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Unleash Prosperity Hotline
Issue #1287
06/17/2025
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1) Senate Tax Bill

As expected, late yesterday, Senator Mike Crapo released his draft Senate version of One Big Beautiful Bill. On balance, we like it, but we’re still wrestling through it, but here are some initial takeaways.

The Good:
* Restores the $10,000 SALT cap - as opposed to the preposterous $40,000 cap in the House bill.
* Makes almost all 2017 Trump tax cuts permanent, including capital expensing provisions, school choice tax credits, and opportunity zones.
* Limits the remittances tax to cash transactions rather than the House approach that snared bank transactions - which would inhibit foreign investment in the U.S.
* Caps no tax on tips at $25,000 and tax on overtime at $12,500 per year.
* Adopts "current policy" baseline.

…the Bad and Ugly:
* No cut in corporate tax rate (Trump wanted 15%).
* Cuts the tax on earnings from university endowments to only 8% versus 21% in the House bill.
* No private foundation excise tax.
* No 15% business tax on made in USA products.
* No Health Savings Account expansions.
* Extends many green new deal energy giveaways past the end of President Trump's term.
* Retains double tax on immigrant remittances.

Here is the official summary:
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And you can dig into all the details via these handy House v. Senate summary tables from Andrew Lautz of the Bipartisan Policy Center on the individual tax extensions ([link removed]) , new and extended business tax provisions ([link removed]) , and revenue raisers ([link removed]) .
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2) Latest Democratic Narrative on Trumponomics

The steep decline in inflation under Trump is "transitory."

We meant this as a joke, but then, sure enough, we spotted this headline over the weekend:
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3) Britain’s Labour Party Asks: Where Did All the Millionaires Go?

Quick: someone get the leaders of Britain’s Labour government copies of the Laffer and Sinquefield book: Taxes Have Consequences. Actually, Labour just wrote the latest chapter.

The Brits have just abolished a 200--year-old tax break for wealthy residents hailing from overseas. Britain's inheritance tax now applies after just four years of residence, and for up to 10 years after residents leave the country.

A Bloomberg News analysis finds the new law is "setting the stage for the biggest exodus of wealth in the UK's recent history...and an unforced — economic own goal."
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This chart tells the whole story:

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4) Amazing Example of How America Attracts the Best and the Brightest

Anyone watching the NBA finals has had the pleasure of watching the lightning quick Shai Gilgeous-Alexander of the Oklahoma City Thunder (this year’s NBA MVP) slice and dice through defenses and score in every imaginable way. Shai was born in Canada.

The last seven MVP awards – i.e., the award for being the best player in the world – were foreign born, including Giannis Antetokounmpo (Greece), Nikola Jokic (Serbia), Joel Embib (Cameroon), and Shai Gilgeous-Alexander (Canada).

Where else in the world does that happen?

Oh, but wait! They’re taking jobs from Americans?
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5) Quote of the Day

With the Left and the media going wild about the Senate bill limiting the use of Medicaid provider taxes, our friends at Paragon recirculated Joe Biden's thoughts on them:
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6) Back to the Caves

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