CNN Fact-Check: Trump's Economic Plan Seems "Designed For Higher-Income, More Affluent Families"
CNN's Cristina Alesci: Clinton Outlined A Plan To Address "Real Policies That Average Americans Care About"
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CNN Money correspondent Cristina Alesci and CNN analyst Ali Velshi joined host Ashleigh Banfield to compare Democratic presidential nominee Hillary Clinton's economic plan against that of Republican nominee Donald Trump. Alesci noted that Clinton's plan had been fact-checked by CNN Money which found the plan largely benefited the middle class. Velshi reported that the lack of details in Trump's economic plan makes it "unclear ... who it actually helps and who it doesn't," but he did add that experts believe Trump's child care tax deduction is "designed for higher-income, more affluent families." From the August 17 edition of CNN's Legal View with Ashleigh Banfield:
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CRISTINA ALESCI: This is a tax fairness speech, and what she's going to say is "look, Donald Trump is out there saying that he's going to protect the little guy, but if you actually look at his policies, it doesn't protect the little guy, and here's why." We have a screen that shows you the main points she is going to hit. She's going to say that the child care plan is designed for people who want to defray the cost of expensive nannies, and it's not going to help the middle class. She's going to say that the estate tax repeal is a gift to him and his friends, and that the business tax breaks that he's implementing, or that he would like to implement, I should say, is going to benefit him directly. And CNN Money fact-checked all of these points, and actually they're all true, for the most part, OK. They're all true. So, if you're middle class, you really have to take a good hard look at Hillary's plan. Her plan -- and we have a screen for that too -- it really taxes the rich. Look, 30 percent rate if you have income of $1 million or more, a 4 percent surcharge on $5 million of income. All of those taxes are going to go under her plan, what she says, are going to fund programs like universal pre-K, right?
ALI VELSHI: College tuition.
ALESCI: Yeah, like 12 guaranteed weeks of paid family leave. These are the real policies that average Americans care about. And when you look at Donald Trump's plan,he's talking about, at the upper end, taxing people at 33 percent. What he is not telling you there is that, actually this is something that people aren't talking about. Wealthy people make most of their income through investment income. What does that mean? Donald Trump is actually going to cap investment income taxation at 20 percent. So, he may say the wealthy are paying 33 percent, but if you actually break it down, [the] wealthy are probably going to be paying 20 percent on most of their income,because they don't make it like we make it. We earn it. We go out there and work for it. Not that these guys don't work for it, that's not what I am suggesting but -- VELSHI: It's a different kind -- they are treating it differently.
ASHLEIGH BANFIELD (HOST): But, it sounds, when Donald Trump gives his speeches, it sounds like it affects the little guy. It sounds like the middle -- he's talking about child tax credits for the first time. Not many Republicans put that in their speeches.
VELSHI: Yeah, it's not a Republican thing to talk about. It's unclear -- we're having trouble getting facts about who it actually helps and who it doesn't. Hillary Clinton's people, and a lot of child care experts, are saying again it's sort of designed for higher-income, more affluent families. The working poor won't benefit from it as much.