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Tag Archives: tax cuts

Jerry Bowyer: What Should We Expect From the Recent Tax Cuts

Shooting Florida

What should we expect from the recent tax cuts? In a word, “growth.” At Townhall Finance, we recently reviewed the historical data around the Kennedy, Reagan and Bush tax cuts.

 

What we found is that the economy slowed while waiting for the tax cuts to kick in, and then boomed afterwards. So far—true to form—we’ve seen the economy slow down a bit at the end of 2017 and then show real signs of strong growth this year. The Atlanta Fed, hardly Trump’s home team is forecasting greater than 5 percent growth this year. What would that mean for us? About 400 billion dollars of new wealth this year alone.

 

Let’s say you take your typical tax cut and invest it. Over 30 years it could result in $53k dollar in additional income for your family. We’re talking about real money—the kind of money which can help the Republicans in Congress do much better in the elections than the talking heads are predicting.

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Michael Medved: Trump Wins as a Mainstream Conservative

Opioid

Donald Trump’s first year in office delivered an array of important achievements: confirmation of conservative judges, including Neil Gorsuch; more support for oil pipelines and oil drilling; dramatic progress against ISIS; deregulation and enhanced border security; the end of meddlesome net neutrality; the recognition of Jerusalem as Israel’s capital; and, most importantly, sweeping tax cuts and a new pro-business approach. What’s striking about these accomplishments isn’t how extraordinary they are but how normal: how consistent with well-established Republican goals and values. It’s easy to imagine that much the same policies might have been pursued by President Trump’s primary rivals—or by Mitt Romney, the last GOP nominee.

 

The two initiatives that caused most substantial disagreement with many conventional conservatives—canceling the Trans Pacific Partnership and unilaterally leaving the Paris accords—hardly defined ​Trump’s presidency or brought about the calamitous results his critics feared.

 

At year’s end, President Trump found historic success not as a radical outsider but as a sensible, determined, mainstream Republican.

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Jerry Bowyer: ‘ Trump Trade ’ Will Be Over Without Tax Cuts

Shooting Florida

The stock market had a great run after the election of Donald J. Trump as president. This put egg on the face of many elite commentators who predicted that a Trump victory would be disastrous for the economy.

Indicators of economic optimism also improved, and some business activity indicators improved in response. But lately plans for tax reform have been splintering into competing versions.

Some GOP leaders seem willing to cave on key issues such as whether to cut rates for the highest bracket and whether to delay corporate tax reductions. In response markets have leveled off, and there are some signs that growth is sagging too.

It is imperative that tax cuts be passed now and implemented immediately. Republicans will get no credit from the electorate for bi-partisanship if they sail into the next election with a weak economy on the horizon. It doesn’t need to be fancy. But it needs to be soon.

We’re past the time for rhetoric: we need successful votes and tangible policy shifts, otherwise the famed ‘Trump Trade’ may well be over.

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Salem Media at the White House As Tax Reform Effort Begins

White House, Obamacare, shooting, Paris Climate Agreement

Townhall Review – September 21, 2017
Mike Gallagher and Hugh Hewitt are invited to the White House to interview President Trump and Vice President Pence. President Trump discusses healthcare and media bias, while VP Pence discusses the administration’s focus on tax cuts and foreign relations. Sally Pipes, president of the Pacific Research Institute, joins Larry Elder to talk about Trump’s executive order on healthcare. Grover Norquist, founder and President of Americans for Tax Reform, sits in with Dan Proft to share insights on President Trump’s tax reform. Hugh Hewitt invites Israel’s Ambassador to the U.S, Ron Dermer, on to discuss the conflict between the Kurdish and Iraqi forces in Kirkuk. Dennis Prager looks at a piece from author and playwright Andrew Klavan in light of the Harvey Weinstein scandal. Lanhee Chen, of the Hoover Institute, and Cory Garner, chairman of the National Republican Senatorial Committee, discuss the future of healthcare.

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Jerry Bowyer: Tax Reform and a Chance to Make up for Lost Decade

Jordan Peterson

Last week, Republican leaders announced their tax reform plans.

The good news is that they’re pro-growth: US corporate tax rates are today the highest in the developed world, and our current system perversely punishes American companies for bringing profits back from their foreign sales. The GOP plan fixes that problem. It also cuts taxes for what has been labeled “flow through” businesses —small and family-owned businesses often use that form. My own family business uses it. The reason it’s important to cut taxes these types of small businesses is because American jobs are almost all created the same way: by small businesses becoming big businesses.

It’s been a pretty bad decade for the U.S. economy: a terrible recession followed by barely a whiff of a recovery.

That lost decade has cost us standing abroad and frayed the social fabric at home. We can end that by embracing the growth model of JFK, Reagan and Gingrich/Clinton.

Americans can’t afford another lost decade.

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Jerry Bowyer: Time For Idle Hands to Get to Work

Jordan Peterson

Virtually all Americans agree that the KKK is a vile, racist group has no place in contemporary public debate.

What constructive action can we take?

If you really hate the KKK, then cut taxes. Data show that poor economic performance enflames racial tension. According to Gallup polling, after the Bush tax cuts racial anxiety went down. But since 2010 anxiety has been rising—rapidly. One reason for that is that the U.S. has been growing at half its historic rate.

When JFK proposed tax cuts in the early 60s, those cuts were opposed by southern segregationists. Senator Robert Byrd threatened a filibuster if Kennedy put forth both a tax cut and a civil rights bill. He knew that lowering taxes would increase growth, causing businesses to hire more African Americans.

Our growth-less recovery has helped spawn high unemployment among youth and minorities—fueling a spike in extremist groups of both left and right.

It’s time to cut taxes and get those idle hands to work.

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Jerry Bowyer: Push The Tax Plan Now

Jordan Peterson

The U.S. economy is in danger, and the longer the Trump tax plan is delayed, the greater that danger becomes. President Trump wants large tax cuts in corporate and individual rates. That’s good, because right now America has the highest corporate tax rates in the developed world.

But here’s the worry: If you run a business and I tell you that your taxes are going to fall … next year, what do you do? You put off expansion until next year.

This is what happened to President Reagan at the beginning of his term. He proposed big tax cuts, but he let the Democratic congress talk him into deferring the cuts for a couple of years. Predictably business managers deferred expansion and the economy plunged into recession. Reaganomics got blamed for a contraction which was caused by the delay of    Reaganomics.

The same thing happened with the Bush tax cuts in 2001.

President Trump can’t afford to make that mistake.

He should push his tax plan now.

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