Republican Party

The Republican Party, also referred to as the GOP (“Grand Old Party”), is one of the two major contemporary political parties in the United States. Since the mid-1850s, it has been the main political rival of the Democratic Party.

Economic policies

Calvin Coolidge, 30th president of the United States (1923–1929)
Republicans believe that free markets and individual achievement are the primary factors behind economic prosperity. Republicans frequently advocate in favor of fiscal conservatism during Democratic administrations; however, they have shown themselves willing to increase federal debt when they are in charge of the government (the implementation of the Bush tax cuts, Medicare Part D and the Tax Cuts and Jobs Act of 2017 are examples of this willingness).Despite pledges to roll back government spending, Republican administrations have, since the late 1960s, sustained or increased previous levels of government spending.

Taxes
The modern Republican Party’s economic policy positions, as measured by votes in Congress, tend to align with business interests and the affluent. Modern Republicans advocate the theory of supply-side economics, which holds that lower tax rates increase economic growth. Many Republicans oppose higher tax rates for higher earners, which they believe are unfairly targeted at those who create jobs and wealth. They believe private spending is more efficient than government spending. Republican lawmakers have also sought to limit funding for tax enforcement and tax collection. At the national level and state level, Republicans tend to pursue policies of tax cuts and deregulation.

Welfare
Republicans believe individuals should take responsibility for their own circumstances. They also believe the private sector is more effective in helping the poor through charity than the government is through welfare programs and that social assistance programs often cause government dependency.

Labor unions
Republicans believe corporations should be able to establish their own employment practices, including benefits and wages, with the free market deciding the price of work. Since the 1920s, Republicans have generally been opposed by labor union organizations and members. At the national level, Republicans supported the Taft–Hartley Act of 1947, which gives workers the right not to participate in unions. Modern Republicans at the state level generally support various right-to-work laws, which prohibit union security agreements requiring all workers in a unionized workplace to pay dues or a fair-share fee, regardless of whether they are members of the union or not.