It’s official: Trump’s tax cuts paid for themselves

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Unleash Prosperity Hotline
Issue #690
01/12/2023
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1) It’s Official: Trump’s Tax Cuts Paid For Themselves
The evidence is now incontrovertible: the Trump tax rate cuts of 2017 that CTUP cofounders Larry Kudlow, Arthur Laffer, and Steve Moore helped design with the help of Kevin Hassett RAISED revenues over the last five years.

The latest Congressional Budget Office Report shows $4.9 trillion of federal revenue collected last year – nearly $500 billion higher than their projection. And corporate income taxes beat CBO's projection by 25 percent.

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Since the Trump tax rate cuts, revenues are up – Ready for this? – almost $1.5 trillion. That was roughly a 40% rise in revenues in five years. So much for this being a tax giveaway for the rich.

We compared these numbers with the estimates of what the Trump tax cuts were expected to “cost.” Instead of a $1 trillion “loss,” the tax receipts surged.

In other words, there was a giant Laffer curve effect of higher growth and higher tax payments with lower tax rates.

None of this seems to matter to the Democrats. They want to monomaniacally repeal a tax cut that worked.

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2) Now Biden Wants To Ban Gas Stoves
You’ve probably heard Joe Biden’s Consumer Product Safety Commission is talking about a ban on indoor gas stoves. Millions of Americans prefer gas stoves for lots of reasons including food tastes better when cooked on gas rather than electric and gas stoves are cheaper to install and operate. Moms aren’t going to be happy.

That doesn’t matter to the home appliances police.

Richard Trumka Jr., a Biden commissioner on the CSPC and the son of the late left-wing head of the AFL-CIO, told Bloomberg the ban is justified because gas stoves increase respiratory problems such as asthma among children.

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This is a myth promoted by leftwing environmentalists whose real agenda isn’t to reduce asthma but to ban natural gas in order to save the planet. These yo-yos refuse to acknowledge that natural gas REDUCES pollution from emissions that can cause REAL respiratory and health problems.

The American Gas Association notes that neither the CSPC nor EPA has cited gas stoves “as a significant contributor to adverse air quality or health hazard.”

If Trumka and his fellow big brothers do outlaw gas stoves (the ban on incandescent light bulbs just took effect last week), Republicans in Congress must use the Congressional Review Act to force a tough Senate floor vote against American consumers.

It would be much better for Americans to shut down the CPSC than gas stoves.

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3) SALT Cap And COVID Lockdown Drove High-Income Exodus From California
A new paper by Stanford University Finance Professor Joshua Rauh finds:

California's top earners are particularly mobile, showing the highest rates of departure around tax policy changes such as Proposition 30 in 2012 and the Tax Cut and Jobs Act (TCJA) of 2017 as well as the COVID-19 pandemic in 2020. Consequently, potential net outflows of taxable income spiked to nearly $4 billion in the year TCJA was implemented and $10.7 billion around COVID-19. High-earning movers have been consistently more likely to leave California for zero-income tax states since 2012, and those who experienced larger tax increases under TCJA were more likely to depart. During the COVID-19 episode in 2020, changing patterns of destination states provide evidence that taxpayers were motivated by COVID restrictions as well. For families with dependents, the share of California taxpayers who left and moved to a given state was higher in 2020 by an average of half a percentage point for every 10 percent fewer days of school closures in the destination state.

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Where did they go?

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Gavin Newsom recently declared California the freedom state; we think the "freedom to leave state" is more accurate.

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4) Beware: ESG Policies May Be Shrinking Your Retirement Fund

We’ve warned that the fad of ESG investing – where investment houses like BlackRock pick stocks based on their commitment to the environment and social justice, rather than company profitability – is a blatant violation of these funds’ fiduciary duty to investors and retirees.

We’ve also noted that ESG funds have underperformed the overall stock market over the past several years because they divested their portfolios of fossil fuel companies – which have had very high returns of late. ESGs are running about two percentage points per year below index funds. This lower return can cost a retiree more than $100,000 in their nest egg over time.

One of the worst initiatives pushed on investment funds by leftist environmental groups is a climate change concept called Net Zero – which means every company in the portfolio must be on a path to zero carbon emissions.

This crazy activist policy has been endorsed by 290 investment houses with a whopping $66 trillion of assets. We thought you might want to know where the major money managers stand on this and adjust where you do your investing accordingly.

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The four largest villains:

BlackRock
State Street
JPMorgan Asset Management
London-based Legal & General

By contrast, these three major investment firms aren’t putting politics over profits (and higher returns) with your retirement money:

Fidelity
Pimco
Vanguard

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5) Fed Chief Says He Won’t Be A Climate Change Czar
Speaking of ESG lunacy, some good news: Fed chairman Jerome Powell says he’s not going to let climate change activism impact Fed monetary policy. Some highlights from his speech:
* "We should 'stick to our knitting' and not wander off to pursue perceived social benefits that are not tightly linked to our statutory goals and authorities."

* "Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time."

* "In a well-functioning democracy, important public policy decisions should be made, in almost all cases, by the elected branches of government. Grants of independence to agencies should be exceedingly rare, explicit, tightly circumscribed, and limited to those issues that clearly warrant protection from short-term political considerations."

* "Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals. We are not, and will not be, a 'climate policymaker.'"

This is all wonderful, but we'll believe it when we see it.

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6) Biden Visits The Border

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