Rachael Slobodien - January 08th, 2018
Only a few days into 2018 and we’re already off to a roaring start. This week the Dow reached and surpassed the historic mark of 25,000, but that’s only the beginning of good financial news. The S&P 500 and Nasdaq also reached record highs.
Below we’ve compiled several highlights that demonstrate just how solid the economy is growing under President Trump and the Republican Congress. No matter how much the mainstream media seeks to underreport it, these numbers don’t lie.
For example, well over 100 companies have awarded employees with “Trump Bonuses” after tax reform victory. Not only are we seeing job opportunities increasing, our economy is also witnessing the lowest level of job-layoffs since the 1990s.
It’s worth noting that this may be getting too big for even The New York Times to ignore. Check out this headline from New Year’s Day: The Trump Effect: Business, Anticipating Less Regulation, Loosens Purse Strings.
In the same vein, CBS News recently released a report on how the tax reform legislation will likely impact different households throughout the country. Even the CBS analysis showed that each of the three households examined would pay less in taxes as a result of the tax legislation.
But perhaps the best news is that this is only the beginning of the great things to come as a result of lower taxes and reduced regulations under President Trump. On the regulatory front, the Trump Administration already has done much to rein in the regulatory state.
For example, in his first year in office, President Trump has:
- Rolled back Obama’s net neutrality regulations;
- Rolled back costly and ineffective global warming regulations at the Environmental Protection Agency;
- Eliminated 22 regulations for every new regulation and creating regulatory cost savings of $8.1 billion;
- Worked with Congress to return private property to citizens by reducing the amount of land currently under the strong arm of the federal government.
More is still to come. For example, a recent analysis shows that our nation’s Gross Domestic Product (GDP) will rise to well above 5 percent! (This is an additional 2.2 percent growth in the long run). That increase translates to roughly $3,000 per household income increase! That’s a significant amount for families struggling to make ends meet. And remember, this is along with increased job opportunities and private-sector bonuses.
But as Club for Growth has been quick to note before, the Tax Cuts and Jobs Act passed last December shouldn’t be viewed as the endgame – rather, it’s just the beginning.
As both the House and the Senate return to Washington next week, Club for Growth encourages Congress to seize this momentum and continue to fight for more pro-growth reforms.
Below we’ve compiled an outline of a few pro-growth starting points for this year, particularly as Congress looks to enact more reforms to grow our economy. As Club for Growth has noted before, Congress should take up a new tax bill next year, which includes:
- Having a real 25 percent maximum rate for businesses organized as subchapter S corps or LLCs, rather than artificial exclusions for sectors like financial services, and unfairly excluding 80 percent of business income from the pass-through rate.
- Making permanent the temporary tax cuts for individuals.
- Eliminating the Death Tax.
- Repealing fully the Alternative Minimum Tax.
- Cutting capital gains taxes to spur individual investments.
- Repealing fully the taxes in Obamacare.
Doug Sachtleben - May 11th, 2017
The Club for Growth co-signed a letter to Congress urging strong support for protecting taxpayers and reforming regulations for any future spending on transportation and infrastructure. Click on the link above to read the letter.
Doug Sachtleben - May 09th, 2017
“The Paris climate agreement threatens to harm American economic growth.”
Washington, DC –Club for Growth president David McIntosh, in remarks prepared for delivery today in Chicago at the American Coatings Association’s Spring Leadership Council, will urge the Trump Administration to begin the process of withdrawing the United States from the Paris climate agreement:
“The Paris climate agreement threatens to harm American economic growth,” said Club for Growth president David McIntosh. “President Trump was right during his campaign when he pledged ‘…to cancel the Paris Climate Agreement and stop all payments of U.S. tax dollars to U.N. global warming programs.’ The Paris Agreement undermines the Trump agenda of restoring economic growth and creating more American jobs.”
McIntosh also contends that the agreement will increase litigation over environmental regulations and will hinder the President’s promise to cut regulatory costs on American businesses.
Doug Sachtleben - April 26th, 2017
“President Trump has halted the economic destruction of the Obama years, and what would have been their extension by Hillary Clinton, and has restored confidence in the economy with strong and effective pro-growth policies.”
Washington, DC – Club for Growth president David McIntosh released the following statement about the progress made by the Trump Administration on pro-growth policies as the administration nears the 100-day mark:
“Imagine the economic devastation we’d be talking about today if Hillary Clinton had been elected: Higher taxes, more job-crushing government regulations, an expansion of government-run health care, and massive government overreach into the private sector,” said Club for Growth president David McIntosh. “In less than 100 days, President Trump and his administration have not only prevented that nightmare, but they have halted the economic destruction caused by eight years of Obama Administration policies, and have restored consumer and business confidence with strong and effective pro-growth policies (see below). The result of these policies has been a 15% gain in the stock market, which has added at least $2 trillion of wealth to all Americans in their retirement funds and savings.”
- The President’s anticipated tax reform proposal will include the most pro-growth tax cuts in a generation.
- The Administration has worked relentlessly for an Obamacare repeal deal.
- President Trump has signed 13 Congressional Review Act (CRA) measures, erasing unnecessary and costly federal regulations.
- The President has issued crucial Executive Orders that are crushing Washington’s oppressive regulatory state in a way that will put billions of dollars back into the economy.
- The confirmation of Judge Neil Gorsuch as an Associate Justice of the U.S. Supreme Court bodes well for protecting individual rights and limiting the federal government.
- The President has appointed the most conservative Cabinet to execute his administration’s policies.
Doug Sachtleben - January 31st, 2017
“It’s the beginning of the end for some of the worst and costliest Obama rules.”
Washington, DC – Club for Growth president David McIntosh released the following statement in response to the announcement by Speaker Paul Ryan that the House will use the Congressional Review Act (CRA) to vote on five resolutions of disapproval this week:
“It’s the beginning of the end for some of the worst and costliest Obama rules,” said Club for Growth president David McIntosh. “House Republicans are launching an effort that will be unquestionably pro-growth, by fending off the economic damage posed by these unnecessary federal rules. When I drafted the Congressional Review Act in 1996, it was my hope that it would become an essential part of Congress’ oversight of the Executive Branch. It’s great to see the CRA at the forefront of Speaker Ryan and Majority Leader McCarthy’s response to the torrent of rules left behind by the Obama Administration. This week’s actions should be the beginning of dozens of CRA resolutions by House Republicans in the weeks ahead.”