12/21/2023 0 Comments Donald trump finances taki mag![]() ![]() On trade and foreign policy, they threaten to demolish the internationalism that has governed the GOP since Dwight Eisenhower’s presidency. On a few economic issues, such as infrastructure and entitlement spending, they could direct the party toward the political center. The larger ideology that the president-elect represents is a post-Iraq War, post-crash, post-Barack Obama update of what used to be called paleoconservatism: On race and immigration, where the alt-right affinities are most pronounced, its populist ideas are carrying an already right-wing party even further right. But the unabashed white nationalism, anti-Semitism and misogyny of that hitherto underground movement constitute only one strain of Trumpism. To the extent that analysts have discerned any new philosophy behind Trump’s rise, they have focused on the vicious, bigoted internet stylings of the so-called alt-right. After a year and a half of dwelling on Trump the personality, it may be time to turn our attention to Trumpism. Yet if Trump’s ideas can’t quite be said to cohere into a unified worldview, and if his legion flip-flops deny him any claim to philosophical consistency, many of his signature promises and policies do add up to a set of ideas-populist, nationalist, authoritarian-with deep roots in American history. ![]() His most recent book is Republic of Spin: An Inside History of the American Presidency.įor most of the last 18 months, Donald Trump has been portrayed as a clown, a showman, an opportunist, a faux conservative, a political naïf, and an egomaniac bent on nothing but power and glory-but rarely as a man with an intelligible ideology. ![]() ![]() It’s almost as if Congress is pleading for help: Stop us before we spend again.David Greenberg, a professor of history and media studies at Rutgers, is a contributing editor at Politico Magazine. Washington doesn’t have a revenue problem. This brought businesses and jobs back to these shores and helped fuel the Trump economic boom.Īn obvious question is, why are we running a $1.4 trillion deficit if we have an all-time high in tax payments?īecause under Biden, federal spending has exploded to more than $6 trillion. One of the most important and successful features of the Trump tax plan was reducing the tax rate on American businesses from 35% - the highest in the world - to 25% while closing special interest loopholes. This would be like firing a coach who wins every game. They want to monomaniacally repeal a tax cut that worked. None of this seems to matter to the White House or congressional Democrats. Kennedy cut tax rates in the 1960s and when Republican President Ronald Reagan cut tax rates in the 1980s. The same thing happened when Democratic President John F. We got higher growth and higher tax payments with lower tax rates. In other words, there was a giant Laffer Curve effect from Trump’s tax cut. And remember, that estimate in 2017 never anticipated the two-year hit to the economy from COVID-19 lockdowns - which depleted the Treasury. I compared these numbers with the estimates of what the Trump tax cuts were expected to “cost.” Instead of an expected $1 trillion revenue “loss,” the tax receipts over this period were almost precisely what they would have been if we didn’t cut taxes at all. So much for this being a tax giveaway for the rich. The evidence through the first three years of the tax cut finds that the share of taxes paid by the wealthiest 1% rose as well. In other words, revenues were up 40% in five years. This was up - ready for this? - almost $1.5 trillion since 2017, the year before the tax cuts became law. The latest Congressional Budget Office report released earlier this month calculated that the federal government collected $4.9 trillion of federal revenue last year. “We got higher growth and higher tax payments with lower tax rates.” ![]()
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