Yellen’s style of handling the economy. And his choice to succeed her, Jerome Powell, is a Yellenite whom markets like because he seems unlikely to rock the boat at the Fed.

On trade, Trump’s minions are, in fact, working behind the scenes to revamp NAFTA and the U.S. trade relationship with China. But so far, Trump has declined several opportunities to take tough steps that might disrupt the status quo.

FILE – In this Nov. 9, 2017, file photo, President Donald Trump and Chinese President Xi Jinping participate in a welcome ceremony at the Great Hall of the People in Beijing, China. (AP Photo/Andrew Harnik, File)

On immigration, Trump has in fact cracked down, to some extent, on undocumented migrants and imposed some new limits on legal immigration. But even this hasn’t been the Gestapo-like crusade some economists and business leaders feared.

Meanwhile, Trump has delivered the one thing companies love most: tax cuts.

As the 2016 election neared, several well-known research groups—including Moody’s Analytics, Citibank, Oxford Economics and Macroeconomic Advisers—estimated the impact Trump’s policies would have on the economy. They examined all of his policies, not just the salubrious ones. And all of them saw trouble—declining growth, falling stock values, rising unemployment, and a possible or likely recession. Those analyses, based on Trump’s full set of campaign promises, prompted gloomy stories like the one I wrote right after the election.

Trump fooled us in 2017. He only pursued policies likely to be good for the economy, while setting aside those that most troubled economists and business owners. Will he do the same in 2018? Let’s hope so. Trade wars would still raise prices, kill jobs and hurt workers. And the economy arguably needs more legal immigrants, not fewer, to help fill the 6 million job openings employers can’t fill and crank up production even more.

Trump clearly revels in the frothy stock market, tweeting frequently about how his policies are driving stocks to one record high after another. Maybe he’ll quit while he’s ahead, and find a way to declare victory on trade and immigration without changing much. Some campaign promises are best left unfulfilled. And some predictions are subject to revision.