By Jim Daws
Joe Biden is taking a wrecking ball to Donald Trump’s presidency. With just a week in office, Biden all but demolished Trump’s America First legacy. With a few shaky strokes of a pen, he’s thrown open the borders, wrecked the energy sector, signaled our capitulation to communist China, reinstated cultural Marxist indoctrination in schools, and returned radical gender experimentation to our military.
Biden was so busy enacting Bernie Sanders’ policies, at one point he was heard muttering, “I don’t know what I’m signing.”
Never before have we seen one president’s accomplishments so quickly and thoroughly undone. Of course, all this was possible because Trump relied so heavily on executive orders. Although Trump carried GOP majorities into both chambers of Congress, Speaker Paul Ryan and other RINOs stubbornly obstructed Trump’s agenda and squandered the GOP’s House majority.
Trump’s sole significant legislative achievement was the Tax Cuts and Jobs Act, which delivered broad-based tax relief, created millions of new jobs and actually increased revenue to the Treasury. Because every Democrat in Congress voted against Trump’s tax cuts, the media got right to work obscuring and discrediting those results. Their favorite and most deceptive trick was pointing to lower tax refunds for wage earners while ignoring greatly reduced withholdings.
But the TCJA proved, once again, that lower taxes result in increased tax revenues, as well as economic growth, low unemployment, and rising wages. In the year following the TCJA, tax revenues were up $190 billion, unemployment was at a historic low of 3.5 percent and real wages saw their largest increase in two generations -- with the lowest earners receiving the largest gains.
Before the China virus wrecked the economy, the TCJA massively increased America's prosperity and decreased dependency on the government. For these reasons, Democrats hated it like poison and Biden ran on a promise to abolish tax cuts.
It wasn’t always the case. In 1960 John Kennedy cut Franklin Roosevelt’s 90 percent top tax rates down to a 70 percent, noting, “...an economy hampered by restrictive tax rates will never produce enough revenues to balance our budget, just as it will never produce enough jobs or enough profits… In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now.”
Sure enough, annual tax revenues climbed from $94 to $153 billion in the seven years after Kennedy’s tax cut.
But by 1980, inflation and bracket creep had pushed many millions of formerly middle-class taxpayers into Kennedy’s highest tax brackets with the predictable results of lower incentives to work harder and invest more -- and consequently, reduced tax revenues.
Ronald Reagan, who was a Democrat when Kennedy cut taxes, also recognized the obvious -- that you can have high tax rates on low economic output, or low tax rates on high economic output. Reagan passed sweeping tax cuts, and as sure as the Sun follows the Moon, it resulted in almost doubling tax revenues in the 1980s.
But the Democrats most effective election pitch is class envy, so they pointed to all the new wealth Reagan’s tax cuts created with howls to “soak the rich” and “make them pay their fair share.” At the same time Washington engaged in a bipartisan orgy of increased deficit spending, which the Democrats and their media flacks dishonestly blamed on tax cuts.
Biden will have a more difficult time undoing Trump’s tax cut legislation than his executive orders, but Democrats running for Congress in 2022 will be again promising to do just that. They’ll also be offering up a $15 minimum wage for a dwindling number of jobs, a universal basic income for those who prefer sloth, government-funded healthcare, college loan forgiveness, and reparations for slavery. For any dissenters, they promise FBI surveillance and DoJ prosecutions.
If they succeed, there will be little motivation for many to get off the couch and the American dream will be replaced by Venezuela’s Marxist nightmare. That’s why it’s so crucial for Republicans to defend the latest example of lower taxes unleashing American prosperity, opportunity, and self-sufficiency.
Jim Daws hosts Right Now, a webcast on news, politics and culture from an American nationalist perspective at www.jimdaws.com
Read more:
Follow us: |
https://www.americanthinker.com/blog/2021/01/trump_proved_tax_cuts_increase_revenue__aagain.html
The Biden crime family damage control begins.
Eric Swalwell was groomed, paid for & promoted by the CCP.
Dear January 6th Committee:
As you wrap up your 18-month Stalinesque show trial in the lame duck session and prepare a report to assign blame for the unrest of January 6, 2021, allow me to share a few thoughts from middle America.
Out here in the heartland, we've become all but numb to Democrats' projection and hypocrisy, but your dogged portrayal of a few hour's unrest at the Capitol as an "INSURRECTION!" -- while turning a blind eye to the previous summer's Antifa and Black Lives Matter riots is just too much.
You insisted repeatedly that the Antifa/BLM protests were mostly peaceful, as we nightly watched ordinary citizens, as well as law-enforcement officers, being assaulted, and in many cases killed. They were attacked with firearms, knives, clubs, incendiary devices, and blinding lasers. All but the most egregious criminals were released without charge by Soros-funded, Democrat prosecutors, but any citizen who dared defend themselves from brutal assault, were quickly charged and jailed.
Government buildings were ...
In the mid-1800s, Great Britain engaged in two wars against China's Quing Dynasty. The conflicts began when the emperor attempted to crack down on the illegal opium trade that was causing widespread addiction with devastating economic and social upheaval in China.
By 1820, Britain’s East India Company was importing huge amounts of opium from India into China. In 1839, agents of the Emperor confiscated and destroyed 1400 tons of opium warehoused in Canton by British merchants. In response, British warships sailed up the Pearl River and attacked and occupied Canton, overwhelming the inferior Quing forces. This became known as the First Opium War. As a result, China was forced to cede Hong Kong to the British and expand their access from one to four ports. Later hostilities over the trade saw British warships capture Peking and burn the Emperor's summer palace, gaining access to many more mainland Chinese ports and the legalization of opium in a forced settlement. These became known as the Unequal ...
When I was a boy, every high-schooler learned in World History the phrase, “Afghanistan, where empires go to die”. The failed occupations of the tribal area between central and south Asia are so numerous that the subject would require a history class all its own. But we were taught that Persians, Greeks, Arabs, Mongols and British had all tried futilely to extend their civilizations into those barren lands.
Apparently though, none of the Ivy-educated ‘elites’ and their dupes who run America’s foreign policy, intelligence and defense establishments were paying attention in class. Not even the more recent, decade-long, failed occupation by the once-mighty USSR beginning in 1979, for which the U.S. boycotted the Olympics in Moscow, registered with our ruling ‘elites’.
Of course it was a righteous cause after 9/11 to punish the Taliban for providing safe haven for Al Qaeda and more crucially, to kill Osama Bin Laden and his followers. But by May 2003, when G.W. Bush (Yale, Harvard) landed...
