WWL>Topics>>8-9 7am Tommy, Donald Trump and the economy

8-9 7am Tommy, Donald Trump and the economy

Aug 9, 2016|

Tommy talks to Dan Mitchell, a Senior Fellow at the Cato Institute, and Joe Rosenberg, Senior Research Associate at the Urban-Brookings Tax Policy Center, about Donald Trump's economic speech and tax plans.

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Automatically Generated Transcript (may not be 100% accurate)

715 down Donald Trump gave his speech toward to the economic. Detroit economic funny thing is literally had to say. And it won't even be that hard. Okay. We'll. Well LB had a lot more to say than that Dan Mitchell senior. In Mitchell's senior fellow at the Cato Institute who specializes in fiscal policy to morning Dan. Good morning we get right to the meat of the sound bite there won't even be that hard. We do an act of a job tell me about dom tell me about Donald Trump's next land yesterday and a whole economic policies that he I guess. Once to pursue. He kind of abandoned him he's yesterday or at least toned it down and went more with the GOP's idea. Com last year proposed big tax. Yesterday he propose. More tax cut but it still the same court features. I don't know that it is moving closer could be out GOP plan that much repeat to reply to. At ten trillion dollar tax cut even look like. Back to bay. Actually in the sort of probably be key thing that we didn't get AD. Let's not yet today what are the dollar tax cut or whether the ten trillion dollar tax cut. Trump got an ebony and the and I in the pocket he need some plan to control the pro government spending. In order to make any tax cut beatable and that something we built at any relation. He kind of at one point. Compared and contrasted infrastructure with. Taking care of of immigrants right and and getting refugees settled then. The numbers on and don't even come close to mention. I for the Laker bay tight from time they'll know what he has it would be that thing. He ought to be at least some sort Republicans but he spent much of that structure. Hillary Clinton even though the federal government's track record in the area. It is very strongly that type in the web site. To the to the extent he had Indian government that they are at war one the real problem yet to car. Something that drives me crazy is the death tax and it comes up is that. Again in terms of you know understand what they're trying to accomplish but it applies to so few people is that really an issue. It's not the biggest thing in the world in terms of the US economy rise or fall solely on base no probably. Got. Collecting. The pretty destructive acts. And it also I think you know somewhat in more people were dying. Simply that they gave him the money and it worked or EP tacked on the money when paper earned it and that statement about that though. All of them on getting word that. A lot of other countries have gotten rid of their taxes that you. Economists understand you don't want to destroy capital in Europe economy. Why give them the politicians who looks Old Republic the least capable spending it wisely and are you ought. But as the beta I think trump whether he's actually you're. That's what my concern about everything that I think it's probably the second best feature an plan. The ninth 15% corporate tax rate what what I do wonders in terms that make America for companies want the best. It's definitely a place where companies won skate. And just be clear I am I not the this thing to death next is a good thing I'm just saying it's a bit of a red Herring and it'd applies is so few people. I think people get caught up in unit ideologically. Or theoretically not realizing that. And I story about the 50000 dollar equity in their house being taxed is is the only point on astronomy. Now what about there's some others moved to quote he made about jobs unemployment etc. some the points he made accurate. I'll watch it the most effective part of his speech. The indictment. And of course he made an indictment beget Hillary basically is running for Obama's third term. And everything he about the low labor force participation. About the very stagnant growth that we can recovery that the Great Depression. About median household income follow the Philippines are basically true. We have become under Obama more lake Europe. You know bigger well first date more government control and direction and we're now having European style. Economic weakness and so be the indictment against. Obama and Hillary. I thought what that was very strong and very actor. I get a quarter according to Bureau of Labor Statistics from Donald Trump before NAFTA went to affect the were 285000. Auto workers in Michigan data numbers only. A 160000. And I guess the point of wonder about years when it comes in manufacturing jobs if they were to return to the United States. When then mean Americans would have to pay a lot more four or whatever it is that is now being manufactured somewhere else where labor is a lot cheaper and would that do. To the economy overall. But what what we mean by that. Questions manufacturing. That may impact the United States it is low or are very high opera actually 35%. 16%. We make our economy more attractive reduce the burden of government. Then consumers apple patent. Even though manufacturing jobs coming back US global eager are actually higher and higher wages. It would match by higher productivity and American workers aren't Africa more productive at work it could be at it took like. But the problem is that our fiscal Burton. Government and all the red imposed by the agency and department in Washington. Could make or break a company to produce productively. Inside you know. So yeah. Again we're more hopeful outlook me I don't think or any down side that the other. Support our trump speak with the protection at them before giving up that would be it according high wall optic network straight to be the global economy. Probably probably were paying more power more clothing you know we're gonna repeat the protection of them. That our economy so badly in the 1930s. So it greatly depend on what is the route network connecting. Again manufacturing dropped back. Let me ask it in a simpler way did it to match my weight think in and that is. Somebody working in India right now my team even telemarketing say they job was outsourced it customer service. There were in for a lot less than you would have to pay somebody here in the United States correct. So log up. But the important. In some cases. He can do is call or you can outsource the call that India. Language protection is pretty dead and like that. But in order of the workers are actually at the bit English language proficiency. And what the India and the economy in India. Early in peaceably which means that people are educated currently erupted. Becoming increasingly at bat and some companies have actually brought their call center to be less. Don't protect American customer for the most part don't like to foreigners are big at it in getting substandard. Help out that might not be true but. General among them are that you were so popular company you want leisure consumers. All you got that just compare what the banner and like labor cost and effort what the consumer action benefit. At a at the bottom from it. All we can control. Is government policy in the United States so why don't we focus on reducing the burden of government. Making it is easy as possible to create those jobs and income growth in America and it India impeach all low. And I. Well like not to become more efficient let's not use it protectionist route but used to make America stronger smaller perk of government. Thank you sir I appreciate your time I really do hope we will talk to you again. You have a good day Dan Mitchell senior fellow at the Cato Institute specializing in fiscal. Policy. And will continue the conversation next half hour rule talk about his tax policy trump specifically. And who wouldn't favor and who's who's gonna wind up better. Voting through wood which candidate which group if you make 50000 a year you better with Hillary or Donald if you make a hundred who are you better with that setters 723 time now. For Devin WL. I 727. Tommy Tucker talking about the election and police. Com the movie Gleason the film lease on a few sane enough but it is extraordinary and if you love the saints and Steve Gleason who dad's. Before 8 o'clock you're gonna handle once in lifetime opportunity you do not want to miss and that means. You'll you're gonna have a chance to win four tickets to see Gleason. Just jaw dropping movie and not describe it really. And you qualified when the ultimate saints fan grand prize and it's four sideline passes. And for plaza club tickets Z the saints battle of tokens in the Mercedes-Benz superdome. Monday September 26. Sideline passes. And now we do it all week long here or on sports talk with deacon body in the afternoon when you're that famous Gleason blocked punt play from one dome. Reopened after Katrina. Me give you a number to call would tolerate will win it does not get any better in this Gleason. Powerful documentary that many say is like changing and I do and what better game than the saints in the dirty birds plus sideline. Passes. I it is keep listening renewed played for you before. 8 o'clock in when we do know give you the number to call in and win that's on behalf of Gleason in theaters now from the flagship station. And your New Orleans Saints WWL. Text comes in all negative about Hillary saying she will raise taxes. On the middle class. I don't know that it was negative but I think sometimes whenever you mentioned Donald Trump. From people view it as negative. And if your small business owner I would like to hear from you about some of the problems that you had with regulations Donald Trump yesterday spoke to. The declining number of small businesses. That are being started in the United States but. Says some of the fact checkers atoms by looking at here according to the speech or for those features saying that. Lot and it's got to do with the younger people that would be starting businesses but for. The immense amount of student debt that they find themselves under. So we'll talk about it with our guest after the news and compare and contrast Hillary's plan with Donald Trump's plan it's interesting that I get. Text accusing me of just favoring trumpet and text accusing me of heating Donald Trump and pushing for Hillary wins I. I must be doing something right against. Mom. And some of the other texts that are common in. Donald Trump is so self centered EU statistical reactionary he is basically unsuitable to be the president of this great outstanding only wonderful. Country. I love the fact that people are consumed with where trump has his stuff made but could care less about the series scandals that Hillary. Is involved with that echoing a similar text. They came in before. And com. Listens to an addition on to the one receiver and get it altogether Donald Trump is like the guy driving a Porsche living in the section eight house. Why only produce tax returns and Warren Buffett called him out on and of course it's pretty clear. That is why apple wanted to read dad how in the Tea Party conservative Christians support a man. 100 daddy their. Bottom line is he saying that he's not a person of the people Donald Trump's father was a slum lord. You can't get conventional financing in the USC go to Russians he certainly sounds like presidential material. Conservative Christian who votes for trump. Are hypocrites conservative Christian who votes for trump. Are hypocrites so it's our drug that is well at T 6018 Sammy right now it is time for debit W offers news. Tonight we go to David Blake Betsy the boxer punch me in the face yesterday does in underdogs they move around jump around on. That some boxer and cheer me analysts John writes it is hurting and you are on par fighters. That's got me concerned because you would think the same side with her unless she punched my mouth loose. Which an unknown you know you get it checked out one and he's done something wrong here just horsing around just source. I'm solicit this according to the upshot who I think it's a portion of the New York Times and not quite sure. Hillary Clinton's chances of becoming president are a vote according to them this aim and is from. Or at least the chance of her losing a cannon tear gas on her songs are becoming president is about the same. Statistically. As the probability of an NFL kicker missing a field goal. Out here. On wall while also I was pretty dramatic new Agassi kickers make about 86% and guess. I think I don't know it's league average if you don't make morning 86% yeah you're you're going around for DOS and you cleaning out if you'd like to be their for a long. Does that those interest that is senators from. So you know some like it when Texans money you know you can't please everybody try to please volume by pleasing on. That's it can we please not talking about the presidential election. We can that'd mean it is kind of a big deal. But 190 days away you know one he's been able to be is probably to be president Amin is new or Gary Johnson but. They don't get that 15% polling average he's not going to be in the debates and if he's not debates let's beyond seas act when election. I mean enough at that point he did. Get enough votes to throw it to one side where the other sort of talk about taxes and regulations etc. When we come back Texans in mole Hillary had time to worry over the economics of the country. Which he has to cope with the new lawsuits filed against her by relatives of the victims. Then Ghazi tragedy and further international run off from her email. Fiasco. Nolan says trump is saying when those people. Want to do and believes and I believe hopefully he'll be able walk the walk us through political correctness will be decked evidently well. 745 quarter till they talking about Donald Trump speaks to the and as the Detroit Economic Club which I mean you know it one bit. They have a good time they gatherings Joan Rosenberg joins us right now senior research associate. With the urban Brookings Tax Policy Center morning Joseph. Morning coming tell me about Donald Trump's tax plan and who will it help who will it hurt because they think TV's aren't. In a tournament is an abstract thing people at I don't know do we break it down income groups almost where if you make 50000. Trump is better clintons is better to make a 100000 etc. how do you view this study you'd be even begin to compare and contrast. Jurors are so what's up with what we notes so his speech yesterday changed a little bit about what we thought we knew about the plan. Obviously during the primary campaign she had. A tax plan which he ran on are yesterday he seemed to modify pieces of that. And said and so mom more details would be forced com mean. But sort of the big picture of what he has proposed is essentially or buried lord across the board tax cuts. Com or analysis of plan he put out in the primaries. All wood on the order of ten trillion almost ten trillion over ten years. Or reduction of about 20%. In the in federal revenues. It that the tax cuts would be. Sort of go across the board but but page sort of be. Benefit those with high incomes the most that we found about. 35% of of of all those tax cuts would go to the top 1% of partners. Nearly 50%. In the top 5% so. Sort of the large reductions in it's in in it in in marginal tax rates. Which which were delivered to the largest benefits two 22 high income house. How much would one have to make to be in the upper 5%. So roughly around 300000 dollars a year that's that's that's about the income level talk. So 85% of the tax cuts if that trump is proposing correct me if I'm wrong. Are gone of people that make 300000 would go to people making 300000 plus. Not charge with about 50% of the top five. 35%. Of that two hours 35% of the total within the top one percent but that 50%. To add to that to that larger a group of both 300000 dollars. So he's also proposing. Child care of its fully deductible which seems like something that Hillary Clinton would be proposing. Yes so that was one of he new pieces of information we got yesterday and headed to Detroit speech. Sort of before this speech. For further reporters that did have a copy of the tax that was sort of advertised as a as a deduction for child care. A lot of people pointed out that the that would help alt a large majority of particularly low income households. That don't pay much and federal income tax. 82 will be its its you know that the details are still not real clear the campaign had. They emailed some some modifications. As reported in the New York Times piece this morning so. You know. Eight ED it's right TC has singled out child care as an area that. That he'd like to sort of delivers some tax incentives. But it's it's a case where it's sorted the details will really matter. In terms of sort of how it how it affects people. Joseph I mean give me ninety years and if you don't mind did you kind of spend a couple of days on it over at the urban Brookings Tax Policy Center. Kick in and around with your fellow research associates. Church here it is planned and it while just a discussion primarily my plan is this. People sometimes are generally identify as conservative or liberal unless the plant helps them. For example if you wanted to deducting childcare and your staunch conservative and you don't spend any money but yet it's like equally adamant now. All on it does now mean import so to truly identified conservatives and nor liberals. We're gonna hand the tax system strictly voluntary. So if you think the government needs money or more you can send it in. If you don't. Anything the government already has funny enough money you don't have to spend taxes beginning and at the paid the price. When society collapses around. Poll war if you are truly. A man of the government and think that the government legitimately needs more money than if you Lorie in the top. Say 5% of earners you can send in more money. What do you think. Yeah I mean I guess I you know I think that they'd be idea about a purely voluntary tax system. Rob probably would not work out so well in practice. Eat you know I mean. You don't think people would say we need tax increases would impose them on themselves voluntarily. Yeah I I think there's a difference. Now I mean you know like I think he would get very inconsistent that compliance in and that's a. I just I annually baggage he'll appreciate the time. Sure no problem we have today Joel Rosenberg senior research associate at the urban Brookings Tax Policy Center. And you know iso Meryl Streep had the democratic. National convention I think Hughes speaking I saw. Sigourney Weaver. And did you know into saint and we can always just. Write a check of the treasury if you feud that concerned union until going to be thousand barrel Il's little bitty house. You really wanna help 7528. Before eight sideline passes. Tickets to the movie Gleason and more are minutes away you're winning them on WW right now. It is time for our traffic. Congratulates Denny's Martin you know I didn't ace is going to be our guest. At the movie Gleason at canal place. And now qualifies for a chance to win the grand prize for a sideline passes. And for plaza club tickets to see the saints battle of falcons in the dome. Monday September 26. I had to do is listen to sports talk today from sports delayed and meet tomorrow from six sold to an annual have another chance to win. On behalf of Gleason in theaters now indicts an extraordinary motion picture. I don't think I can even come up with the words to describe it but it can he can change your life if you don't want to do angrily ten. Once seen it's stuck out to me is when Steve tells is dead adamant trying to give anything away here but. You you teach me to think independently and then when I do in disagree with you you get mad at me. And at slapped me in the face is a parent like you would not be lead because we do do that as parents sometimes it. Two great movie about life really so anyway on behalf of Gleason in theaters and down from flagship station of your new won't saints to BWO you can win. On sports talk this evening and again with meet tomorrow morning when we come back we're gonna. About food stamps and a plan to let people. Five Foreman receive them on line.