Betsey McCaughey: What's In Your Wallet?

Investors Business Daily ^ | September 20, 2016 | BETSY MCCAUGHEY

[expat_panama]

The choice for voters is clear: a tax cut from Donald Trump or a pay cut courtesy of Hillary Clinton. Trump is promising to slash income taxes to zero for millions of people currently paying them, and to reduce the tax bite on everyone.

Clinton isn't cutting income tax rates for anyone. Instead, she's campaigning to hike business taxes, despite warnings it will cause wages to plummet and the economy to tank.

Betsy McCaughey HeadshotNo wonder Trump is moving up in the polls. Most Americans are still making less than they did in 2007. The mainstream media want to double down on the "birther" controversy and other fabricated issues. Voters aren't fooled. They'll vote their wallets.

Trump proposes a zero income tax rate for singles making $25,000 and couples making twice that. Instead of paying the government money, they'll file a one-page tax form that says, "I win."

Moving up the ladder, singles earning $35,000 will save about a thousand dollars....

...Democrats bash business tax cuts as "trickle-down economics" to benefit rich Republicans. But the inspiration for Donald Trump's tax reform came from a Democrat — John F. Kennedy — who faced a stagnant economy when he became president in 1961.

Kennedy understood tax cuts...

Kennedy startled the nation by insisting that tax cuts would ultimately produce more tax revenue... ...after his assassination, Congress enacted the rest of his tax program, igniting 5% annual growth for the next eight years.

Ronald Reagan repeated the formula in the 1980s, launching 20 years of 4% plus growth.

It can happen again. Hillary Clinton has given up on growth. Voters can't afford to.

[expat_panama]

Good Morning and happy FOMC Day!

Again yesterday stocks remained in stasis going nowhere in even lower volume while gold and silver edge back up ($1,3221.50 and $19.50). 

Here's the full econ stat docket:

7:00 AM MBA Mortgage Index
10:30 AM Crude Inventories
2:00 PM FOMC Rate Decision

Elsewhere:

A Messaging Tip For The Donald: It’s The Fed, Stupid!
Federal Reserve Faces a Credibility Problem - Patrick Gillespie, CNNMoney
These Could Get Crushed If the Fed Raises Rates - Kenneth Rapoza, Forbes
Europe Will Regret Chasing U.S. Companies Away - Matthew Lynn, MW
Fair Price for Oil Is Around $70? Nope 'Not A Chance' - Tim Daiss, Forbes
Venezuela In Such Bad Shape It's Buying U.S. Oil - Krauss & Casey, NYT
Reckoning Comes for U.S. Pension Funds - Elizabeth Campbell, Bloomberg
Keep Your Wits When Stocks Come Unglued - John Prestbo, MarketWatc

[Russ]

The people who vote for Hillary don’t want tax cuts, they want tax hikes in order to get more free stuff. Most of them don’t pay taxes so they could care less.

[SaveFerris]

I don’t have a wallet left after Obama. I have an empty money clip.

50 cents in my pocket. Thanks for the Change and no Hope.

Hillary 2016!!!! Let’s continue the Obama disaster!!!

[abb]

So what’s the Fed gonna do? My prediction is no movement on interest rates until after the election.

[expat_panama]

My prediction is no movement on interest rates until after the election.

Mine too, and I've been wrong before.

[Diana in Wisconsin]

“Democrats bash business tax cuts as ‘trickle-down economics’ to benefit rich Republicans. But the inspiration for Donald Trump’s tax reform came from a Democrat — John F. Kennedy — who faced a stagnant economy when he became president in 1961.”

I was just a little kid at the time but my folks and all four grandparents, ALL staunch Republicans, absolutely adored JFK & Jackie.

I wonder how much of DJT’s policies are resonating with folks going into their 80’s who still remember those days of Camelot?

Can’t hurt; might help! :)

[expat_panama]

...still remember those days of Camelot?

Aw sure, I remember Kennedy being elected president, hearing it announced that night I'd just got back home with the wife and what was special was that we got the news w/ the grand kids who were visiting to tell us about their graduating from college even though they were so much older than the other students...

[i_robot73]

My biggest gripe about the plan: “Trump proposes a zero income tax rate for singles making $25,000 and couples making twice that. Instead of paying the government money, they’ll file a one-page tax form that says, “I win.” “

NOBODY should be paying $0 in taxes; those that get a pass don’t care on the effort\cost of said ‘free ride’.

[CJ Wolf]

You get the tax break on your first 25K too. Taxes start at 25k. I don’t see a problem with it. The more you make the more you contribute.