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ICYMI: Club for Growth Foundation Advises Populists: More Tax Cuts, Less Tariffs

Washington, D.C. — In case you missed it, the Club for Growth Foundation has released the Freedom Forward Policy Handbook, a pro-growth, limited government guide to empower families, strengthen American industry, and reignite America’s economic engine.

The handbook features six white papers that challenge the policies embraced by big government populists and lay out a principled, conservative guide to promote economic growth and industrial strength. Bloomberg’s Steven Dennis covered the release in an exclusive report.   

“We are developing the best freedom agenda from our friends in the conservative movement and promoting it to the next generation of America’s leaders. American families do not benefit from big-government, national populist policies and we look forward to a robust debate.” – David McIntosh, Club for Growth Foundation President.

The papers featured the handbook include:

  • Tax Reforms to Strengthen America’s Industrial Base
  • Industrial Headwinds: Reducing the Burden of Regulations on US Manufacturers
  • Liberating America: Overcoming Energy Scarcity and Inflation
  • Reforming Federal Surface Transportation Policy
  • Strengthening American Industry through Education and Workforce Deregulation
  • Originalism Promotes the Common Good

 

Click here to view the full Freedom Forward Policy Handbook from the Club for Growth Foundation.

Click here to read the full coverage from Bloomberg.

 

BLOOMBERG EXCERPTS:

The Club for Growth Foundation, whose members have sparred with Trump advisers on economic policies, says its corporate tax cut plan — as well as a corresponding push for deregulation — are aimed at bolstering US manufacturing, according to a policy proposal obtained by Bloomberg News. The plan calls for generous deductions for business investments and introducing a 20% flat tax on distributed profits.

With a debate over renewing tax cuts poised to consume Congress and the White House next year, the group is seeking to appeal to the former president with their wish list of levy reduction ideas. Trump in March reportedly said that he and Club for Growth President David McIntosh are now “back in love” after the negative advertising they launched at him.

Club for Growth, whose operation includes an advocacy group, a non-profit foundation and allied political action committees, is a key player in conservative economic policy circles. The plan is an opening salvo for a robust debate over tax policy set for next year with expiration of key portions of Trump’s 2017 cuts, including personal rate reductions, business deductions and estate tax limitations.

The policy plan includes some ideas that don’t align squarely with Trump’s worldview, stating that tax cuts are a preferable option to tariffs to boost US businesses. McIntosh has pushed back against economic populists who support higher tariffs and a bigger role for the federal government in directing investment. The plan criticizes government grants to US chipmakers and trade barriers to protect favored US industries.

The foundation’s paper contends that certain tax cuts — like immediate expensing of corporate investments and a rewrite of the corporate tax code — would be better for the economy than government subsidies, tariffs and mandates. The document projects that $697 billion in tax cuts would mostly be offset by higher growth in the first decade and pay for themselves in future decades.

The proposal, which includes positions on education and energy, is a compilation of work from scholars and economists at conservative think tanks like the Tax Foundation and The Heritage Foundation.


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