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Unleash Prosperity Hotline – Weekend Edition
Issue #1280
06/6/2025 – 06/08/2025
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1) Hidden Gems in the Big Beautiful Tax Bill

We rate the House-passed tax legislation as a good bill, not a great bill. We grade it a B and Steve Forbes rates it as: "needs improvement."

That said, we cherry-picked some of our favorite, unheralded items from a White House document 50 Wins in the One Big Beautiful Bill ([link removed]) that we suspect you aren’t aware of:
* Implements work requirements for able-bodied Americans receiving taxpayer-funded benefits.
* Reverses electric vehicle mandates set by radical climate activists.
* Opens federal lands and waters to oil, gas, coal, geothermal, and mineral leasing.
* Expands tax relief for small businesses by increasing the profits tax deduction to 23%.
* Renews and expands 100% immediate expensing for equipment and machinery.
* Increases the endowment tax on large universities.
* Cancels Biden's illegal, unfair student loan bailouts.
* Requires states to pay a higher match for food stamps and strengthens work requirements.
* Expands health savings accounts to give Americans greater choice and flexibility in how they spend their money.
* Incentivizes school choice scholarships that empowers American families and students to choose the education that best fits their needs.
* Ends requirement that Venmo, PayPal, and others report transactions over $600 be reported to the IRS.
* Holds universities financially accountable to the government on defaulted federal student loans.
* Increases timber sales on federal lands.
* Authorizes the sale of expanded spectrum to strengthen rural broadband and secure America's technological dominance.

That's pretty big and beautiful. We'll highlight what we like least in this 1000-page bill at a later date.
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2) 100 Years of Parental Choice

Our friend Jeanne Allen of the Center for Education Reform called to our attention that this is the 100th anniversary of a landmark Supreme Court decision in Pierce v. Society of Sisters (1925).

In It, the high court overturned an Oregon law forbidding parents to send their children to private and religious schools and mandating they attend public schools.

In the majority opinion, Justice James C. McReynolds wrote:

"The child is not the mere creature of the state; those who nurture him and direct his destiny have the right, coupled with the high duty, to recognize and prepare him for additional obligations."

The Court thereby affirmed that parents--not the state or the teacher unions or the school boards--have the primary role in the rearing and education of children. (To put it another way: it doesn't take a village.)

Jeanne notes that this ruling is often cited in cases defending parental authority and religious freedom.

Now, 100 years later, we need to enshrine that civil right by ensuring that every child parent in every state and locality has the right to choose the best school for their children.
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3) Why Would the Senate Quadruple the SALT Cap?

A helpful visual from our friends at Heritage.

Notice that all of the counties that benefit from the expanded state and local tax deduction are located in the blue northeast and the west coast, with Cook County, IL the only area that benefits in the middle of the country.
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This is the biggest tax giveaway to rich liberals perhaps in the history of the income tax. Prior to the 2017 tax cuts, SALT was de facto capped at around $21,000 by the Alternative Minimum Tax. A $40,000 SALT cap and an extension of the 2017 AMT reform (virtual repeal) means a huge windfall for wealthy taxpayers in high-tax blue states – not just compared to the current tax regime but also compared to pre-2017.
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4) Get Ready to Pay Higher Airfares

Here's a headline that caught our attention:
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The 1979 Agreement on Trade in Civil Aircraft established a zero-for-zero tariff regime, eliminating all customs duties on civil aircraft, engines, and parts by 1980, fostering a level playing field that propelled the U.S. aerospace industry to global dominance with a $75 billion trade surplus.

Unfortunately, because Trump's tariffs apply to business inputs, they are increasing costs for U.S. airlines, disrupting supply chains, and making U.S. aircraft less competitive against Chinese and European manufacturers, risking international market share.
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5) What Ever Happened to the JFK Pro-Growth Democrats?

Our co-founder, Dr. Arthur Laffer, reminds us that not so long ago it was the Democrats who spearheaded income-tax-rate reductions. In fact, an important anniversary is upon us.
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On June 7, 1962, President John F. Kennedy proposed an "across the board"–his words–reduction in tax rates. Back then, the top income tax rate was a foolishly confiscatory 91 percent. Many Republicans, including Barry Goldwater, opposed the JFK tax cut.

As JFK said in '62, "Our tax structure as presently weighted exerts too heavy a drain on a prospering economy." Lest anyone miss his point, he added, "the heavy tax structure we have" had been the cause of recent recessions.

Here’s a good video by our friends at Job Creators Network celebrating those tax cuts that unleashed the late 1960s economic boom.
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6) Give Peace a Chance

This is turning uglier than the Lennon/McCartney breakup.

Maybe the United Nations peacekeeping forces can end the escalating war between Trump and Elon.

Or maybe couples therapy?
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