Now the election campaign is in full swing and November 3 is the final voting day; thereafter the results will be known. Before voters cast their votes, hopefully, they will objectively evaluate the performance of both Republicans and Democrats and will realize that Democrats wasted all the four years. Trump is not a saint: he is a businessman and politician. He did a lot of dumb things, however, he did achieve a lot in 4 years.
Now Corona Virus is causing havoc in the USA which has significantly slowed down the economy. Prior to it, Democrats slowed down the country’s progress by constantly accusing and badgering President Trump. Articles and news items in news papers persistently fault the President on every issue and rarely have any positive comments about him.
After becoming President, without consulting Republican Senators, Mr. Trump invited Senator Schumer to discuss joint actions on various issues facing the country. Had Senator Schumer been smart, he would have agreed to giving money for the wall to Mr. Trump and in exchange could have obtained a good compromise on DACA, infrastructure and some other Democratic issues. But Democrats missed the opportunity. I hope, in the coming elections, DACA beneficiaries, whose fate is still uncertain, would remember Democrats for ignoring them. In fact, they might get a deal done if they vote for Trump. Democrats were so hung up with their opposition to the wall, they even let the government shut down. Speaker Nancy Pelosi stated that “wall” is inhuman. Was it more inhuman than letting American employees, contractors and all others suffer who depend upon government money?
First, Democrats spent millions on the Russian probe. Yes, Russians tried to interfere with the American elections; the question is, “did anyone vote for Trump or against Hillary Clinton because of Russian influence”? The answer is hardly anyone did so. Except indicting some people in some unrelated cases including a payment of money to “hookers” did Russian probe find anything concrete against Trump or did it result in discouraging Russians from interfering in American matters? The answer is a big No.
After failing to get Mr. Trump trapped in the Russian probe, Democrats focused on Ukraine. Was Mr. Trump the first President to get foreign help in elections? The answer is no. Mr. and Mrs. Clinton got a lot of foreign money for elections so did Mr. Obama. In fact, hard evidence has come out about the Biden family hugely benefiting financially from Ukraine. The Bidens also financially benefited from China. Now, Democrats do not talk about Ukraine and China. There is nothing wrong in asking a foreign government leader to investigate whether an American citizen, having business interest in that country, is involved in any corrupt practice. Federal agencies do this all the time. Even assuming Mr. Trump was wrong, the question is whether his calls to the Ukrainian leader constituted an impeachable act which required Democrats to ignore other important issues, waste time and spend millions on the impeachment process which was bound to fail. Elections are around the corner and Democrats should concentrate on the real impeachment process, i.e. the November election. Let people and not a bunch of Trump haters decide Trump’s fate.
Now let us review Trump’s achievements which have been mainly ignored by Trump haters. In the past whenever North Korea would test missiles, Mr. Trump would respond with a strong and threatening statement. All the liberals would criticize him for making inflammatory statements and advised him to follow diplomacy. When he did so and met North Korea’s President a couple of times and toned-down Mr. Kim’s rhetoric, a number of Democrats started criticizing Mr. Trump for not getting any concrete agreement signed by North Korea. It is true no agreement has been signed, it is also true that Mr. Kim has been generally quiet which he did not before. With respect to Iran, another troublesome country, past presidents, including Mr. Obama, were tolerating Iran’s aggressive manners and even signed a nuclear treaty with Iran without any verifiable guarantee that Iran would not proceed with its nuclear arms developments. Mr. Trump cancelled the treaty and imposed sanctions against Iran. A number of experts predicted that Iran would go to war against the United States. These people, making such predictions are either fools or ignorant, or both as Iran has no capability to go to was with the U.S. Like North Korea, Iran was forced to reduce its military ventures in the Middle East and Yemen. President Trump made history when a peace treaty was signed at the White House between Israel and UAE and Baharain.
When Mr. Trump revoked NAFTA and imposed tariffs on Chinese imports, Trump haters and liberal pundits started predicting economic disaster for the U.S. They forgot a simple math. If the U.S. imports $500 billion of goods from China and China’s import is $100 billion, which country would get hurt more if the tariffs are increased by 10% by each country. NAFTA countries and China relented and agreed to most of the terms laid down by Mr. Trump. Similarly, Mr. Trump twisted the arms of Japan and European Union and squeezed concessions from them. As a result, the manufacturing activities increased in the USA, trade imbalance is reduced, unemployment is at historically low levels and stocks reached a new high. Unfortunately, Corona Virus has disrupted the whole situation including the stock market. In spite of this disaster, economists believe that the U.S. economy is still strong and the stock market is again at a record level. A number of folks give credit to Obama for starting the economic upturn and alleged that Trump is only reaping the fruits of Obama’s economic policies. No one provided a very specific example.
Trump haters blame Mr. Trump’s income tax reduction for enriching the rich. I am in the highest tax bracket, but my income taxes increased in 2019. I don’t believe any rich person’s income taxes were reduced because of the Tax Act. Mr. Trump’s reduction was primarily in the corporate, and not individual income tax rate, which was reduced from 35% to 21%. This reduction contributed to increased domestic production and employment. As most of the big corporations rarely pay income taxes, if any, the reduced tax rates provided additional incentives to businesses to cut down their “offshore” holdings and move their business activities to the United States. In fact, a large number of corporations may be paying more income taxes than they did before.
Everyone ignored a big benefit caused by the reduced corporate income taxes. Utilities collect income taxes from customers at the maximum rate irrespective of the amount of actual income taxes they pay. Most of them pay very little, if any, income taxes. Previously utilities were collecting 35.0 % income tax through their rates. Now they collect income taxes at 21% which immediately resulted in reducing utility rates by billions of dollars. In the past utilities were collecting income taxes at 35% and recording the difference between the collected income taxes through rates and income taxes they actually paid as Accumulated Deferred Income Tax (“ADIT”). The reduced tax rate resulted in excess ADIT amounts which have to be refunded to customers. The Excess ADIT consists of two parts. About Sixty percent of this amount is Protected by the Tax Act. Thanks to mostly Democratic Congressmen, the Tax Act requires utilities to refund the Protected amount over a period of not less than 30 to 40 years. The remaining 40% of Excess is “Unprotected” which can be returned to customers over a period allowed by regulators which is generally 2 to 20 years. As a utility consultant representing customers’ interests, I have been pushing for a shorter period. The total Excess ADIT is about $100 billion, a part of which customers will get every year. The significant rate decrease caused by the Trump Tax Act has put more money in customers’ pockets which significantly helped the economy.
Recently, some Democrats have written to the US military officers not to allow Trump to nullify the election results by force in the event he loses the election results. Getting the military involved is very dangerous. It is naivety on part of the Democrats to imagine that any person can nullify the election results by force or any other means in the United States.
As stated above, soon the results will be known and hope that Trump wins which will further solidify the economic and military relationship between the two largest democracies.
DISCLAIMER : Views expressed above are the author’s own.