A couple trillion here, a couple trillion there. No matter how many times Trump’s budget team tries to reuse the same fake money, that doesn’t make it real.
President Donald Trump’s newly unveiled budget contains a massive accounting error that uses the same money twice for two different purposes. Based on its supersized projections of 3 percent GDP, the president’s budget forecasts about $2 trillion in extra federal revenue growth over the next 10 years, which it then uses to pay for Trump’s “biggest tax cut in history.”
Actually, since the whole idea that Trump’s currently unformulated tax cut is going to generate an extra $2 trillion is complete hokum, why not let Trump use it twice? Why not use it four times? Why not 10? Why … Donald Trump’s budget eliminates the national debt in six weeks, plus it will help you drop 20 pounds and eliminate crepey elbow skin!
Continue reading “Trump team didn’t make a $2 trillion mistake on the budget—it engaged in massive accounting fraud”
Russian influence on our presidential election needs to be pursued for the sake of our democracy.
Yet this issue makes me uneasy. Why?
Because it’s not at all certain that it helps us. My favorite comment this week was from a woman who I spoke to who felt that Trump was terrible, a religious Pence would be even worse—and yet she felt her only hope was that libertarians could somehow run a decent candidate.
Egberto wrote a great diary the other day on this topic that stuck with me. Although this topic needs to be pursued, let’s talk about how and why we need to keep working on promoting what we stand for—and why.
Long before it mastered the mass production of “fake news,” the Republican Party propagated its Ur-lie that “tax cuts pay for themselves.” Almost from the moment that Arthur Laffer first sketched his now-famous curve on a napkin in 1974, right-wing pundits, politicians, and propagandists have declared as an article of faith the belief that tax cuts incentivize so much economic growth that revenues to Uncle Sam will be at least as high as they would have been without the reduction in rates.
Unfortunately for the American people, four decades of supply-side snake oil have produced only mushrooming national debt and record-high income inequality. Far from paying for themselves, the Reagan and Bush tax cuts delivered a windfall only for the wealthy while unleashing oceans of red ink from the United States Treasury. (Of course, the other objective of draining Washington’s coffers in order to add to the bulging bank
Continue reading “Trump’s tax plan is a Laffer”
Donald Trump doesn’t want a government shutdown in the list of things that happened in his first 100 days, and it looks like he’s going to get his wish. Because the House seems set to produce a bill that would provide funding for just long enough to push any possible shutdown past that deadline.
House Republicans on Wednesday night introduced a stopgap funding measure to keep the government open through May 5 while lawmakers work on a final agreement for legislation to fund the government through September.
At the moment, Trump and his Republicans have agreed to a funding bill that would not include funding on for Trump’s wall. But the bill is still laden with poison pills.
House Minority Leader Nancy Pelosi said Wednesday evening that the funding bill under negotiation still has “70 poison pills” that the Democratic Party can’t live with.
Pelosi has asked Mitch McConnell to
Continue reading “Government funding deadline likely to creep forward one week, escape Trump’s first 100 days”
A pair of former Goldman Sachs executives, Treasury Secretary Steven Mnuchin and White House Chief Economic Adviser Gary Cohn, stepped on stage Wednesday to introduce a tax plan that promises everything to everyone: Lower taxes for individuals, much lower taxes for corporations, and taxes so simple you can do them in your head.
At first glance, two things stand out. One, this plan seems identical to previous Trump proposals that would explode the deficit while rewarding corporations that are already sitting on enormous stacks of cash. And two, this is just an outline. There’s nothing to this “plan” except the 20,000 foot view of a scheme utterly lacking in detail. There’s no numbers on its simplified tax brackets. No hint about how it affects any number of areas. Certainly no projection of what it would cost.
But in a plan that’s all talking points, there’s one point no one wants to talk
Continue reading “Two Goldman Sachs bankers introduce the Trump Tax Plan … but won’t say how it affects Trump”
Sean Spicer may try to sneer away the media’s interest in “palace intrigue,” but what’s happening within the Trump regime is more than just a change of favor among courtiers. In a White House as devoid of soul as the one that Donald Trump visits for a couple of days each week, the people whose spaces cluster around the Oval Office are far more important than they would be if the president held firm beliefs.
And Steve Bannon isn’t just another adviser. His very position—chief strategist—was created especially for Bannon. It marks the special level of influence he’s held both before and after the inauguration. He’s not just another guy in the White House: he’s the ambassador to the alt-right. His office is the embassy of the white nationalist movement that’s gnawing at the heart of Europe and driving noxious hate in America. Bannon isn’t a celebration of the banality of evil. He’s
Continue reading “As Bannon falls, Trump’s positions change—but that doesn’t mean an improvement”
Donald Trump is declaring a do over.
President Donald Trump has scrapped the tax plan he campaigned on and is going back to the drawing board in a search for Republican consensus behind legislation to overhaul the U.S. tax system.
Trump’s tax plan was the only part of his campaign that included something that looked like a genuine policy. His plan to replace the Affordable Care Act was nothing but the word “beautiful.” His plan to defeat ISIS was only a plan to make a plan. But the tax plan seemed real. It had numbers. Though these days you’ll need to use the wayback machine to see them.
A married couple earning $50,000 per year with two children and $8,000 in child care expenses will save 35% from their current tax bill. …
The plan lowers the business tax rate to 15%. …
The plan also allows U.S.
Continue reading “Trump’s tax plan is in the trash, but the replacement may be much worse”