Republicans are supposed to be the party that cuts the job-killing capital gains tax, not raises it. But because of a quirk in the Senate-passed tax bill, the tax on capital gains may go up -- and for some types of long-held assets, fairly substantially.
Warts and all, if I were a voting member of Congress, I would certainly cast a yea for the tax-cut plans passed by the Senate and House that are headed for conference (to work out minor differences) in the weeks ahead.
As the House and Senate work their way through the tax cut and reform effort, let me make one thing clear: Both plans are pro-growth, with the economic power coming from the business side. And where it comes from the personal side, there will be very little growth. That was always been the bet.
President Trump's new chair of the Council of Economic Advisers, Kevin Hassett, walked into the lion's den last week with his first official speech. He used the moment to pound the leftist Tax Policy Center. It was a wonderful sight.
Much as he did in his command performance before the United Nations, when he took back control of U.S. foreign policy, President Donald Trump has seized and energized the tax cut issue. Almost daily, he is pounding away on the themes of faster economic growth and more take-home pay, arguing that his plan will make America's economy great again.
Financial markets and most media pundits are missing the new writing on the wall. For a variety of reasons surrounding shrewd moves by President Trump, the chances for significant tax cuts in the next 10 weeks have risen sharply.
President Donald Trump's pledge to "Make America Great Again" requires nothing less than reigniting economic growth and prosperity. Wealth creation is essential. As Congress pivots to tax reform -- which is crucial to the wealth creation -- the president could take matters into his own hands by issuing an executive order to index capital gains for inflation.
I participated in perhaps a bit of radio history last week when Steve Forbes and Art Laffer joined me on my syndicated radio show. It may have been the first time these supply-side economics giants were ever together over the airwaves.
What is the Fourth of July? It's a wonderful time. We're outdoors. We're with family and friends. We're playing golf or fishing. There are barbecues and baseball games and fireworks and all that good stuff.
And beneath it all, supporting it all, there is freedom. Freedom. The Fourth of July is about freedom, if nothing else. America's freedom, of course. But a freedom that extends to all people. One that leads to greatness and prosperity. A freedom that has become the backbone of the world.
Now that former FBI Director James Comey's hearing is complete, it's time for everybody to roll up their sleeves and go back to work on returning the country to prosperity. The most populist policy would be to restore a long-lasting deeply rooted prosperity for every single American.