Congress Makes Big Progress On Pro-Growth Tax Reform

Investor's Business Daily | 10/13/2017 | LEWIS K. UHLER
marked (Posted by) Level 4
Click For Photo: http://www.investors.com/wp-content/uploads/2017/10/GUEST-ferrara-101217-newscom.jpg

The so-called "do nothing Congress" is making amazing progress toward major, pro-growth tax reform. Last week the House passed a budget (first time in over a decade), enabling us to use reconciliation (51 votes) in the Senate for tax reform. Just before that, the Trump administration joined congressional tax writing committees to issue a "Unified, Pro-Growth, Republican Tax Reform Plan."

The architects of "progressivism" (Schumer, Pelosi, Sanders) continue their chant that we are "toadies" of Wall Street and want to cut taxes for the rich. Their left wing "intellectual" apologists like the Tax Policy Center claim that our tax cut proposals will dramatically reduce federal tax revenues, increase our national deficits and debt, and bankrupt America. Yet, these are the very same people who applauded Obama's anti-growth policies and trillions in additional debt.

Progressives - Message - Election - People - Families

These so-called "progressives" still haven't gotten the message of the last election. Working people and their families want growth, not Third World-style stagnation.

Too many on both the left and right are unnecessarily exercised about the possible net revenue loss of the Republican Unified Tax Reform Plan. Reagan cut rates for everyone by 25%, but the resulting booming growth made the plan more than revenue neutral, actually revenue positive, as federal revenues doubled while he was president.

Revenues - Year - Reagan - Office - Reagan

Federal revenues were $517 billion in 1980, the year before Reagan entered office. Reagan's tax cuts started the next year, 1981, when total federal revenues rose to $599 billion. By 1984, after Reagan's rate cuts had already become law, federal revenues totaled $666 billion.

But federal revenues continued their upward climb, to $734 billion in 1985, $769 billion in 1986, $854 billion in 1987, $909 billion in 1988, and $991 billion in 1989, the year after Reagan left office, nearly double 1980 revenues.

President - Kennedy - Rates - Everyone - %

President Kennedy similarly cut rates for everyone by about 23%, and the booming...
(Excerpt) Read more at: Investor's Business Daily
32 other people are viewing this story
Wake Up To Breaking News!
Sign In or Register to comment.