Trump vs Biden two views on taxes

Masked Trump takes vampaign joyride

 
752Views 14Comments Posted 05/10/2020

AP- WASHINGTON  Ovt.5- One wants to raise taxes, the other to lower them. One will seek to deepen the economic war with China, the other to ease tensions. But neither of them will achieve much without the support of the United States (US) Congress.

The economic policy proposals of President Donald Trump and his Democratic challenger Joe Biden offer dissimilar views on the world's largest economy ahead of the November 3 election.

Biden's agenda targets the poorest Americans and includes a number of measures that would imply an abrupt change from Trump's administration, with a return to the policies of Barack Obama, of whom he was vice president.

Trump, by contrast, offers what analysts lament as few details of his economic platform, save for his promise to restore a comparatively good economy and the employment record that Americans enjoyed until March, before the US pandemic. new coronavirus will end it all.

Social programs

"I would say that the Biden plan is really an expansion of existing social programs," said John Ricco, senior analyst for the Penn Wharton Budget Model at the University of Pennsylvania.

"In contrast, the Trump plan, to the extent that such a plan exists, ... addresses the same themes the administration has pursued for the past four years.

How much each will achieve what they want will depend on who controls Congress, currently divided between a Senate in the hands of Republicans and a House of Representatives dominated by Democrats.

Polls show an advantage for Biden and several Democratic Senate hopefuls, so analysts are leaning, albeit cautiously, for an eventual victory for Biden and a majority of his party in the upper house.

"Democratic control of the Lower House, Senate, and White House would produce one of the biggest policy changes, but if Republicans keep the White House or Senate, we expect little new federal, fiscal, or other policies," he said. JP Morgan on a note.

Visions

Biden's economic platform is centered around the motto "rebuild better," promising to create jobs through infrastructure improvements and clean energy funded by $ 4.1 trillion in taxes on big business and the wealthy over the next decade.

Trump, meanwhile, promises to restore "the largest economy in history", as he describes the performance from the beginning of his term in 2017 until last March. After a decade of economic expansion, unemployment reached its lowest rate in 50 years.

Polls show voters are leaning toward Biden as the country battles the pandemic. But last Friday the campaign suffered a turnaround when Trump announced that he had been infected with Covid-19.

The platforms of both applicants appear to benefit different sectors, said Mark Zandi and Bernard Yaros, economists at Moody's Analytics.

Biden's proposal targets the poor and the middle class, whose “tax burden will remain roughly the same as it is today, but will be major beneficiaries of increased public spending on education, health care, housing, and a plethora of other social programs. Zandi and Yaros wrote.

A new Trump presidency, meanwhile, would likely increase the tax cuts approved by Congress in 2017 and benefit "greatly higher-income households and businesses, while government spending will be reduced on healthcare and a variety of social programs ”, they added.

Political support

If Democrats gain control of the White House and Congress, Moody's predicts that full employment from before the pandemic could return in the second quarter of 2022. And if Republicans gain that control, it would only come early in the early 2000s. 2024.

But Moody's estimates that neither Trump nor Biden will most likely gain control of both powers, so full employment would return in 2023.

Meanwhile, the companies evaluate the different commercial approaches of both candidates and, in particular, the position towards China, a country with which Trump initiated a trade war.

More than 3,400 companies from all sectors, including heavyweights like Tesla, Mercedes-Benz, Home Depot and Ralph Lauren, sued the Trump administration over tariffs on Chinese exports to the United States.

Biden could reverse that policy, but Ricco points out that only up to a point. "Both candidates envision a landscape with much more skepticism towards free trade," he said, although "the tools to get there are different."



Comments 14

user
sral

If not for a few sane, intelligent and wide-awake folks like Stick, Wenny, Ajd and respectful, the comments section would read like an amen corner of Alex Jones or a Qanon site! And you guys are generous calling them low information voters, they are downright stoopid. The death-cult folks who vote against their own interests are hard to follow, and harder to believe they are occupying space in our little tropical country. Please, all you trumpistas just leave! We did fine without you and will do much better when you take your sorry selves back to whatever sh#thole states you came from. Just so you know, Dear Leader is not out of the woods yet. He is busy tweeting like its March 2020 all over again. I cannot wish him ill will because that is groveling down to his scumbag level..but some people say he could crash at any time.. just saying..

1 month ago
user
Respectful

Predictably, JbB worries about Preisdent Biden jacking up the national debt. Yet Trump jacked it up more this year than ever before, and his minions didn't protest. In fact, most Republicans voted for the stimulus bills. When Biden takes office, all the Repubs will become born again deficit hawkd, expoding their hypocrisy for all to see.

1 month ago
user
Ajd

The biggest joke is jbb talking about "low information voters"!! Magas are the quintessential "liv"s. Fools who constantly vote against their own interests. Under humpty, social security and meaningful healthcare will disappear....something he has never hidden as his intentions. Yet his base, primarily comprised of old obese uneducated diseffected white people continue to scream their support for the orange dotard. The recent video of the liar in chief on his joyride outside the hospital saw a maga screaming " I would die for that man"!! Little did the ignorant fool know that he will likely do just that. The orange dotard shows daily that he cares nothing about anyone but himself. He increases income inequality daily with his policies and still those fools who believe his lies and suffer most from his policies convince themselves that what is obvious is not actually happening. The right wing nutjobs always talk about the liberals and TDS....trump derangement syndrome. Well the magas suffer from something far far worse....JJS...jim jones syndrome. They have whole-heartedly and gleefully drunk the orange koolaid that is killing them daily. That ridiculous and dangerous jim jones spectacle yesterday by the orange dotard was reminicent of his lover, kim jong un or putin. He is infecting more and more people daily, all to promote the continued insanity he calls his campaign. The election cannot come fast enough, so that the culmination of his diabolicl plan can be realized. He will take down the entire country when he loses. Ptepare for the chaos to come. In addition the virus will increase and the country will tumble into a disaster like never before seen. All because the great america could not understand its own weaknesses.....greed and avarice and ignorance has been the downfall of many dynasties...america is no difference. Especially when the country's entire existence is predicated on the glaring issues of slavery and the inherent white fear and guilt borne out of that unaddressed curse on humankind.

1 month ago
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casual observer

Goldman Sachs thinks a blue wave of Democrats — meaning full control of government via the presidency (Joe Biden), Senate and House — come November could be good for the U.S. economy. “All else equal, such a blue wave would likely prompt us to upgrade our forecasts. The reason is that it would sharply raise the probability of a fiscal stimulus package of at least $2 trillion shortly after the presidential inauguration on January 20, followed by longer-term spending increases on infrastructure, climate, health care and education that would at least match the likely longer-term tax increases on corporations and upper-income earners,” wrote Goldman Sachs economist Jan Hatzius in a new note to clients on Monday.

1 month ago
user
casual observer

All you trumptards are really easy to con because a 3rd rate flim-flam man has you thinking he is something special. Fake, fraud, can't fire anyone face to face, draft dodger. He tells everyone to not let the virus control their lives after receiving care that only he can get. If everyone had that level of care we would be in a totally different place now. This guy belongs on tv. That's the only thing he's good at.

1 month ago
user
Cañas

Expect this same result if Biden wins. https://www.zerohedge.com/economics/venezuela-orders-71-tons-paper-print-new-banknotes-worth-23-cents-each

1 month ago
user
Kamala

Trump has deep support inspite of CNN and others making him out to be inhuman. This whole covid sickness has really shown the caring human side of Trump.

1 month ago
user
Veraguas

Trump just blows my mind. Watching CNN they had him dead by today and I just saw the guy walk out of the hospital stronger than ever. Trump has my vote, surely God is watching over him for a good reason.

1 month ago
user
Stick

Well Treetopflyer, you have attempted one of the oldest tricks in the book by running a whole bunch of useless claims of success that require not only fact-checking, but actually turned out to be of no benefit to the intended audience. Something as simple as "rob-calls", you can't tell me that his signing this bill did not put rob-calls out of business. If you live in the US, you still receive unwanted robot-calls. You see how that needed explaining out? You attempt to dismiss the ignorance coming out of his mouth as "mis-spoke", when it fact it is sheer disregard and disrespect for everyone that aint kissing his ass. Nothing he has ever attempted to do will never overshadow how he sat back for 2 months and allowed this virus to take hold and kill almost 250,000 Americans.

1 month ago
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Wenny

How does the USA fix the deficit? You raise the taxes on people making more than $400.000 a year, (Which Biden recommends where Trump gave 2-trillion in tax cuts to the upper 10%), You improve the economy and pay people $15 an hour. ( you improve the economy by fixing the Corona Virus First), The you cut wasteful government spending. The US defense budget is 54% of all money spent. I do not recommend this but if they cut this budget in half we would still be spending more than the next country.

1 month ago
user
Tomcat

Excellent comments by all! Trump in true Alpha male form recovers from the kung flu in record time. I see that pussy Cam Newton NFL player still isn't back on the job. Trump is old school Alpha.

1 month ago
user
treetopflyer13

By Peronneau Vandehey "I was asked a few weeks ago, what have PRESIDENT TRUMP and his administration accomplished….. Here you go. Trump recently signed three bills to benefit Native people. One gives compensation to the Spokane tribe for loss of their lands in the mid-1900s, one funds Native language programs, and the third gives federal recognition to the Little Shell Tribe of Chippewa Indians in Montana. Trump finalized the creation of Space Force as our 6th Military branch. Trump signed a law to make cruelty to animals a federal felony so that animal abusers face tougher consequences. Violent crime has fallen every year he’s been in office after rising during the two years before he was elected. Trump signed a bill making CBD and Hemp legal. Trump’s EPA gave $100 million to fix the water infrastructure problem in Flint, Michigan. Under Trump’s leadership, in 2018 the U.S. surpassed Russia and Saudi Arabia to become the world’s largest producer of crude oil. Trump signed a law ending the gag orders on pharmacists that prevented them from sharing money-saving information. Trump signed the “Allow States and Victims to Fight Online Sex Trafficking Act” (FOSTA), which includes the “Stop Enabling Sex Traffickers Act” (SESTA) which both give law enforcement and victims new tools to fight sex trafficking. Trump signed a bill to require airports to provide spaces for breastfeeding moms. The 25% lowest-paid Americans enjoyed a 4.5% income boost in November 2019, which outpaces a 2.9% gain in earnings for the country’s highest-paid workers. Low-wage workers are benefiting from higher minimum wages and from corporations that are increasing entry-level pay. Trump signed the biggest wilderness protection & conservation bill in a decade and designated 375,000 acres as protected land. Trump signed the Save our Seas Act which funds $10 million per year to clean tons of plastic & garbage from the ocean. He signed a bill this year allowing some drug imports from Canada so that prescription prices would go down. Trump signed an executive order this year that forces all healthcare providers to disclose the cost of their services so that Americans can comparison shop and know how much less providers charge insurance companies. When signing that bill he said no American should be blindsided by bills for medical services they never agreed to in advance. Hospitals will now be required to post their standard charges for services, which include the discounted price a hospital is willing to accept. In the eight years prior to President Trump’s inauguration, prescription drug prices increased by an average of 3.6% per year. Under Trump, drug prices have seen year-over-year declines in nine of the last ten months, with a 1.1% drop as of the most recent month. He created a White House VA Hotline to help veterans and principally staffed it with veterans and direct family members of veterans. VA employees are being held accountable for poor performance, with more than 4,000 VA employees removed, demoted, and suspended so far. Issued an executive order requiring the Secretaries of Defense, Homeland Security, and Veterans Affairs to submit a joint plan to provide veterans access to access to mental health treatment as they transition to civilian life. Because of a bill signed and championed by Trump, in 2020, most federal employees will see their pay increase by an average of 3.1% — the largest raise in more than 10 years. Trump signed into a law up to 12 weeks of paid parental leave for millions of federal workers. Trump administration will provide HIV prevention drugs for free to 200,000 uninsured patients per year for 11 years. All-time record sales during the 2019 holidays. Trump signed an order allowing small businesses to group together when buying insurance to get a better price. President Trump signed the Preventing Maternal Deaths Act that provides funding for states to develop maternal mortality reviews to better understand maternal complications and identify solutions & largely focuses on reducing the higher mortality rates for Black Americans. In 2018, President Trump signed the groundbreaking First Step Act, a criminal justice bill which enacted reforms that make our justice system fairer and help former inmates successfully return to society. The First Step Act’s reforms addressed inequities in sentencing laws that disproportionately harmed Black Americans and reformed mandatory minimums that created unfair outcomes. The First Step Act expanded judicial discretion in sentencing of non-violent crimes. Over 90% of those benefiting from the retroactive sentencing reductions in the First Step Act are Black Americans. The First Step Act provides rehabilitative programs to inmates, helping them successfully rejoin society and not return to crime. Trump increased funding for historically Black Colleges and Universities (HBCUs) by more than 14%. Trump signed legislation forgiving Hurricane Katrina debt that threatened HBCUs. New single-family home sales are up 31.6% in October 2019 compared to just one year ago. Made HBCUs a priority by creating the position of executive director of the White House Initiative on HBCUs. Trump received the Bipartisan Justice Award at a historically black college for his criminal justice reform accomplishments. The poverty rate fell to a 17-year low of 11.8% under the Trump administration as a result of a jobs-rich environment. Poverty rates for African-Americans and Hispanic-Americans have reached their lowest levels since the U.S. began collecting such data. President Trump signed a bill that creates five national monuments, expands several national parks, adds 1.3 million acres of wilderness, and permanently reauthorizes the Land and Water Conservation Fund. Trump’s USDA committed $124 Million to rebuild rural water infrastructure. [Prior to the unexpected coronavirus pandemic] Consumer confidence & small business confidence is at an all time high. [Prior to the unexpected coronavirus pandemic] More than 7 million jobs created since election. [Prior to the unexpected coronavirus pandemic] More Americans were employed than ever recorded before in our history. More than 400,000 manufacturing jobs created since his election. Trump appointed five openly gay ambassadors. Trump ordered Ric Grenell, his openly gay ambassador to Germany, to lead a global initiative to decriminalize homosexuality across the globe. Through Trump’s Anti-Trafficking Coordination Team (ACTeam) initiative, Federal law enforcement more than doubled convictions of human traffickers and increased the number of defendants charged by 75% in ACTeam districts. In 2018, the Department of Justice (DOJ) dismantled an organization that was the internet’s leading source of prostitution-related advertisements resulting in sex trafficking. Trump’s OMB published new anti-trafficking guidance for government procurement officials to more effectively combat human trafficking. Trump’s Immigration and Customs Enforcement’s Homeland Security Investigations arrested 1,588 criminals associated with Human Trafficking. Trump’s Department of Health and Human Services provided funding to support the National Human Trafficking Hotline to identify perpetrators and give victims the help they need. The hotline identified 16,862 potential human trafficking cases. Trump’s DOJ provided grants to organizations that support human trafficking victims – serving nearly 9,000 cases from July 1, 2017, to June 30, 2018. The Department of Homeland Security has hired more victim assistance specialists, helping victims get resources and support. President Trump has called on Congress to pass school choice legislation so that no child is trapped in a failing school because of his or her zip code. The President signed funding legislation in September 2018 that increased funding for school choice by $42 million. The tax cuts signed into law by President Trump promote school choice by allowing families to use 529 college savings plans for elementary and secondary education. Under his leadership ISIS has lost most of their territory and been largely dismantled. ISIS leader Abu Bakr Al-Baghdadi was killed. Signed the first Perkins CTE reauthorization since 2006, authorizing more than $1 billion for states each year to fund vocational and career education programs. Executive order expanding apprenticeship opportunities for students and workers. Trump issued an Executive Order prohibiting the U.S. government from discriminating against Christians or punishing expressions of faith. Signed an executive order that allows the government to withhold money from college campuses deemed to be anti-Semitic and who fail to combat anti-Semitism. President Trump ordered a halt to U.S. tax money going to international organizations that fund or perform abortions. Trump imposed sanctions on the socialists in Venezuela who have killed their citizens. Finalized new trade agreement with South Korea. Made a deal with the European Union to increase U.S. energy exports to Europe. Withdrew the U.S. from the job killing TPP deal. Secured $250 billion in new trade and investment deals in China and $12 billion in Vietnam. Okay’d up to $12 billion in aid for farmers affected by unfair trade retaliation. Has had over a dozen US hostages freed, including those Obama could not get freed. Trump signed the Music Modernization Act, the biggest change to copyright law in decades. Trump secured billions that will fund the building of a wall at our southern border. The Trump Administration is promoting second chance hiring to give former inmates the opportunity to live crime-free lives and find meaningful employment. Trump’s DOJ and the Board Of Prisons launched a new “Ready to Work Initiative” to help connect employers directly with former prisoners. President Trump’s historic tax cut legislation included new Opportunity Zone Incentives to promote investment in low-income communities across the country. 8,764 communities across the country have been designated as Opportunity Zones. Opportunity Zones are expected to spur $100 billion in long-term private capital investment in economically distressed communities across the country. Trump directed the Education Secretary to end Common Core. Trump signed the 9/11 Victims Compensation Fund into law. Trump signed measure funding prevention programs for Veteran suicide. Companies have brought back over a TRILLION dollars from overseas because of the TCJA bill that Trump signed. [Prior to the coronavirus pandemic] manufacturing jobs were growing at the fastest rate in more than 30 years. [Prior to the coronavirus pandemic] the stock market reached record highs. [Prior to the coronavirus pandemic] Median household income hit highest level ever recorded. [Prior to the coronavirus pandemic] African-American unemployment is at an all time low. [Prior to the coronavirus pandemic] Hispanic-American unemployment is at an all time low. [Prior to the coronavirus pandemic] Asian-American unemployment is at an all time low. [Prior to the coronavirus pandemic] women’s unemployment rate was at a 65-year low. [Prior to the coronavirus pandemic] Youth unemployment is at a 50-year low. [Prior to the coronavirus pandemic] We had the lowest unemployment rate ever recorded. The Pledge to America’s Workers has resulted in employers committing to train more than 4 million Americans. [Prior to the coronavirus pandemic] 95 percent of U.S. manufacturers are optimistic about the future— the highest ever. [Prior to the coronavirus pandemic] As a result of the Republican tax bill, small businesses will have the lowest top marginal tax rate in more than 80 years. Record number of regulations eliminated that hurt small businesses. Signed welfare reform requiring able-bodied adults who don’t have children to work or look for work if they’re on welfare. Under Trump, the FDA approved more affordable generic drugs than ever before in history. Reformed Medicare program to stop hospitals from overcharging low-income seniors on their drugs—saving seniors 100’s of millions of $$$ this year alone. Signed Right-To-Try legislation allowing terminally ill patients to try experimental treatment that wasn’t allowed before. Secured $6 billion in new funding to fight the opioid epidemic. Signed VA Choice Act and VA Accountability Act, expanded VA telehealth services, walk-in-clinics, and same-day urgent primary and mental health care. U.S. oil production recently reached all-time high so we are less dependent on oil from the Middle East. The U.S. is a net natural gas exporter for the first time since 1957. NATO allies increased their defense spending because of his pressure campaign. Withdrew the United States from the job-killing Paris Climate Accord in 2017 and that same year the U.S. still led the world by having the largest reduction in Carbon emissions. Has his circuit court judge nominees being confirmed faster than any other new administration. Had his Supreme Court Justice’s Neil Gorsuch and Brett Kavanaugh confirmed. Moved U.S. Embassy in Israel to Jerusalem. Agreed to a new trade deal with Mexico & Canada that will increase jobs here and $$$ coming in. Reached a breakthrough agreement with the E.U. to increase U.S. exports. Imposed tariffs on China in response to China’s forced technology transfer, intellectual property theft, and their chronically abusive trade practices, has agreed to a Part One trade deal with China. Signed legislation to improve the National Suicide Hotline. Signed the most comprehensive childhood cancer legislation ever into law, which will advance childhood cancer research and improve treatments. The Tax Cuts and Jobs Act signed into law by Trump doubled the maximum amount of the child tax credit available to parents and lifted the income limits so more people could claim it. It also created a new tax credit for other dependents. In 2018, President Trump signed into law a $2.4 billion funding increase for the Child Care and Development Fund, providing a total of $8.1 billion to States to fund child care for low-income families. The Child and Dependent Care Tax Credit (CDCTC) signed into law by Trump provides a tax credit equal to 20-35% of child care expenses, $3,000 per child & $6,000 per family + Flexible Spending Accounts (FSAs) allow you to set aside up to $5,000 in pre-tax $ to use for child care. In 2019 President Donald Trump signed the Autism Collaboration, Accountability, Research, Education and Support Act (CARES) into law which allocates $1.8 billion in funding over the next five years to help people with autism spectrum disorder and to help their families. In 2019 President Trump signed into law two funding packages providing nearly $19 million in new funding for Lupus specific research and education programs, as well an additional $41.7 billion in funding for the National Institutes of Health (NIH), the most Lupus funding EVER. Another upcoming accomplishment to add: In the next week or two Trump will be signing the first major anti-robocall law in decades called the TRACED Act (Telephone Robocall Abuse Criminal Enforcement and Deterrence.) Once it’s the law, the TRACED Act will extend the period of time the FCC has to catch & punish those who intentionally break telemarketing restrictions. The bill also requires voice service providers to develop a framework to verify calls are legitimate before they reach your phone. [Prior to the coronavirus pandemic] US stock market continually hit all-time record highs. Because so many people asked for a document with all of this listed in one place, here it is. No links provided to remove bias as Google search is easy. Print this out for family, friends, neighbors, etc. I encourage you to drop this list off to voters before the 2020 election too! Trump did all of this while fighting flagrant abuse and impeachment charges. Please explain to me why you have a problem with OUR president? Because he has misspoke a few times? Tell me when you find a perfect person, please….I’ll wait! I’ll tell you why, because the media has skewed him in such a negative light and unfairly report his accomplishments to undermine those achievements! Why? Because the media is complicit in every single thing this man is trying to undo! Start thinking for yourself!"

1 month ago
user
Snake Pliskin

Very true JB. They highlight creating jobs, but what kind of jobs. 100,000 McDonalds jobs is not beneficial to anyone. We need good jobs with benefits and good pay. The democratic way of producing jobs has always been a complete failure. They hire more government employees to create more bureaucracy.

1 month ago
user
JbBrown

A Biden presidency will hasten the collapse of an already over leveraged dollar. His new green deal boondoggle will spend a hundred trillion dollars that will basically enrich his fellow cronies and surely his coke head son Hunter. Trump will also spend but he wants to spend on infrastructure that is sorely needed and will stimulate the broad economy and jobs. President Trump will also hold Chicom's feet to the fire and milk a couple of trillion out of them starting with cancelling the bonds that they hold. If sleepy joe wins it's time to hide wealth and structure income to avoid the coming tax storm. Companies should have a plan in place to move their company out of the USA if Biden wins and other companies should be looking at how many people they need to lay off to pay the Biden tax increases and not hurt the bottom line. Trump understand business and job creation. Sleepy joe understands government and how to steal from the producers in society. The choice is very clear but the low information voters don't understand it, but they will learn the hard way if sleepy joe wins.......High Unemployment!!

1 month ago
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