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Congressional leaders returned home this week to spend two weeks on recess, meeting with constituents and supporters in their districts. For Republicans, the break could not come at a better time. After a staggering failure to come together to repeal and replace ObamaCare, the GOP needs some time to regroup and reconsider their approach.
There was a transformational shift in American politics with the election of Donald Trump. Frustrated by the status quo, the electorate sent a message to Washington that it’s ready for a different path.
The stock market has risen about 9 percent since the election of Donald Trump with near a $2 trillion increase in wealth. Is this the start of a big bull market rally?
Investors are rightly euphoric over President Trump’s pro-business/pro-investor policies. But Wall Street is coming to grips with the political reality that gridlock is the default position in Washington. Democrats have announced they are preparing an all-out defense against Trumpism as if they were trying to repel the Normandy Invasion. So the market has been jittery in recent weeks, rising on Trump successes (such as the regulation roll back) and falling into despair when his economic agenda seems bogged down or he pursues bearish policies like tariffs on Mexico.
To get a sense of where the market is headed, it’s wise to look at the historical parallel of the early years of another presidential disruptor: President Ronald Reagan. Mr. Trump can learn from Mr. Reagan’s mistakes and successes.
The election might be over, but politics isn’t. As a lame-duck president, Barack Obama will use his remaining days in office to push any outstanding policy proposals, either through Congress, also now a lame duck, or by executive order.
It was in 1916 — 100 years ago this year — that America made a big, big mistake that has done significant damage to our economy and the fairness of our tax system for an entire century. We are talking about the estate tax, more popularly known as the death tax.
The tax reform plan released on Thursday by House Ways and Means Committee chairman Kevin Brady and with the blessing of Speaker Paul Ryan, is a thing of economic beauty. It cuts tax rates across the board, eliminates the death tax and the alternative minimum tax, makes the U.S. Corporate tax system competitive and does all this without raising the deficit. Well done.