September 9, 2015
By Amity Shlaes
Growth first. The rest will follow. That's considered Reaganite policy, and many American Republicans follow it. This week, for example, Jeb Bush is putting forward his own all-growth tax plan. He wants to get America out of the "New Normal" of slower, European-level growth. The Bush reforms contain multiple measures aimed at freeing the U.S. economy to grow faster.
Bush's cuts in corporate tax rates could keep American businesses home and draw foreign businesses. The candidate would reduce the top rate on the income tax to the level of Reagan's 1986 reform, 28%, a measure that would cheer a somnolent professional class into working harder.
Bush also recommends giving businesses the ability to expense all capital investments. Such instant expensing will not only strengthen growth but also improve growth's quality.