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Unleash Prosperity Hotline
Issue #1274
05/29/2025
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1) The Courts Get It Right on Tariffs
We’ve argued from day one that this president - or any president - does not have the constitutional authority to unilaterally raise taxes.
Yesterday, a three-judge panel (comprised of appointees of Trump, Obama, and Reagan) unanimously ruled exactly that:
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President Trump had asserted tariff-raising authority under the 1977 International Emergency Economic Powers Act (IEEPA). But the U.S. Constitution explicitly grants taxing authority to Congress, not the President, except in the case of an emergency - which this clearly is not.
Regardless of what one thinks of the Trump tariff strategy, which of late seems to be working, tariffs are clearly taxes. This court decision is a victory for checks and balances and for our constitutionally protected-restraints on the government’s taxing authority.
The House and Senate should now immediately hold an up or down vote on the Trump tariffs.
That's the last thing they want to do. But this is how representative government is supposed to work.
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2) End the "Non-Profits" Tax Loopholes
Trump is threatening to take away Harvard's nonprofit status. That’s a good start, but why not tax ALL non-profits, or at least the ones with more than $1 billion in assets that are not true charities?
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Private colleges and other wealthy nonprofits (such as the Gates Foundation, with an endowment of over $75 billion), trade associations, and hospitals are businesses pure and simple.
The non-profit exemption is the biggest leakage in the tax base, and taxing them would allow income tax rates to be cut by as much as 15 to 20%.
The argument against taxing nonprofits is that it will reduce the good work that charities do. Wrong! Decades of data strongly suggest otherwise. In 1954, the top federal income tax rate was 91 percent. Legislation in the 1960s, the 1980s, and 1990 reduced it to 31 percent by 1991.
But even with the reduction in the tax rate (and thus the loss in the value of the tax write-off), Americans have steadily increased their charitable contributions from $54 billion in 1954 (in 2016 dollars), to $390 billion in 2016, and then to $557.1 billion in 2023.
Giving rises when the economy is strong and the economy is strongest when tax rates are lowest.
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3) Biden's Legacy: Young People Can't Afford a Home
A new report in the WSJ shows the collapse in home affordability during the Biden presidency in jaw-dropping charts:
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The median price for a starter home rose to $287,000 in 2024, up by about 44% from 2020, according to Cotality. During the pandemic, there was a buying rush, and a shortage of available homes drove up prices. Now, mortgage rates are higher as well.
The income needed to qualify for one jumped to $101,376 in 2024 from $49,008 in 2020, according to a National Association of Realtors analysis.
Rising home values are good news for home owners, but bad news for home buyers. The squeeze on young people happens when prices rise faster than incomes. During the Biden years, we saw close to zero real income gains for the median income household, so fewer families could afford a home.
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4) Elon Musk Agrees with Us: Economic Growth Is Best Solution to Our Debt Crisis
The media paid a lot of attention to Elon Musk's criticism of the tax bill passed out of the House, complaining that DOGE savings were mostly ignored and debt spending continues to rise.
But what largely slid under the radar screen was his admonition that he had come to the same fiscal conclusion that we have:
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We think he is a subscriber to the HOTLINE and learned from these pages that at 3%+ GDP growth, the national debt plummets even without any spending cuts.
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5) UPN’s New TV Ad: Democrats Voted for the Biggest Middle Class Tax Increase Ever!
If you haven't seen it yet, our sister organization Unleash Prosperity Now calls out Democrats in the House who last week voted for a multi-trillion-dollar tax increase aimed at the middle class starting next year.
Show this to your friends and elected officials.
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6) Have These Dreams Just Gone Up In Smoke?
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