RUSH: I mentioned this a couple days ago and the day before that, and even yesterday. And I asked some of you to call in and react to this, that is there a growing impatience among Trump supporters for what appears to be no movement on repealing Obamacare and tax cuts? We took some calls on this and it was not definitive in either way. Most of the people that called support Trump and so far still do 100%, and most of them said, “Hey, it’s only Day 18, it’s only Day 19. It’s not time to get panicky here.”
But some have become alarmed. Matt Drudge sent out a couple of tweets, one of them saying the GOP should be sued for fraud because they promised a quick repeal of Obamacare and quick action on tax cuts. And what we’ve had is statements like, “Well, we can’t get to Obamacare ’til at least next year, if then, and tax cuts, well, it’s a massive thing to unwind like Obamacare.” And some people: “You’re not doing this to us again.” There have been some Republican voters: “You’re not doing this to us again. You told us you needed all three. You need the House, you need the Senate, you need the White House to repeal Obamacare. Well, you’ve got it, we gave it to you. Action, let’s see some. Same thing on tax cuts.”
So today President Trump assured everybody that a big tax cut is coming and that he is on it, and it is not something that has been put on the back burner. It’s every bit front and center as it’s always been, rest assured. And the result of this is, from CNBC: Stocks have shot through the roof. The Dow Jones Industrial Average reached an all-time high after Trump promises a big league tax announcement.
U.S. equities traded higher on Thursday after President Trump said that he would give an announcement regarding taxes in the next few weeks. Lowering the overall tax burden on American business is big league. “That’s coming along very well. We’re way ahead of schedule, I believe,” said the president, “and we’re gonna announce something I would say over the next two or three weeks that will be phenomenal in terms of tax.”
Trump said this in a meeting with airline executives, another meeting, by the way, that went exceptionally well. The airline execs left the meeting thinking this was cool, this was really cool, this was great. Everybody having met with Trump comes out of the meeting just singing his praises and thinking it went phenomenally well. And it was in that meeting that Trump made his comments on taxes coming, tax cuts coming.
I don’t know if his announcement means he’s reached an agreement with McConnell and Ryan. If it does, that’s great. If it’s Trump applying pressure on them, that’s also fine, too. But, folks, I can tell you, the House Ways and Means Committee is moving on tax cuts. They’ve got a tax cut plan ready to go. Kevin Brady is the chairman of the House Ways and Means Committee, and they’re not sitting on their hands in there. Top marginal rate be down to 33%. It features some repatriation of foreign-held assets.
Everything I’ve been able to detect, there is a clear desire backed by energy in the Republican caucus to move these tax cuts forward and to get it done. Same thing with Obamacare. That’s a little more dicey, but we’ll just wait and see. But so far all good. Nineteen days I think this is into the Trump administration.