The Antidote To The Cost-Of-Living Crisis: Simple, Low And Fair Taxes

This op-ed originally appeared in the Daily Caller on April 19, 2024.

Though the 2023 tax season is now in the rearview mirror, the inflation tax remains a stark reality, and Americans are faced with a daunting prospect: the worst may be yet to come.

If President Biden has his way, much of the Trump tax cuts will lapse in 2025, adding tax-hike insult to inflation injury for millions of families and small businesses. The ongoing cost-of-living crisis makes it more urgent than ever to extend the Trump tax cut and to continue the push for taxes that are simple, low, and fair.

There are two basic ways to tackle inflation, which can be thought of as too much money chasing too few goods. The first is to address the “too much money” half of the equation by withdrawing excess demand, ideally by reversing government overspending. But it is at least as important to address the other half of the equation—too few goods—by implementing pro-growth policies that expand supply and create affordable abundance.

This recipe has succeeded in the past. The 1980s “supply-side revolution” of simple, low, and fair taxes, regulatory reform, and sound money put an end to stagflation.

Read the full op-ed in the Daily Caller.