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With President Trump’s signing of the big tax-cut bill, the GOP snatched victory from the jaws of defeat. Suddenly, the political and economic landscapes have changed. The Republican party has turned the tables on the Democrats.
Trump and the GOP are on the side of the growth angels with the passage of powerful tax-cut legislation to boost business investment, wages, and take-home family pay. The Democrats, meanwhile, are left with stale class-warfare slogans about tax cuts for the rich.
Government - Unions - Pension - Plans - Equity
Ironically, government unions, with their pension plans heavily invested in equity shares, will benefit hugely from the tax-cut-led stock market boom. They boo the GOP bill while they should be cheering.
But there’s a lot of irony to go around. Unlike the pro-growth, tax-cut party of JFK, today’s left-lurching Democrats root against economic growth, the stock market, and a powerful prosperity at home that lends strength abroad.
Place - Democrats
This is not a good place for Democrats to be.
If the supply-side business tax cuts perform as well as I believe they will, Trump and the GOP, with the stroke of a pen, will have greatly enhanced their outlook for the midterm elections.
Things - Story - Support - Companies - Bank
One of the more incredible things about this story is the almost immediate support of large companies. Bank of America (BofA) announced $1,000 bonuses tied to the tax-cut bill, affecting 145,000 employees. And AT&T and Comcast announced $1,000 bonuses for more than 300,000 people combined, along with substantial new investments in the United States. Ditto for Boeing.
And more banks have joined the parade. Wells Fargo, PNC, BB&T, and Fifth Third are raising their minimum wages to $15 an hour.
Deduction - Percent - Growth - Measure - Plan
And all this is tied to a massive corporate-tax-rate deduction from 35 to 21 percent. This is the most powerful growth measure in the plan. Trump called it “tax love” in a tweet.
At the old 35 percent...
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