WASHINGTON, D.C. (Texas Insider Report) — President Trump touted his administration’s accomplishments on the economy, and characterized the Nov. 3rd Election as a choice between “a socialist nightmare and the American dream” Wednesday (Oct. 14th,) focusing his comments like a laser beam on the policies proposed by Joe Biden and the Democrats – which he said would lead to a “very steep depression.”
“I will deliver optimism, opportunity & growth. They will deliver pessimism, stagnation, decline – and, very high taxes.“The choice facing America is simple. It’s the choice between historic prosperity under pro-American policies, or a very steep depression and crippling poverty under the radical left. That’s what you’ll have, a depression.
“Simply put, it’s a choice between a socialist nightmare and the American dream,” Trump told the Economic Clubs of New York, Pittsburgh, Florida, Washington, Chicago, and Sheboygan, Wisconsin, in the White House Rose Garden.
Trump said if he wins reelection, he’d continue lowering taxes for families and businesses, and would seek to reduce America’s dependence on Chinese manufacturing while continuing to bring jobs back to the United States.
“We will make America into the manufacturing superpower of the world, ending our reliance on China once and for all,” Trump said.
“We are going to be cutting taxes further, especially on middle-income taxes. We are going to continue to be low taxes,” he said.
While the president has said he wants to cut the top capital gains tax rate from 20% to 15%, an analysis of Trump’s tax plan by the non-partisan Committee for a Responsible Federal Budget (CRFB) found his plan would cut taxes by around $1.7 trillion over the next 10 years. That includes:
- Reducing individual taxes by about $1.25 trillion
- Expanding Opportunity Zones to allow investors to cut their taxes by around $50 billion
- Increasing expensing for essential industries would slash taxes by around $350 billion, and
- Expanding tax breaks by roughly $50 billion.
- Raise taxes by $4.3 trillion over the next decade
- Raise individual taxes $1.4 trillion
- Raise corporate taxes $1.8 trillion
- Raise the Social Security Payroll Tax Maximum to the tune of $900 billion
- Establish a “financial risk fee” of $100 billion on big banks, and
- Increase tax revenue $100 billion by improving tax compliance
“We will keep taxes low for companies that move jobs to America," said the president. "And we’ll impose steep tariffs on any company that leaves. They want to leave? They want to make our product and then sell it back after firing everybody? Not going to happen. They will be tariffed,” he said.Trump also spoke Wednesday against the strict lockdowns and restrictions imposed by Democrat-controlled states amid the CoronaVirus outbreak.
“The lockdowns pushed by left-wing politicians are needlessly destroying millions of lives – they decimate livelihoods, lead to suicide, drug overdose, depression, delayed medical treatments and reduced life expectancy.
"We must allow lower-risk Americans to resume normal activity,” he said.
