Is Matt Drudge, founder of The Drudge Report, the most powerful political media force in the universe? After he took to President Donald J. Trump’s favorite social platform – Twitter – to criticize the slow pace of major promises made during the campaign, namely tax cuts, lo and behold the following day the president announced a proposal was coming within a few weeks.
As noted by Mediaite, on Wednesday Drudge tweeted out a picture of House Speaker Paul Ryan, R-Wis., standing with Senate Majority Leader Mitch McConnell, R-Ky, with this message: “Republican party should be sued for fraud. NO discussion of tax cuts now. Just lots of crazy. Back to basics, guys!”
The tweet, which you can see here, only went to his approximately 480,000 followers. But it’s power and reach went much further – all the way to the White House Briefing Room, where Breitbart White House correspondent Charlie Spiering asked Trump spokesman Sean Spicer about tax proposals and the repeal and replacement of Obamacare.
Spicer denied that the administration’s efforts on these two issues were “stalling,” adding that the size of Obamacare made it difficult to simply repeal without a carefully thought-out piece of replacement legislation that would not make the problems in health care attributable to the Affordable Care Act even worse. (RELATED: Conservatives are pushing the GOP to do the right thing – stay tuned at Conservative.news)
As for tax cuts, the president himself addressed that in a meeting with airline executives the following day when he said that a major announcement on cuts is forthcoming, as reported by Grabian News.
In promising a “phenomenal” tax reduction package, Trump also addressed a familiar subject – burdensome federal regulations – that the airline industry (and most others in the U.S.) have to deal with, saying this issue is something else he also plans to address in the coming months.
“Lowering the overall tax burden on American business is big league, that’s coming along very well,” Trump said. “We’re way ahead of schedule, I believe. And we’re going to be announcing something — I would say over the next two or three weeks — that will be phenomenal,” the president said.
In addition to the airline industry and other corporate executives, Wall Street appears to be siding with the president: The Dow Jones Industrial Average hit an all-time high following the “big league” tax cut announcement, CNBC reported.
“It’s almost a resumption of the Trump trade,” Matt Weller, senior market analyst at Faraday Research, told the financial news network. “In his acceptance speech, Trump talked about infrastructure and deregulation, but in recent weeks he’d gotten away from that.”
“This is sort of reigniting those animal spirits,” he said.
On the White House web site, the Trump administration again makes clear Trump’s plans to help boost the economy through the use of several financial levers, including tax reform:
The President’s plan will lower rates for Americans in every tax bracket, simplify the tax code, and reduce the U.S. corporate tax rate, which is one of the highest in the world. Fixing a tax code that is outdated, overly complex, and too onerous will unleash America’s economy, creating millions of new jobs and boosting economic growth. (RELATED: Keep up with the Trump administration at the other White House site – Whitehouse.news)
In addition, Trump told Fox News’ Bill O’Reilly during a pre-Super Bowl LI interview that tax reform was definitely on his radar and on the horizon. When asked if Americans could expect a tax cut by year’s end, Trump said, “I think so, yes. And I think before the end of the year I would like to say yes.”
Speaker Ryan said in a recent appearance on “Fox and Friends” that instantaneous tax cuts, in any event, aren’t possible because of the way the budgeting process works. But getting them implemented in the very near term most certainly is possible.
“It’s just the way the budget works that we won’t be able to get the ability to write our tax reform bill until our spring budget passes, and then we write that through the summer,” he said on the program, as quoted by CNBC.
Trump has called for slashing corporate tax rates from 35 percent – the highest in the First World – to 15 percent, while Ryan has proposed cutting them to 20 percent, setting the stage for a potential battle.