The U.S. economy grew by 4.1 percent in the second quarter of 2018, marking the fastest economic expansion in nearly four years, according to a highly anticipated estimate released Friday by the Commerce Department.
President Trump will speak about the numbers at the White House Friday morning. He called them “GREAT” in a brief tweet.
The gross domestic product (GDP) numbers, considered an official economic scorecard for the country, will be touted by the Trump administration as a strong indication that its tax cuts, commitment to deregulation and tough trade policies have paid off. The GDP broadly reflects the goods and services produced in the country.
This is an excerpt. Read more at Fox News.
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Did you expect anything less? I’m thinking it will hit 5% a year from now.
BUT no matter HOW well it does, not ONE libtard commucrat news source, will give Trump, one IOTA of credit.
I heard we are already heading into the 5% rate by Q3. Trump has been pushing for Round 2 of the tax cuts by EOY. This will stimulate the economy more. I’m not ruling out 7% or 8% growth by this time next year.
If 3% can double the economy in 10 years then 8% can double the economy in 5 years or so. Think about the effect this will have on the natl debt. If we double the economy, it effectively halves the debt. 20 trillion in debt under a doubled economy would only drag things down like 10 trillion would today. Basically, doubling the economy is halving the debt.
But the debt is still there. I’m hoping we also engage in aggressive spending cuts to bring that number down. If it drops to 19 trillion, the world will know we’re serious about debt reduction. This will reverberate through the financial markets and cause so many positive benefits for the Dollar.
If it was me, I’d pay the whole thing off and build up an emergency surplus of 2 trillion.
The maximum tax revenue happens around 18.5%.
Charge 10% income tax, no deductions, no exceptions. Move the decimal to the left one and you’ve calculated your taxes. This is the Flat Tax, not the Fair Tax. The Fair tax is bad.
Then charge businesses 10% tax, but they can deduct. It should average around 8.5%. Right there you’re at the Laffer Peak.
Once the debt is paid off from the extra tax revenue, drop the corporate tax accordingly. Bring in only enough to run the natl government.
As for tariffs, charge a base 20% on all imports, plus double whatever their country charges on American goods. After the smoke clears, it will be pretty much a 20% tariff. Smart countries won’t kill themselves trying to tax us.
The American govt has a responsibility for making business favorable for Americans, not foreigners. Not even friendly foreigners. It’s a privilege to sell goods in the American market. You pay for that privilege. Period.
In the out-years, America would have super low taxes, booming business, and no debt. Just the income tax alone would bring in more than we need to run the govt. Use that to build up a surplus.
Then use the surplus for large infrastructure projects that benefit the nation as a whole (think Interstate Highway system). The money would NOT go to things like Healthcare, that involve a commitment and could skyrocket in cost. They would also benefit the nation as a whole, not one city, like Boston’s Big Dig.
The People would vote on which project we can afford to start today. Nuclear fusion? Underwater cities? Moon base? A canal system throughout the Midwest? Put it to a vote. And each would have to explain to the People how this would benefit everyone.
When you execute the project, don’t put tiny pieces in each state as a payback. Put it where it belongs and that’s it. Texas and Florida get space launches. New Orleans gets control of the canals. Use common sense.
Here’s a good project. Move New Orleans. It’s in a ditch. Move it upstream to solid ground and upgrade the river to accommodate.
Stuff like that. We could get new infrastructure projects ever 2 years or so if we ran a surplus.
The US founders created a better system of taxation. The progressive Republicans and Democrats destroyed that system in 1913.
The federal government used to collect revenue from… Sales taxes. Import Taxes. And from the 50 states based upon their representation in Congress. Does taxation without representation mean anything, anymore?
In addition the states USED to have representation in the federal government. State legislatures used select their US senators. Therefore, US senators had to explain to the state legislatures why they would vote to pass legislation to build bridges to nowhere to honor KKK members, such as Robert Byrd, using STATE money.
Repeal the 16th and 17th amendments.
[<emCharge 10% income tax, no deductions, no exceptions. Move the decimal to the left one and you’ve calculated your taxes. This is the Flat Tax, not the Fair Tax. The Fair tax is bad.]
I fully agree. Go to a flat tax, no loop holes, no exemptions.. NOTHING. Everyone pays the same percentage.. whether they earn 24k a year, or 2.4 million.
Yes. No loopholes. Everyone pays 10%, from the wealthiest billionaire down to the poorest janitor.
The Fair Tax would add a hedge where you start at the poverty line and tax above that. If the poverty line is at 35K, then only income above that is taxed, at 10%. The reasoning is that if you’re under the poverty line, you have no disposable income and shouldn’t have to bear the tax burden. I used to think this was a good idea, but not anymore.
a. Everyone needs skin in the game. Poor people will rightfully hate that 10% tax and will demand the govt spend money wisely. We don’t have that now, and we wouldn’t with a Fair Tax.
b. Income rates will quickly adjust to account for the 10% taxation, especially if corporate tax rates are cut.
c. If we use the poverty line, what’s to prevent some future Lib from declaring the poverty line is at 300K? You’ve just given a tax cut to all the “99%” and stick it to the 1%. Now you can raise taxes on the 1% all you want and nobody will fight to stop it. Communism achieved.
Right on!! Thank you Mr. Trump for trying to make America great again, but I’m sure you won’t hear the main stream media giving him any credit for this.
Oh, Paul Krugman, where are you now?? Where have you gone, Mr. Krugman??