Why Tax Reform Will Lead to Booming Economic Growth
- Peter Ferrara in The Daily Caller
Peter Ferrara, a senior fellow at the Heartland Institute, writes in The Daily Caller that 2017’s tax overhaul bill will be comparable to landmark tax legislation passed under President John F. Kennedy in the 1960s and President Ronald Reagan in the 1980s.
“Presidents Kennedy and Reagan fundamentally fixed the individual, worker side of the tax code,” Ferrara writes. “This year’s tax reform now focuses on the business side, where the real economic problem lies today.” The lessons from the Reagan-era tax debate are particularly instructive today. “The economy took off on a 25 year boom,” Ferrara says. “Despite those dramatic income tax rate cuts, federal revenues doubled while Reagan was president, because of the booming growth.”
Fox News reports that between 2005 and 2015, “the U.S. permanently resettled roughly 9.3 million new immigrants on the basis of family ties.” This dramatic uptick of so-called chain migration is the main engine driving low-skilled workers into the country, “a phenomenon analysts say most directly hurts American minority groups with comparable skills.”
“Simply cutting red tape and putting Obama-era regulations on hold have already saved $378 million since President Trump took office,” reports Paul Bedard in theWashington Examiner. Once the Administration’s anti-regulation push comes into full force next year, “that savings is expected to jump into the billions.” Bedard cites a report from the American Action Forum that crunched the numbers.
Diante Johnson, president of the Black Conservative Foundation, writes in the Washington Examiner that historic tax cuts are welcome news for the African-American entrepreneurial community. “African-Americans were better off in 2000 than they were just last year, according to the latest Census data,” Johnson writes, pointing out that minority entrepreneurs own 29 percent of U.S. businesses.
On the environmental front, Dan Sullivan argues in The Washington Post that responsible development of the Arctic National Wildlife Refuge’s coastal plain is a huge opportunity for the United States—including when it comes to protecting the global environment. What critics often miss, says Sullivan, is that the “debate has not kept up with Alaska’s world-class environmental standards or advancements in technology.”
“Responsibly developing the coastal plain of [Arctic National Wildlife Refuge]… is truly a win for the United States,” as it will promote the economy, job development, energy and national security, and the global environment.
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