Monday, May 15, 2017

David Stockman: Trump's Tax Plan Never Had a Chance

David Stockman joined Fox Business and Maria Bartiromo on Mornings with Maria to discuss President Trump’s tax plan efforts and what he viewed as a massive calamity unfolding in Washington.
The Fox Business host began the conversation by asking what he thought on the Trump tax plan proposal. Stockman pressed, “I think it is a one page, $7.5 trillion wish list that has no chance of being enacted and is pretty irresponsible this late in the game.” The host then fired back by asking how the former Reagan budget director placed a price tag on the plan without a score from the Congressional Budget Office.
LISTEN to Stockman's comments ABOVE
The author fired back, “The corporate is at 15%, the pass through rate on all unincorporated business is at 15% and that will cost roughly $4 trillion. Doubling the standard deduction will cost over $1 trillion. Getting rid of the alternative minimum will cost nearly $1 trillion.”
Trump’s Tax Plan And Congress in 2017
Then when referencing the Committee for a Responsible Federal Budget (which Stockman is a Board Member of) the author highlighted, “The gross cost is $7.5 trillion and that perhaps the government could earn back $2 trillion through loophole closing and base broadening. My argument is, after ruling out charitable contributions, home mortgages and a Congress that says they won’t touch a health care exclusion… when you go through the math there is no $2 trillion that this Congress and Republican party will even remotely be able to put together.”
Read the rest of the story HERE.

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1 comment:

Anonymous said...

The citizenry have been so frightened by the global recession of the past decade that it will save any extra income they gain from tax cuts.

I've always noticed local small retailers closing as recessions begin.
Now we have larger retailers nationwide closing 3000 stores. This does not augur well - 89,000 people to lose their life supporting jobs.

I wish Mr. Stockman would begin to discuss different kinds of Capitalism.
I understand, from an article by journalist William Pfaff some years ago (The Pauperization of the American Workforce), that the German capitalist system is not as dangerous to labor (and their nation) as our variety is. There actually are different forms of Capitalist systems. I've never seen them discussed or compared.