This is from Wharton. I do not pretend to completely understand it, but the dramatic increase in the deficit under Trump's plan, and the impact on future generations, is startling. The 2024 Trump Campaign Policy Proposals: Budgetary, Economic and Distributional Effects — Penn Wharton Budget Model Key Points: We project that conventionally estimated tax revenue falls by $5.8 trillion over the next 10 years, producing an equivalent amount of primary deficits. Accounting for economic feedback effects, primary deficits increase by $4.1 trillion over the same period. While GDP increases during part of the first decade (2025 – 2034), GDP eventually falls relative to current law, falling by 0.4 percent in 2034 and by 2.1 percent in 30 years (year 2054). After initially increasing, capital investment and working hours eventually fall, leaving average wages unchanged in 2034 and lower by 1.7 percent in 2054. Low, middle, and high-income households in 2026 and 2034 all fare better under the campaign proposals on a conventional basis. These conventional gains and losses do not include the additional debt burden on future generations who must finance almost the entirety of the tax decreases.
Ironically Wharton is where he went to business school I think. Basically it is saying his promises to - extend 2017 tax cuts which otherwise expire 2026 - cut corporate taxes, again, to 15% - get rid of social security taxes These things would add a net $4 trillion to the deficit over 10 years. . On paper it would increase it $5 trillion, but it would give an economic boost that would slightly offset that and the net would be $4 trillion in deficits. As I said elsewhere, going back about 50 years, Republican and Democratic administrations spend about the same, but. Republicans keep cutting taxes, and this is the primary reason why the deficit keeps growing.
Thanks for clarification. Ever since Reagan, “tax” has acquired negative connotations, and income inequality has increased. We can afford to do more for the least of us, a group which is increasing in numbers, it seems to me.
I support corporate tax cuts but if you don't offset it with increased income taxes, or some other way to collect that back from individuals, you are just adding to the problem.
He didn’t go to graduate business school at Wharton, just undergrad business at Penn after transferring from Fordham.
To be clear: he did 2 years at Fordham and then as a transfer student did 2 years of undergrad at Penn. That way his entrance statistics didn’t count against the school. They don’t track it for transfer students.
As I recall, there was considerable objection to Trump claiming he graduated from the Wharton School of Business as that title is typically reserved for those that went on to earn a master's degree.
Also, if I recall, his daddy got him into Penn. I have no doubt that he then cheated his way through school. The guy doesn’t have the focus to make it through high school.
tax cuts for the rich and powerful tariffs drill baby drill rage tweets blame anything bad that happens on the dems rinse and repeat.
No, not really. But they want you to believe that. Trumps wealth is from about a half billion seed money from Daddy, branding buildings with the trump name and his celebrity / reality show. Much of his construction business and casinos went bankrupt with massive losses, far more than he’s ever made, not to mention other failed ventures like his school, airline, steaks, etc. However being the con man he is most of the losses were suffered by other investors and debtors. It’s the primary reason he went so many years without paying taxes, massive loss carryovers.
Oh, I know he has sucked at business. If he had takens his daddy's money and put it in an index fund, he would be substantially better off than he currently is.
