DOLE OUT A FEW TAX BREAKS

Joel Griffith, Research Fellow, The Heritage Foundation

Instead of asking the new president

to spend more money, Griffith wants the next administration to concentrate on cutting taxes and business regulations. He points out that while President Trump’s cuts for corporations are intended to last forever, most of the cuts for individuals expire in 2025. Making them permanent, as well as letting businesses deduct the full cost of some capital investments, he says, “will provide a permanent boost to long-term economic growth.”

Not that he sounds very optimistic. Given the additional funds for stimulus that the government will likely pass, on top of what’s already been spent, along with the huge federal deficit that existed before the pandemic began, he believes that tax increases are more likely. Still, Griffith says that’s the wrong way to go: “Pro-growth tax policy ultimately requires getting our fiscal house in order.”