Stephen Moore, chief economist, policy analyst, author, and, by his own admission, one of the writers of President Trump’s tax plan, spoke last night to a special gathering of the Virginia Women for Trump, organized by Alice Butler, the Irish firebrand who loves America and fully supports President Trump.
Stephen Moore, an early supporter of Donald Trump, had predicted that he would be elected President and that he will be re-elected President with 40 states, “but Virginia has to be one of those states.”
Moore liked the way Trump spoke to the forgotten men and women in this country and the promises he had made to improve the terrible economy under Obama.
“Donald Trump has delivered in such an amazing way for the working class in this country.” And our booming economy proves it, it is such a remarkable success story that the main stream media constantly ignores.
We are the party of the working class, the Democrats are the party of the media, the academics, and the rich (said Moore).
Stephen Moore and Larry Kudlow were asked by President Trump to work on the tax issue together, to cut the corporate tax, to increase the child tax credit, and to reduce the tax burden for families with children; he wanted every single person in America to get a tax cut. Despite the MSM’s non-stop claim that this is a tax cut for the rich, “a lot of the rich do not even get a tax cut if they live in states like California,” said Moore.
The average middle class family will receive a $2,200 tax cut. That may be peanuts to a person like Nancy Pelosi who lives on:
a 30-acre compound with tennis courts and swimming pools, those are ‘crumbs,’ but for the working class families it means that you can pay tuition, take a vacation, and pay your healthcare bills.
We cut the corporate tax rate, which is the highest tax rate in the world, from 35 percent to 21 percent, without one Democrat voting in favor of it. What are their economic growth and job creation messages? They are “I hate Trump,” “impeach Trump,” and “he is not fit to be President.” But every Republican in the Senate voted for this tax bill, added Moore.
As a result of this corporate tax cut, 100,000 Disney employees will get pay bonuses, 25,000 workers at Verizon will get pay bonuses, and a total of three million American workers are getting bonuses, pay raises, or increases in their benefits. And the tax cut bill is only a month old.
Fifty-five million Americans own stock, most have 401k plans, 30 million Americans have IRAs, and another 25 million have pension plans. They are the beneficiaries of the incredible upswing in the stock market.
Since Donald Trump was elected, the day after the election, the Dow Jones went up 700 points, the Trump Effect, and it has not stopped increasing since. The Dow Jones went up from 18,000 to 26,300, a 43 percent increase, a seven trillion dollar increase in wealth. We have never seen this kind of growth before.
The black unemployment rate today is at the lowest level since we started keeping these statistics in 1972 (said Moore).
The Hispanic unemployment rate is also down.
The Labor Department reported that the number of Americans signing up for unemployment insurance was at the lowest level since 1965.
Liberal economists have predicted that the world economy would crash if Donald Trump became President. They advised people to sell their stocks and, of course, they missed out on 42 percent increase. “Robert Reich was wrong on all of his predictions.”
Apple is the story of the year, Moore explained. “We offered to charge companies 10 percent if they repatriated capital.” Moore predicted that Apple would bring $100-$150 billion back. To Moore’s delight, Apple brought back $300 billion. Apple is creating 20,000 new high paying jobs and is going to pay $38 billion in federal taxes.
On the regulatory front, Moore boasted that Trump repealed 23 old regulations for any new regulation put in place by his administration.
We replaced an anti-America, anti-business President with a pro-America, pro-business President.
They are now going to drill in Alaska’s Anwar because people in Alaska need jobs. We got rid of the individual mandate on Obamacare.
This is the thread that is going to unravel the whole thing. Hopefully the free market will step in and offer plans based on competition and choice at a lower cost.
Moore predicted that America’s economic growth will be 4 percent this year, something we have not had in twenty years. This is not the Obama economic effect as liberal pundits claim, “it is the effect that Obama is no longer President,” quipped Moore.
When asked about mortgage deduction, Moore responded that the old system included a $1 million deduction. The House passed a bill that included a $500,000 deduction. The Trump tax cut bill compromised at $750,000. Answering to a liberal who claimed that the tax bill took away the working class mortgage deductions, Moore asked, how many working class people do you know who have a million dollar home?
According to Moore, the tax bill was unable to get a reduction in the capital gains tax,and blue states are not going to fare as well under this tax bill. But the middle class in every state will receive an extra $500 per child tax credit and the standard deductions doubled to $24,000.
President Trump is going to Davos, Switzerland, said Moore, to speak in front of “the one percent of one percenters,” the global elitists who are against everything that President Trump wants to do. These elitists hate Trump because “they want America to pay for everything” while our working class is suffering. Why would President Trump speak in front of these European globalist elitists? He is going to take a victory lap and explain how his economic policies are going to foster economic growth, job creation, and prosperity for America.