New wealth taxes, new carbon dioxide (energy) taxes, higher income taxes (rates as high as 70 perent), higher payroll taxes, higher death taxes, higher corporate income taxes, Democratic leaders — especially those seeking the presidential nomination — have been out-bidding one another on repealing federal tax reform and creating new taxes and increasing tax rates.
But higher taxes are recessionary even under liberal Keynesian economics, let alone under President Reagan’s conservative supply-side economics. Any one of the major tax increases proposed by leading Democratic presidential candidates would throw the economy back into recession.
And away would go the nearly 7 million jobs tax reform has created under President Donald Trump. Mr. Trump’s Blue Collar Boom, created by his tax reform and deregulation, has produced the lowest unemployment in 50 years, since 1969 during President Kennedy’s booming 1960s recovery, also created by tax cuts.
Mr. Trump’s boom has also produced the lowest unemployment in American history for blacks, Hispanics, Asians, teenagers and lower-income workers. That means Mr. Trump has been leading the most inclusive recovery in American history.
Mr. Trump’s blue-collar economic boom has also produced record increases in wages and in middle-class incomes. Median family income has reached more than $65,000 for the first time in American history, with lowest taxes since Reagan in the 1980s.
As Bryan Preston wrote after the Democratic presidential candidates’ apocalyptic-themed “climate change” town hall on CNN in September, “If you like Venezuela, voting for any of them will bring you a whole lot of Venezuela. Thank you, CNN, just for letting these people talk. Do it again next week? Please?”