New York Democrat Senator Charles Schumer, who serves as Senate Minority leader beginning in January 2017, said on Sunday that Democrats are going to fight for their values against a Republican upswing in political support as a result of the November 8th general election that saw Republicans make big political gains across the country.
Speaking on ABC’s This Week that aired on Sunday, Senator Schumer said that when Donald Trump is opposed to their values, “we’re going to go after him tooth and nail.”
Senator Schumer explained that Democrats aren’t going to allow Trump to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed by the Obama administration in 2010, in the wake of the 2008 financial crisis that establishes greater oversight and supervision of financial institutions aimed at preventing predatory lending, among other measures.
“So when we oppose Trump on values or if his presidency takes a dark, divisive turn, we’re going to do it tooth and nail” Senator Schumer said.
Fed Chairwoman Janet Yellen offered her full support of Dodd-Frank before lawmakers on Capitol Hill last Thursday when she admitted that the Federal Reserve doesn’t want to return to the same lending guidelines that existed during the financial crisis.
“We wouldn’t want to go back to the mortgage lending standards that led to the financial crisis” Yellen told lawmakers.
Yellen also questioned the necessity for Trump’s massive 10 year $1 trillion infrastructure fiscal stimulus spending plans to help grow the U.S. economy, which includes tax credits for private sector investment, but still faces an uphill battle in Congress due to the high price tag.
In December Congress passed a watered down 6 year $300 billion highway bill after denying a $478 billion Obama spending proposal.
Donald Trump rode the populist wave to win the White House and yet espouses many core Republican base values in a number of areas including taking a hardline view about immigration, lowering Federal environmental regulations while supporting the fossil fuel industry, abandoning the internationally embraced Paris Agreement involving climate change, increasing military spending, eliminating Obamacare, and lowering taxes.
Trump’s Tax Cut Plan Scrutinized
Trump wants to lower the number of tax brackets from seven to three, consisting of tax rates at 12 percent, 25 percent, and 33 percent.
Based on Trump’s tax proposal from his website, he proposes to reduce the business tax rate from 35 percent to 15 percent, and eliminate the corporate alternative minimum tax while advancing a repatriation of corporate profits held offshore at a one-time tax rate of 10 percent.
According to a revised tax analysis of Trump’s tax plans from the Urban-Brookings Tax Policy Center, federal revenues would drop by $6.2 trillion over the first decade before accounting for added interest costs and by another $8.9 trillion in the second decade with three-fourths of reductions coming from reductions in business taxes before considering macroeconomic feedback effects.
When interest costs are included, the federal debt would grow by $7.2 trillion over the first decade and by $20.9 trillion by 2036.
“His proposal would cut taxes at all income levels, although the largest benefits, in dollar and percentage terms, would go to the highest-income households” The Tax Policy Center concluded.