{"id":32492,"date":"2023-11-06T17:06:00","date_gmt":"2023-11-06T17:06:00","guid":{"rendered":"https:\/\/microloannexus.com\/personal-finance\/what-is-nikki-haleys-tax-and-budget-platform\/"},"modified":"2023-11-06T17:06:02","modified_gmt":"2023-11-06T17:06:02","slug":"what-is-nikki-haleys-tax-and-budget-platform","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=32492","title":{"rendered":"What Is Nikki Haley\u2019s Tax And Budget Platform?"},"content":{"rendered":"
\n

Former South Carolina Governor Nikki Haley, who appears to be winning increasing support among Republicans in the race for her party\u2019s 2024 presidential nomination, is running on a fairly standard GOP tax and budget platform. But it includes important twists and some inconsistencies with her record as governor.<\/p>\n

She backs big tax cuts for individuals and small businesses but opposes what she calls \u201ccorporate welfare.\u201d She says she wants to balance the federal budget and lays out some general ideas for reducing Social Security benefits but has described few other specific spending cuts. And her unspecified tax cuts would make balancing the budget much more difficult.<\/p>\n

Haley remains far behind former President Donald Trump, who she served as ambassador to the United Nations. But she appears to be catching up with Florida Governor Ron DeSantis for second place. And given her past strong performances, she may pick up additional support following the next GOP debate on Nov. 8.<\/p>\n

Haley\u2019s \u201cSecret Weapon\u201d <\/strong><\/p>\n

When it comes to economic policy, Haley focuses on tax cuts, less regulation, and a balanced budget\u2014all standard Republican fare. But she also nods to the GOP\u2019s current populist mood by bashing big business subsidies, even though she offered hundreds of millions of dollars to big corporations as South Carolina\u2019s governor.<\/p>\n

<\/fbs-ad><\/p>\n

Haley laid out her economic manifesto in a September speech she titled \u201cAmerica\u2019s Secret Weapon.\u201d To her the enemy is China. And her weapon is freedom.<\/p>\n

She criticizes President Biden, who she hopes to challenge a year from now. She focuses on his support for Medicaid and food stamps which, she says, make poverty permanent. Most Medicaid recipients who are not older adults or disabled do work, however. And often children are eligible if their working parents do not have insurance.<\/p>\n

Haley also rips the Biden Administration for excessive corporate welfare, including \u201ctaxpayer bailouts, handouts, and carveouts for special interests.\u201d She calls out the use of subsidies to promote green energy and what she calls the \u201cbailout\u201d of Silicon Valley Bank. Regulators actually shuttered the bank but did protect its depositors.<\/p>\n

Her Agenda<\/strong><\/p>\n

OK, so Haley doesn\u2019t like Biden\u2019s agenda, but what would she do?<\/p>\n

\u00b7 Repeal the federal gas tax.<\/p>\n

\u00b7 Lower individual income tax rates and reduce tax brackets for unspecified \u201cworking families.\u201d<\/p>\n

\u00b7 Make permanent the 2017 Tax Cuts and Jobs Act\u2019s (TCJA) 20 percent tax deduction for pass-through business.<\/p>\n

\u00b7 Repeal the state and local (SALT) deduction.<\/p>\n

\u00b7 Repeal the green energy tax subsidies included in the 2022 Inflation Reduction Act.<\/p>\n

\u00b7 Balance the federal budget over an unspecified period of time.<\/p>\n

\u00b7 Veto any spending that exceeds 2019 levels.<\/p>\n

\u00b7 Cap federal spending as a share of the economy.<\/p>\n

\u00b7 Require zero-based budgeting where all programs are reviewed each year. \u201cNo more autopilot programs.\u201d<\/p>\n

\u00b7 Apparently exempt Social Security and Medicare from her zero-based budgeting promise.<\/p>\n

\u00b7 Turn more of Medicare into Medicare Advantage managed care and \u201climit benefits for wealthy people\u201d in unspecified ways for both Medicare and Social Security.<\/p>\n

\u00b7 Protect Social Security and Medicare benefits for people over age 40 but raise the retirement age for others.<\/p>\n

Haley\u2019s economic platform includes a number of critical gaps and raises some important questions. For example, it is not clear how her proposed income tax rate cuts would mesh with the scheduled 2025 expiration of the TCJA\u2019s individual income tax cuts. Would they be in addition to them or replace some provisions?<\/p>\n

And while her Social Security proposals might help address the program\u2019s long-term problems, reducing benefits in three or four decades won\u2019t forestall Social Security\u2019s projected insolvency in less than 10 years.<\/p>\n

Haley\u2019s History<\/strong><\/p>\n

In addition, key elements of her presidential campaign agenda are inconsistent with her record as South Carolina\u2019s governor.<\/p>\n

While she would repeal the federal gas tax, as governor she twice proposed raising her state\u2019s gas tax and reducing personal income taxes. But her gas tax hikes died in the GOP-controlled legislature.<\/p>\n

Haley also brags about her role in modernizing South Carolina\u2019s manufacturing economy. But she doesn\u2019t say a key tool was her lavish use of tax breaks and other subsidies, the same corporate welfare she now denounces.<\/p>\n

The State<\/em> newspaper estimated (paywall) that as governor Haley offered $800 million in economic development subsidies to just four companies, Volvo, BMW, Bridgestone, and Boeing
\n BA
\n <\/fbs-ticker>. The Wall Street Journal report<\/em>s (paywall) she supported more than $1 billion in subsidies for Boeing alone as a state legislator and governor.<\/p>\n

After leaving the Trump Administration, Haley joined Boeing\u2019s board but then resigned after objecting to its requests for federal government aid.<\/p>\n

As governor, Haley carefully chose her business largess. For example, in 2016, even as she was subsidizing foreign-owned automakers, Haley vetoed $40 million in disaster aid to local farmers she decried as \u201can unprecedented bailout for a single industry.”<\/p>\n

Haley\u2019s economic agenda is a mix of the prosaic and the provocative. But, like nearly all campaign platforms, it leaves many critical questions unanswered.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Former South Carolina Governor Nikki Haley, who appears to be winning increasing support among Republicans in the race for her party\u2019s 2024 presidential nomination, is running on a fairly standard GOP tax and budget platform. But it includes important twists and some inconsistencies with her record as governor. She backs big tax cuts for individuals<\/p>\n","protected":false},"author":1,"featured_media":32493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[],"class_list":{"0":"post-32492","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance"},"yoast_head":"\nWhat Is Nikki Haley\u2019s Tax And Budget Platform? | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Former South Carolina Governor Nikki Haley, who appears to be winning increasing support among Republicans in the race for her party\u2019s 2024 presidential\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microloannexus.com\/?p=32492\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is Nikki Haley\u2019s Tax And Budget Platform? 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