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Posts tagged ‘economy’

Tax Reform Spurs a Doubling of This Texan’s Business


“Our sales have just gone through the roof … because of the general business climate everywhere,” Austin Hose co-owner Jim Cramer says. Pictured: Cramer with sons Bill, left, and Daniel, right. (Photo courtesy of Jim Cramer)

Republican-passed tax reform has helped to more than double his supply company’s business, a Texas entrepreneur says.

“The tax reform took our taxes from 34 percent down to 21 percent, so we had additional capital and we used that capital to reinvest in the business,” Jim Cramer said in a phone interview Thursday with The Daily Signal.

Cramer is a co-owner of Amarillo-based Austin Hose, a supplier of hose, fittings, and accessories with six locations serving six states.

He spoke with The Daily Signal four days before House Ways and Means Chairman Kevin Brady, R-Texas, introduced three bills to build on the success of the initial overhaul of the tax code.

When President Donald Trump was elected, Cramer said, his business had 70 employees. It now has 150.

“So in just less than two years, we have more than doubled,” he said. “And our sales have just gone through the roof … because of the general business climate everywhere.”

Confidence among U.S. small businesses reached a historic high in August, according to the National Federation of Independent Business. The lobbying group’s monthly index hit 108.8 in August, the highest level in its 45-year existence. The reading eclipsed the previous record high of 108 from July 1983, Business Insider reported.

The tax reform package, which cleared Congress Dec. 20 and went into effect Jan. 1 after Trump signed it, repealed the corporate alternative minimum tax in addition to cutting the corporate income tax rate from 35 percent to 21 percent.

It also provided for full and immediate expensing, which allows businesses to deduct expenses immediately from taxable income, an element that Cramer says has been a huge asset to Austin Hose.

“If you can expense it immediately, as opposed to doing it over four or five years, that has an immediate effect on your business and your taxes, so we have probably … bought 20 trucks in the last 18 months,” Cramer said, adding:

We have really invested heavily in plans and equipment, [and] we have opened a new branch in Oklahoma City. In the last two years, our sales have doubled; it went up 50 percent a year ago and they’re going up another 50 percent this year.

Cramer, 60, has lived in Texas since eighth grade. He and his wife, Josette, have six children. Two of their children are employed at Austin Hose: Daniel, who is CEO, and Billy, who works at the Amarillo warehouse.

Cramer said he sees a marked difference in both the economy and how businesses are treated between the presidencies of Barack Obama and Donald Trump:

The big problem for the last eight years with President Obama is you just had no idea what was coming next. And in terms of tax relief, we didn’t get any tax relief; corporations did not. You never knew what new regulations might pop up and cause all kinds of problems in your business. We just have a lot better understanding of what the future looks like for the next several years, so we are really excited about it.

Kiki Houndjago works in the Amarillo location of Austin Hose. (Photo courtesy of Jim Cramer)

Public policy has a direct influence on the outlook of business owners and whether they are willing to take risks, Cramer said:

If you have a positive attitude about the future of your industry, it makes a big difference.

You have to have a lot of confidence in the future, and what the business environment is going to look like if you are going to add that kind of staff to your payroll. And we are just real confident, not only about the way things are going now but how the future looks. So if you have that confidence, you are willing to do that and step out on a limb and reinvest in your business.

Cramer said he wants lawmakers to build on the success of the initial tax reform package in a “Tax Reform 2.0” overhaul like that outlined Monday by Brady.

“My request would be to make … the changes to the corporate taxes permanent,” Cramer told The Daily Signal, “to allow us to depreciate as many assets as possible. Because when you are buying things, that’s stimulating the economy right on down the line.”

“You buy trucks and crimpers and computers and software, and we are buying all that stuff,” he added. “So if we can expense that in the year that we buy, that gives us the opportunity to accelerate everything.”

Cramer said American businesses and employees have Trump to thank for the economic success from tax reform.

“I don’t know what better thing you can do for an individual without work than give him a job; that to me is just super important,” Cramer said, adding:

And when I talk to all my friends who are more on the liberal side, that’s what I tell them … the environment that President Trump has created is an environment where we are willing to go out on a limb and invest in our business and hire more people, and that to me is extremely important.

Editor’s note: Jim Cramer is a donor to The Heritage Foundation, parent organization of The Daily Signal.

ABOUT THE AUTHOR:

Rachel del Guidice

Rachel del Guidice is a reporter for The Daily Signal. She is a graduate of Franciscan University of Steubenville, Forge Leadership Network, and The Heritage Foundation’s Young Leaders Program. Send an email to Rachel.

 

America Has Strayed From Founders’ Vision for Economic Freedom and Limited Government, Walter Williams Says


“I think that our government has become destructive of the ends it was created to serve,” Walter Williams, a professor of economics at George Mason University, said in a speech Tuesday at The Heritage Foundation. (Photo: Thaleigha Rampersad)

An author and economics professor warns that America must return to the Founders’ vision of limited government to preserve the economic future of the country.

“I think we can safely say that we have made a significant departure from the constitutional principles of individual liberty and limited government that made us a rich nation in the first place,” Walter Williams, a professor of economics at George Mason University, said in a speech Tuesday at The Heritage Foundation.

Most legitimate functions of government are noted in the Constitution, such as collecting taxes and providing for the common defense and general welfare of the country, and regulating commerce between the states and with foreign nations, he said.

“Nowhere in the Constitution, in the United States Constitution, do we find authority for Congress to tax and spend for up to three-quarters of what Congress taxes and spends for today,” Williams said. “In other words, there is no constitutional authority for farm subsidies, bank bailouts, food stamps, business bailouts—not to mention midnight basketball.”

The latter is a reference to a provision in a federal anti-crime bill in the mid-1990s.

The rise in spending in government, he said, is the best way to illustrate how fast and how much the government has grown.

“To put it in perspective, in 1902, expenditures at all levels of government—I mean federal, state, and local levels of government—totaled $1.7 billion,” he said. “In 1902, the average taxpayer paid $60 a year for state and local taxes. In fact, from 1787 until 1925, federal expenditures were only 3 percent of the [gross domestic product], except during wartime.”

But that was then, and this is now.

“Today, federal expenditures alone are close to 25 percent of the GDP. State and local governments spend over $3 trillion. The federal government over $4 trillion,” he said. “The average taxpayer today pays more than $10,000 a year in federal, state, and local taxes.”

Williams, a syndicated columnist, urged those in his audience to take ownership of what is rightfully theirs.

“As time goes by, you and I own less and less of our most valuable property; namely, ourselves and the fruits of our labor,” he said, adding:

Free enterprise is threatened today, not because of its failure. Somewhat ironically, it is threatened because of its success.

That is, free enterprise or capitalism has been so successful in eliminating the traditional problems of mankind—such as disease, pestilence, hunger, and gross poverty—that all other human problems appear to us at once to be inexcusable and unbearable.

Williams said Americans need to remember that all of the programs “offered” by the government come at a personal cost and that the government has no resources of its own.

“[T]hose programs coming from Washington or out of your state capitals, they don’t represent congressmen and legislators reaching in their own pockets to send out the money,” he noted, adding:

When we recognize that government has no resources of its very own, that forces you to recognize that the only way the government can give one American one dollar is first through intimidation, threats, and coercion—confiscate that dollar from some other American.

Now if you think I am being too loose with terminology and intimidation, threats, and coercion, you have April 15.

He said that it’s incumbent on the American people to return to the Founders’ vision of limited government to preserve freedom.

“I think that our government has become destructive of the ends it was created to serve,” Williams said. “I think that our Founders would be very disappointed with you and me if they were to come back and see that we have developed a new class of people that prefers safety to liberty.

“But the optimistic note for us is that we Americans have not done the wrong thing for a long time,” he added. “But we better get about setting our house in order while we still have the freedom to do so.”

Williams’ lecture was the first in a new series, “Free Markets: The Ethical Economic Choice,” sponsored by The Heritage Foundation.

ABOUT THE AUTHOR:

Rachel del Guidice

Rachel del Guidice is a reporter for The Daily Signal. She is a graduate of Franciscan University of Steubenville, Forge Leadership Network, and The Heritage Foundation’s Young Leaders Program. Send an email to Rachel.

Today’s Politically INCORRECT Cartoon by A.F. Branco


NObama-nomics

Obama breaking ex-presidential etiquette and protocol to come out and bash the current President Trump.

Obama 2018 CampaignPolitical Cartoon by A.F. Branco ©2018.
See more Legal Insurrection Branco cartoons, click here.

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  • Are you done with Nike after announcing Colin Kaepernick will be featured in their 30th anniversary “Just Do It” marketing campaign?

Donations/Tips accepted and appreciated –  $1.00 – $5.00 – $10 – $100 –  it all helps to fund this website and keep the cartoons coming. – THANK YOU!

A.F. Branco has taken his two greatest passions, (art and politics) and translated them into the cartoons that have been seen all over the country, in various news outlets including “Fox News”, MSNBC, CBS, ABC and “The Washington Post.” He has been recognized by such personalities as James Woods, Sarah Palin, Larry Elder, Lars Larson, and even the great El Rushbo.

Today’s Politically INCORRECT Cartoon by A.F. Branco


Deflategate

The mainstream media worked overtime trying to pump-up the Obama’s failing economy, and now are working even harder to talk down the Trump historic Economic boom.

Media Hates Trump EconomyPolitical Cartoon by A.F. Branco ©2018.
See more Legal Insurrection Branco cartoons, click here.

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  • Which Hollywood Walk of Fame Star should be removed first?

Donations/Tips accepted and appreciated –  $1.00 – $5.00 – $10 – $100 –  it all helps to fund this website and keep the cartoons coming. – THANK YOU!

A.F. Branco has taken his two greatest passions, (art and politics) and translated them into the cartoons that have been seen all over the country, in various news outlets including “Fox News”, MSNBC, CBS, ABC and “The Washington Post.” He has been recognized by such personalities as James Woods, Sarah Palin, Larry Elder, Lars Larson, and even the great El Rushbo.

G7 American Allies Battle


Drawn and Post by Chip Bok | June 8, 2018

URL of the original posting site: http://bokbluster.com/2018/06/08/g7-american-allies/

g7 American allies

There was discord during the buildup to the G7 meetings of rich nations in Quebec. Canadian Prime Minister Trudeau thinks Trump considers Canada a threat to the U.S. And he was insulted.

But President Trump says he had to hit American allies with high tariffs for national security reasons.

G7 American Allies

Then on Thursday, which happened to be the D-Day anniversary, French President Macron took a shot at Trump saying, “No leader is forever.” He also said, “the six G7 countries without the U.S. are bigger than the American market.”

The next day Trump waded into the meetings insisting that Russia be included. He’s apparently unfazed by the Mueller collusion probe.

Today’s Politically INCORRECT Cartoon by A.F. Branco


Forward, For Real

After 8 years of Obama leading from behind and being a drag on our economy, Trump is leading from the front full steam ahead toward prosperity.

Trump Economy Booming

Today’s TWO Politically INCORRECT Cartoon by A.F. Branco


Sur-Real Time With Bill Maher

White liberal privilege is exercised abundantly by such people as Bill Maher, Wonda Sikes, and Samantha for off colored and racist comments, while Roseanne Barr is fired for her’s.

Bill Maher Racism

Political Cartoon by A.F. Branco ©2018.

See more Conservative Daily News cartoons here

A.F.Branco Coffee Table Book <—- Order Here!

Donations/Tips accepted and appreciated –  $1.00 – $5.00 – $10 – $100 –  it all helps to fund this website and keep the cartoons coming. – THANK YOU!

A.F. Branco has taken his two greatest passions, (art and politics) and translated them into the cartoons that have been seen all over the country, in various news outlets including “Fox News” and “The Washington Post.” He has been recognized by such personalities as James Woods, Sarah Palin, Larry Elder, Lars Larson, and even the great El Rushbo.

No Good Deed

The May jobs report is out and the Trump successes keep mounting up making the 2018 election prospects for Democrats and Pelosi even dimmer.

Trump May Jobs Report

Political Cartoon by A.F. Branco ©2018.

To see more Legal Insurrection Branco cartoons, click here.

A.F.Branco Coffee Table Book <—- Order Here!

Donations/Tips accepted and appreciated –  $1.00 – $5.00 – $10 – $100 –  it all helps to fund this website and keep the cartoons coming. – THANK YOU!

A.F. Branco has taken his two greatest passions, (art and politics) and translated them into the cartoons that have been seen all over the country, in various news outlets including “Fox News”, MSNBC, CBS, ABC and “The Washington Post.” He has been recognized by such personalities as James Woods, Sarah Palin, Larry Elder, Lars Larson, and even the great El Rushbo.

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