The United States economy is roaring under the economic leadership of President Trump, yet several 2020 Democrats have in plan to tear apart the president’s economic policy, should they take his seat.
President Trump’s domestic economic policy can be summed up to two key goals: cut taxes and cut regulations.
President Trump set a goal to cut two regulations for every new regulation put in place, a goal he has exceeded so far during his presidency.
Back in 2017, Republicans passed the Tax Cuts and Jobs Act with a focus on scaling back the corporate tax rate which at the time was the highest in all developed world. Many individuals also saw a cut in their taxes, much to the chagrin of the New York Times.
This administration’s policies have contributed to job creation, record low unemployment, and rising wages.
Since the passage of the Jobs Act and Tax Cuts, unemployment rates for women, Hispanic and black Americans, and veterans saw record lows. In April, the unemployment rate hit a 49-year-low.
With historically low unemployment, and as the labor market becomes more competitive, american workers are coming off the sidelines and are seeing their wages grow.
The White House Council of Economic advisers credited the President’s economic policy for the sudden eruption of our country’s economy following the record-breakingly slow economic recovery under former President Obama. They also warned that a repeal of the Tax Cuts and Jobs Act could set back the U.S. economy.
Still, several Democrats are vowing to repeal the tax cuts if they win the election in 2020.
Former Vice President Joe Biden told his audience of primary voters that repealing the “Trump tax cuts” is one of the first things he would do if elected. He claimed that returning the corporate tax rate to a global-high would allow more money to pay for his other pet projects.
“You know, people say ‘well Joe, how [are] you gonna do all this?’ Well, guess what. The first thing I do is gonna repeal this Trump tax cut,” said Biden, adding, “Oh, [it’s] not a joke.”
Senator Bernie Sanders is going to need as much tax revenue as possible if he plans to deliver on his promises for “Medicare for All,” tuition-free college, and his other socialist promises. One way he is planning to get the money is by repealing the Tax Cuts and Jobs Act so the corporate tax rate returns to it’s previous level.
Mother Jones reported that Bernie Sanders sees returning the tax rate to a higher level as a great opportunity to make money. He addressed the tax cuts as a “massive giveaway to Wall Street, wealthy Republican campaign contributors, and many large, profitable corporations” — despite the fact that most middle-class Americans are also receiving a tax cut.
Senator Kamala Harris vowed to “get rid of the whole thing” in reference to the President’s tax cuts. She promised to return the corporate tax rate to a higher level and use the money to fund some of her many initiatives.
Harris claimed that repealing the tax cuts would be her top priority, telling a crowd of primary voters, “On day one, we’re going to repeal that tax bill that benefited the top 1 percent and corporations.”
Elizabeth Warren was pushing to have the corporate tax rate returned to a higher level long before she had even entered the 2020 race.
In an interview on CNBC from July 2018, Warren claimed that she “really want[s] to see them rolled back.” She said the tax cuts were just “bread crumbs” to the American people.
“Here’s how I look at budgets and taxes are at the heart of this. A lot of people think they’re just numbers; they’re not. They are the expression of our values. The values of the Republican Party that passed those tax cuts are to give $1.5 trillion away to the richest Americans and the biggest corporations, and let everybody else pick up the crumbs.” said Warren.
Senator Cory Booker is also in step with his colleagues who see a repeal on the Tax Cuts and Jobs Act as a pool of money that should be returned to Congress.
Although he hasn’t yet called for a full repeal, he has called for a partial repeal of the portion of the bill that limited the estate tax.
Booker hopes to use the tax money for a redistribution program that would set up a treasury bond for newborns to help them financially when they reach adulthood.
Despite the record-breaking success of this administrations economy, it is clear that 2020 Democrats see a better way forward by returning to the stagnant tax policies of the Obama-era.
