No wonder Trump has Lawrence Kudlow as an economic adviser. In his Aug. 12 column here in the Miner, Kudlow makes as many misstatements as the GOP blowhard candidate does in a week. Esteemed economists and history prove that tax cuts do not stimulate the economy or create jobs.
US tax rates are the lowest of capitalist nations, and many large US multinationals pay NO TAX on their foreign income.
George W. cut them further during his reign, increasing the US deficit at the same time. Still under W.’s watch we entered the sharpest recession since 1932.
History also shows that tax incentives result in large US corporations buying other companies, then FIRING workers, made redundant by mergers. Kudlow also blows hot air about tax rates on the rich.
The top 10 percent of the wealthiest Americans can afford tax free municipal bonds for income, and if they choose, income from their real estate offset by generous depreciation deductions.
Here is the punch line: The last time Trump released his tax return, it showed he paid NO income tax, just like the multinationals.