Trump Rips Venezuela and Proposed 70 Percent Tax Rate: ‘That’s What Socialism Gets You’

Kevin Lamarque/Reuters

During a meeting where he announced his support of Venezuelan Juan Guaido, President Donald Trump slammed progressive Democrats who have spoken out in support of socialist policies like high tax rates.

Socialist countries like Venezuela and Cuba are well-known examples of how certain policies can have a negative effect on a country’s economy.

“We’re looking at Venezuela, it’s a very sad situation,” Trump said. “That was the richest state in all of that area. That’s a big, beautiful area and by far the richest. And now it’s one of the poorest places in the world.”

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Trump pointed out that policies like high marginal tax rates begin to place too much power in the hands of the government.

“That’s what socialism gets you when they want to raise your taxes to 70 percent,” Trump said. “I’ve been watching our opponents, our future opponents talking about 70 percent. Number one, they can’t do it for 70 percent. It’s got to probably be twice that number.”

Trump seemed to be referencing Representative Alexandria Ocasio-Cortez’s claims that higher taxes for the wealthy will be able to fund healthcare and other welfare programs.

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Yet Trump claimed that it was important to study where the country of Venezuela went wrong in order to prevent the same happening in other countries.

“But, maybe more importantly, what happens is you really have to study and take a look at what has happened to Venezuela,” Trump said. “Is a very sad situation. We have our eye very closely on Venezuela.”

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Rocky Drummond
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Trump is either wrong or distorting reality.

The US had the world’s most amazing economy this world has ever seen. When? When we had much higher tax rates than 70%. Just ask your parents or grandparents.

Venezuela is not a great example of socislism. That’s socialism, not communism. Venezuela now has more in common with a right-wing dictatorship. Why? Partly because of the Atlas Network and sanctions.

Cuba? Ha! Most of you would give your first born child for their public health care system.

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