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Unleash Prosperity Hotline
Issue #1279
06/05/2025
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1) 300+ Economists Endorse Making Trump Tax Cuts Permanent

Our 501 (c)(4) partner organization, Unleash Prosperity Now, has sponsored a letter from hundreds of the country's top economists and business leaders ([link removed]) , urging Congress to extend the expiring Trump tax cuts.

The letter ([link removed]) states:

These tax cuts succeeded in making the tax system more pro-growth and fairer. The common attack that this was a tax cut “for millionaires and billionaires” is contradicted by IRS data showing the share of taxes paid by the rich went UP, not down, after passage of TCJA.

To help the economy grow and to help working-class Americans, Congress should permanently extend the Trump tax cuts with a sense of urgency. Failure to extend the tax cut will lead to a job-killing $4 trillion tax hike on American families and small businesses. Given the softening of the economy this year, a quick extension of the Trump tax cut could help avert a recession.
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If anyone wants to sign on, please contact us.

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2) Make Expensing Great Again

One of the biggest mistakes of the 2017 Trump tax bill was that the 100% bonus depreciation - allowing companies to immediately write-off their capital expenditures - was phased down starting two years ago. Today, businesses can claim only 40% bonus depreciation on their investments in equipment and software. This reduces business investment.

The House version of OBBB brings back 100% expensing and expands it to manufacturing structures. Fantastic. But it's only for four years. This means we'll be right back here before you know it.

Club for Growth president, David McIntosh, and Susquehanna International Group managing director, Jeff Yass, explain:

When Congress enacts a temporary policy and then allows it to expire, the economic effect resembles a short-term stimulus, not a structural reform that fosters sustainable growth. The goal of tax reform should be to establish conditions for robust, stable economic growth through increased investment, job creation, higher wages and stronger productivity.
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3) New York Spends Almost Twice Per Medicaid Enrollee than National Average

Among Medicaid’s many flaws, the program has become a race to the bottom for the states. Thanks to the 90% federal match for non-disabled working-age adults, the states are financially rewarded for wasting money.

You couldn’t come up with a more perverse incentive scheme.

This, no doubt, explains why the costs are spiraling out of control in New York, which spends triple per enrollee what Utah spends, according to the Empire Center.

New York also has rampant home health care fraud in the Medicaid program.

Amazingly, New York is number one in Medicaid spending, but all that "free" money from Uncle Sam isn't making The Empire State any healthier.
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The federal reimbursement formula should be based on how much money each state SAVES, not how much it wastes.
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4) Trump Derails California High-Speed Train Boondoggle

This is a HUGE victory for UP and our senior fellow Wendell Cox, who has been the nation’s leading critic of this as much as $135 billion train to nowhere for many years (and with so little of the project completed, it seems likely that costs could still rise considerably). Our report in April (available here ([link removed]) ) and his articles in The Wall Street Journal have exposed the shocking failure and ballooning costs of the project.

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So we were thrilled that the Trump administration has reached the same conclusion, issuing a comprehensive report yesterday.

In a letter to CHSRA CEO, Ian Choudri, the Trump DOT highlighted that its report uncovered a pattern of project delays, mismanagement, waste, and escalating costs, amounting to a "default" on its obligations to federal taxpayers.

"This report exposes a cold, hard truth: CHSRA has no viable path to complete this project on time or on budget. CHSRA is on notice -- If they can't deliver on their end of the deal, it could soon be time for these funds to flow to other projects… that can achieve President Trump's vision of building great, big, beautiful things again," said U.S. Transportation Secretary Sean P. Duffy. "Our country deserves high-speed rail that makes us proud - not boondoogle trains to nowhere."

In its letter, DOT cribbed from Cox's UP report by noting:

What started as a proposed 800-mile system was first reduced to 500 miles, then became a 171-mile segment, and is now very likely ended as a 119-mile track to nowhere.
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5) Low-Tax Red States Are Dominating in Sports Too

Regular HOTLINE readers know that we've been documenting that no-income tax states aren't just dominating economically, but also in the world of sports.

Now, The New York Times has picked up the story, and noted this week that the Florida Panthers are playing in their third straight Stanley Cup final, right after Tampa made three in a row. Why are all the best skaters playing for Florida teams? Here’s The Times explanation:

"Florida takes no state income taxes out of paychecks — a huge talking point when it comes to the Lightning and Panthers' runs. The Vegas Golden Knights, Dallas Stars, Nashville Predators and Seattle Kraken also play in no-state-income-tax states."

The Times story reports that the teams in high tax states now complain that this gives Florida "an unfair advantage" especially against "Canada and high-tax states like California, New York/New Jersey and Minnesota."

The high tax states now want to level the playing field by "addressing this situation" in the collective bargaining agreement.

Here's a better solution: get the blue states to cut their taxes and lure in superstars in sports and business. If they don’t, the New York Knicks and the Chicago Bulls and the San Francisco 49ers may never win another championship.
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6) You Almost Feel Sorry for Her

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