Detroit, Michigan–(ENEWSPF)–August 11, 2016. Today, Hillary Clinton laid out the key choice on the economy in this election: who will stand up for working families? She explained how she will build an economy that works for everyone, not just those at the top – while Donald Trump wants America to work for him and his friends, at the expense of everyone else. She shared her plan to drive economic growth and support working families, making our economy work for everyone. On stage in Detroit, Michigan, she blasted Donald Trump’s economic agenda centered around the failed theory of trickle-down economics, this time with a unique Trumpian spin – outlandish ideas that will benefit himself at the expense of working families.
Hillary Clinton wants to bring Americans together to tackle the big challenges facing the country, while Donald Trump is temperamentally unfit to lead – and would tear our country apart with his dangerous ideas, divisive rhetoric, and history of harming hard-working Americans. Hillary has a detailed plan to build an economy that works for everyone, not just those at the top. She’d make the largest investment in job creation since World War II and make college debt-free for anyone who wants to attend. The same former McCain advisor who said Trump’s plans would cost 3.4 million jobs and lead to a recession found that under Hillary’s plans, the economy would add 10 million jobs in her first term. She is the only candidate with a record helping working families and a comprehensive plan to ensure working families are given a fair shot at success and opportunity.
Read a fact sheet on the economic plan here and on the “Trump Loophole” here.
Trump’s Economic Agenda Would Cause Damage To The U.S. Economy And Harm Working Families – While Helping Donald Trump
Donald Trump has made a career out of promising a lot, taking as much as he can for himself, and stiffing small businesses. He manufactures products in countries including China and Mexico, and wrongly tells America it’s not possible to make things in America anymore.
So it is no surprise that Trump’s economic plan fails to support working families and small business owners, instead benefiting Trump himself and others at the top. His dangerous economic plans include:
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Creating a new tax loophole – the “Trump Loophole” – that would allow the wealthiest American (including Donald Trump) to pay less than half the current tax rate on a substantial portion of their income.
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The top 400 earners averaged $94 Million in pass-through income, meaning under Trump’s plan they would get a tax break of more than $15 million per year.
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Despite his claim to close the “carried interest” loophole for Wall Street money managers, the “Trump Loophole” would slash their tax rates by 1/3rd – essentially widening the carried interest loophole.
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Roberton Williams, Tax Policy Center: “It’s a really nice deal” for Donald Trump. [Washington Post, 8/10/16]
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Washington Post: Donald Trump’s new tax plan could have a big winner: Donald Trump’s companies
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Center on Budget and Policy Priorities: Trump Tax Plan Includes Major Tax Break For Wealthiest Taxpayers
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CNBC: Tax Loophole In Trump’s Plan Would Create Windfall For The Rich
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“Trump reported in his financial disclosures last year that he has nearly 500 businesses, more than 90 percent of them owned entirely by him. Tax experts say many of those companies may well be “pass-through” entities that would be part of his personal tax return.” [Newsweek, 5/12/16]
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Giving away trillions in tax cuts aimed at large corporations, millionaires, and Wall Street money managers.
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New Yorker: Donald Trump Sells Out To Trickle-Down Economics
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Vox: Donald Trump’s “new” tax plan: a giveaway to the rich that he pretends helps the middle class
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Alan Viard, a tax policy scholar at the conservative American Enterprise Institute, said of Trump’s proposal: ‘It’s clearly a tax-rate cut for private equity, hedge funds and venture capital.’” [Bloomberg, 5/9/16]
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Repealing the estate tax, which would do nothing for 99.8 percent of Americans. However, if Trump is indeed worth $10 Billion, it would give his family a $4 Billion windfall.
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New York Times: “If Mr. Trump’s net worth is as large as he has says, his heirs would have a great deal to gain from eliminating the estate tax; the typical displaced steelworker or coal miner, or even a relatively prosperous retiree, would have nothing to gain.”
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Center on Budget and Policy Priorities: “Today, 99.8 percent of estates owe no estate tax at all, according to the Joint Committee on Taxation.” [Center on Budget and Policy Priorities,3/23/15]
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Increasing the debt by trillions of dollars, threatening our entire economy and sticking our children and grandchildren with the bill.
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FORBES: Trump Shouldn’t Get Credit For Proposing A $3 Trillion Increase In The National Debt
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Vox: “The plan would still cost an enormous amount of money, adding many trillions of dollars to the national debt.”
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Ripping up rules that hold corporations accountable, and end basic regulations that protect consumers and eliminate pollution.
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TRUMP: “We will move to repeal Dodd-Frank and the Affordable Care Act so as to bring market forces to bear that will increase competition and lower costs to consumers.” [Donald Trump, AARP, 6/27/16]
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TRUMP: “I am going to cut regulations massively.” [Donald Trump Economic Speech, 8/8/16]
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TRUMP: “Department of Environmental Protection. We are going to get rid of it in almost every form.” [Eleventh GOP Debate via Washington Post, 3/3/16]
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And pushing a child care deduction that is transparently designed for rich people – not those struggling to pay for childcare in the first place.
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Politico: Why Trump’s child care plan won’t help poor families
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Think Progress: Donald Trump’s New Childcare Plan Would Only Help The Rich
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Robert Doar, American Enterprise Institute: “Mr. Trump’s proposal will do nothing for those most in need.” [Daily Beast,8/09/16]
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Lanhee Cheen, Mitt Romney’s top policy aide in 2012: “The child care deduction is a horrible idea.” [Politico, 8/09/16]
Trump believes that he “alone can fix” our country. But economists and business leaders agree that his plan fails to seriously address what working families are up against.
Washington Post: Economists: Trump tax plan offers almost nothing for the middle class
New York Times: Mr. Trump’s Losing Economic Game Plan
Washington Post: Trump’s economic plan ignores the Americans he claims to speak for
The Economist: Donald Trump’s sums do not add up
New York Times: “But the economic agenda Mr. Trump described included many traditionally Republican policies that offer little to no direct benefit to working-class Americans, while giving a considerable financial boost to the wealthiest.”
Politico: “Economists and Wall Street executives portrayed Donald Trump’s economic platform as a kind of Frankenstein’s monster, stitching together old ideas from the left and right.”
Larry Mishel, Economic Policy Institute: “Donald Trump fashions himself a populist, but his economic plan just recycles the failed policies of deregulation and massive tax cuts for the rich and corporations.” [EPI Release, 8/8/16]
Source: http://www.hillaryclinton.com
