Tag: tax cuts

Third quarter GDP likely to show record growth, confirming V-shaped, ‘best-ever’ recovery

~ Randy Harris ~ Leave a comment

Deloitte estimated that the U.S. contraction in in 2020 would be the second mildest (behind only Japan) among G7 nations, with all the other countries — Canada, France, Germany, Italy, the U.K. — estimated to take a harder hit.”

The Federal Reserve Bank of Atlanta, the Chicago Fed, the Conference Board, and Goldman Sachs have all expected growth to be between 30% and 35%, on an annualized basis. This level of growth, economists note, would be the highest in the history of American GDP calculations, which began during the Great Depression.

“It’s the best-ever recovery,” economist Art Laffer told Just the News. “But you know, bottom line, the reason that’s the best is because the first and second quarter were the two worst. They were caused by something not economic, they were caused by the pandemic. And so it’s not a normal recovery in the sense of the Great Depression.” 

https://justthenews.com/nation/economy/new-q3-economic-numbers-expected-show-record-growth-best-ever-recovery-us-economists

Tax Cuts

~ Randy Harris ~ Leave a comment

Celebrating America’s Economic Success on the Second Anniversary of Trump Tax Cuts
Two years later, the passage of the Tax Cuts and Jobs Act has done wonders in creating more economic opportunity for the majority of Americans. The reforms that the law ushered in have lowered taxes for the majority of Americans, raised wages, and shown potential for a positive long-term effect on business investments, according to Heritage Senior Policy Analyst Adam Michel. “Between the tax cuts and wage gains, The Heritage Foundation calculated that over the decade following the tax cuts, the typical American household will reap an additional $26,000 in take-home pay or $45,000 for a family of four. That’s more than enough to buy a new car or put a down payment on a house,”