The Dow Jones Industrial Average dropped by over 1,000 points by Thursday’s closing and the folks at ABC News were eager to place the blame on someone during World News Tonight. That someone, of course, was President Trump and the much welcomed GOP tax cuts, which were responsible for generous bonuses and wage increases across the country.
“Tonight, some economists also say the President’s tax cuts could actually be adding to all of this, by stimulating an already improving economy,” claimed ABC reporter Linzie Janis. “And the question, who pays for those cuts later on?”
Their questions over who was going to pay for it wasn’t a sentiment shared during their report on the absolutely massive spending bill before the Senate to ward off against another possible government shutdown. The only thing they seemed to care about was why a deal on DACA and for the Dreamers wasn’t included in the proposal.
On top of their smears of the tax cuts, sensationalist anchor David Muir loaded up his introduction to the segment with hyperbole and fearful language. “And as the White House was riding out this latest storm, traders on Wall Street were riding out the latest plunge on the Dow. The stock market, once again, in a freefall today,” he declared. “And what does it mean for your retirement, your 401(k)?” – READ MORE
[give_form id=”79809″] [divider][/divider]If first quarter tax revenues are any indication, Trumponomics is operating much like Reaganomics and producing the same kind of results: lower taxes and deregulation resulting in more economic growth and, thus, more tax revenues.
In the first quarter after the Republican-passed, Donald Trump-signed reform bill — which will save taxpayers and corporations $1.5 trillion in taxes over ten years — tax revenues actually increased by $18 billion (5.2%) over the previous year, resulting in the government running a $51-billion surplus.
The CBO notes that not all employee tax withholdings have been updated under the new policies; companies have until mid-February to do so. However, as Investors Bureau Daily underscores, the CBO’s numbers suggest that gains in wages and salaries are likely to continue and even “accelerate” due to the tax cuts.
The increase in tax revenues corresponds with the positive economic news of the last few months. Trump’s aggressive approach to slashing regulations — more aggressive, in fact, in than Reagan so far — appears to be paying dividends. The Atlanta Fed’s recent forecast for the first quarter of 2018 indicates a dramatic increase in GDP of an estimated 5.4%. – READ MORE
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