GROVER NORQUIST: Trump's 'big beautiful bill' and its permanent tax cut will change the world
The "big, beautiful bill" is the capstone of years of work to create a pro-growth tax policy that will make the American economy so strong we will leave Europe in the dust and convince China they cannot compete with us militarily or economically.
The big bill provides lower tax rates for all. Permanent, immediate expensing of business investment. Tax simplification. America competing in the world economy with lower taxes, not lower wages.
And the largest spending cut of any budget resolution in history.
The "big, beautiful bill" makes all the temporary parts of the original Trump tax cuts permanent: the doubling of the child tax credit and standard deduction, the lower, across-the-board personal income tax rates for all Americans, and the powerful pro-growth immediate business expensing provisions.
The importance of permanent 100% business expensing cannot be overstated. This is an achievement pursued by the taxpayer movement for the past five decades.
Thanks to the bill, individuals and companies will know how to plan for the future. They can purchase and immediately deduct the cost of plant and equipment. They can place a new factory into service and deduct 100% of the cost.
Democrats will not be able to claw back such widespread and successful tax reductions. Republicans will not have to "buy" extensions of tax rate reductions as they did in defending the previous Bush tax rate reductions.
Following the Trump 2017 tax cuts with its temporary expensing provisions, Americans for Tax Reform compiled over 1,200 testimonials and newspaper reports documenting new investment and higher wages and benefits. The stories flowed in from all 50 states.
Now again -- without the pandemic – White House economist Kevin Hassett found that the permanence of individual and corporate tax reduction will increase economic growth to the point that revenue will rise $4 trillion over the next decade.
Growth will increase wages and manufacturing jobs. Growth will reduce the size of the deficit and debt as a percentage of our economy. We will move forward away from the debt as we did after World War II when the debt fell from 100% of GDP to 20% of GDP.
Every Democrat opposes the bill. They'll have to explain to their constituents why they voted against across-the-board tax cuts, against no tax on tips and overtime and Social Security, against an expansion of the per child tax credit.
The Democrats' "NO" vote is a vote for an across-the-board tax increase. Democrats want personal income tax rates to snap back to Barack Obama levels. Higher tax rates on every taxpayer and small business and the child tax credit and standard deduction cut in half.
The economy responded to passage of the 2017 Trump tax cuts with massive new investment in the United States. Before the Trump tax cuts many companies were "inverting." They were bought by foreign companies because the American firms were worth more if owned by Canada or a European company—their tax laws were saner than America's in the time before Trump.
Obama called companies shanghaied by overseas purchases disloyal and "Benedict Arnold" companies. In fact, U.S. policy continued by Obama damaged American competitiveness. The Trump tax cut fixed this and no significant companies have moved overseas since the Trump tax cut was enacted.
The take-home pay of the median family increased in 2019 by 6.8%. That was growth that was driven by the original tax reform that is now being made permanent.
But one notes that the growth came after Republicans lost 40 House seats because the growth did not become evident in time to win votes for the 2018 congressional elections. This time, Trump and the Republican leaders are determined to avoid this fatal delay. The goal is enactment by July 4. The president signed the 2017 bill on December 22, 2017 and it did not take effect until 2018.
Trump and the Republican Congress ensured that this legislation will take effect for new investments as early as six months ago on January 19, the day before Trump's inauguration. No business needs to wait to invest in job-creating, productivity-enhancing plant and equipment that will make employees more productive and therefore more highly compensated.
And yes, the legislation includes President Donald Trump's promised "No Tax on Tips" and "No tax on overtime pay" and provides tax cuts for seniors on Social Security.
There are many other conservative wins in the bill. Here are some of the highlights:
Taxpayers urge the House to pass the 'big beautiful bill' now in order to get it to President Trump's desk by July 4. With his signature, Americans will keep more of what they earn.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fox News
a few seconds ago
- Fox News
Crockett criticizes AOC and Bernie Sanders' 'Fighting Oligarchy' tour for making it about themselves
Firebrand Rep. Jasmine Crockett, D-Texas, privately trashed her far-left colleagues Sen. Bernie Sanders, I-Vt., and Rep. Alexandria Ocasio-Cortez, D-N.Y., accusing them of not being team players and going on tour simply to promote themselves. In May, as Crockett was eyeing a bid to become the senior Democrat on the House Oversight Committee, she met with fellow Democrat, Oregon Rep. Maxine Dexter. During the meeting, Crockett was asked about her relationship with Ocasio-Cortez, according to a new profile in The Atlantic. Dexter had concerns that Crockett could have conflicts with party leadership, much like Ocasio-Cortez did when she first came to Congress. The Texas lawmaker replied that, unlike AOC, she did not want to "burn it down" and that she was more committed to working to advance the Democratic Party as a whole. She pointed to AOC and Sanders' "Fighting Oligarchy Tour" as a "good idea," but one that ultimately was constructed just to boost the brands of the two lawmakers. AOC and Sanders have been crisscrossing the country on the tour, bringing their left-wing message to crowds of thousands. "[The tour] kind of makes people be like, 'Oh, it's about them, right?' Instead of the team," Crockett said. Crockett ultimately withdrew from the race for the Oversight Committee spot after comments she made regarding supporting a potential Trump impeachment sent shockwaves through swing-district Democrats. Crockett has a history of making insulting comments about Republicans and Trump. She was accused of mocking wheelchair-bound Texas Gov. Greg Abbott as "Governor Hot Wheels" in March. "We in these hot a-- Texas streets, honey. Y'all know we got Governor Hot Wheels down there, come on now! And the only thing hot about him is that he is a hot a-- mess, honey!," she said at a March Human Rights Campaign event in Los Angeles. Crockett infamously got into a nasty fight with Rep. Marjorie Taylor Greene, R-Ga., which featured both lawmakers lobbing schoolyard-level insults. The shouting match began when Greene insulted Crockett's "fake eyelashes." Things only devolved from there, with the Texas Democrat launching into a verbal assault about Greene's "bleach-blond, bad-built, butch body." Crockett went on to sell merchandise based around the insults. Crockett, Ocasio-Cortez and Sanders did not immediately respond to requests for comment.
Washington Post
a few seconds ago
- Washington Post
Can part of the Kennedy Center be renamed for the Trumps? How about all of it?
House Republicans raised a question last week when they advanced an amendment to a spending bill that would change the name of the Kennedy Center's Opera House to the 'First Lady Melania Trump Opera House.' Who has the power to rename part of the John F. Kennedy Center for the Performing Arts — or all of it?
Politico
a few seconds ago
- Politico
Senate Dems plotting next forced vote on Epstein files
Senate Majority Leader John Thune is staring down a confirmation backlog of more than 130 nominees — with President Donald Trump pressing hard for progress this week. Democrats could theoretically help expedite a pre-recess flurry of confirmations, but without more details from Republicans, they are so far holding out. 'There are some that are bipartisan — like, Tim Kaine and I have a great Eastern District of Virginia [U.S.] attorney nominee,' Sen. Mark Warner (D-Va.) told POLITICO on Monday evening. 'But [Republicans] also should go and release some of the funds that have already been appropriated that they and [Russ] Vought are holding on to. There has to be some exchange.' Sen. Jeanne Shaheen (D-N.H.) managed to get her own deal during a committee vote last week. The Trump administration committed to distributing $75 million in 'lifesaving' global assistance in exchange for the Foreign Relations ranking member's vote to advance Mike Waltz's U.N. ambassador nomination. Thune's hoping to strike a deal to fast-track dozens of confirmations through a mix of roll call votes, voice votes and/or unanimous consent requests. But Democrats could force him to file cloture on each nominee, which would in turn force Thune to keep the Senate in session into the weekend — and potentially beyond. Democratic leaders are keeping all options on the table as they await a proposal from Republicans, one person granted anonymity to discuss private deliberations told POLITICO. Some Democratic senators like Brian Schatz of Hawaii and Tammy Baldwin of Wisconsin aren't ruling out confirming a tranche of Trump nominees — though they say it depends who they are. Other Democrats are opposed to any dealmaking at all: 'Just to try to help them advance getting more people in office?' Sen. Elizabeth Warren (D-Mass.) told POLITICO. 'Why would we do that?' The unspoken truth: Many Democratic senators want to start their summer break just as badly as their Republican colleagues do. What else we're watching: — Appropriations status: The wheels could be coming off Thune's plans to assemble an initial 'minibus' of fiscal 2026 spending bills. Thune acknowledged to POLITICO that he is still 'trying to work off some holds' from senators objecting to bundling the various bills. Sen. Rand Paul (R-Ky.) became the latest headache, citing language in the agriculture bill that he said would 'destroy' the hemp industry. — Guardrails on TSA facial recognition: Industry lobbying is threatening the smooth advancement of a bill that would put guardrails on the Transportation Security Administration's use of facial recognition technology as Senate Commerce prepares to take up the bill Wednesday. It's causing some consternation among Republicans, who had planned for a straightforward markup of the strongly bipartisan bill sponsored by Sen. Jeff Merkley (D-Ore.) and several committee Republicans. — Bove's confirmation vote: A third whistleblower met with the staff for Senate Judiciary Chair Chuck Grassley on Monday to testify against Emil Bove, Trump's contentious nominee for the 3rd Circuit Court of Appeals. Republicans are expected to confirm Bove this week despite the new allegations but haven't officially locked in a time for the final vote. Jordain Carney and Hailey Fuchs contributed to this report.
