How strong are small businesses since the Trump/Republican tax legislation kicked in?
Here is your answer, via Conor Beck’s article at freebeacon.com:
The National Federation of Independent Business (NFIB) in May determined small business enthusiasm to be at its second highest point since it started tracking the measure in 1973.
The NFIB’s small business optimism index reached 107.8 in May, a 3 point increase from the prior month and the highest since the record of 108.0 in 1983, CNBC reported.
Commentary in the NFIB report credited the tax reform signed into law by President Donald Trump at the end of 2017.
“The new tax code is returning money to the private sector where history makes clear it will be better invested than by a government bureaucracy,” it read. “Regulatory costs, as significant as taxes, are being reduced.”
The highest level in 35 years – a direct result of the new tax code, which reduces corporate tax rates from 35%to 21%.
How does this fit in with prospects for the mid term elections? Think of it as part of a recipe:
-Combine it with the millions of people who got raises and bonuses, and the large majority of workers who now get more in their paychecks due to lower tax rates, also from that legislation.
-Stir in the fact that every vote for the tax legislation was cast by Republicans – not one Democrat in the House or Senate supported it.
-Mix with the highest consumer confidence level since 2000.
-Top with estimates of 4% – 5% GDP growth this quarter.
Now: what do you get? Does this recipe cook up the mid-term election blue wave that mainstream media were promising us just months ago?
Not if “it’s the economy, stupid” still means anything.
UPDATE: Oh, and a little icing on the cake: as of today, joblessness is at a 44 year low.