Trump Has Yet Another Embarrassing Melt-Down After The Wall Street Journal Dismembers His Tax Plan
The Wall Street Journal Says Trump’s Tax Plans Are Terrible
“The Wall Street Journal” is a financial publication that has managed to be surprisingly moderate despite its ownership by News Corp. Its bias comes from what it chooses to ignore, but when it does focus on something, it does so with an objective lens. We saw this last year when they confirmed that the biggest welfare states were red.
This objectivity extended to President-elect Trump’s tax plans, specifically his intention to put a 35 percent import tariff on companies that outsource their business. Writers Scott Calvert and John W. Miller, in a powerful piece, called out this idea as ludicrous. While they acknowledged that it would encourage companies to stay within the United States, it would also have the effect of creating an “arms race of incentives.” That is to say, these corporations will seek out federal deals for tax breaks.
“That deal could exacerbate a rush to grant tax incentives that have taken big chunks out of state budgets in some places.”
Trump has already set this precedent with his terrible deal with the Carrier Corporation, wherein $7 million in Indiana taxpayer money was exchanged for about 800 jobs. The idea of states actually competing with one another in the blue collar market is very realistic under the Trump Administration.
As you can expect, Trump did not take kindly to his ‘brilliant’ business plan being called out. Speaking to Fox News, Trump criticized the “Wall Street Journal” for its ineptitude, claiming that their editorial board did not get it, and that they ultimately did not understand how commerce worked.
Trump then went on to regurgitate his plan’s talking points, completely ignoring the valid criticisms present in Calvert and Miller’s article. As is the case, the American people will have to pay the price for this man’s stupidity, but let it be known that this proves he was a terrible businessman from the get-go.
Photo by Chip Somodevilla/Getty Images