Sunday, July 21, 2024
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President Trump Planning Massive Tax Cuts for American Families in His Second Term

The Washington Post is having a hissy fit because President Trump is reportedly planning hyuuuge tax cuts for American families during his next term in office. So much winning!

The Post is upset because, like all true-blue globalists, they know that they only way to stop runaway inflation and get the economy under control is by printing lots more money like Joe Biden.

While we don’t have the exact specifics of the plan yet, you’re going to love it. This will go in the history books as another classic Trump move.

When combined with Trump’s holistic America First economic agenda, his 2017 tax cuts made a big difference in Americans’ lives. He cut the corporate tax rate from 35% to 21%. This didn’t cause the government to go broke, as economic dunces at the Washington Post might claim. Instead, the money that the corporations were keeping was invested directly back into new jobs for Americans. Trump also cut a host of individual taxes in the 2017 deal.

 

In his next term, Trump plans to reduce the corporate rate down to 15%. He’s also planning a variety of tax cuts that will directly benefit middle class families, who are the only ones who pay taxes anyway (the rich always have loopholes to avoid paying taxes, and the poor don’t pay anything).

Trump plans to pay for the tax cuts by imposing a flat 10% tariff on all goods coming into the United States. According to Newt Gingrich, Trump plans to use the tariff funds to actually begin paying dividends to American families.

“If Trump goes down the road of that tariff, there’s a desire to convert that into a tax cut of some kind back in the American people similar to the oil income from the state of Alaska,” says Gingrich.

That’s a great idea!

For those who don’t know how Alaska’s Permanent Fund works (as Gingrich clearly doesn’t), here’s a primer.

The people who wrote Alaska’s state constitution came up with the novel idea that everyone who lives in the state is a shareholder in the state’s abundant natural resources. It doesn’t matter if you are the youngest baby or the oldest Eskimo in the state of Alaska. If you live there, you’re an equal shareholder.

Companies that extract natural resources from Alaska have to pay a fee (call it a tax or tariff or whatever you want) that goes directly into the Permanent Fund. Every drop of oil, every tree that’s cut down, every fish pulled from the sea, every nugget of gold that’s mined, results in the fee being charged to the company extracting the resource. This was set up in the 1960s, and the Permanent Fund is a massive, diversified mutual fund these days. Money going into the fund from oil and other resources is minimal.

Every year, every single person who lives in Alaska receives a Permanent Fund Dividend check. The amount of the checks are based on the five-year average of how the fund performs. Last year’s checks were $3,284 each. That’s $13,136 for a family of four, and Alaskans pay no state income tax. The state government is funded by natural resource fees, just as the fund is.

Tariffs on imported goods could work similarly. Trump campaign spokesman Jason Miller says, “There are many ideas coming in about how to undo the damage Joe Biden has done, and President Trump’s America First economic focus remains how we create more higher-paying jobs for American workers, and he will do whatever it takes to make our Country competitive again.”

Your taxes are guaranteed to go up in 2025 if President Trump is not reelected. The Child Tax Credit, which Trump increased to help lower income families, is set to expire at the current rate and go back down to the level it was at during the Obama administration. Biden has already said he’s going to let that happen.

Furthermore, Joe Biden has been trying to get countries to adopt an “international minimum corporate tax rate” of 15%. He wants to keep the corporate tax rate higher in America, in order to encourage companies to ship their jobs overseas. It’s the exact opposite of an America First agenda. As far as we’re concerned, President Trump can’t come back into power soon enough.


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