It doesn’t matter how many debates, town halls, and speeches in which they proclaim their beliefs, the Democrats’ economic plans will never solve the debt crisis. And it shouldn't take a Masters Degree in Financial Planning and 35 years as a financial planning professional like me to understand this.

 

Bernie and his fellow Democratic presidential candidates think rolling back President Trump’s tax cuts will cut the budget deficit significantly. Had the tax cuts caused the budget deficit, they may have a case; but, the fact is, the Trump tax cuts have led to the largest collection of tax revenues into our Treasury ever in the history of our great nation!

 

By cutting corporate taxes from the highest rate in the world, President Trump has restored our competitiveness worldwide and made America a global magnet. Coupled with our newfound energy independence and the ability to produce energy at the lowest cost in the world, the United States is now the most attractive place on Earth to do business. That is why so many jobs have come back to America, and why we have historically low unemployment among African-Americans, Hispanic-Americans, Asian-Americans, youth, women, and nearly any other group you can name. 

 

By cutting taxes for the lower and middle income earners in America, primarily through the increased standard deduction, we have seen our consumer base strengthen tremendously. With our economy heavily dependent on consumers – nearly 70% of our Gross Domestic Product – it is much more impactful to our economy when families have the ability to spend more rather than when the Federal government does. The tax deductions that Nancy Pelosi referred to as “crumbs” have actually accounted for a large percentage of the robust spending we have witnessed in the last few years.

 

We as Americans have a clear choice: continue the economic progress made under President Trump or revisit the economy of 2008 to 2015 full of uncertainty and fear of another recession. We can either allow the strong economy to continue increasing revenues into our Treasury and tackle the deficit with strength or saddle future Americans, our children and grandchildren with even greater debt.

 

Bernie’s band of Democratic presidential hopefuls and Nancy’s allies in the swamp, listen up: your plan of rolling back the tax cuts will not only hurt working families and retirees, it will also ensure the debt crisis will not be solved and only get much worse.

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Kathy Landing is a Certified Financial Planner practitioner with a Master of Science in Financial Planning from the College for Financial Planning. The Chair of the Economic Development Committee for the Town of Mount Pleasant, Landing is a Republican candidate for Congress in South Carolina’s First District.