Trump’s tax plan of campaign a horse of a different color today

By

opinions

September 8, 2017 - 12:00 AM

On Wednesday, President Donald Trump agreed to raise the debt ceiling and increase spending to avert an imminent government shutdown.
Mr. Trump stunned fellow Republicans by agreeing with congressional Democratic leaders Sen. Chuck Schumer and Rep. Nancy Pelosi to extend both the cap limit and a continuing resolution on the budget for another three months.
The delay was necessary because with only a few “working” days scheduled before the fiscal year ends on Sept. 30, it was going to be impossible for Congress to do either. So far, Republican budget proposals take us $9 trillion further in debt over the next 10 years.
Republicans are not happy with Mr. Trump’s agreeing to tie the measures to  the $15.25 billion in relief for hurricanes Harvey and Irma. Wednesday’s discussion began with Republicans suggesting an 18-month extension (strategically taking it beyond next year’s midterm elections), which was whittled down over the course of an hour.
Every Oct. 1 a new fiscal year begins for the U.S. government. Now nine months into the year, why is it Congress acts as if it’s been caught off guard by the need to balance a budget?

IN CONCERT with the budget, Mr. Trump is stumping the country lauding his tax reform initiative, which by now is a horse of a different color from the days of his campaign.
Then: “It will create jobs!”
But today’s plan of cutting taxes for the wealthy won’t unleash their entrepreneurial energy.
Then: “Every decision” on taxes will “be made to benefit American workers.”
But today, there’s no mention of reducing employment taxes, a stumbling block for employers, or anything else to benefit the working sector.
Then: “American families” will benefit.
But now only if you’re a wealthy family. Mr. Trump’s plan gives households with incomes of $300 million and more a tax break of $15 million, perks estimated to cost the country $3.5 trillion, with no offset in reductions to spending.
And when economists use their magnifying glasses they see the lower and middle classes can expect a tax increase in his plan, according to the nonpartisan Tax Policy Center.
Also, getting rid of the estate tax, “the death tax,” will be a big boon for the wealthy. The tax is on estates of $11 million and more. If Aunt Susie leaves you that much dough, you can afford to pay a tax on it.
Then: “Growth” will offset the hit that the tax cuts will take to the budget’s bottom line.
But you have only to look to Kansas to see that starving government programs did not inspire us to blossom.

I APPLAUD Mr. Trump’s eagerness to pass a budget.
The sooner we can cut to the truth on how to pay for it, the better.

Related
September 29, 2021
September 28, 2021
February 24, 2020
December 4, 2017