This discussion about Donald Trump’s tax plan should help Fox News make up with Trump again.
A column in The New York Times, called “Trump Plan Is Tax Cut for the Rich, Even Hedge Fund Managers,” explains how Trump’s “tax plan, released Monday, does not live up to the populist language he has offered on taxes all summer.”
When talking about taxes in this campaign, Donald Trump has often sounded like a different kind of Republican. He says he will take on “the hedge fund guys” and their carried interest loophole. He thinks it’s “outrageous” how little tax some multimillionaires pay. But his plan calls for major tax cuts not just for the middle class but also for the richest Americans — even the dreaded hedge fund managers. And despite his campaign’s assurances that the plan is “fiscally responsible,” it would grow budget deficits by trillions of dollars over a decade.
You could call Mr. Trump’s plan a higher-energy version of the tax plan Jeb Bush announced earlier this month: similar in structure, but with lower rates and wider tax brackets, meaning individual taxpayers would pay even less than under Mr. Bush, and the government would lose even more tax revenue.
Times correspondent Josh Barro also notes that “Mr. Trump’s worldwide tax plan would have no effect on Ford’s choice to make cars in Mexico, so long as they’re paying at least 15 percent in tax to Mexico on their Mexican activities.”
But in a 5:22 discussion on Fox’s Your World, a discussion FoxNews.com called “The pros and cons of Donald Trump’s tax plan” was overwhelmingly about the “pros.”
Host Neil Cavuto invoked the Republican patron saint in his introduction when he said enthusiastically, “How about rates that get back to, like, Ronald Reagan?”
Fox Business Network’s Gerri Willis loved the plan. “This would promote growth, there’s no doubt about it. If there’s anything Trump gets right here, it’s incentivizing growth, it’s incentivizing work. I mean, let’s face it, if you have 50% of your income taken away in taxes, it’s not a big incentive to work, and that’s what he’s doing here. …Half of Americans would pay zero.”
That was one feature Cavuto didn’t seem so crazy about. But his criticism was put mildly. “I think everyone should have some skin in the game,” he said, “and if half the paying public doesn’t, and I don’t think it should be a lot, I think you could have it as low as one, two, three%, but some skin in the game so that you can at least monitor the game.”
Guest Larry Glazer was another cheerleader. He played up the (faux) populist angle. “This is a plan that has several benefits. One, of course it does provide relief to the millions of hard working Americans who’ve effectively been subsidizing this recovery all along through 0% interest rates, through savings that they’re not getting any return on. …It’s going to compel companies to bring back the $2.1 trillion worth of money that’s stashed overseas by Apple, by Google, by Microsoft.”
Cavuto again expressed mild doubt. “That gets a little dicey. …We don’t have a lot of details here.” He turned to the lone naysayer on the panel, Dave Maney.
“It’s a very Trumpian sort of plan,” Maney said. “It’s a narrative document. …It is like a farmer’s field for growing loopholes. It has these remarkable sort of areas in which there is no detail, and which there’s clearly going to be a gigantic load of misbehavior and unintended consequences.”
Oops, that was too much criticism. “I think it’s a step in the right direction,” Cavuto interrupted. “We need a huge catalyst, and we found that big tax cuts - you can always play the class warfare game, I can’t control that - do just that.”
”Lower taxes will spur growth,” Willis chimed in. “The death tax dies, alternative minimum tax, AMT, dies. That’s good news for regular Americans.” She didn't mention that $5.43 million is already exempt from "death taxes" already.
Glazer chimed in: “Lowering corporate tax rates, what a great thing to stimulate the economy! Get rid of all the games that companies play to hide money, to circumvent the tax code.”
Maney said, “At it’s heart, it’s an extremely conventional Republican tax simplification plan, fine. But then there’s these little buried nuggets which, you know, like the repatriation tax. He’s got this weird 15% tax if you’re an individual income earner instead of an employee.”
Watch these Fox News conservatives forget how much they care about the deficit when there’s a tax cut for the rich nearby, below, from the September 28 Your World.