Will Trump's Tax Plan Be Morning in America 2.0? 10/24/17 - A Whittle Bit of Commentary

A Whittle Bit of Commentary with Chad Whittle

Below is a rush transcript (may contain errors):

In 1984, President Ronald Reagan released his famous “Morning in America” ad for his reelection that showed all the economic progress that took place under his conservative leadership. Well, get ready for Morning in America 2.0 if Trump can actually get enough Republicans, I’m looking at you “Thumbs Down McCain,” to actually vote and pass his tax plan.

In a piece for USA Today on Sunday, President Trump said he wants to make it “Morning in America” again and I’m totally cool with that.

Trump said that under his plan, he “will double the standard deduction, which means the first $24,000 of a family’s income will be tax-free.” He also said that “If Congress comes together to enact this commonsense plan, the Council of Economic Advisers estimates that it will raise the annual income of a typical, hardworking American household by an average of around $4,000.”

The Free Beacon reported that a study from Boston University showed Trump’s plan could raise GDP by as much as 5 percent and wages as much as 7 percent with their estimates showing that the average American household will have an increase of $3,500 annually.

To help explain how big a deal GDP growth would be, just take this from the NYPost.com that reported that “President Obama is the only president since Herbert Hoover to not have guided the US economy to 3 percent growth in any year he was in office.”

The Trump Resistance is about to be a whole lot more upset after the economic boom thanks to Trump!

The Boston University study also said that “All generations benefit from the policy. The old benefit slightly from higher rates of return on their investment, and the young from higher wages."

There is talk of a million dollar tax bracket that will keep million dollar earners paying the 39.6% rate because Trump feels rich people don’t need a break, so this plan is more populist than conservative, but hey, I’ll take it! Compared to what we’ve had, I’ll take populism!

Only time will tell if Trump’s plan will lead to bigger growth or similar growth as Reagan, but one thing is for sure, and that is this will jump start the economy and help it grow, which is something none of us have seen in a really long time.

 I’m Chad Whittle on A Whittle Bit of Commentary.

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© 2017 Chad Whittle

Background Material:

https://www.usatoday.com/story/opinion/2017/10/22/president-trump-tax-reform-lets-make-morning-america-again-column/782233001/

http://freebeacon.com/issues/report-gop-tax-framework-raise-gdp-5-wages-7/

http://nypost.com/2017/03/30/gdp-growth-under-obama-was-worst-in-decades/

https://www.axios.com/million-dollar-bracket-in-the-works-for-gop-tax-plan-2499930587.html

 

Posted on October 23, 2017 .