With healthcare repeal and replace apparently a dead issue for 2017, the Oval Office is pivoting to President Donald J. Trump’s tax reform plan. In a release to MHProNews, the Oval Office has noted the success Michigan has had with their state tax reform plan at creating economic growth and new jobs in that state.
Citing the Wall Street Journal (WSJ) editorial board’s “Michigan Comeback Story,” the president’s press office tells the Daily Business News that “Michigan “offers a case study in the pro-growth potential of business tax reform,” pointing to the state’s tax reform efforts as the driver of the state’s “economic comeback.”
Michigan, the report said, was “the only state to experience zero economic growth” between 2002 and 2007.”
Then, “Governor Rick Snyder used tax and regulatory reforms to recharge the GDP,” which resulted in Michigan’s corporate-tax ranking “jumped to seventh from 49th.” Furthermore, two months after Gov. Snyder signed the tax reforms, “job growth turned positive,” and since 2011, “Michigan has led the Great Lakes region in manufacturing growth,” the WSJ editorial board remarked.
Those reports mimic what MHProNews has previously stated was the federal government experience under Democratic President John F. Kennedy and GOP President Ronald Reagan. Cutting the tax rates initially causes a drop in federal revenue, but it surges as investment and job creations takes hold.
The Trump Administration also noted that new polling from the American Action Network showing “that nearly three-fourths of voters consider tax reform an important priority for lawmakers, with 43 percent calling it a top priority.”
The Daily Business News has previously reported that the National Federation of Independent Business (NFIB) has listed health care reform and tax reform as among the leading issues for small businesses in America. The NFIB has about the same number of national members as the Manufactured Housing Institute, per sources in both organizations. ##
(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)
Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.