Extend the Tax Cuts As Soon As Possible

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Unleash Prosperity Hotline
Issue #1167
12/18/2024
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1) Extend the Tax Cuts As Soon As Possible
UP co-founders Moore, Laffer, and Kudlow were joined by Grover Norquist to make the case on Fox Business:

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NORQUIST: It's very dangerous. We delayed the 2017 tax cut that the President wanted from early in 2017 to December 22nd, was when it finally has passed. We had tremendous growth in 2019, a year after we lost 40 seats and lost the House of Representatives...

LAFFER: You shouldn't delay it. Grover's right. You're right, Larry. He's just totally right there... I think Trump is very clear on this message, do not delay the tax cuts...

KUDLOW: It looks like the Senate, the Republican Senate, wants to delay the tax cuts into a second reconciliation bill... I don't know how many bites out of the apple you're going to get... I don't know why they can't do one huge reconciliation bill. Tax cuts, border, you name it all. Defense, NDAA, that's going to go in there, permitting for liquid gold. I just don't understand why they can't do it all once.

MOORE: Well, especially, Larry, because right now, Donald Trump is so popular. He has a political capital that I haven't seen since Ronald Reagan came in. You do not want to delay. You want to seize the moment, Larry. One of the things that I think they ought to do, just do everything. Do the oil policy, do the deregulation, do the border wall, and do the tax cut at once. This guy, I defy the Democrats to try to stop him. I think the more you delay it, the more you put this tax cut in jeopardy.

LAFFER: The Tax Cuts and Jobs Act paid for itself in the first two years. The increase in total federal revenues from the prior two years was way higher than it had been from the prior two years to the two years prior to that. We even get that corporate tax revenues are up. It's amazing. These things really work.

The only co-founder who didn't join them made the case in a perfectly concise X post:

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This is basic economics: the sooner the tax bill passes, the more immediate the economic benefits. On the other hand, if we go late in the year with a risk of a major tax hike looming, that causes real economic harm even if the tax cut is eventually passed.
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2) Stop Schumer's Raid on Social Security

On Monday, we blew the whistle ([link removed]) on the fiscally reckless scheme to plus-up Social Security benefits for retired government workers, who spent most of their career exempt from Social Security taxes, while they were covered by more lucrative pensions. It's a $200 billion raid on an already actuarial bankrupt program.

Yesterday the WSJ joined the drumbeat ([link removed]) with an editorial that explained exactly why the so-called Social Security Fairness Act is profoundly UN-fair:

Government workers who spend some of their career in private industry are entitled to Social Security benefits. However, the standard Social Security formula treats years employed in government as if workers have zero earnings. This reduces their average earnings in the equation and thus increases their wage replacement rate.

As a result of this formula quirk, government workers who spend some years with private employers would get a relatively larger benefit than similar-earning workers who spend their entire careers in private industry. Congress in 1983 sought to fix this injustice with the Windfall Elimination Provision (WEP), which reduced benefits for such government workers.

Now they want to give an extra bump in benefits to these public employees when they retire. How is that fair?

Now, the only thing that can stop the Schumer steal is a Senate filibuster. But the unions have convinced 13 Senate Republicans to co-sponsor ([link removed]) it, enough to overcome a filibuster if no one drops their support. There are some surprising name so this list, which we include below for your easy reference:

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Amazingly, the first big vote in Congress since the Trump election will be to inflate the debt by another $200 billion - and it very well may pass.
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3) Headline of the Day

In recent weeks, we wrote about Javier Milei's 30% cut in government spending ([link removed]) in his first year in office, and his welcoming the wit and wisdom of UP co-founder Arthur Laffer ([link removed]) .

This Financial Times headline brought a smile to our faces:

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FT reports:

Argentina's sovereign bonds climbed on Monday, with the premium over US Treasuries that investors demand to hold its debt falling 4.4 per cent to 677 basis points, down from more than 2,000 when Milei took office...

While JPMorgan said it expects Argentina's economy to finish 2024 with an annual 3 per cent contraction, it is projecting 5.2 per cent growth in 2025.

Freedom works!
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4) Meanwhile, In Canada, Justin Trudeau Is on the Ropes

We predicted last week that major political leaders will topple as Trumpism goes global.

The first domino to fall may be Canada's bumbling governor (er prime minister) Justin Trudeau.

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Trump is delighted:

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Trump's election may also lead to both Canada and the U.S. pursuing pro-growth policies, as they famously did in the 1980s when Ronald Reagan and Canada's Brian Mulroney were in office at the same time.
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5) Not as Good as Gold

The commodity price index (see below) hit a 10-year high this week, and the Fed is expected to cut interest rates again when it meets today.

Why?

This is supremely unwise and the last thing Trump needs as he enters office is a stampede of loose money. That's what ruined the Biden presidency.

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6) Safety First!

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