Tax Cuts Are Katrina Relief
by Mallory Factor, who states Free enterprise is needed now more than ever:
Broader issues like fundamental tax reform, litigation reform, and regulatory reform will all contribute to our economic growth and prosperity. Their importance has increased, not diminished, because of the hurricane.
We are now committed as a country to generously and compassionately rebuilding the hurricane zone and replacing what was lost. The price tag will be high, perhaps as high as $200 billion. That’s real money, and we need a healthy, growing U.S. economy to help pay for it. The high price of replacing what was lost makes it more vital than ever that we continue to fight for the free-enterprise agenda — a policy mix that has a proven track record of boosting economic growth, creating new jobs, and enhancing prosperity. With rapid economic growth, a price as high as $200 billion is more affordable — it would be less than the difference between 3 percent and 4 percent growth of GDP over the next two years.
The business of government must go on. We cannot allow the tragedy of Katrina to undermine what’s best for the country’s economic health. This is not the time for stifling regulations and high tax rates, including the expiration of the 2003 tax cuts. This is not the time to destroy family farms and businesses, and with them hundreds of thousands of jobs. It is not inconsiderate to underscore the vital need for policies promoting economic growth and prosperity in the wake of tragedy. It would be inconsiderate not to.
Kudlow sees an opportunity zone.