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Trump made a lot of tax promises. Can he keep them?
  + stars: | 2024-11-16 | by ( Tami Luhby | ) edition.cnn.com   time to read: +7 min
Although Trump claims that his plan to raise tariffs will replace the revenue lost to these tax breaks, experts say that’s not possible. President-elect Donald Trump's tax proposals could cost trillions of dollars. In addition to eliminating taxes on certain income, Trump also floated making interest paid on car loans fully tax deductible; getting rid of the controversial cap on state and local tax deductions; ending the double taxation on Americans who live abroad; exempting police officers, firefighters, veterans and active-duty military from federal income tax; and even exploring jettisoning the federal income tax itself. Though his campaign didn’t release details on the proposal, Trump indicated that he would eliminate both federal income taxes and payroll taxes, which fund Social Security and Medicare. Virtually all tipped workers would get some tax relief if Trump also gets rid of payroll taxes on tips, the Tax Policy Center found.
Persons: Donald Trump, ” Karoline Leavitt, Trump, Marc Gerson, Miller, , Gerson, Donald Trump's, Jabin, Idaho Sen, Mike Crapo, Mandi Critchfield, Spokespeople, Jason Smith, Chris Campbell, ” Campbell, Republican Sen, Ted Cruz of, Byron Donalds, “ Sen, Brendan Duke Organizations: CNN, Social Security, Trump, GOP, , Fox News, Capitol, Washington D.C, Republicans, Washington Post, Getty, Senate, Missouri Rep, Republican, Incamera Solutions, Yale University, Center, Rep, Center for American Progress Locations: Washington, Idaho, Nevada, Ted Cruz of Texas, Florida
New York CNN —Larry Summers has some unsolicited advice for President-elect Donald Trump: Don’t keep your campaign promises — unless you want to send prices skyrocketing once again. “If he carries through on what he said during his campaign, there will be an inflation shock significantly greater than the one the country suffered in 2021,” Summers told Kate Bolduan on CNN News Central on Wednesday. “I hope that he will get the message from this election and adjust his programs so that it’s not inflationary,” Summers told CNN. “In his first term, President Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation,” Karoline Leavitt, a Trump transition spokesperson, said in a statement. They just didn’t want the consequences that came with it in terms of increased inflation,” Summers said.
Persons: Larry Summers, Donald Trump, Summers, Clinton, ” Summers, Kate Bolduan, That’s, Trump, Obama, , ” Karoline Leavitt, ” Scott Bessent, ” Bessent, Axios, Trump “, Kamala Harris, Biden, I’ve, Organizations: New, New York CNN, Treasury, Federal Reserve, CNN News Central, CNN, Trump, Wall Street Journal Locations: New York, China, Ukraine
“I have a plan and strategy,” Ivan Raiklin, a former Green Beret and political operative who has close ties to associates of Trump, told a group of Pennsylvania activists earlier this month. Four years ago, Trump’s unsuccessful efforts to overturn his loss to President Joe Biden didn’t truly materialize until after the election. Brian Snyder/ReutersBut this time around, MAGA activists have been planning to undermine a potential Harris victory well in advance of the election, with some even arguing that state legislators should simply ignore the election results and award electoral votes to Trump by default. “Those looking to overturn the election are way ahead of where they were in 2020,” said Harris. Trump himself has echoed some of the conspiracy theories pushed by his supporters, suggesting that election fraud is rampant in 2024.
Persons: Donald Trump’s, , Kamala Harris, , Ivan Raiklin, Trump, Ford Fischer, News2Share, Harris, Joe Biden didn’t, Brian Snyder, MAGA, ” Marc Harris, CNN he’s, , Emerald Robinson, ” Patrick Byrne, Greg Locke, Kamala, ” Locke, ” Joe Hoft, Steve Bannon, They’ve, Jamie Raskin, Axios, Raskin, Marjorie Taylor Greene, ” Greene, ” Lara Trump, ” Karoline Leavitt, Andy Harris, Hurricane Helene, disenfranchise, Mike Pence, Raiklin, Mark Finchem, ” Noel Fritsch, ” Fritsch, Fritsch, Karen Brinson Bell, Derek Muller, “ It’s, ” Muller, there’s, Michael Flynn, Flynn, Donald Trump, Andrew Caballero, Reynolds, Donald ”, denialism, Devin Burghart, Pastor Mark Burns of, ” Burns, Burns Organizations: CNN, Green Beret, Trump, Freedom, Reuters, Department of Homeland Security, Federal Bureau of Intelligence, Capitol, Democratic, Democratic Maryland Rep, GOP Georgia, Capitol Police, Republican National Committee, Team Trump, RNC, White, Caucus, Republican, University of Notre Dame, Washington DC, Getty, Colorado’s Department of Public Safety, Property, Global, Institute for Research, Human Rights, America Locations: America, Greeley , Pennsylvania, Tennessee, United States of America, North Carolina, Hurricane, Arizona, Florida, Raiklin, Washington, AFP, Pastor Mark Burns of South Carolina, United States
“Democrats always want to be talking about health care because they have a political advantage over Republicans on the issue with voters,” Larry Levitt, executive vice president for health policy at KFF, a nonpartisan health policy research organization, told CNN. “Americans care about health care. They want to know where the candidates stand when it comes to health care,” Sarah Fioroni, a senior researcher at Gallup, told CNN. Early in the campaign, Trump revived talk of wanting to repeal the Affordable Care Act and replace it with something better. The Trump campaign accused the Harris campaign of “lying because they are losing,” Karoline Leavitt, the campaign’s national press secretary, said in an email to CNN.
Persons: Kamala Harris, Harris, Donald Trump, Trump, Sen, JD Vance, ” Larry Levitt, “ Trump, Vance, Sarah Fioroni, “ It’s, Biden, Obamacare, , ” “, , , , ” Karoline Leavitt Organizations: CNN, White, Trump, West Health, Gallup, Democrats, ABC, Republican,
The paper represents the most comprehensive analysis to date on the combined impact of Trump’s trade, immigration and Fed proposals. In that scenario, employment would be 9% lower than baseline by 2028 and inflation would surge to 9.3% by 2026. “So-called economists and experts doubted President Trump’s economic plans in his first term. That means the same factory workers Trump says he is trying to help would be hurt the most. Fed Chair Jerome Powell, who was nominated by Trump in 2017, cautioned against any effort to interfere with Fed independence.
Persons: Donald Trump, Trump, , Warwick McKibbin, Megan Hogan, Marcus Noland, they’ll, ” Karoline Leavitt, Trump’s, Kamala Harris, Harris, ” Trump, McKibbin, Mark Zandi, , Jerome Powell, ” Powell, We’re Organizations: CNN, Republican, Federal Reserve, Peterson Institute for International Economics, Peterson Institute, Trump, Security, , Peterson, Moody’s, Bloomberg Locations: United States, China, America, Georgia, Michigan, outflows
Trump’s allies are also publicly making their pitch for him to refocus his attention on the race. “You’ve always got to be assessing the state of the race, and I would like to see more offense from the Trump campaign. On a swing of battleground states last week, Harris and her new running mate were greeted by a groundswell of supporters at each stop. "This was a TRUMP idea — She has no ideas, she can only steal from me," Trump wrote on Truth Social. In an appearance on Real America’s Voice last week, Trump’s political director, James Blair, made the case that it is a state-by-state race.
Persons: Donald Trump, Kamala Harris, Trump, , ” Trump's, , Harris, Joe Biden's, Brian Kemp, Kevin McCarthy, “ You’ve, ” McCarthy, Tim Sheehy, Dan Eberhart, , Biden, ” Trump, outpacing Harris, ” Karoline Leavitt, Trump’s, Walz, David Lee, Chris Grant, James Blair Organizations: Republican, Trump, NBC News, Fox News, Montana, Democrat, , Mar, Biden, ABC, Harris, Privately, CNBC, Democratic, , Labor, MAGA Inc, Politico, Real America’s Voice Locations: Georgia, Bozeman, Asheville , North Carolina, Pennsylvania, Florida, Las Vegas, Arizona, Michigan , Wisconsin , Nevada, North Carolina
Trump has long been known for the brash, even vulgar way he sometimes speaks about women. “President Trump championed my journey, empowering me to be who I became today,” Habba said. “The media’s negative portrayal of President Trump and his treatment of women is entirely false,” Karoline Leavitt, the Trump campaign’s national press secretary, said in a statement. “Every attack on President Trump only strengthens our movement,” said Habba, who represented Trump in the Carroll defamation suit. “Sham indictments and baseless allegations will not deter us, because the only crime President Trump has committed is loving America.”
Persons: Sarah Huckabee Sanders, Donald Trump, Trump, Alina Habba, Kai Trump, ” Sanders, “ Sarah, Bernadette Tuazon, , ” Habba, Kellyanne Conway, Trump’s, ” Conway, , , ” Lara Trump, Luke, President Trump, ” Karoline Leavitt, Leavitt, Trump’s brashness, Biden, Megyn Kelly, Kelly, Carly Fiorina, Sen, Ted Cruz, Hillary Clinton, ” Clinton, Jean Carroll, Carroll, White, Joe Biden, “ Mr, ” Biden, he’s, Habba, “ Sham Organizations: CNN, Republican, Republican National Convention, Democratic, White, , RNC, White House, Republican National Committee, Trump Locations: Milwaukee, Arkansas, ” Arkansas, Carolina, , Ted Cruz of Texas, Florida, Detroit, America
Yet 16 Nobel Prize-winning economists are warning that Trump’s proposals wouldn’t just fail to fix inflation — they would make matters worse. “We the undersigned are deeply concerned about the risks of a second Trump administration for the US economy,” the economists wrote in the Tuesday letter, which was first reported by Axios. The letter, organized by famed economist Joseph Stiglitz, argued there are valid reasons to worry the Trump agenda will “reignite” inflation. Republican presidential candidate former President Donald Trump speaks at the Road to Majority conference in Washington, Saturday, June 22, 2024. Jae C. Hong/Pool/APIn the letter, the 16 Nobel economists expressed concern about the rule of law and stability if Trump wins the White House again.
Persons: Donald Trump, Trump, Axios, Joseph Stiglitz, Trump’s, Manuel Balce Ceneta, Joe Biden, , Stiglitz, , Biden, Jae C, “ Donald Trump, Robert Shiller, Paul Romer, George Akerlof, Janet Yellen, Biden’s, Joe, Donald Trump’s, ” Karoline Leavitt, don’t, Harry Enten, Moody’s Organizations: CNN, Peterson Institute, Oxford Economics, Allianz, Republican, AP Trump, Congressional, Federal Reserve, Trump, World Bank, Biden, ABC, Voters Locations: Washington, China, U.S, Mexico, Nogales, Ariz
Through advertising, campaign events and news conferences, Democrats are fanning out across the country, working to remind voters that it was justices nominated by Mr. Trump who helped overturn Roe v. Wade. “Donald Trump is the sole person responsible for this nightmare,” President Biden said in a statement on Monday. “Fundamentally on this issue, it’s about freedom,” Vice President Kamala Harris said in an MSNBC interview that is set to run in full on Monday. He has also said he believes abortion policy should be left to the states, disappointing some on the right. Many of these issues are likely to come up at their debate on Thursday, the first of the general-election campaign.
Persons: Roe, Wade, Donald J, Trump, “ Donald Trump, , Biden, Kamala, Kamala Harris, , Donald Trump, Doug Emhoff, Tim Walz, Minnesota, Mr, Wade —, ” Karoline Leavitt, ” Robert Blizzard, Republican pollster Organizations: Mr, Republican Party, MSNBC, Biden surrogates, , Democratic Governors Association, Trump “, Democrats, Republicans, , Republican Locations: College Park, Md, Phoenix, Flint, Clawson, Mich
Bizarrely, the fake article’s text appears to trace its origins to a graphic designer named Enes Şimşek who lives near Istanbul. CNN discovered the video template on Video Hive, a motion graphics template store. According to an email he shared with CNN, Şimşek sent a letter to Support@truthsocial.com with the email subject line: “From the ‘REICH’ video template Author.”“Hi. I am the initial author of that ‘REICH’ video template. Şimşek was again floored when he saw the video of Biden responding to the Trump video.
Persons: Trump, Donald Trump, , Joe Biden, Enes Şimşek, Şimşek, , Enes, Bill Byrne, Byrne, , It’s, Biden, ” Şimşek, Adolf Hitler’s Mein, Hitler, John Kelly, CNN’s Jim Sciutto, Powers, ” Kelly, , ’ Trump, ” Karoline Leavitt, Donald Trump’s, James Singer, I’m Organizations: CNN, AP, Trump, Facebook, YouTube, Arts and Entertainment Technologies, University of Texas, Nazi, White House, Biden, @ramble_rants Locations: America, Nazi Germany, Istanbul, Austin
“President Trump is leading on finding consensus, and this is where the nation is," aid SBA Pro-Life America President Marjorie Dannenfelser. Democrats and abortion-rights groups seized on the Times report, with President Joe Biden saying it showed abortion rights would be a central issue in the 2024 election. He said Trump was “running scared” by not publicly saying what he would do about abortion. “We’ve long known where Donald Trump stands on abortion and it’s at odds with the majority of Americans,” Lawson said in a statement. Voters in seven states — California, Kansas, Kentucky, Michigan, Montana, Ohio and Vermont — have previously sided with abortion rights supporters on ballot measures.
Persons: Donald Trump, Trump, Roe, Wade, Susan B, Anthony Pro, , Marjorie Dannenfelser, ” Karoline Leavitt, Joe Biden, “ He’s, ” Biden, Jenny Lawson, , ” Lawson, Ron DeSantis, ” Trump, Banning, it's, , ” Kristan Hawkins, ___ Fernando, Will Weissert Organizations: White, Republican, U.S, Supreme, New York Times, , Times, Associated Press, NORC, for Public Affairs Research, America, Trump, Florida Gov, Press, Fox News, Republicans, GOP, Life, AP Locations: America, U.S, Arizona , Arkansas, Florida , Missouri, South Dakota, Ohio, — California , Kansas , Kentucky, Michigan, Montana , Ohio, Vermont, Chicago, Washington
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