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In addition to providing broad-based tax relief, the Tax Cuts and Jobs Act created Opportunity Zones (OZs), drawn from legislation introduced by Senator Tim Scott (S.293) and former Representative Pat Tiberi (H.R.828), the Investing in Opportunity Act. OZs encourage long-term private capital investment to revitalize low-income areas.

Nov 15 2018

November FOMC Review

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The economy’s resurgence, driven by pro-growth regulatory reform and the Tax Cuts and Jobs Act, has enabled the Federal Reserve to normalize interest rates, i.e., get them to a level that is more consistent with historical norms, and to start shrinking its balance sheet. To realize the full effects of pro-growth policies, the Fed must essentially “thread the needle”: Some additional interest rate hikes may be warranted as the economy continues to improve, but they should not be so rapid as to disrupt the recovery.
With the economy growing robustly for the first time in a decade, wage growth picking up, and inflation near the Fed’s 2 percent target, the Fed’s decision to hold rates steady seems prudent. I believe that Chairman Powell is on the right track to normalize monetary policy and to enable the full long-term growth effects of tax and regulatory reforms to be realized.
“Americans’ paychecks are finally breaking through the ceiling of wage growth that’s held for nearly a decade, firmly establishing that our economy’s strong momentum is boosting jobs and especially worker pay. This is an exceptionally good report with 250,000 jobs created, a milestone that reminds us that we must continue to push for pro-growth policies that allow all Americans to receive the raises and opportunities they deserve.”
Obamacare forced Americans to buy government-approved health insurance—a federal command known as the individual mandate—and enforced it by taxing people who are uninsured. Since the Tax Cuts and Jobs Act ended the tax (beginning in 2019), reality has defied every doomsday prediction.