By Tom Quiner
Democrats are really rolling the dice by unanimously opposing pending tax reform legislation.
The Trump economy is already rolling, with 4% GDP growth projected for next year. The reduction of tax rates as proposed by Republicans will fuel the boom even more. People vote their pocket books. If times are booming, there will be no doubt that credit for bigger paychecks belongs to Republicans.
Americans suffered through eight years of the Obama economy, which was characterized by high taxes and a stifling increase in government regulations. The result was the weakest postwar economic recovery on history, with GDP growth averaging a paltry 2%, almost half of the typical recovery.
President Trump is rapidly rolling back the most deleterious (meaning ‘job killing’) Obama regulations. Even more, he has put limits on the number of new regulations that will be allowed under his administration. Tax cuts will only accelerate wages and job creation.
Democrats in high tax states, such as New York, California, and Illinois, face even more dire peril when tax deductibility of federal taxes is rolled back. No longer will smaller and poorer states (like Iowa) have to foot the bill for government bloat in those states. Perhaps we’ll see a little more accountability from the state governments in liberal states as their taxpayers experience a higher tax bite and rebel.