One of President-elect Trump’s priorities is to extend his previous tax cut package.
Kamala Harris claimed it was a “tax cut for billionaires,” but the vast majority of the tax relief went to the middle class, who will be facing a big tax hike if it expires.
Harris said she would let that expire and replace it with a tax cut for 100 million Americans.
The media didn’t tell you during the campaign that Trump’s package cut taxes for 200 million Americans. So, what she was actually promising was to raise taxes on 100 million Americans.
A Washington Post headline said, “Extending 2017 law a priority for Trump, GOP; experts say it could add trillions in debt.”
I won’t ask if those are the same experts who are surprised by the jobs numbers every month, which would explain why they don’t understand how cutting taxes grows the economy which increases government revenues.
I’ll just concentrate on that “could add trillions in debt” part.
What they’re really saying is they want to take trillions of dollars more out of the pockets of over-taxed Americans to keep funding the government’s spending addiction.
There’s a better cure for that: stop spending so much money.
If you really think there’s not an ounce of fat in the federal budget, I have a feeling Elon Musk and Ron Paul would disagree.
Here’s how much the government cares about not wasting the taxpayers’ money.
Remember the laughably-named “Inflation Reduction Act,” which goosed inflation by spending about a trillion dollars we didn’t have on things we didn’t need?
Well, a lot of that money has yet to be spent, and the Biden White House is reportedly frantic to spend it before Trump takes office and cancels the spending.
So here’s how they’re passing it to their cronies ASAP:
James Varney at Real Clear Investigations reports that the Biden Administration is distributing a gusher of tens of billions of dollars to Democrat-led “climate nonprofits” before they have to leave office.
Some of these little-known organizations just got their tax-exempt status as recently as last spring, and reported income a year ago of as little as $100, but Biden is passing out grants to them of up to $2 billion each.
Yes, that’s billion, not million.
So if you want to help reduce the deficit as well as inflation, instead of taxing working Americans more, let’s start by slashing the federal government’s corruption budget.
Every business leader knows that. Just ask Charles Mizrahi…
Director, Prosperity Research
From Business to Government:
Trump Brings Cost-Control Strategies to Washington
Every great business leader knows one thing: controlling costs is the ultimate competitive advantage.
Take Sam Walton, founder of Walmart, who famously said, “Control your expenses better than your competition.”
For 25 years, Walmart was the industry leader in the lowest expense-to-sales ratio.
Ingvar Kamprad, the founder of IKEA, pushed cost awareness with what he called “a manic frenzy.”
Warren Buffett put it simply: “A good manager must be a demon on costs.” (hat tip to David Senra at the Founders Podcast for this information).
The lesson?
Cost control isn’t just smart — it’s essential.
President Donald J. Trump is not a politician. He’s a billionaire businessman and understands this better than most.
Now, as the 47th president, he’s making cost control the cornerstone of his plan to reform the federal government.
His best idea yet? Appointing Elon Musk and Vivek Ramaswamy.
Both are entrepreneurs who are billionaires. In fact, Musk is one of the wealthiest people in the world.
Musk and Ramaswamy are leading a new initiative called the Department of Government Efficiency (DOGE). Their mission is to cut waste, slash regulations and shrink the bloated federal bureaucracy.
Here’s how they plan to do it:
- Rolling Back Regulations: DOGE will pause enforcement of overreaching rules, aiming to repeal outdated regulations at a 10-to-1 ratio, cutting government intervention and enabling businesses to thrive.
- Shrinking the Federal Workforce: Trump plans to reinstate Schedule F reform, allowing high-level federal employees to be removed like political appointees, as DOGE works to reverse the 120,000-worker increase seen during the Biden years.
- Streamlining Permitting: DOGE will use “categorical exclusions” to speed up projects like oil pipelines, cutting through red tape and delays.
- Targeting Inefficiencies: The initiative will target waste, including $15-20 billion in Affordable Care Act fraud, and use fixed-price contracts to avoid taxpayer losses.
Elon Musk aims to cut $2 trillion from the $6.5 trillion federal budget, focusing on areas like Medicaid fraud and wasteful mandates while leaving Social Security and Medicare untouched.
The plan will face resistance — lawsuits, pushback from special interests and media criticism — but reducing government waste is worth the challenge.
With Musk and Ramaswamy leading Trump’s bold DOGE initiative, the potential savings for taxpayers could be massive.
Regards,
Charles Mizrahi
Founder, Alpha Investor
