Right now, the GOP tax bill is about to pass the House (UPDATE: It has passed) and it has enough votes to get through the Senate. It’s about to become the first major legislative victory for the Trump administration. The GOP is counting on GDP growth to continue to rise upon passage of this bill. So far, the fourth quarter growth this year has hit four percent (via Reuters):
The New York Federal Reserve on Friday raised its estimate of U.S. gross domestic product growth for the fourth quarter of 2017 closer to 4 percent, based on revisions of prior data that suggested stronger economic activities.
The regional central bank’s “Nowcast” model calculated the economy was expanding at an annualized pace of 3.98 percent in the fourth quarter, quicker than the 3.92 percent rate calculated a week ago.
The economy is booming, with over 220,000 jobs created last month. Unemployment is at its lowest point in nearly two decades. Even CNN’s Nia Malika Henderson agreed that by many measures President Trump is right; the economy is making a comeback. Trump made these claims at a rally in Pensacola, Florida earlier this month. Now, with this tax bill projected to get through Congress, that growth can continue. Voters are also giving President Trump more credit for the booming economy.
UPDATE: Senate passes tax bill after procedural trip up; House will re-vote later on Wednesday.