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Kudlow: Hillary Has No Growth Plan for 'Lousy Economy'

Kudlow: Hillary Has No Growth Plan for 'Lousy Economy'
(AP Photo/Andrew Harnik)

By    |   Thursday, 07 July 2016 02:39 PM

Newsmax Finance Insider Larry Kudlow said Hillary Clinton’s biggest flaw is that she’s campaigning for president in a “lousy economy” and yet hasn’t offered a viable economic growth plan.

“We are in a lousy economy, we're in a a business recession right now, not yet consumers (recession). She has no growth plan. What is her growth plan? She wants economic justice, social justice, environmental justice. What does that mean?” he asked in a CNBC interview.

“She wants to raise taxes on corporations, raise taxes on capital gains. She wants to raise taxes on the estate tax. She has no corporate tax reform. That's the biggest issue in the country,” said Kudlow, who was a former economic adviser to President Ronald Reagan.

“She wants to raise the capital gains tax rate, raise the statutory rate on the inheritance tax. She also wants to increase and lower the ceiling where it kicks in. That’s not good. She wants to keep the alternative minimum tax. That's not good,” said said Kudlow, who is helping fellow conservative economist and Newsmax Finance Insider Stephen Moore rewrite Donald Trump's original plan.

“Her language is ‘tax the rich,’ ‘tax the corporations,’ etc., etc. I don't believe that is going to sell,” said the CNBC senior contributor, who also hosts a syndicated radio-talk show.

“Trump's own plan, which will be coming out probably in a week or so, he has gone through traditional GOP. Lower tax rates on corporations, large and small, which I think is the single biggest kicker you can do, lower the rates on the individuals, roll back regulations. These are traditional anti-recesssion nostrums. She doesn't have that. She is taxing rich people. I think it is a loser.”

The U.S.' 35% corporate-tax rate is the highest in the developed world. the Wall Street Journal  reported. "Since taxes are simply a cost of doing business, our high tax rate means U.S. companies face higher costs than foreign competitors. Trump has proposed to abolish this competitive disadvantage by slashing the top U.S. business tax rate to 15%," WSJ.com reported.

But for his part, investing icon Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc, has said it doesn't really matter who wins the race for the White House, Bloomberg reported.

“If either Donald Trump or Hillary Clinton becomes president, and one of them is very likely to be, I think Berkshire will continue to do fine,” Buffett, 85, said at the company’s annual shareholders meeting in Omaha, Nebraska.

The outcome of November’s presidential election is unlikely to change the fact that the U.S. is a “remarkably attractive place in which to conduct a business,” said Buffett, who endorsed Democrat Clinton at an Omaha rally in December. U.S. companies have enjoyed “terrific” returns on equity despite a sustained period of ultra-low interest rates, he added.

Buffett, who has criticized Trump in the past and scorned politicians’ pessimism about the country, looked past the current voter angst for a longer view of U.S. economic prospects.

“Twenty years from now, there’ll be far more output per capita in the United States in real terms than there is now. In 50 years, it’ll be far more,” Buffett said. “No presidential candidate or president is going to end that. They can shape it in ways that are good or bad, but they can’t end it.”

(Newsmax wire services contributed to this report).

Larry Kudlow is a senior contributor at CNBC. To read more of his work, CLICK HERE NOW.

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Newsmax Finance Insider Larry Kudlow says Hillary Clinton's biggest flaw is that she's campaigning for president in a "lousy economy" yet hasn't offered a viable economic growth plan.
larry kudlow, hillary clinton, economy, growth
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2016-39-07
Thursday, 07 July 2016 02:39 PM
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