The Coming Tax-Cut Boom
Investor's Business Daily
Editorial
November 20, 2017
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"The proposed Tax Cut and Jobs Act now making its way through both houses of Congress will slash taxes by some $1.5 trillion over 10 years.
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"Actual GDP will by permanently higher by anywhere from 2.6% (House) to 2.8% (Senate). The point is, both bills, ... are economic-growth bills. They will expand the economy, and make a big difference for average households.
"How big a difference? Annual GDP per household will be permanently higher by an inflation adjusted $4,098 under the House bill, and $4,403 under the Senate bill. These are significant boosts to household incomes after nearly two decades of stagnation in median real incomes, and would go a long way toward ending the early 21st century economic malaise that began after the dot-com boom went bust.
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"We would add, this latest study is also in line with the findings of the nonpartisan Tax Foundation and the Council of Economic Advisers. The point is, the magic missing from our economy in recent years has been growth. Average 2% GDP growth over the past decade is substandard. Restoring our historic path of 3% growth is within reach."
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