DiamondEcho wrote:Well what leader presents a policy without 'grandstanding' it?
AFAIUI Trump doesn't want to be 'revenue neutral', he wants to cut taxes for everyone. I read a left-perspective column that decried the proposed cuts because they would in the short-term allegedly reduce deficit reduction. Pinch yourself - when ever have the left cared about that, and gone on to do it?
The fact is that high domestic corporate tax rates dissuade repatriation of offshore profits. So they aren't repatriated and put to work 'back home'. I don't see a downside to encouraging such repatriation.
Simplifying the tax-code is going to be good for just about everyone except tax accountants. I've made the analogy before - look at the dynamism of the Singapore economy. There most people don't ever file a tax return in their lives. For most that have to it's a single page long. Compare that to the US where you have to file Federal and State returns, and if you are say an employee with a buy-to-let and a few investments your completed return might end up as thick as a telephone directory [like mine did one year!].
AIUI in the longer-term post-election of Trump the market has rallied, but it hasn't assumed the tax bill will pass yet, it sees the potential for Dems not wanting tax-cuts [lol]. It'll be interesting to see how they argue against it, if there is more to it than making deficit-reduction the alt. sole concern.
In the US? Pretty much every term under a Democrat since before Carter (that's as far back as I can be bothered to go). Carter came in, deficit at 2.5%, left at 2.4%. Reagan in, deficit higher every year than any year of Carter. Brought it back slightly at the end. GB Snr, from 2.9 to 4.4. Clinton reduced it from 4.4 to a surplus, which GB Snr kept for a year, ended up running a deficit every other year but still smallish, then Obama ran a large one first year with stimulus and reduced it every year apart from last year. Only 4 years in surplus in total, all for Clinton.
EDIT: source https://www.thebalance.com/us-deficit-by-year-3306306