LARRY KUDLOW: Donald Trump cut taxes and the entire economy benefitted
Every time Joe Biden says something about tax policy, I have to go back and write another riff to rebut all of his falsehoods. I’m so tired of this game. Today in Scranton, Biden put out yet another phony tax talking-point paper with untruth after untruth. It’s pure class warfare.
Millionaires are bad! Billionaires are worse! And if somebody makes a million bucks, some middle- or lower-income family loses a million bucks, but that is not how our capitalist economy works.
It’s not a zero-sum game. As the late Congressman Jack Kemp said many years ago, in fact, borrowing from President John F. Kennedy, “a rising tide lifts all boats.” Incentives matter. If you encourage work and investment with lower tax rates, you will get more work and investment. As Art Laffer has said thousands of times: Tax something less, you get more of it. Tax something more, you’ll get less of it.
LARRY KUDLOW: BIDEN’S ‘DON’T’ IS JUST FAILED US DETERRENCE
Economic returns after tax (and after inflation) matter for individual or business economic decisions. Biden’s latest so-called tax factsheet is just so utterly and completely wrong factually. I mean, it’s OK to have your own opinion about how the world works, but it’s not OK to make up your own facts. This whole Biden diatribe against Donald Trump’s 2017 tax cuts is wrong.
I’ll just put out a few facts, because I’ve done this so many times and it’s a wearying exercise, but here it goes. For the entire Trump term, real weekly earnings for typical working-class families went up 9.2%. That’s for the entire Trump term. So far, under Biden’s three years-plus, they’ve fallen 4.5%.
READ ON THE FOX BUSINESS APP
The biggest gainers from the Trump tax cuts were the middle- and lower-income earners, the bottom quintiles. In fact, the lowest 20% had the biggest gain.
Then, poverty dropped all the way down to a record low of 7.8% under Trump. Under Biden, so far, it’s 12.4%. Unemployment for Blacks, Hispanics, Asian-Americans and women dropped to record lows under Trump. A recent National Bureau of Economic Research study showed that worker wages were the biggest beneficiary of the Trump tax cuts, and revenues over a few years actually broke even.
Biden is blathering on that corporations don’t pay taxes, only the wealthy benefited, the deficit expanded over $5 trillion, and on and on… None of it is true.
By the way, no administration has given out as many tax credits and subsidies through the tax code as the Bidens’ Green New Deal and misnamed Inflation Reduction Act, which has kept the budget deficit at around $2 trillion a year and is one of the greatest corporate welfare slush funds in history and, incidentally, wealthy people living in the cities and suburbs on the east and west coasts screamed like stuck pigs when Trump lowered the SALT tax deduction to only $10,000, and that’s why the percentage income gains for the middle- and lower-income workers were higher than for the upper end.
Meanwhile, Joe Biden wants to roll back all the Trump tax cuts and institute various wealth taxes on unrealized capital gains and other asset confiscation that probably comes to around $5 trillion in higher taxes, and Mr. Biden is still spending at a rate of 24% of GDP or more with massive additional spending plans if he ever gets re-elected.
The inflation rate has gone up 19.4% since Biden took office and personal borrowing costs have skyrocketed. Another recent NBER paper suggests the actual inflation right now could be 7%, but putting all the numbers aside, think of it this way: Donald Trump cut taxes and the entire economy benefited.
The bottom 20% benefited the most, but a rising tide lifted all boats. Today, the day after Tax Day, Joe Biden is out there in Middle America boasting about how much he will raise taxes. That means a falling tide will sink all boats. What a loser’s message! I’m sure this is not the last time I’m going to have to write this article.
This article is adapted from Larry Kudlow’s opening commentary on the April 16, 2024, edition of “Kudlow.”
Original article source: LARRY KUDLOW: Donald Trump cut taxes and the entire economy benefitted
News Related
-
Anyone who’s purchased gift baskets to hand out to loved ones this holiday season might need to find a backup present after the latest food recall that involves festive cookies. Gift basket company Wine Country Gift Baskets just announced that it is voluntarily recalling all gift baskets that feature Acorn Baking ...
See Details:
Recall Just Announced For Popular Cookies Featured In Holiday Gift Baskets
-
LOS ANGELES: Quarterback Jalen Hurts ran in an overtime touchdown to give the Philadelphia Eagles a 37-34 NFL win over the Buffalo Bills Sunday (Monday in Manila) and move them to 10-1 on the season. The Eagles, who lost the Super Bowl to Kansas City last season, trailed at half-time ...
See Details:
Eagles rally past Bills in overtime as Chiefs win
-
Yen Makabenta First word WHILE UN Secretary-General Antonio Guterres and other promoters of the climate emergency are preparing to convene the 28th conference of the parties (COP28) of the UN Framework Convention on Climate Change (UNFCCC) in the United Arab Emirates, starting on November 30 and stretching to December 12, ...
See Details:
Reality bites the green energy agenda
-
Sandigan orders Marcos Sr. pal to pay workers The Sandiganbayan has ordered the enforcement of a July 2023 ruling ordering a Marcos Sr. associate to pay a lumber company’s workers P2.1 million in damages as well as return 60 percent of their company’s shares and pay all unpaid benefits. The ...
See Details:
Sandigan orders Marcos Sr. pal to pay workers
-
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated MANILA, Philippines – More than 18,000 families have fled to evacuation centers across flood-affected regions in the country due to the impact of the shear line and low pressure area. Department of Social Welfare and Development (DSWD) gave ...
See Details:
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated
-
-
MANILA, Philippines: The entire Luzon, including Metro Manila, is expected to experience isolated rain showers and thunderstorms as the northeast monsoon (“amihan”) and easterlies will be affecting the country over the next 24 hours, the state-run weather agency said on Tuesday. Weather specialist Patrick del Mundo of the Philippine Atmospheric ...
See Details:
Rain showers, thunderstorms over Luzon, including Metro Manila — Pagasa
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
'Naruto' live-action film adaptation is in the works
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
NASA Highlights Stingray Nebula
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Manila's Lagusnilad underpass opens
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China probes debt-ridden financial giant
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China's VUCA situation
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Unraveling the mystery that is diabetes
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Bangladesh's nuke plant is not going to steal PH investments
OTHER NEWS
ALIW Awards Foundation Inc. President Alice H. Reyes has released the names of finalists for the 2023 Aliw Awards to be presented on Dec. 11, 2023, at the Manila Hotel ...
Read more »
WhatsApp Web gains the feature of single-view photos and videos (Photo: Unsplash) The WhatsApp Web, the desktop version of the popular messaging app from Meta, has received an update allowing ...
Read more »
Young athletes’ time to shine in Siklab Awards MANILA, Philippines — The future heroes of Philippine sports will be honored during the third Siklab Youth Sports Awards on Dec. 4 ...
Read more »
Graphics by Jannielyn Ann Bigtas A local government official said Monday that five to 10 barangays in Northern Samar are still isolated following the massive flooding in the area last ...
Read more »
DyipPay app lets you pay jeepney fare, book tricycles “Barya lang po sa umaga.” Everyone who rides jeepneys knows this rule: it may not be an actual law, but it’s ...
Read more »
Updated In-Season Tournament Bracket ahead of pool play finale Tuesday will mark the last day of pool play for the inaugural NBA In-Season Tournament. From there, six first-place teams and ...
Read more »
PCG forms teams for maritime emergency response MANILA, Philippines — Recent incidents of fishermen lost in the waters off Southern Tagalog have prompted the Philippine Coast Guard (PCG) to form ...
Read more »