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Unleash Prosperity Hotline – Weekend Edition
Issue #1188
01/24/2025 – 01/26/2025
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1) It Turns Out Trumponomics Is Popular

If these poll numbers are even close to being right, it's an amazing all-time high in Trump's approval rating of +18 points.

The common sense executive orders defunding the green new deal, repealing EV mandates, forcing federal workers to get back on the job, freezing federal hiring, ending racial preferences, pulling out of unamerican organizations like the World Health Organization, and evicting criminal aliens is very popular.

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We know that approval ratings can rise and fall with the political winds, but there is no denying the man is on a roll.
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2) The States Are Flat

The planet may not be flat, but increasingly the states are!

Jonathan Williams of ALEC - which represents more than 1,000 state legislators - reports that since 2019, seven states have adopted flat-rate taxes.

Add to that the nine states (including Washington State, which only taxes capital gains) that have a personal income tax rate of zero, and you've got a revolution in tax policy going on in states around the country.

We are still waiting for the 10th state to join the ranks of Texas, Tennessee, and Florida as no income tax states. It's one of the best ways to create jobs and reduce poverty.

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3) Meanwhile Liberal Governors Keep Trying to Tax Their Way to Prosperity

Maryland Governor Wes Moore is widely considered the rising star of the Democrat party. We were sooo disappointed that facing a $3 billion deficit, he has announced he will raise taxes on the top 20% of earners in his state. Moore also wants a 1% surcharge on capital gains income for households that earn more than $350,000.

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New York Governor Kathy Hochul has imposed a $9 congestion toll on vehicles entering central Manhattan and is likely to propose other taxes to bail out the city's transit system, which has never recovered to its pre-Covid passenger levels.

Washington State's just departed Gov. Jay Inslee helped push into law a tax on capital gains by pretending it wasn't a tax on income. But enough residents have left the state due to the tax that the state is still saddled with a $12 billion two-year deficit. As he left office, Inslee proposed a new 1% wealth tax on state residents' global assets over $100 million. The Democratic legislature has its own ideas, including a hike in the capital gains rate, and increasing taxes on homes sold for over $3 million - among other ideas.

The only Democratic governor that we know of who wants to CUT tax rates is Jared Polis of Colorado. Democrats could do a lot worse than Polis in 2028 - and they almost certainly will.

The Only Sensible Democratic Governor
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4) Pay For the Trump Tax Cut By Auctioning Electromagnetic Spectrum

Auctioning federal assets to the highest bidder is a smart way to raise a lot of federal revenues and a way to make sure that the resource goes to its highest value-added purpose. Congress should start with spectrum - the invisible airwaves that power mobile phones, Wi-Fi, and other wireless technologies.

Experts say an auction could bring in $100 billion or more to the U.S. Treasury. It would also help juice the U.S. economy by expanding America’s 5G wireless communications. A new report by the economic consulting firm NERA ([link removed]) , finds that auctioning 100 megahertz of mid-band spectrum that's licensed for 5G will boost US GDP by more than $260 billion, and create 1.5 million new jobs.

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Good news: in years past, Congress has used dollars raised from spectrum auctions to offset tax cuts in reconciliation packages. That’s exactly what they should do again.

"Effectively allocating spectrum to meet the ever-growing need is critical to promoting American innovation and protecting our national security," Chairman Richard Hudson said yesterday ([link removed]) at the first House Energy and Commerce Subcommittee on Communications and Technology hearing of the new Congress.

We agree. It can't happen soon enough.
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5) Another Revenue Raiser: Cut the Capital Gains Tax

This nugget of wisdom from our co-founder Steve Forbes's latest column:

Republican tax writers should emblazon on their minds and ceaselessly remind their colleagues that cutting the capital gains tax immediately means more revenue—not a year or two down the road, but right away. Instantly. It’s bipartisan: When this exaction was reduced in 1997 under Democrat Bill Clinton, tax receipts went up nicely in 1998; when this tax was cut under Republican George W. Bush in 2003, it meant more revenue in 2004.

People more readily realize gains on their securities when there’s a lower tax penalty for doing so. Whacking the current 23.8% to 15% would render such a delightful impact. Investors are sitting on mammoth stock market gains. They would love the chance to pocket some of those profits and redeploy the rest to other opportunities. Remember, you want this kind of mobility in capital for new investments instead of its being frozen in existing ones.

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Forbes is right that lower capital gains taxes free up more capital for investment for new investments.
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6) Only 1,300 Days to Go!

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