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Unleash Prosperity Hotline
Issue #1282
06/10/2025
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1) Trump and Bessent Tout UPN Economists Letter
Thank you to two of our favorite HOTLINE readers, President Trump and Treasury Secretary Scott Bessent, who blasted out the Unleash Prosperity Now (our 501 (c)(4) partner organization) letter signed by more than 300 prominent economists and business leaders. The UP letter urges Congress to quickly pass the extension of the 2017 Tax Cuts and Jobs Act.
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2) One of These Four Supply Side Super Stars Will Be the Next Fed Chairman
President Trump announced yesterday that he will announce his pick for the next Federal Reserve Board "very soon." Just as we predicted, in the Wall Street Journal and on these pages a year ago, our White House sources tell us these are the four finalists for Fed chairman:
* Kevin Hassett
* Larry Kudlow
* Arthur Laffer
* Kevin Warsh
All are inflation hawks who would promote dollar stability. Just what the doctor ordered.
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3) Trump Budget Fully Funds World Bunk and the International Monetary Fraud
Trump promised to shut down money to globalist anti-America institutions. But his budget hands out MORE money to the Davos crowd.
The budget proposes paying the first half of Trump's pledged $3.2 billion in funding for the World Bank in 2026 - despite its lopsided focus on climate issues and repayments of China loans.
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Worse, it would fully fund Biden's plan for a whopping 50% quota increase to a $970 billion global total for the IMF, in exchange for a reduction in U.S. influence on how (largely American) money gets spent. It's a big leap backward in fighting the arrogant London School of Economics, one-world-order elites.
The details are in the Trump budget appendix here:
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How does any of this put America first?
Some of our Republican friends argue that if we withdraw from these lending institutions, then China will take them over. Good. Let Beijing waste its money on failed central planning programs.
Quick. Someone please tell Trump his budget funds his and America's enemies.
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4) CEOs Embrace "Trump Accounts" for Every Newborn American
On Monday, President Trump assembled a roundtable of US CEOs to tout his new 401k-like savings program for newborn children, that's part of the "Big Beautiful Bill.”
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A tax-advantaged investment account of $1,000 would be created for every newborn baby with a Social Security number. That money would be invested in the S&P 500 and families and employers could supplement it with up to $5,000 annually.
Dell Technologies CEO, Michael Dell, told the roundtable he would pledge a $1,000 match for any "Trump Account" set up for the new children of his employees.
Other CEOs who promised to support the plan once it passed included Uber's Dara Khosrowshani, Goldman Sachs' David Solomon, and Vladimir Tenev of Robinhood.
Brad Gerstner, the CEO of Altimeter Capital who endorsed the concept years ago, briefed attendees on how the plan would seed index fund accounts with $1,000 in government money for each of the 3.7 million US newborns each year:
"Using the power of compound interest. We can eventually make everyone an owner in America. Think of 401(k)s from birth, where corporations will then match those grants to those kids at birth, where parents now who were afraid or didn't know how to open up an account can now save 50 bucks a week or 100 bucks every couple of weeks. After three decades, a 30-year-old today would have over $270,000 in an Invest America account."
This is a good idea, if the nest egg money is used to offset future welfare benefits. But a MUCH better idea would be to allow all workers under the age of 35 to place 10% of each paycheck into one of these personal accounts in lieu of paying payroll taxes. This would be the biggest tax cut, the biggest debt reduction plan (wiping out tens of trillions of dollars of future federal liabilities), and the biggest pro-growth plan in world history.
A Much Better Deal Than Social Security
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5) Cuomo the Tax Cutter?
Andrew Cuomo, the disgraced former New York governor, is plotting his political comeback and wants to be the next Mayor of New York. Yesterday he told Bloomberg Radio:
"You elect a socialist who tries to give everything away free, doubles the taxes on the wealthy, and the wealthy say, 'That's it I'm gone."
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He's of course right that high income taxes are chasing the wealthy out of the city and the state. But who raised them in the first place? Let's recap Cuomo's 2021 tax hikes:
* The top state income tax rate for high-income earners was increased. Individuals making over $1 million per year and couples making over $2 million per year saw their income tax rate increase to 9.65% from 8.82%.
* A New York City resident with over $25 million in taxable income was subject to the highest combined New York State and New York City income tax rate in the country (14.776%).
* The corporate income tax rate increased from 6.5% to 7.25% for taxpayers with a business income base over $5 million.
* The business capital base tax, which was set to expire in 2021, was reinstated and extended for three years.
New Yorkers accelerated their escape to Florida to escape Cuomo's taxes (and his COVID lockdowns). Here are the Census estimates:
Here's what's really scary and how messed up things are in New York. Cuomo is probably LESS crazy than his socialist opponent.
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6) The Media Keep Talking About Huge Republican Spending Cuts But...
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