Maybe it’s just another lesson in the art of the deal.
Donald Trump had the Internet flipping out — again — on his visit to the Mexican border last week by covering his signature orange coif with an ill-fitting white cap emblazoned with his campaign slogan, “Make America Great Again” — a slogan made famous by Ronald Reagan but recently trademarked by Trump.
While Trump’s campaign website doesn’t yet have a store, the hats quickly went on sale at Trump Tower in midtown Manhattan, a destination for tourists and some Fifth Avenue shoppers. The hats are available for $20 in a choice of red, blue or the white version Trump wore.
Or make that were available. As of Monday, the initial order of the Republican presidential candidate’s caps were sold out. A salesperson said the store expected to have them back in stock by the end of the week. In the meantime, the store still had plenty of $15 “Make America Great Again” t-shirts for sale. And if you’re really desperate to get your hands on Trump’s new lid, there are plenty of knockoffs popping up online.
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The leading candidates for the Democratic presidential nomination have all proposed increasing taxes on corporations, including raising income tax rates to levels ranging from 25% to 35%, up from the current 21% imposed by the Republican tax cuts in 2017. With Bernie Sanders leading the way at $3.9 trillion, here’s how much revenue the higher proposed corporate taxes, along with additional proposed surtaxes and reduced tax breaks, would generate over a decade, according to calculations by the right-leaning Tax Foundation, highlighted Wednesday by Bloomberg News.
The federal government’s total non-defense discretionary spending – which covers everything from education and national parks to veterans’ medical care and low-income housing assistance – equals 3.2% of GDP in 2020, near historic lows going back to 1962, according to an analysis this week from the Center on Budget and Policy Priorities.
The Committee for a Responsible Federal Budget estimated this week that President Trump has now signed legislation that will add a total of $4.7 trillion to the national debt between 2017 and 2029. Tax cuts and spending increases account for similar portions of the projected increase, though if the individual tax cuts in the 2017 Republican overhaul are extended beyond their current expiration date at the end of 2025, they would add another $1 trillion in debt through 2029.
Are interest rates destined to move higher, increasing the cost of private and public debt? While many experts believe that higher rates are all but inevitable, historian Paul Schmelzing argues that today’s low-interest environment is consistent with a long-term trend stretching back 600 years.
The chart “shows a clear historical downtrend, with rates falling about 1% every 60 years to near zero today,” says Bloomberg’s Aaron Brown. “Rates do tend to revert to a mean, but that mean seems to be declining.”