How could Unleash Prosperity NOT celebrate Dow 50k?

American publicly-traded companies are now worth more than $70 trillion. To put that in perspective. The market cap of all Chinese companies is estimated at roughly $11 trillion. The market cap of all European (EU) countries is roughly $16 trillion. Japan’s companies are worth $7 trillion.

This didn’t happen by accident. It’s the triumph of good economic policy – including the steep decline in tax rates and the taming of inflation.

At the start of this bull market of all bull markets in 1981 – when Ronald Reagan came into office- the Dow was just under 1,000, inflation was running at about 12%, the top income tax rate was 70%, the corporate rate was 46%, the estate tax was 70%, and the capital gains rate was 28%. The economy was in a state of collapse.

The chart below shows the tax rates then and now. Steve Forbes, Arthur Laffer and Larry Kudlow should take a bow.