Home / General / Trump promises his rich patrons another round of Ryanomics, and he would deliver

Trump promises his rich patrons another round of Ryanomics, and he would deliver

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He lies about many, many things, but as his first term indicates he’s telling the truth about this:

Republicans in Congress are preparing to not just extend former president Donald Trump’s 2017 tax cuts if they win control of Washington in November’s elections, but also lower rates even more for corporations, laying the early groundwork for a ferocious debate over taxes and spending next year and beyond.

The Tax Cuts and Jobs Act (TCJA) lowered rates for individuals of nearly all income levels, though it cut taxes most for the highest earners, and slashed the maximum corporate tax rate from 35 percent to 21 percent. The individual portions of that law expire in 2025, but Republicans who wrote the law made the business tax cuts permanent.

Now GOP lawmakers and some of Trump’s economic advisers are considering more corporate tax breaks — whichcould expand the national debt by roughly $1 trillion over the next decade, according to researchers at Stanford University and MIT — arguing that they would improve the U.S.’s global competitiveness.

Trump, who was convicted May 30 on 34 felony counts of falsifying business records before the 2016 election, has told potential donors recently that they’ll get a better tax bill with him in charge; without his help, he says, they could face “the biggest tax increase in history.”

“The corporate tax rate has a much bigger impact on individuals than it does on businesses,” Sen. Mike Crapo (R-Idaho), who is in line to chair the tax-writing Senate Finance Committee if Republicans win control of the upper chamber, told The Washington Post. “Let me put it this way: Corporate taxes are paid by workers, by retirees and by consumers, so it has a huge impact on everybody in the United States.”

A real lack of creativity on the part of the showrunners that the Senate goon who will be responsible for the upward wealth distribution is named “Crapo.”

Meanwhile, who he is lying to are his non-plutocratic voters who are obsessed with inflation, because he would deliver a lot more of it:

Former President Donald J. Trump routinely blames President Biden for higher prices at the grocery store and everywhere else Americans shop, and promises to “fix it.”

But Mr. Trump has offered little explanation about how his plans would lower prices. And several of his policies — whatever their merits on other grounds — would instead put new upward pressure on prices, according to interviews with half a dozen economists.

Mr. Trump says he plans the “largest domestic deportation in American history,” which would most likely increase the cost of labor. He intends to impose a new tariff on nearly all imported goods, which would probably raise their prices and those of any domestic-made competitors.

And he not only wants to make permanent the entire deficit-financed tax cut law he and congressional Republicans enacted in 2017, but also to add some kind of new “big tax cut” for individuals and businesses, which would stimulate an economy already at full employment.

As a matter of textbook economics, each of those three signature Trump policy plans would be likely to raise prices. Some could even cause continued, rather than one-time, price increases — adding to the possibility of inflation.

If the inflation that happened everywhere in the western world ends up crushing American democracy it will really be the rain at your Red Wedding day.

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