Taxes

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  • How Conservative Media Enabled Trump’s Outrageous Lies

    ››› ››› CYDNEY HARGIS & JARED HOLT

    Presumptive GOP presidential nominee Donald Trump and conservative media figures repeatedly enabled each other to spread baseless smears and outright lies throughout the Republican presidential primary election cycle. Voices in conservative media repeatedly legitimized Trump’s debunked conspiracies, policy proposals, and statistics, some of which echoed longtime narratives from prominent right-wing media figures.

  • CNN Criticizes Clinton Wealth While Ignoring Trump’s Shady Financial History

    Blog ››› ››› ANDREW LAWRENCE

    A segment on CNN’s OutFront criticized Hillary Clinton, claiming that she “avoids drawing attention to the vast wealth she and her husband have accumulated,” while ignoring the controversial business practices and wealth accumulated by presumptive GOP nominee Donald Trump. Ironically, the CNN segment collected their information from tax returns released by the Clinton campaign, but failed to note Trump’s reluctance to release his own tax returns after repeatedly saying he would do so.

    CNN national correspondent Sunlen Serfaty highlighted Clinton’s “posh properties” and “luxurious vacations” after Bill Clinton left the White House. And while Serfaty admitted that the Clintons were millions in debt following Bill’s presidency, she argued that “the speaking circuit” allowed the Clintons to “cash in on their political fame.”

    The segment mirrors attacks lobbed at Hillary Clinton during her 2014 book tour, where media outlets painted Clinton as “out of touch with average Americans,” despite polls finding that most Americans believe Clinton understands the problems of everyday Americans.

    Despite the segment’s focus on the financial status of the Democratic frontrunner, Donald Trump’s lavish lifestyle and financials were completely ignored. Trump has failed to release his previous tax returns, claiming he will only release them after IRS audit is complete. But in 2012, Donald Trump criticized Mitt Romney’s reluctance to release his tax returns that “It is disqualifying for a modern-day presidential nominee to refuse to release tax returns to the voters, especially one who has not been subject to public scrutiny in either military or public service.” This came after Trump had promised in February that he would release his taxes “over the next three, four months.”

    Furthermore, while media has shown a fascination with Clinton’s financial history, Trump’s reportedly shady dealings have received relatively little attention. Trump is also currently facing a fraud lawsuit alleging that he scammed students out of $40 million, has received millions in tax deductions by donating land that he valued between 13 and 50 times what he paid for it, and has been accused of running a nutritional supplement scam that he billed as a “recession-proof” venture that bilked people out of thousands of dollars. Trump also took advantage of a government program meant to help small businesses hurt by 9/11, a move that netted him $150,000. None of this was mentioned in CNN’s Segment.

  • Right-Wing Economist Steve Moore Pushes Trump Tax Plan In Hypocritical USA Today Op-Ed

    Blog ››› ››› ALEX MORASH

    Conservative economist Stephen Moore lambasted President Obama’s performance on the economy -- claiming the Obama administration accumulated too much debt and generated too little economic growth -- in an op-ed championing Donald Trump’s plan to cut taxes for the wealthy and corporations, which will drive up even more debt and is virtually guaranteed not to grow the economy.

    Moore claimed in a May 10 op-ed published by USA Today that Donald Trump's tax plan is "designed to supercharge growth" and break with years of supposedly lackluster "Obamanomics." He chided Obama for presiding over "the weakest economic recovery in 75 years" and accumulating "almost $8 trillion" in national debt, even though the annual deficit has actually been decreasing since 2011, the unemployment rate has been cut in half since the president’s first year in office, and the economy has created 14.2 million jobs since the labor market bottomed out in early 2010. From USA Today:

    It’s no mystery why. Obamanomics has given us the weakest economic recovery in 75 years. Wages are flat or falling for all but those in the top 10%. And our national debt has risen by almost $8 trillion in seven years.

    [...]

    The Trump tax plan is designed to supercharge growth, much like President Kennedy did in the 1960s and President Reagan did in the boom years of the 1980s with their tax reductions.

    [...]

    The biggest deficit we need to urgently fix is our growth deficit. We must pump up our GDP growth from the anemic 1% rate of Obama’s past six months up to a sustained 4% under Trump. Just 2% faster growth reduces our budget deficit over a decade by more than $5 trillion.

    Liberal economists pout that this growth is impossible for America, but that’s what people said in the miserable 1970s. Reagan (and JFK before him) proved that with the right policy incentives that get government off the back of business, a new era of prosperity is just around the corner.

    Moore advocated for Trump’s tax plan as an alternative to Obama’s economic record, a plan that even the most generous estimates show will produce larger budget deficits and greater debt accumulation than witnessed during the Obama administration. The nonpartisan Tax Policy Center (TPC) and the conservative Tax Foundation each scored Trump’s tax plan and found that it would explode the deficit by $9 to $12 trillion over the next decade, on top of $9.4 trillion in projected deficits at current spending levels. The Tax Foundation’s analysis further claimed that Trump’s tax plan would boost investment and wage growth while creating up to 5.3 million new jobs, but those figures come from a so-called “dynamic” scoring model that has been criticized for overestimating the stimulative value of tax cuts.

    Moore’s claim that Trump’s tax plan would create 4 percent economic growth is reminiscent of claims by failed Republican presidential candidate Jeb Bush, which experts quickly dismissed as “nonsense” and “wizardry.” According to a September 2014 report from the Brookings Institution, tax cuts do not necessarily create economic growth and they can even discourage growth by undermining economic incentives to invest. A September 2012 report from the Congressional Research Service (CRS), which was suppressed by Senate Republicans, similarly found no correlation between tax cuts and economic growth, but it did caution that tax cuts for high-income individuals “appear to be associated” with rising inequality.

    Moore has a long and well-documented history of distorting facts on the economy. Nobel Prize-winning economist and New York Times columnist Paul Krugman, who has spent years documenting Moore's repeated failures in economic policy, recently slammed the right-wing commentator’s "impressive lack of even minimal technical competence."

  • An Extensive Guide To The Fact Checks, Debunks, And Criticisms Of Trump’s Various Problematic Policy Proposals

    ››› ››› TYLER CHERRY & JARED HOLT

    Over the course of the 2016 presidential primary, presumptive Republican presidential nominee Donald Trump has laid forth a series of problematic policy proposals and statements -- ranging from his plan to ban Muslims from entering the United States to his suggestion that the United States default on debt -- that media have warned to be “dangerous,” “fact-free,” “unconstitutional,” “contradictory,” “racist,” and “xenophobic.” Media Matters compiled an extensive list of Trump’s widely panned policy plans thus far along with the debunks and criticism from media figures, experts and fact-checkers that go along with them.