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Nationalist Pundit

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Trump, McConnell Say Tax Reform Top Priority

President Donald Trump hosted a meeting at the White House yesterday, which included Senate Majority Leader Mitch McConnell (R-KY). Whatever tensions between these two men appear to have been set aside as they discussed future legislative agenda. Both told reporters during a Rose Garden press conference that tax reform was a ″top priority″. President Trump wants it completed before the end of the year while McConnell only offered to have it done during the current Congress, which ends at the start of 2019. On the optimistic side, Wall Street reacted positively to the meeting with the Dow Jones Industrial Average nearing the 23,000 mark.




The 45-minute press conference which followed the meeting was a raucous affair. White House press correspondents shouted out questions in a haphazard way. But President Trump took the questions and did well in handling the melee. He even allowed McConnell to answer a few questions. The President commented on many issues, including daring Hillary Clinton to run again in 2020. He chided her for recent statements supporting NFL players disrespecting the national Anthem and the nation as a whole.


There is no doubt that the U.S. economy is doing much better under President Donald Trump than during the bleak Barack Obama administration. The latest numbers have the Gross Domestic Product, or GDP, growing at a rate of 3.1%. Obama averaged just 1.8% during his 8 years, a growth rate so bad we have not seen such a long, slow economy since the Great Depression. While tax cuts and reform are hoped to reignite the economy, President Trump has already made significant progress by unwinding over 860 federal regulations.


During the 2016 campaign, Candidate Trump talked with business owners and chiefs across America. While they would welcome a cut in taxes, what they begged for was relief from regulations. Whole industries were being strangled by regulations imposed by the Obama administration, such as oil and mining. Even worse was the impact on small businesses due to credit restrictions placed on the banking industry. Particularly upon smaller regional and community banks.


Many of the changes President Trump is seeking in his tax reform proposal, aside from reductions in corporate rates, is to allow companies to deduct any material investments the year purchased, not spread out over several years. Buying new equipment to upgrade operations and for expansion has been one of the reasons for the lack of growth in small businesses. Together with restrictions caused by Obamacare, small businesses, the primary engine for economic activity, has been stagnant for nearly a decade.


Another major topic which came up during yesterday′s meeting was the threat from Steve Bannon to run Pro-Trump candidates in the upcoming GOP primaries for 2018. Bannon told the audience at last weekend′s Value Voters Summit that he is declaring war on the incumbents of the GOP Establishment. Every Republican senator except for Ted Cruz in Texas will have a challenger in the primaries. Mitch McConnell is not happy about that. While President Trump said he understands why Steve Bannon is undertaking this campaign, the President said he may want a few Republican senatorial incumbents other than Cruz reelected.


For more REAL NEWS and views, follow Andrew Zarowny on Facebook and on Twitter @mrcapitalist.


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