Unleash Prosperity Hotline – Stephen Moore --We are told that either today or tomorrow Senate Finance Committee Chairman Mike Crapo will announce his draft plan for the Senate version of the One Big Beautiful Bill.
Time to go from good to great.
We would suggest these four amendments to the House-passed bill:
- Lower the State and Local Tax deduction (SALT) from $40,000 in the House bill to $20,000. (It is currently $10,000 and should be zero.)
- End the House tax on remittances. This is a punitive double-tax on money earned or invested in the U.S., and will reduce foreign investment in America.
- Index capital gains tax for inflation. Taxing inflationary gains is unfair and indexing would raise the after-tax value of nearly every farm, ranch, property, and 401k plan in America. The unlocking effect would RAISE potentially $100 billion in tax revenues.
- Go for the Gold: Lower the tax rates and broaden the tax base by capping ALL deductions for those with incomes above $1 million and cutting tax rates by 10%.
