Another day, another deeply unfair economic proposal from Donald Trump. On Thursday, Trump campaigned in Detroit, Michigan, where he was not worried about insults The city itself, he was Throwing it away A previously unannounced plan to make car loan interest tax deductible.
This is certainly nothing more than pandering on the part of Trump, with his lizard brain fighting for something to please auto workers in a swing state.
It is telling that Trump has not proposed anything that would directly change the lives of these workers, such as better safety protections or support for stronger unions against management. Instead, as a man of the people, Trump knows what auto workers want: a tax cut that would benefit the rich who buy expensive vehicles and would somehow magically push them to the workers who make those vehicles.
If this sort of thing sounds familiar, that's because it is. When it comes to economic planning, Trump actually has one trick: tax relief. Well, he said that “deporting millions will increase the housing stock and therefore reduce prices.” ideaOne that, in addition to being terribly racist, is economical. Furthermore, what he has is this vague idea that tax credits and the like will somehow win the election and save the economy.
It would be generous to call Trump's car loan interest concept more than a plan concept, but Trump is publicizing that it would “stimulate massive domestic automobile production and make car ownership dramatically more affordable for millions and millions of working American families.” As one tax expert pointed out, this won't help most people, like most Americans Do not specify The deductions for doing this are generally no more than the standard deduction.
But do you know who makes the cut? rich man.
Ultimately, Trump's idea is this: People will have so much extra money to spend on car loan interest that they will buy new cars, ushering in a renaissance of American auto production. Since Trump has not released any specific details about the plan, no one knows how it will play out.
Trump's plan to fix the staggering cost of long-term home health care is similarly thin on detail. Trump was forced to come up with something in response to Vice President Kamala Harris' plan Expand Medicare To cover home health expenses. Current costs for home health care out of reach Many have an assistant working 40 hours a week, costing about $69,000 a year, and full-time service can exceed $288,000.
Home health care support allows seniors to stay at home longer without relying on the patchwork of unpaid care from family caregivers that many have to provide. quit your jobs To provide full-time care. AARP estimates that caregivers provide $600 billion in unpaid care annually. A plan to cover these costs would be a game-changer for millions of people.
So what will Trump do? In addition to a Substance-free declaration That he would “care for our seniors by returning resources to senior home care,” that he would “support unpaid family caregivers through tax credits and reduced bureaucracy.”
So, all the people who Currently trying In addition to escaping their caregiving responsibilities and holding down a job, those who had to give up their job to provide care will still have to do those jobs, but if they can cover it up for another year, they will reduce their tax bill. .
Trump's other economic proposals, which are less a proposal and more a product of Trump regardless of the audience he is addressing, are equally tied to his love of tax cuts. He proposed Eliminate taxes on Americans living abroad, but given that foreign workers earning less than $126,500 don't have to pay, it's yet another boon for the rich.
he Also offer Avoid tip, overtime and social security taxes. Even if someone pretends to be sincere, these actions will create a hole in the federal budget. Estimates for Trump's tax payment costs vary from $8.5 trillion to $9.75 trillion over the next ten years. Trump will finance these cuts Heavy fees.
Even if one takes seriously the idea that the best plan for America would raise the price of consumer goods too much, the overall effect of this proposal would certainly benefit the rich. Institute of Taxation and Economic Policy found Taxes would rise for everyone except the richest 5% under Trump's plan.
No one would be surprised that Trump, who was able to pay Only $750 In terms of income taxes in 2017, despite reporting over $14 million in income that year, the tax cut will determine what the public really wants. However, ordinary people cannot take advantage of the pro-business tax incentives that allow Trump to offset his substantial income with tax credits for him. Even more remarkable loss of business.
Not even ordinary people benefited from Trump's massive 2017 tax cuts that made the super rich even more But very rich didn't help The rest of us. A Harris presidency would focus relief on issues affecting everyday Americans. In stark contrast, all the guarantees of Trump's second term are that the rich will get much richer.
