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Stephen Moore says Trump’s plans to cut taxes and lower spending will promote growth

25244866965_78feeaa81c_qFrom USA Today:

Nearly every poll shows that by a more than 2-to-1 ratio, Americans think the country is headed in the wrong direction.

It’s no mystery why. Obamanomics has given us the weakest economic recovery in 75 years. Wages are flat or falling for all but those in the top 10%. And our national debt has risen by almost $8 trillion in seven years.

What we are doing now isn’t working for the middle class.

The Trump tax plan is designed to supercharge growth, much like President Kennedydid in the 1960s and President Reagan did in the boom years of the 1980s with their tax reductions.

Trump will cut our business tax from the highest in the world down to 15%, making our rate one of the lowest. This will bring businesses that have been stampeding out of America — great companies such as Burger King and Medtronic — back.

Small businesses, the backbone of our economy, will see their tax rate fall from close to 40% to 25%. This will allow companies to invest more and hire more workers here at home. Getting rid of tax loopholes will help pay for these reductions.

Mr. Trump has an aggressive government downsizing plan. He would repeal the costly and ineffective Obamacare law and replace it with consumer-driven care.

Trump also favors the “penny plan,” cutting one cent of every dollar from government programs — except Social Security and interest payments — for five years. This will save trillions over the next decade.

The biggest deficit we need to urgently fix is our growth deficit. We must pump up our GDP growth from the anemic 1% rate of Obama’s past six months up to a sustained 4% under Trump. Just 2% faster growth reduces our budget deficit over a decade by more than $5 trillion.

Liberal economists pout that this growth is impossible for America, but that’s what people said in the miserable 1970s. Reagan (and JFK before him) proved that with the right policy incentives that get government off the back of business, a new era of prosperity is just around the corner.

Photo Credit: Gage Skidmore

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