MIDDLE CLASS AMERICANS WHO SUFFERED GREATLY DURING THE OBAMA YEARS
when Wall Street prospered while Main Street languished couldn't give a damn how much President Trump's tax reform plan (once its finalized) may or may not benefit him personally. If it supercharges the economy boosting growth, productivity, wages and good paying jobs improving their lives and reversing their decade long decline then the 30 states that made Trump president will vote for him again - and this time Michigan won't be won by a hair.
It's a fact that historically presidents have benefited politically from huge tax cuts: In 1924 Calvin Coolidge clobbered Democratic challenger John Davis following massive slashes in taxes, spending and regulations that ended the Wilson Depression and unleashed the Roaring Twenties (see). 40 years later in 1964 President Johnson trounced GOP challenger Barry Goldwater in a 44 state landslide; this followed the implementation of JFK's top to bottom across the board tax cuts that more than doubled GDP from the Eisenhower years (see). In 1984 President Reagan crushed challenger Walter Mondale in a 49 state sweep after making deep cuts in everyone's taxes that ended double-digit unemployment and inflation - the worst recession since the Great Depression (see). Moreover, in 2004 George W. Bush defeated challenger John Kerry in a somewhat close race due to tax cuts which ended the recession caused by 9/11 and Clinton's dotcom market crash (see).
Ironically, Barack Obama in 2010, reneging from political necessity on a campaign pledge, extended ALL the hated Bush tax rates for a period of two years. By preventing Bush's rates from expiring Obama due to a weak recovery from the Great Recession (that lost his party the House) very likely prevented a double dip recession and the loss of his presidency to Mitt Romney.
Indeed, though the US economy under Donald Trump is improving without tax cuts, due mostly to the elimination of growth killing Obama era regulations (and markets, businesses, consumers and the Fed anticipating better times ahead) what happened before going back to Coolidge and three other presidents is likely to happen again: the transformational reform our tax system will win Trump a second term. Now the Congress must do its job and pass his plan for making the middle class prosperous and great again.