Sprintcyclist wrote on Oct 8
th, 2016 at 8:35pm:
Karnal wrote on Oct 8
th, 2016 at 7:55pm:
Sprintcyclist wrote on Oct 8
th, 2016 at 7:43pm:
So what the clinton network can find against Trump is :
1/ He knows finances, business and the tax system.
Probably he is well suited to fix it then.
2/ He made sexist comments over a decade ago in his private bus.
Which he apologised for.
He lost nearly a billion of other people's money, Sprint. His finances came from his father.
Trump's offer to fix the tax system is a ten percent tax cut for big business. That, and a massive increase in police and military spending.
If Trump's
alleged policies were ever carried out, America would be bankrupt in a decade.
Something tells me you'd rather discuss anything
but Trump's knowledge of finances, business and the tax system.
Quote:............Trump's offer to fix the tax system is a ten percent tax cut for big business........
A sensible idea.
India did that many years ago, it increased the revenue the govt got.
Reason : Businesses found it was no longer economic to avoid tax. Better to just pay the 10%.
Which is a 'reasonable' figure anyway.
Businesses focussed more on 'their business' , rather than avoiding tax.
ALso, the govt did not need as many people to 'collect' taxes.
It is a sensible realistic tested idea.
India most certainly did not. What Manmohan Singh did as Indian finance minister was to issue a tax amnesty on
unpaid business taxes.
If you want an example of lowering taxes for the rich in an American context, look no further than George W Bush's 2001 tax cuts. They created the sharpest jump in income disparity in US history. Since then, even the mega-rich, from Bill Gates to Warren Buffett have been lobbying to get rid of the cuts and pay more tax.
This, along with their call to raise the minimum wage, is about the only thing that will solve the economic problems of middle Americans, post GFC. We can add more regulation on credit and housing loans. Trump says he wants none of it, just more tax cuts, increased government spending, and as he's said, printing more US dollars if he needs to.
Remember, Buffett and Gates were actually
successful in their businesses. Trump sent three of his businesses bankrupt - so much so that he
still claims tax concessions for the write-offs, and for his old businesses - the Trump Taj Mahal, Trump Plaza, Trump Castle and Trump airlines, all of which went belly-up because he borrowed too much and spent too much in the 1980s.
This is exactly the formula Trump says he'll use to "make America great again" - borrow, spend and pass the debt onto the suckers who buy US bonds. I kid you not. This is Trump's stated plan, along with "putting the Trump brand in the White House".
Trump genuinely believes the Trump name, his real estate and reality TV brand, will somehow improve the US economy. This is his main pitch.
Which goes against all professional judgement. Most economists predict an economic downturn akin to Brexit if Trump gets in, based on the Trump personality - his "brand" - alone. The US faces capital flight and real sovereign risk if Trump ever makes it to the White House.
So let's forget the next US president groping heads of state and their wives, or sticking his tongue in when he goes for a peck. This is a real fear in the US right now, but that's not the real issue.
The big risk of a Trump presidency is his stated economic policies, which are so ludicrous no one takes them seriously.
We have never seen a US election like this. I doubt we've even seen an election in a banana republic with such surreal promises and unachievable commitments. Democracy exists to stop leaders like Trump getting in. This is why we have a vote. Usually, the only way people like Trump get to lead countries is through coups or stitched-up political coalitions that don't last a term.
Somehow, Trump has made it as a viable candidate to run for the strongest military power and economy in the world. If that doesn't tell you something about suckers and the general public's willingness to be sold a lemon, I don't know what will.
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