Of Course: Trump Trashed Reagan Tax Cuts as Democrat-Called 'Expert' Witness

[RAT Patrol]

Of Course: Trump Trashed Reagan Tax Cuts as Democrat-Called 'Expert' Witness
Guy Benson | Apr 19, 2016
http://townhall.com/tipsheet/guybenson/2016/04/19/video-trump-trashes-reagan-tax-cuts-as-democratcalled-expert-witness-in-1991-n2151131

t's not especially remarkable that House Democrats once summoned fellow liberal Donald Trump to Capitol Hill to testify about the alleged adverse effects of Ronald Reagan's 1986 tax reforms. What is somewhat remarkable is that this clip wasn't dug up by a conservative opposition research team, but rather by Trump's own campaign -- which proceeded to blast it out into the public bloodstream as evidence that "Mr. Trump" is an all-caps EXPERT on economic matters. And what conclusion did his "expertise" produce? I'll let Trump answer that question in his own words. Again, this comes via Trump's social media director, who -- ta da! -- can't vote for his boss today because he's not a Republican:


Twitchy has the transcript:

    So this tax act was just an absolute catastrophe for the country, for the real estate industry, and I really hope that something can be done — as Congressman Thomas recently said, that something can be done to change at least parts of it, because it has taken all incentive away from investing in real estate, and real estate really means so many jobs...by having cut the high income tax rates to 25 percent, as an example, people don’t have the incentive any more to invest. They’re saying, “Why should I take a chance on investing in low or moderate-income housing? I might as well just pay the tax.” But the fact is, that 25 percent for high-income people — for high-income people — it should be raised substantially with the understanding that if you invest, you can get it down and down substantially below that number...I was asked to come by the Chairman, and I make this plea that, if something isn’t done to put the incentive back — I mean, we’re no different right now than the Soviet Union. They have no incentive, and we have no incentive. And if something isn’t done to quickly put the incentive back, this country is going to be in very deep problems.


Trump called Reagan's tax cuts an "absolute catastrophe for the country," demanding that income tax rates be raised as a means of spurring investments in his industry.  After all, the new policy rendered the US "no different than the Soviet Union," or something.  He added that slashing the top rate to 25 percent was a "disaster."  Say, under Donald J. Trump's current (fiscally incoherent, deficit-exploding) tax plan, is he proposing to reduce the top income bracket tax rate, perchance?  He is, as a matter of fact -- to, ahem, 25 percent, while also pushing nonsense spending cuts, insisting on "building up" America's military (while also cutting defense spending), and rejecting entitlement reforms that are mathematically necessary to curb the biggest drivers of our long-term debt.  But Mr. Trump believes in tax cuts now, which is all that matters, Trump defenders will argue.  Except he just got through ripping Scott Walker for not raising taxes in Wisconsin in order to close a non-existent deficit.  People are welcome to believe that Trump has claimed the Reagan mantle (even as he misstates

1980 polling lessons) and would govern as a reliable conservative.  But that leap requires a blind faith that ignores his long history of liberalism on virtually every major issue.  Remember, if Trump had gotten his way, Reagan would never have been president in the first place -- so those "catastrophic" tax cuts wouldn't have been instituted. Anyway, there's your frontrunner, Republicans.

[sinkspur]

Trump is a Democrat at heart, and a selfish bastard to boot. What he's railing against above is the elimination of passive real-estate investing in 1986 in return for lower tax rates.  I know about this because I invested in some nursing homes as a passive investor, took two years of depreciation, then lost my ass when this deduction was eliminated.  Yes, my taxes overall were lower, but it took years to recover the investment.

The tax reform Reagan championed in 1986 saved Social Security for 20 years, but it was the right thing to do.  Being able to deduct a $100K investment over five years (that's a $20K deduction per year) was attractive, which was why so many small investors jumped on this.  Eliminating it was painful, but the best thing for the economy overall.  It juiced the stock market, removing passive real estate from investment portfolios.

Naturally, Trump hated this and, interestingly, his ability to borrow got tougher and his bankruptcies began in 1989, three years after this tax reform. 

Now he wants to cut taxes on the middle class but raise it on high income people, cut military spending and yet grow the military, and do nothing to strengthen entitlements by reforming them.

I was accused earlier by a Trumploo of being economically stupid.  Maybe I am, but even I recognize you can't do what Trump wants to do and eliminate the national debt at the same time.

[Bill Cipher]

Even then he was nothing more than an orange baboon. 

[geronl]

Trump hasn't changed. He even attacked Scott Walker for not raising taxes to give to the unions

[A-Lert]

1986?  Was Lyin'Ted  still living in Canada then?

[Bill Cipher]

1986?  Was Lyin'Ted  still living in Canada then?

The Orange Baboon was already a liberal by then.