There’s no doubt that President Trump’s
Tax Cuts and Jobs Act and massive deregulation lifted the economy and stock market to unprecedented levels that bolster retirement plans, pensions, and created jobs.
The unemployment rate for Asian, Black, and Hispanic Americans are at historic lows and it’s the lowest rate for women in 50 years. A low unemployment rate means new-hire candidate pools shrink, resulting in fewer people to choose from, prompting employers to offer higher pay and attractive benefits to job seekers.
Trump’s policies stabilized large and small businesses to ensure that a thriving job and business environment exist. Additionally, the labor participation rate is holding at ~63%, which means more people are working and their disposable income is steadily rising as wages continue to increase. Moreover, wage increases have outpaced the rate of inflation even amid the trade tariff battles with some of the world’s largest economies.
So, why do we need a tax cut 2.0?
Although the first tax cut helped the business environment spur a robust job market and increased wages as previously noted, hardworking Americans can use more money in their pockets to enhance monthly budgets, invest in their future, pay down debt, and more.
A good way to put more money back into the hands of workers would be to decrease individual tax rates for lower to middle-income brackets, while also increasing the earned income tax credit for low-skilled wage earners.
Over the last few decades, the American economy has experienced accelerated automation, open borders, declining/stagnate wages, and a globalist agenda that outsourced jobs and imported cheap goods — all achieved through poor economic and fiscal policies impacting everyday Americans.
Alternatively, President Trump has instituted market-driven policies focused on worker-friendly and supply-side government taxation, deregulations, and making the United States the number one energy exporter in the world. The most disadvantaged have been lifted out of poverty, but the president wants to elevate them even higher to fully attain the American Dream.
With that said, there’s no one better at taking on Liberals than President Trump. However, I would advise the president and arguably the best political marketer in my lifetime not to call his tax plan “middle-class” tax cuts, but rather, “working-class tax cuts.” He should use the same approach as he did for the first historic tax cut, but not calling it a reform and adding jobs.
Offering an appealing tax cut to Americans this November will be something for voters to consider. However, a complementary ballot decision is giving President Trump a House and Senate Republican majority to get it done. Hence, flipping the House back to Republicans and maintaining control of the Senate are imperative to help Trump deliver for hardworking American men and women. And there’s no argument that President Trump keeps the promises he makes.
And, let’s admit too, it makes for a great campaign promise to win re-election and keep the American economy great. But it may be imperative to offer to combat the overwhelming push by Democrats to abolish tax cuts, increase regulations, and sell Americans on Socialist ideals. All of which are job-killing propositions that will cost voters their freedom and livelihood and end up being like other countries instead of holding steadfast to our ideals.
My father used to always tell me, if people don’t like you for being you then they won’t like you for being someone else. My old man was right. America needs to embrace its exceptionalism, empower its citizens, and uphold the standards of free enterprise around the world.
John Burnett is the Managing Director and Founder of 1 Empire Group consulting firm and a business executive with over 20 years of experience in the financial services and energy pricing industries. A veteran of politics, John is an official with the New York State Republican Party and ran for New York City Comptroller in 2013. An adjunct professor at Hampton University and New York University, John’s editorials on business, the economy, policy, and politics have appeared in HuffPost, U.S. News and World Report, and Washington Examiner. He is also a frequent guest commentator on Fox News, Fox Business News, New York 1, and PIX 11 News. John holds a B.S. with honors from New York University and an MBA from The Johnson School of Management at Cornell University. To read more of his reports — Click Here Now.