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Unleash Prosperity Hotline
Issue #1296
06/30/2025
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1) Every Senate Democrat Just Voted To Raise Taxes by $4 Trillion
While we all have concerns about what made it in and what got taken out of the Senate Big Beautiful Bill, the media and even some Republicans have buried the lead:
This bill prevents the biggest tax increase in American history scheduled for January 1, 2026.
Killing the tax increase is an enormous achievement for the country and our economy.
Period. Hard stop.
What a sad state of affairs for the Left, that even though about two-of-three Americans support avoiding the tax increase, the liberals in the Senate over the weekend unanimously voted to allow the tax equivalent of a nuclear bomb to detonate.
Remember, earlier this year, every Democrat in the House voted for the tax hike on millions of middle class workers, small businesses, and families with children.
Here are the taxes they voted to raise on January 1:
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And this is the expected economic impact:
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2) What’s in and What’s Out of the Big Beautiful Bill
Congrats to Senate Majority Leader John Thune for pulling out this big victory over the weekend. It wasn’t pretty and in the days ahead, we will dissect what we don’t like. But we will take the W for the reason cited in Item 1.
There were so many late additions and deletions over the weekend in the near 1,000 page Senate bill that we are still raking through them all.
We thought this chart from the New York Post was a handy CliffsNotes version of some major elements of the bill, although we would caution that what they call "cuts" are relative to Biden's pumped up baseline.
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3) Good News and Bad on Medicaid
The good news is we were wrong when we reported on Friday that the Senate parliamentarian ruled out Medicaid work requirements. They are in. This is an essential reform to lower costs and get able-bodied Americans of working age into the workforce.
The bad news is that we neglected to mention that the parliamentarian vetoed a provision that requires Medicaid participants to verify their citizenship for eligibility.
The parliamentarian also nixed a prohibition on Medicaid funding for "gender affirming care" - such as sex-change procedures. Not sure who would be in favor of taxpayers paying for that.
Kudos to Budget Committee Chairman Lindsey Graham of South Carolina for finding a way around the parliamentarian’s veto of reforms to the provider tax scams that states use to enrich hospitals with billions of federal tax dollars. Big win here.
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4) You're Tight When You're Loose, then Loose When You're Tight
Trump has good reason to be infuriated over Fed Chairman Jerome Powell's make-it-up-as-you-go-along interest rate policies.
As the chart below from monetary expert Louis Woodhill shows, Powell has been like a blind man throwing darts at a dart board in hitting his 2% inflation goal.
He shafted Trump in 2019 when he kept interest rates high, even though inflation was below the 2% Fed target. This chokehold on the money supply almost veered the U.S. economy into a recession ditch. Then throughout almost the entire Biden presidency, inflation towered over the 2% target and...where were the rate hikes?
Few and far between. The Fed has only gotten inflation within 10% of its target rate in 3 out of 76 months under Powell.
His series of rate changing blunders reminds us of those memorable lyrics from Katy Perry's hit song Hot N Cold:
You’re hot, then you’re cold
You're yes, then you're no
You're in, then you're out
You're up, then you're down
You're wrong when it's right
It's black, and it's white…
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Powell should be fired for gross incompetence.
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5) Canada Caves on Digital Services Tax
Tired of winning yet?
Another huge win for Trump on trade and taxes over the weekend. On Thursday, Trump announced he was cutting off trade talks with Canada.
On Sunday, the Canadians announced they will drop their discriminatory Digital Services Tax on American technology companies. This will prevent billions of dollars of unfair, retroactive Canadian taxes on Made in USA tech services from being collected.
It’s called the “Art of the Deal.” Big win Mr. President.
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6) Robin Hood Economics Washington-Style
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