The latest report from the Census Bureau on income and poverty shows that President Trump’s pro-growth economic agenda brought the pre-pandemic economy to soaring new heights. Not only did we see significant decreases in poverty, but median household income rose to a historic high in 2019 before states instituted sweeping lockdowns that put millions of people out of work and on to the government’s payroll.
That meant more families with the financial freedom to put their kids through school, pay off the new car, and spring for a memorable vacation. That meant fewer families living paycheck to paycheck. Such incredible economic success is a direct result of the Trump administration’s unique combination of tax cuts and deregulation. If we are to continue our quick recovery from the economic windfall of COVID-19, we will need to continue supporting the Trump administration in its efforts to cut red tape.
One of the Trump administration’s best early successes, the Tax Cuts and Jobs Act, undoubtedly helped create our pre-pandemic prosperity. By cutting taxes on both businesses and individuals, Trump created an economic environment ripe for growth.
More recently, Trump issued a deferment of payroll taxes in response to the economic havoc of COVID-19, choosing to let people keep their money rather than maybe sending them a refund check. This has the added benefit of making it easier for hard-hit businesses to rehire workers and begin to pick up the pieces. We are fortunate that the Trump administration recognizes the power tax cuts have in times of economic strife.
One of the rallying cries of the 2016 Trump campaign was his promise to “drain the swamp” of red tape. To tackle the entrenched regulatory state, one of Trump’s first actions upon inauguration was signing Executive Order 13776,
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