Regarding taxes, Carson considers the 74,000-page tax code "an abomination." And who would argue otherwise? But like his various opponents, he's not about to point out that it was largely crafted by the representatives of mega-corporations, not Wal-Mart workers at meet-ups with senators. He's for a flat tax of 10% with no exemptions for the poor, based on biblical economics 101. Maybe people who don't produce bumper crops should just pray for a better lot.
He would conveniently cut the official corporate tax rate from 35% (the average effective tax rate is 27.9% but the biggest, brightest companies don't even approach that amount) to between 15% and 20%, the definition of corporate manna from heaven. He would also allow companies to bring their foreign profits back to the U.S. completely tax-free if they would even... pretty, pretty please... consider allocating 10% of them to "finance enterprise zones" in major cities. And so it goes in Carsonland.
Best bet on his campaign website: A $25 bumper sticker that says #IAMACHRISTIAN, proof that he's eager to channel his inner evangelical Katniss.
Donald Trump
Trump actually brought up President Dwight Eisenhower recently, but only for Operation Wetback, his grim Mexican immigrant deportation program. No I-like-Ike mention was made of his funding of the interstate highway system or the way he strengthened banking regulations.
The Donald lists five core positions on his site, including the two economic pillars of his campaign: "U.S.-China trade reform" and "tax reform," both of which would, of course, "make America great again." This may already sound a bit repetitively familiar to you, but he wants to reduce the corporate tax rate to 15% because it "would be 10 percentage points below China's and 20 points below our current burdensome rate that pushes companies and jobs offshore." Given that our biggest companies already pay far less than that "burdensome" rate, can there be any question that lowering it further would produce more generous CEOs and slay dreaded China at the same time?
Like President Snow, Trump would start aggressively and only get more so, economically speaking. He would "attack" the national debt and deficit by eliminating government waste, fraud, and abuse, and "grow" the economy xenophobically by doing in local Mexicans and distant Chinese, and all of this cutting and slashing would, like a Chia Pet, make the economy sprout even as tax revenues were savaged. Or, even if it isn't one of his five core positions, he could pull a genuine Snow and get rid of old-fashioned-style government, leaving Americans officially beholden to an oligarch.
In another piece of (black) magic, his campaign website assures readers that cutting the deficit and reducing our debt would also stop China from "blackmail[ing] us with our own Treasury bonds." No matter that China actually lent us money to run our government and bolster our financial system, and that a thank-you note might be in order (on paper made in China, of course).
When it comes to tax reform, Trump's "populist" program would remove 75 million households from the income tax rolls and provide them, so he claims, with a simple one-page form to send the IRS, saying "I win." Though he would cut the current seven tax brackets to four -- 0%, 10%, 20%, and 25% -- it's his 15% corporate tax rate that trumps the field. Rubio would only chop it to 25%, Bush to 20%, Cruz to 16%, and Carson... who knows? Various estimates suggest that Trump's plan would lead to a staggering federal revenue loss (so lucky for us that, in a Trump presidency, the rich would undoubtedly be so grateful that their generosity would soar beyond imagining). The nonpartisan Citizens for Tax Justice computed the cost of his plan at $12 trillion over 10 years. So don't expect any Eisenhower-esque national building campaigns (other than that "beautiful" wall on the Mexican border).
Best gimmick on his campaign website: A $15 Trump dog sweater modeled by the saddest damn wiener dog ever. Perhaps its mother was a deported Chihuahua.
Marco Rubio
Rubio's slogan "a new American century" couldn't be grander, perhaps to compensate for the lackluster version of economic policy at his campaign website. It's certainly not the sort of thing you'd expect from someone aspiring to be president of the world's largest economy. Despite that, rest assured that he's had economics and success on his mind 24/7. After all, Goldman Sachs is now his top contributor and his super PACs are on a run, too, including the rap-inspired "Baby Got Pac" just launched by multimillionaire John Jordan.
And in true Hunger Games fashion -- when the "odds" head in a tribute's favor, the patrons and gifts begin rolling in -- Rubio just bagged Republican mega-donor billionaire Frank VanderSloot. Mitt Romney's former national finance co-chairman, VanderSloot joins a growing roster of Rubio billionaires, including hedge-fund moguls Paul Singer and Cliff Asness.
"Marco Rubio is the brightest and most capable candidate," wrote VanderSloot of his new political buddy. Of the others he and his brain trust considered, he added, "Jeb simply does not have the leadership skills necessary to unite the people behind him"; Carson lacks "the international knowledge or skill set"; Cruz and Trump are "simply not electable in a general election" (no billionaire-envy there); and Fiorina, his second choice, "simply isn't resonating with the voters."
Rubio's tax plan, the "cornerstone" of his economic policy, would -- you won't be surprised to learn -- reduce the number of tax brackets from seven to three and eliminate taxes in ways particularly beneficial to the billionaire (especially hedge-fund billionaire) class, including the estate tax and taxes on capital gains and dividends. For the broad population, Rubio includes family tax cuts. According to an analysis by the Tax Policy Center, his plan would be a bargain compared to Trump's, costing federal government coffers a mere $2.4 trillion or more in receipts over the next decade. As a byproduct, his program is essentially guaranteed to spark a new round of financial speculation, but don't for a second let the 2007-2008 meltdown cross your mind since, as every Republican knows, with a Marco Rubio, Donald Trump, or Ben Carson in the Oval Office that can't happen.
Best gimmick on his campaign website: You can "fall into campaign season" by ordering a "Marco Polo" made-in-the-USA shirt for $48 in patriotic red, white, or blue naturally! For a mere $500 extra, you can personally have the honor of buying Rubio a "plane ticket" (perhaps to meet and greet his next billionaire).
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
1
1
