Donald Trump’s ego is on show…he wants to be, and has become, the Republican Party. His convention made this point very clear.
On August 27, 2020 he accepted his nomination.
“Trump spoke from the South Lawn of the White House before 1,500 supporters who were mostly unmasked. He promised to create jobs, cut taxes, expand school choice, and repeated his contention that a vaccine for the virus is on the horizon. “We will defeat the virus, end the pandemic, and emerge stronger than ever before.”
He criticized the Democrats for “tearing down our country,” portrayed the Democratic presidential nominee Joe Biden as a “Trojan horse for socialism,” and said he would restore law and order as U.S. civil unrest continues.” Barron’s
The promises are not new. The GOP has repeatedly promised to…
Create jobs; and
(we will save expanding school choice and empty vaccine promises for Coronavirus for future posts)
Trump’s tax cuts have failed to deliver what Trump promises. Moreover, tax cuts have not created jobs as Trump promised. Trump is recycling promises of the past …they are empty promises derived from the buzz words “tax cuts” and “create jobs.”
Take, for example:
“Contrary to Republican claims, the law is not paying for itself and is likely to burden the nation with an additional $1.9 trillion in debt over 11 years beginning in 2018, according to the Congressional Budget Office.
And while the law cut tax rates for people of all income brackets, some of its tax benefits overtly favored the wealthy, such as the 2.6 percentage point tax rate cut in the highest bracket and the doubling of the estate tax exemption to $11.2 million. Other provisions were subtler yet favored the wealthy even more: tax breaks for their investments, for instance, or changes that boosted the value of their stocks. Among the rich beneficiaries are members of Congress, more than half of whom were found to be millionaires in 2014.” The Center for Public Integrity
Then there is the promise of creating jobs…Trump claimed his tax cuts create jobs and is apparently wanting more tax cuts to create more jobs. However, the promise is an empty one that has not delivered in the past.
“…supporters of the tax cuts contended it would unleash an economic bonanza. Businesses would invest in their operations, they said, resulting in improved worker productivity and higher wages.
…the law has achieved none of the ambitious goals that Republicans put forward - and there are scant signs they ever will.
There were short-term bumps in GDP growth and business investment that faded relatively quickly. Wages increased, but not to the extent Republicans promised.
And the law's hefty price tag has not been offset by more tax dollars flowing to government coffers. Corporate tax receipts are down 23% since fiscal 2017. The Congressional Budget Office projected the GOP tax cuts will widen the deficit by $1.9 trillion over a decade.
Further, one study recently found evidence suggesting that corporations are now paying the lowest tax rates in four decades. The average rate last year for 400 of the largest US companies averaged out to 11.3%.
…The National Association of Business Economics released a survey earlier this year finding the overwhelming majority of US businesses - or 84% - didn't speed up their hiring or invest more as a result of the Republican tax cuts.” Business Insider
Therefore, Trump’s tax cut promises are more of the same…passing tax cuts that do not benefit working Americans. Passing tax cuts to benefit the wealthy in hopes of “trickle down.” Passing tax cuts for the benefit of the rich in Congress.
What the nation needs is comprehensive tax reform with a rewriting of the tax code to change the way government revenues are collected is imperative. A comprehensive tax reform program is what Trump and the GOP should promise, but…
They use the words “tax cuts” to fool voters into a false sense of security.
We are facing the same broken GOP promises advanced in the past with Donald Trump’s nomination this week. However, this time Donald Trump has a strong grip on the GOP strangling it into submission. He will do as he has done in the past, spread political propaganda while holding the GOP hostage. GOP office holders will act out of a fear of losing the offices they hold if they lose Donald Trump’s support. Therefore, there will be no opposition to the failed tax cut legislation of the past with GOP officeholders enacting the same failed legislation in the future.
The bottom line is Trump’s promises are more of the same failed policies of the past…promising tax cuts with job creation that never really happens.
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All the president is, is a glorified public relations man who spends his time flattering, kissing, and kicking people to get them to do what they are supposed to do anyway.
Harry S Truman
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― Nipsey Russell
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William O. Douglas
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