Jerry Bowyer: Tax Reform 2.0 and the 2018 Election
Larry Kudlow—the President’s chief economic advisor—is putting his clout into getting Congress to pass Tax Reform 2.0. And what’s tax reform 2.0? It’s a series of bills proposed by House Republicans which would do three things: First: Make last year’s tax cuts permanent. Second: expand savings programs for the middle class, making things live 401(k)s much more affordable for small business owners. Third: Tax Reform 2.0 would allow small business owners to deduct $20k in start-up costs, much more than the current stingy 5k deduction. Last year’s tax cut has been great for the economy, but history shows that the growth spurt after tax cuts can kind of peter out after a year or two. If we want the boom to continue, we need to keep making the tax system pro-growth. Remember that this November.