Larry Kudlow on Tax Reform: Not Easy but the Right Thing

Wednesday, 26 Feb 2014 06:23 PM

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The tepid response from Republican leaders in Congress to tax reform is disappointing and ignores a groundswell of support, says radio host Larry Kudlow.

In an exclusive interview on "The Steve Malzberg Show" on Newsmax TV, the CNBC anchor of "The Kudlow Report" said tax reform isn't "an easy thing to do," but it is the right thing to do.

"So many Republicans that I talk to want this kind of tax reform," he said. "We've learned this from the past, not the government spending and regulating, which is what we've had for five years . . . Let's reform the code and simplify it."

Story continues below video.

Unfortunately, Kudlow said, the idea isn't gaining traction with leaders in the House and Senate.

"I'm disappointed that [Senate Minority Leader] Mitch McConnell and [House Speaker] John Boehner are so lukewarm," he said. "McConnell came out against it yesterday, as far as I can tell."

Kudlow said the economic growth issue is key for Americans — as is a "moratorium" on Obamacare.

"Let us have a three-year Obamacare moratorium," he said. "Stop the insanity, call a timeout and let's go back and take a look at this whole thing and try to get it right. Whether that means changing most of it, which is my hunch, or not. A three-year moratorium ought to be the Republican message during this campaign, or at least one of them."

But besides Obamacare, he added, "probably the best thing we can do to reinvigorate this economy and get 4 or 5 percent growth instead of 2 percent is full-fledged tax reform."

"I believe that lowering marginal tax rates for individuals and business will be the single best thing we can do to stimulate, reignite growth, and create new incentives for risk-taking," he said.

Kudlow said he has "some issues" with House Ways and Means Chairman Dave Camp's tax reform plan.

"It ain't perfect as far as I can tell, but there's also some great things," he said. "Anything we can do to get that stuff on the drawing board and get a national discussion. Because let's face it, the White House and the Democrats don't want it. They want higher taxes."

Kudlow says the time will be ripe for tax reform and a moratorium and rewrite of Obamacare "when the Republican take the Senate."

"The GOP can signal these are positive approaches to the electorate," he said.  "We are going to have a moratorium on this crazy Obamacare and a total rewrite is number one. Number two, we are going to create jobs, and growth which we have not had for all of these years with full-fledged tax reform.

"I want regulatory reform. I want to unleash the energy boom, which is going to create a couple million jobs at $80,000 apiece," Kudlow said.

"So, the GOP has got to have some positive pro-growth things . . . in addition to Obamacare. It's not either-or."

See the “Steve Malzberg Show” on Newsmax TV each weekday live by clicking here now.

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