NEW YORK–(ENEWSPF)–August 29, 2016. Today, in response to Donald Trump’s new divisive and misleading campaign ad, HFA Deputy Communications Director Christina Reynolds offered the following statement:
“Donald Trump’s reckless approach to business has devastated working families and communities. He will do and say whatever is in his interest, even if it means swindling working families to make millions for himself. Now Trump is promising the same reckless, self-centered approach to running the country’s economy – with large tax breaks for the wealthy, and a plan that independent experts say would cost millions of jobs. Hillary Clinton is the only candidate who will work to build an economy that works for everyone, not just those at the top, and has a plan that would create jobs, grow incomes and help small business and the middle class. No misleading ad can change that fact.”
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V/O: In Hillary Clinton’s America, the middle class gets crushed “America’s Shrinking Middle Class: A Close Look at Changes Within Metropolitan Areas,” Pew Research Center, 5/11/16 |
CLINTON’S PLAN WOULD MAKE THE ECONOMY WORK FOR EVERYONE, NOT JUST THOSE AT THE TOPHillary for America Fact Sheet: Stronger Together: Hillary Clinton’s Plan for An Economy That Works for Everyone, Not Just Those at the Top [Hillary for America Fact Sheet, 6/22/16] Hillary Clinton is running for President to build an economy that works for everyone, not just those at the top. And she is setting five big goals to get there:
INDEPENDENT ANALYSIS FOUND LOW- AND MIDDLE- INCOME HOUSEHOLDS WOULD BENEFIT MOST FROM CLINTON’S PROPOSALSMoody’s: “Those Who Would Benefit Most From Secretary Clinton’s Economic Proposals Would Be Low- And Middle-Income Households.” “Those who would benefit most from Secretary Clinton’s economic proposals would be low- and middle-income households.” [The Macroeconomic Consequences of Secretary Clinton’s Economic Policies, Moody’s Analytics, July 2016] RESEARCH CITED BY TRUMP CAMPAIGN DOES NOT MENTION CLINTON “America’s Shrinking Middle Class: A Close Look at Changes Within Metropolitan Areas,” Pew Research Center, 5/11/16
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V/O Spending goes up
SUPER: spending goes UP “Analyzing Clinton’s Health and Education Expenses,” CRFB, 7/27/16 “Estimating the Costs of Candidate Clinton’s Proposals,” American Action Forum, 6/4/16 |
CLINTON’S PLANS WOULD NOT ADD TO THE NATIONAL DEBT
Wall Street Journal: Study Sees Debt Jumping Under Trump, Staying Steady Under Clinton [Wall Street, Journal, 6/26/16] Study: Clinton’s proposals would not significantly increase national debt [The Hill, 5/2/16] Budget group: Debt jumps under Donald Trump, remains steady under Hillary Clinton [CBS News, 6/27/16] |
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V/O: Taxes go up SUPER: Taxes go UP “Estimating the Costs of Candidate Clinton’s Proposals,” American Action Forum, 6/4/16 |
CLINTON WOULD NOT INCREASE TAXES ON FAMILIES WITH INCOMES LESS THAN $250,000 Research Cited By Trump Campaign Notes That Clinton Would Not Raise Taxes On Incomes Less Than $250,000 Tax Foundation: “Consistent With The Clinton Campaign’s Pledge Not To Raise Taxes On Households Earning Less Than $250,000, We Assumed That The New Schedule For Long-Term Gains…” “Consistent with the Clinton campaign’s pledge not to raise taxes on households earning less than $250,000, we assumed that the new schedule for long-term gains only would apply to the top marginal tax rate of 20 percent.” [“Details and Analysis of Hillary Clinton’s Tax Proposals,” Tax Foundation, 1/26/16]
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V/O: Hundreds of thousands of jobs disappear. It’s more of the same but worse. SUPER: Clinton’s Tax Plan: hundreds of thousands of jobs disappear “Details and Analysis of Hillary Clinton’s Tax Proposals,” Tax Foundation, 1/26/16 |
MOODY’S FOUND THAT UNDER CLINTON’S PROPOSALS, THE ECONOMY WOULD CREATE 10 MILLION JOBSMoody’s: “During Her Presidency, The Economy Would Create 10.4 Million Jobs, 3.2 Million More Than Under Current Law.” “Employment also receives a lift under the secretary’s plan. During her presidency, the economy would create 10.4 million jobs, 3.2 million more than under current law. Unemployment is also lower, with the unemployment rate falling as low as 3.7% in the middle of her term, and ending her presidency in 2020 at 4.4%. Under current law, the unemployment rate hovers just below 5% between now and the end of the decade.” [The Macroeconomic Consequences of Secretary Clinton’s Economic Policies, Moody’s Analytics, July 2016] Moody’s: Clinton’s Economic Proposals Will Results In A “Stronger U.S. Economy With Increased GDP And More Jobs” That “Will Mostly Benefit Middle- And Lower-Income Households.” “Even allowing for some variability in the accuracy of the economic modeling and underlying assumptions that drive our analysis, four basic conclusions regarding the impact of Secretary Clinton’s economic proposals can be reached: 1) They will result in a somewhat stronger U.S. economy with increased GDP and more jobs; 2) they will mostly benefit middle- and lower-income households; 3) they have little impact on the nation’s fiscal situation, as they result in somewhat larger deficits but a mostly unchanged debt-to-GDP ratio; and 4) they exhibit faith in the ability of government policy to positively influence economic behavior.” [The Macroeconomic Consequences of Secretary Clinton’s Economic Policies, Moody’s Analytics, July 2016] |
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V/O: In Donald Trump’s America, working families get tax relief SUPER: Families Get Tax Relief “A Pro-Growth Tax Code for All Americans,” GOP: A Better Way, 6/24/16 |
TRUMP’S TAX PLAN WOULD DO LITTLE TO NOTHING FOR THE MIDDLE CLASS, WHILE GIVING PEOPLE LIKE HIM A HUGE TAX BREAKHEADLINE: “Economists: Trump Tax Plan Offers Almost Nothing For The Middle Class.” [Washington Post, 8/8/16] Center On Budget And Policy Priorities: Trump’s Proposed 15% Tax Rate On Pass-Through Income “Would Be An Expensive Tax Cut That Would Flow Primarily To The Wealthiest Americans.” “A central element of Donald Trump’s tax plan, which he’s expected to discuss in a high-profile speech in Detroit today, is a special 15 percent tax rate on business income claimed on individual tax returns, known as ‘pass-through’ income. Mr. Trump says it’s designed to help small businesses, which he contends shouldn’t pay a higher tax rate than large corporations. Mr. Trump, who has proposed a 15 percent corporate tax rate, proposes a pass-through rate of 15 percent as well. The Trump pass-through proposal would be an expensive tax cut that would flow primarily to the wealthiest Americans. That’s because more than two-thirds of pass-through business income flows to the highest-income 1 percent of tax filers.” [Center On Budget And Policy Priorities, 8/8/16] Trump’s Financial Disclosure Revealed He Had Holdings In More Than 200 Pass-Through Entities, Which Would See Their Tax Rate Dramatically Reduced Under His Plan. “A little-noticed provision in Donald Trump’s tax reform plan has the potential to deliver a large tax cut to companies in the Republican presidential nominee’s vast business empire, experts say. Trump’s plan would dramatically reduce taxes on what is known in tax circles as ‘pass-through’ entities, which do not pay corporate income taxes, but whose owners are taxed at individual rates on their share of profits. Those entities are the most common structure for small businesses and increasingly popular for larger ones as well. They are also a cornerstone of the Trump Organization. On his 2015 presidential financial disclosure report, Trump listed holdings of more than 200 limited liability corporations, which is a form of pass-through.” [Washington Post, 8/10/16] TRUMP DIDN’T EVEN CITE HIS OWN TAX PLAN IN HIS AD HEADLINE: “Trump Ad Credits Tax Plan He Doesn’t Support” [NBC News, 8/29/16] Donald Trump’s New Ad Cites Two Contradictory Tax Plans — One That Trump Has Explicitly Ruled Out and Another That He Has Yet To Endorse. “Donald Trump’s new $10 million TV ad cites two contradictory tax plans — one that Trump has explicitly ruled out and another that he has yet to endorse — raising more questions about what policies the GOP presidential nominee supports. […] For the ad’s claim that ‘working families get tax relief,’ it refers viewers not to an analysis of Trump’s own tax proposals, but to a white paper by House GOP leaders about their own tax reform plan. […] Trump has not endorsed the House GOP plan outright, but his new proposal, announced earlier this month, has some similarities. […] Things get even more confusing as the commercial continues. The ad’s next two claims that Trump would make ‘wages go up’ and ‘small businesses thrive’ refer to his old tax plan from last year, which had drastically different rates, including a 0% bracket at the bottom and a top rate of 25%. The on-screen citation directs viewers to a Tax Foundation analysis of that now-defunct proposal from September 2015. Trump erased his old plan from his website shortly before he announced his new one in a speech to the Detroit Economic Club earlier this month.” [NBC News, 8/29/16] |
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V/O: Millions of New Jobs Created Millions of new jobs Details and Analysis of the 2016 House Republican Tax Reform Plan,” Tax Foundation, 7/5/16 |
TRUMP’S ECONOMIC POLICIES WOULD REDUCE EMPLOYMENT BY NEARLY 3.5 MILLION JOBS A Moody’s Analytics Report On Trump’s Economic Proposals On Taxes, Trade, Immigration And Spending Found That Trump’s Policies Could Sharply Reduce Economic Output And Reduce Employment By Nearly 3.5 Million Jobs During His First Term. “A new analysis concludes Donald Trump’s economic proposals, taken at face value, could produce a prolonged recession and heavy job losses that would fall hardest on low- and middle-income workers. The Moody’s Analytics report, which a person close to the Trump campaign strongly disputed, is the first that attempts to quantify the cumulative economic benefits and costs of Mr. Trump’s proposals on taxes, trade, immigration and spending. It determines that full adoption of those policies would sharply reduce economic output during his first term and reduce employment by 3.5 million jobs.” [Wall Street Journal, 6/20/15] |
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V/O: Wages go up SUPER: Wages go up “Details and Analysis of Donald Trump’s Tax Plan,” Tax Foundation, 9/29/15 |
TRUMP THINKS AMERICAN WAGES ARE ALREADY “TOO HIGH”Trump Opposed Raising The Minimum Wage Because: “Wages Too High, We’re Not Going To Be Able To Compete Against The World.” Trump said he wouldn’t raise the minimum wage, and the reason is that America ‘is a country that is being beaten on every front.’ The problem, he said: ‘Taxes too high, wages too high, we’re not going to be able to compete against the world. I hate to say it, but we have to leave it the way it is. People have to go out, they have to work really hard, and they have to get into that upper stratum.’” [The Week, 11/10/15; Republican Primary Debate, Milwaukee WI, 11/10/15] Trump: “We Have To Become Competitive With The World. Our Taxes Are Too High, Our Wages Are Too High. Everything Is Too High.” TRUMP: “But you know what? We have to become competitive with the world. Our taxes are too high, our wages are too high. Everything is too high.” [Morning Joe, MSNBC, 11/11/15; The Hill, 11/11/15] TRUMP: “HAVING A LOW MINIMUM WAGE IS NOT A BAD THING FOR THIS COUNTRY” Trump: “But I Think Having A Low Minimum Wage Is Not A Bad Thing For This Country.” TRUMP: “Now — I want to create jobs so that you don’t have to worry about the minimum wage. They’re do a great job that they’re making much more than the minimum wage. But I think having a low minimum wage is not a bad thing for this country, Mika.” [Morning Joe, MSNBC, 8/20/15; Washington Times; 8/20/15] |
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V/O: Small businesses thrive SUPER: Small businesses thrive “Details and Analysis of Donald Trump’s Tax Plan,” Tax Foundation, 9/29/15 V/O: The American dream achievable. Change that makes America great again. Donald Trump for President. SUPER: MAKE AMERICA GREAT AGAIN! |
TRUMP’S POLICIES WOULD DRIVE AMERICA INTO A RECESSION Moody’s Concluded That Trump’s Trade And Immigration Policies Would Sharply Boost The Prices Of Labor And Goods And Could Contribute To A Recession In 2018. “The report singles out trade and immigration policies as the most detrimental to the economy in the short run because they could sharply boost labor and goods prices at a time when there’s less slack in the labor market. ‘It is a massive supply shock to the economy that’s very pernicious, and the Fed doesn’t know how to respond to that,’ said Mr. Zandi. Moody’s concludes that those price pressures would force the central bank to raise interest rates at a faster-than-desired pace, contributing to a recession in 2018 that could produce a 25% drop in the S&P 500.” [Wall Street Journal, 6/20/15] HEADLINE: “Donald Trump’s Trade War Could Kill Millions Of U.S. Jobs” [Wonkblog, Washington Post, 3/25/16] HEADLINE: “How Donald Trump Could Cause A Recession” [CNN Money, 3/3/16] The Republican-Leaning U.S. Chamber Of Commerce Argued That Trump’s Proposed Tariffs Would Likely Cause A Recession. “The U.S. Chamber of Commerce is using a recent analysis commissioned by The Washington Post to argue that Donald Trump’s trade policy platform could cause a recession. The business group, which is a consistent backer of Republican politicians, said in a blog post Friday that a recession would set in during the first year under the Republican front-runner’s proposed tariffs because China and Mexico would likely impose retaliatory tariffs.” [Politico, 4/1/16] |
Source: http://hillaryclinton.com
