If Donald Trump has proven anything about the U.S. political system since he announced his run for the presidency in June of this year, it’s that the system can be hijacked by a flamboyant billionaire who’s antics are so outrageous that he’s at risk of being taken seriously as an anti-politician.
Trump’s tax plan is just the newest example of how the
interplay of comedy and politics can be a powerful way of connecting with large swathes of the voting public. Entitled *TAX REFORM THAT WILL MAKE AMERICA GREAT AGAIN, *the tax reform would remove over 50% of American households from income tax rolls, stating “They get a new one page form to send the IRS saying, ‘I win,’”. That one clause of his plan gives nearly 75 million households a direct financial incentive to vote for Trump. That is a notion that cannot be understated. Those who comprise the bottom half of the U.S. income distribution, who may now feel like they’re leaving money on the table if they don’t vote Trump, could easily ignore more esoteric platform positions that should also be considered. The 2016 presidential race will take place while President Obama’s candidacy is still fresh in people’s minds, with those on the right (and many on the left) feeling that the “Yes we can” attitude was not realized. Voters will be cautious of getting burned by empty promises again, making the promise of real, tangible cash all the more enticing.
Trump claims he could more than recoup the lost tax revenue. By
capping the corporate tax rate at 15%, the presidential hopeful expects to reverse the trend of corporate inversions. Once corporations start bringing money back into the U.S., eliminating the deferral of taxes on corporate income earned abroad will be compounded by a one-time repatriation tax on corporate cash.
All this from a man who a few months ago was starring in his
own reality television show – clearly trying to predict Trump’s trajectory would be futile. So for now all we can do is watch, because voting won’t start until February and who on Earth would want to stop Trump’s ridiculous march to the presidency. And who knows, if Trump takes care to formulate at least some semblance of a legitimate political platform, who’s to say he can’t snag the nomination from the out-of-touch hands of the rest of the GOP.
-- Brandon Russo