A 10% income tax and a 16% business tax would put an end to the Eight Lean Years of Obama.
Imagine 4.9 million new jobs. Imagine, instead of President Obama’s income stagnation, average wages rising 12.2% over the next decade. Capital investment rising 43.9%. And Americans at every level of the economy enjoying double-digit increases in after-tax income.
Imagine exports and manufacturing jobs booming. The trade deficit falling as the tax bias against American-made goods is eliminated. Imagine a 10% income tax. Every American filing his or her taxes on a postcard or an iPhone app. And abolishing the IRS as we know it.
All of this is possible if we learn from the past and follow the example of what works.
In July 1981, Democrat Tip O’Neill, who was then House Speaker, drew a line in the sand: He was going to stop the Reagan tax cut, and he had enough Democrats to do it, with a 20-vote cushion. But President Reagan took his case to the people. Calls and letters flooded Congress, the speaker’s 20 Democrats jumped ship, and Reagan signed the tax cut into law.
President Reagan knew that after years of economic stagnation the country was ready for a big change, and he knew that he would win if the people had their say.
And the people were right. The Reagan tax cut led to what the late Robert Bartley, then editor of The Wall Street Journal, dubbed “The Seven Fat Years”—the period from 1983-89 when the economy soared by an average of 4.4% a year, including one year by 7.3%. The economy grew by nearly a third, disposable income increased 20%, and 18 million new jobs were created.Read the rest of Cruz's Article HERE.
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