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Tags: steve forbes | GOP | tax bill | retroactive

Steve Forbes: GOP May Make Tax Bill 'Retroactive'

(CNBC)

By    |   Wednesday, 06 September 2017 10:51 AM

Steve Forbes on Wednesday said congressional Republicans will get tax reform done this year out of "self-preservation," adding that he believes they'll make tax cuts retroactive.

The chairman of Forbes media already has called on Republicans to make tax cuts retroactive to the beginning of 2017.

"They're going to get a tax bill this year — it's called the instinct of self-preservation," Forbes said on CNBC. "They know if they don't get this economy really moving, really where people feel it, they're going to be in trouble next year, and members of Congress do not want to become Uber drivers.

"So I think they will push something, and I think there's even a good chance they may make it retroactive. And get a real kick and get big refunds going out in April of next year," Forbes said.

Refund checks in early 2018 sweeten the pot for Republicans when midterms roll around later in the year, Forbes said.

Further, Forbes thinks tax cuts will get support even from Democrats for the same reason - self-preservation.

"People like tax cuts," he told CNBC. "Even Democrats know on the corporate side, there's badly needed reform. Huge cuts in our corporate tax rate is the worst in the world, and on the personal side, I don't think they're going to get real reform; what I think you're going to get is an across-the-board tax cut and a doubling of exemptions."

Forbes dismisses the notion that tax reform has to be permanent, saying "there's no such thing as permanent." The salient point to Republicans is just get it done.

"The key thing is get the tax cut effective now," he said.

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Headline
Steve Forbes on Wednesday said congressional Republicans will get tax reform done this year out of "self-preservation," adding that he believes they'll make tax cuts retroactive.
steve forbes, GOP, tax bill, retroactive
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2017-51-06
Wednesday, 06 September 2017 10:51 AM
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