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Unleash Prosperity Hotline
Issue #1246
04/17/2025
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1) Fire Jerome Powell?

Anyone remember when the Federal Reserve Board was supposed to be politically independent? Well, never mind.

Powell’s rant yesterday against Trump and tariffs warning of “higher inflation and lower growth” sent the Dow tumbling by more than 500 points. This was arguably the most partisan tantrum by a Fed chair in modern times - attacking a new president’s policies so aggressively and adding to market turmoil when the Fed’s job is to calm markets. Instead he screamed “Fire” in a crowded movie theater.

We are not fans of many of Trump’s tariff strategies. But the idea that inflation is raging out of control is counterfactual. So far commodity prices are LOWER than they were when Trump entered office and the latest inflation report showed consumer prices coming down.
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Does anyone recall these apocalyptic predictions when Biden was adding $5 trillion to the debt and inflation skyrocketed to 9.1%? We don’t.

Trump now has good reason to fire Powell for cause - immediately.
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2) GOP's "Tax Hike on the Rich" Is an Economic Disaster

UP co-founders Steve Forbes, Art Laffer, and Steve Moore explain in today's New York Post:

Recent rumors of an increase to 40% or more would represent a dangerous departure from the proven, prosperity-driving principles that have boosted America ever since the Reagan years: That is, lowering tax rates to promote economic prosperity.

History has shown time and again that reducing marginal tax rates -- particularly on individuals, entrepreneurs and small businesses -- unleashes economic growth, expands the tax base and ultimately generates more government revenue, not less.

Raising tax rates, on the other hand, nearly always has the same three consequences: less revenue than expected, slower economic growth and reduced income taxes paid by the rich -- as higher-income filers hire accountants to take advantage of loopholes and avoid those higher rates...

We urge President Trump to stay true to the Republican Party's long-held commitment to low tax rates and a vibrant free market economy.
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3) Texas House Passes Most Sweeping School Choice Bill Ever!

Congratulations Governor Abbott and Donald Trump. And the people like Jeff and Janine Yass who made this victory for children possible.

The Texas House last night passed Governor Greg Abbott's universal school choice plan, which allocates $1 billion to fund scholarship accounts of $10,000 per student ($11,500 for students with disabilities).

The bill had already passed the Senate, but the House amended it. The differences are minor and expected to be resolved.

The vote was 85 to 63, with every Democrat voting no along with only two Republicans: Dade Phelan and Gary VanDeaver.
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Now, most of Texas's 5.5 million kids and their parents will be able to choose the best schools for them - public or private. We want to thank all the groups that joined our Unleash Prosperity/ALEC/Job Creators Network school choice coalition to push this over the goal line.

This will make 16 states with universal or near-universal school choice:
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4) California’s $128 billion (or More) High-Speed Train to Nowhere
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This is the train that was supposed to link L.A. to San Francisco but now will neither start nor end at either of those destinations.

Unleash Prosperity's resident demographer and transportation expert Wendell Cox has written the definitive paper on this debacle that will now cost at least three times original projections:
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But those official estimates are still far too low. Cox finds: If cost escalation continues for the system extensions to Los Angeles and San Francisco, the eventual cost could reach over $350 billion, double the present projection.
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Fox Business has a write up of the study here:
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And the full paper is available on our site:
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5) Poetic Justice at the Internal Revenue Service

President Trump marked Tax Day this week by naming IRS whistleblower Gary Shapley - the man who revealed the favoritism toward Hunter Biden - as Acting Commissioner of the agency.
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Shapley is one of two IRS agents who testified before the House Ways and Means Committee in 2023 about how the IRS was failing to pursue the Hunter Biden case.

Both men were retaliated against by the agency. But their efforts resulted in Hunter being convicted for tax crimes, only to be pardoned by his father just before he left office - despite promising earlier he would never do that.

The Trump administration has nominated former Rep. Billy Long (R-Missouri) to be the permanent IRS commissioner, but his confirmation process has been slow enough that Trump felt it important for someone to step in temporarily. Shapley will act in the role until the Senate confirms Long.

Nearly 25% of Internal Revenue Service employees are taking buyouts and plan to resign.

We could cut the IRS in half with a simple Steve Forbes flat tax.
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6) Have a Happy and Holy Easter!

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