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Unleash Prosperity Hotline
Issue #1304
07/14/2025
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1) Trump Should Index the Capital Gains Tax for Inflation

If you bought a stock at the start of the Biden presidency for $10,000 and sold it off four years later at a price of $12,200, you would pay a tax on “the gain” of $2,200. But over that time period everything rose on average by 22% thanks to Bidenflation, so you didn’t really gain anything.

This is an unfair tax on phantom gains that penalizes investment. It hurts seniors the most because the longer they hold an asset, the more the inflation penalty accumulates. The statutory 23.8% capital gains tax rate can rise to 50% or even above 100% if inflation gets into double digits, as in the 1970s.

This is why we at Unleash Prosperity have been urging the White House to end this unjust inflation tax.

Trump could do this by ordering the Treasury Department to properly define a “capital gain.” as any increase in the value of a stock or property AFTER INFLATION ADJUSTING from the time of the purchase of the asset to the time of the sale. Trump would get a hero’s welcome for doing it. We could score another important tax victory in the war against anti-growth taxation.
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2) Free Trade Will Keep America #1 in Aerospace

If you want a free trade success story, look no further than the aerospace and defense industries (A&D) that manufacture civilian, space, and military aircraft.

In 2024, American A&D exports were $139 billion, and imports were $65 billion, resulting in a trade SURPLUS of $74 billion.

More than 100,000 American companies and 2 million workers are part of the aeronautics supply chain.

This U.S. dominance has been made possible thanks to a 1979 free trade agreement in aerospace, which allowed for reciprocal duty free trade in this industry among most of our major trading partners. From then until today, the U.S. trade surplus has grown 20-fold in this industry.

Now, there is talk of suspending these half-century-old agreements as part of the Trump tariff plans. But this would cost - not save - American manufacturing jobs.

The Trump Administration should ensure that any new trade deals retain this successful America First trade policy.
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3) Unleash Prosperity Keeps Stockpiling Talent

We're pleased to announce that legendary supply-side economist Richard Vedder has joined Unleash Prosperity as a senior fellow. Back 40 years ago, Vedder did the original study documenting the migration of Americans from high-tax to low-tax states at a pace of 1,000 people a day.

He also was the architect of the Russia flat tax of 13 percent in 2000 ([link removed]) . Why can't we do that here?

There has also been no more influential critic of the pervasive corruption of higher ed than Vedder, and his new book Let Colleges Fail ([link removed]) .

He's already been busy. His latest piece on a pro-growth immigration policy in the Washington Post has garnered lots of attention.
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4) NOW He Tells Us!

You won’t believe this quote in The New York Times from Jared Bernstein, who was chairman of Joe Biden’s Council of Economic Advisers:

Budget hawks have fretted for decades about America's deficits and debt, repeatedly advising our government to embrace greater fiscal austerity. And for just as long, budget doves -- myself included -- fought this narrative, repeatedly arguing that austerity often does more harm to our economy than good.

No longer. I, like many other longtime doves, am joining the hawks, because our nation's budget math just got a lot more dangerous.
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The architect of the biggest debt bomb in history with $4 to $5 trillion of added federal spending, is SUDDENLY worried about the budget deficit.

Next thing you know, Kamala Harris will lecture us that there are too many illegal immigrants in the country.
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5) Get Ready for "Dexit" - Corporations Abandoning Delaware

Delaware was once famous for being the state that almost all publicly-traded companies incorporated in. No more.

Andreessen Horowitz, one of the biggest venture capital firms, is moving its corporate home out of once business-friendly Delaware to Nevada. It's also urging startups and the broader business community to join the exodus. It’s the Delaware version of Britain’s escape from the EU, popularly known as Brexit.

The company explains why in a blog post:

It used to be a no-brainer: start a company, incorporate in Delaware. That is no longer the case due to recent actions by the Court of Chancery, which have injected an unprecedented level of subjectivity into judicial decisions, undermining the court’s reputation for unbiased expertise. This has introduced legal uncertainty into what was widely considered the gold standard of U.S. corporate law.
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It started when a Delaware judge barred Elon Musk's SpaceX compensation package in 2018. A cascade of other disputes have pushed Dropbox, TripAdvisor, Tesla, and Bill Ackman's Pershing Square Capital Management to flee Delaware.

Nevada is the new hot state for incorporating businesses.
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6) It Turns Out Mac and Cheese and Ketchup Don’t Mix

An Ugly Divorce.
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