Kudlow: Kill any new bills that come with the New Year
‘Kudlow’ takes a look back at former President Trump’s historic tax cut.
Save America. Kill the bill. And tonight, I'm launching a new mantra: "Kill any new bills that may come next year."
But our supporters want unconditional surrender. No new bills that increase spending raise taxes, overregulate, destroy fossil fuels, and so forth. We are girding up for a New Year's battle. And just as our forces of good and "America first" whupped the wokes this year, we're getting ready to whup them again next year.
Now, on a much happier note, today's the fourth anniversary of the signing of the Trump tax cuts which occurred on December 22, 2017. Here's a look at it: 3.2 trillion dollars in tax cuts for American families, including the doubling of the standard deduction and the doubling of the child tax credit. The typical family of four earning $75,000 will see an income tax cut of more than $2,000 – many much higher than that, slashing their tax bill in half.
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This was one of the most important pro-growth policies in the last 100 years. I equate them with the historic Reagan tax cuts of the 1980s, the JFK tax cuts of the 1960s, and the Harding-Coolidge-Mellon tax cuts of the 1920s. Each was followed by a massive prosperity wave.
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So did President Trump's historic tax cut. I don't care about all these left-wing critics, wokes, ankle-biters, and their constant nabobs of negativism. The facts – and I underscore the word "facts" – show that nearly every American benefited. But the blue-collar middle class and the lower-income brackets had much bigger benefits than the highest income earners. Average family incomes rose by a record pace. Unemployment sunk to 50-year lows with the biggest beneficiaries being African-Americans, Hispanics, and women. Poverty plunged. So did inequality.
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The animal spirits were back, America was competitive again globally, and businesses all around the world flocked here because of the new incentives created by the Trump tax cuts – big and small companies benefiting. Entrepreneurs benefited. Innovation benefited. Not only was economic growth strong, but because the supply side of the economy was boosted, there was virtually no inflation.
The big government socialists never concede the actual facts. They lie a lot. It's because they suffer from the "Trump Derangement Syndrome." And they want to reverse everything he did even though his many achievements spurred prosperity at home and strength abroad. President Trump aimed at economic populism.
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He understood the blue-collar families across America. He turned the GOP into the party of working folks. It is sheer folly for the Biden Democrats to keep trying to overturn the Trump tax cuts. A tax cut reversal would sink the economy. And let’s not forget, accompanying the tax cuts was a massive program of federal deregulation that breathed new oxygen into the arteries of capitalism.
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And it was Trump's deregulation that made America energy dominate. It was also Trump's tough-minded trade negotiations with China that made Americans realize that they are our enemies, not our allies. Here's Joe Biden trying to overturn every single thing Donald Trump did. And Biden’s reward: the worst one-year plunge in voter polls in history. Biden's presidency is in tatters. His transformational plan has been crushed. Republicans are on the verge of historic midterm gains.
The backbone of GOP policies today essentially remains the Trump economic agenda. Add to that his southern border agenda.
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Biden's approach is sheer folly. Trump's approach was common sense wisdom and prosperity and growth, and jobs, and families.
Save America. Kill the bill. Make the Trump tax cuts permanent. That's my riff.
This article is adapted from Larry Kudlow's opening commentary on December 22, 2021
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