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.