Pence and Kaine's claims reviewed
Kaine claims that the Bush-era tax cuts were a direct cause of the financial crisis
The tax cuts signed by Bush lowered taxes on income, capital gains and dividends, and had several provisions to help married people, parents and the poor. They greatly benefited the wealthy, and unsurprisingly became a symbol of the way inequality in the US has yawnedinto a chasmbetween the rich and everyone else. But while inequality may bea destabilizing forcein the economy, the tax cuts themselves were not one of the factors that drove the 2008 crisis.
A lack of regulation on Wall Street, on the other hand, ranks among the more important causes of the crisis, whose causes include rampant, feckless mortgage lending, irresponsible bundling of those mortgages, and carelessness by ratings agencies and central bankers.
Kaine: ‘15m new jobs’ gained in the Obama administration
Kaine is cherry picking statistics, and the 15m figure is not correct in context. Since Obama took office in January 2009 the US has created 10.8m private-sector jobs, according to the Bureau of Labor Statistics. Kaine is counting back from the depths of the economic recession, in early 2010, which would erase a full year off of Obama’s presidency.
Kaine: ‘The debt explosion on the Trump side is much much bigger than anything on the Clinton side’
Kaine is correct, according to conservative and nonpartisan thinktanks alike. Clinton’s proposed tax plan would add $191bn to the debt over the long term, according to the Committee for a Responsible Budget, a conservative thinktank. The Tax Policy Center, however, estimates that she would add $1.1tn in revenue in a decade, though much of that would be offset by increased spending. The Tax Foundation estimated that Trump’s plan would add $5.3tn to the debt.
Kaine: Even Richard Nixon released his taxes
Richard Nixon did not release his tax returns while running for president in 1960 or in 1968 – he released them in 1973, after his second term began. In 1968 Nixon only gave a limited glimpse of his to a magazine writer and only released the returns under pressure from the Watergate inquiry. He released the returns despite an audit by the IRS, which Trump has repeatedly claimed is his reason for not releasing returns.
You can look at Nixon’s returns at the Presidential Tax History Project. You can look at Trump’s 1995 returns at the New York Times. If you can somehow see Trump’s later returns, feel free to send copies along to our offices at 222 Broadway, New York.
Kaine: Trump and Pence want to privatize social security