Everybody is aware of that the “huge, lovely” tax invoice signed into legislation on the Fourth of July lowers tax burdens for households and companies. It additionally averts a $4 trillion tax enhance beginning subsequent yr. That’s sufficient motive to heartily have fun.
However what isn’t well-known is that this new legislation doesn’t simply change tax coverage. It contains dozens of different long-sought coverage targets — what I name “hidden gems.” Here’s a checklist of among the main coverage victories:
The legislation is essentially the most aggressive federal development of faculty selection by permitting low-income dad and mom to direct schooling {dollars} to non-public, constitution or Catholic faculties which might be higher for his or her children.
The legislation additionally expands eligibility for customized medical financial savings accounts as a substitute of typical insurance coverage. This permits staff to regulate their well being care {dollars}.
The legislation will increase mining and drilling on federal lands to extend entry to America’s pure useful resource provides to finish our dependence on the Center East or China or Russia.
The legislation formally ends the absurd Biden scholar mortgage forgiveness program, which pressured taxpayers to swallow the prices of unpaid school loans.
The legislation ends the electrical automobile mandate and phases out the Inexperienced New Deal, thus permitting Individuals to purchase no matter automobile they need.
The legislation expands alternative zones and extends tax advantages for investing in internal cities and economically depressed rural areas. (I believed Democrats cared about poor communities!)
The legislation will increase the tax to eight% on the near-trillion {dollars} of bloated college endowments — cash that was by no means taxed. Is there a greater option to tax the privileged wealthy?
The legislation strengthens work necessities for Medicaid and meals stamp recipients. Historical past exhibits that work necessities finish welfare dependency.
The brand new legislation authorizes the sale of expanded spectrum to strengthen rural broadband, safe America’s technological dominance and scale back the nationwide debt by practically $100 billion.
There’s far more to shout about, however these are among the best hits in a giant and delightful invoice that advances America’s freedom and prosperity. Anticipate the economic system to develop at over 3% within the years forward, which is able to bend down the burden of our nationwide debt. Is it the most important consecutive victory in fashionable instances? It might simply be.
Stephen Moore is a cofounder of Unleash Prosperity and a former senior financial adviser to Donald Trump. His new guide, coauthored with Arthur Laffer, is “The Trump Financial Miracle.”
