Former House Speaker Newt Gingrich appeared on Fox Business Monday to predict a sweeping economic resurgence under President Donald Trumpâs second presidency.
House Republicans unveiled a tax plan targeting elite universitiesâ endowment profits to generate billions in revenue and help fund Trumpâs broader tax agenda. During an appearance on âKudlow,â Gingrich discussed the coordinated efforts between Trump, Speaker Mike Johnson and House Ways and Means Committee Chair Jason Smith.
âTheyâve come together as a team, and, frankly, virtually every committee now that is reporting out is achieving great things. And I think that this bill is going to be enormously powerful,â Gingrich said. âItâs a good absolute big step towards what I described in my newsletter at Gingrich 360 as the coming Trump boom, which I believe is real.â
Gingrich cited a potent mix of pro-growth measures, including tax breaks aimed at spurring development and rewarding work, regulatory rollbacks, and targeted spending cuts that could ease pressure on interest rates.
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âThe amount of tax breaks that are going to encourage development, encourage work and, I think this is a very important part of it. And then, frankly, the cuts in regulations and the cuts in the spending, which will create more space for interest rates to start coming down. Itâs pretty hard for me to look at all that and not see how it becomes a boom,â Gingrich said.
Gingrich also pointed to what he sees as a largely overlooked economic catalyst: technological advancement.
âNobodyâs paying enough attention to the scale of scientific changes out there. The number of different things, whether itâs in pharmaceuticals or itâs in artificial intelligence or robotics, theyâre just an amazing number of things happening that are going to make life more exciting, more productive and give US a wider range of choices,â Gingrich added.
Gingrich said the U.S. should enter the early stages of the âTrump Boomâ by summer 2026, despite media pessimism and market overreactions. He cited Treasury Secretary Scott Bessentâs analysis as clarifying how Trumpâs policies, including tariffs and budget reforms, will drive long-term growth.
Among the measures gaining traction under this pro-growth agenda is a new GOP proposal targeting elite university endowments, a move House Republicans say will both generate revenue and curb ideological bias on campus.
An endowment consists of donated assets that universities invest to support their long-term operations. Congressional Republicans are pushing to raise taxes on endowment profits, citing what they said are the failures of universities to address antisemitism and their promotion of left-wing ideology.
Under the new proposal, colleges with endowments between $500,000 and $750,000 per student would continue paying a 1.4% tax on investment income, while those with endowments under $1.25 million per student would face a 7% rate. Institutions with endowments between $1.25 million and $2 million per student would be taxed at 14%, and those exceeding $2 million per student would pay a 21% rateâmatching the figure outlined in Republican Texas Rep. Troy Nehlsâ Endowment Tax Fairness Act.
(Featured Image Media Credit:Â Screenshot/Fox Business)
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