Veteran financial guru and former Ronald Reagan adviser Larry Kudlow said President Donald Trump must first enact corporate tax cuts before any others in order to jump-start economic growth.
“Growth is the key. That's what tax cuts are going to do,” Kudlow, who was a senior economist in the Reagan White House, told CNBC.
“I have only a quibble with (Treasury Secretary) Steve Mnuchin, that is this business of getting it done in August is very iffy,” said Kudlow — host of "The Larry Kudlow Show" and author of "JFK and the Reagan Revolution: A Secret History of American Prosperity," written with Brian Domitrovic and published by Portfolio.
Mnuchin earlier Thursday said he wants to see "very significant" tax reform passed before Congress' August recess and that the Trump administration was looking closely at border tax issues.
"We are committed to tax reforms ... We want to get this done by the August recess," Mnuchin told CNBC, in what was his first interview since taking office last week.
"We've been working closely with the leadership in the House and the Senate and we're looking at a combined plan," Mnuchin told CNBC.
Mnuchin said the administration was "primarily focused on a middle income tax cut and a simplification for business," he said.
“He's right that the business tax cuts are the biggest growth. I agree. So do those first,” said Kudlow, a Newsmax Finance Insider.
“Get that done. That's the growth propellant. Don't wait,” said Kudlow, a radio talk-show host and CNBC senior contributor. “Do those first this spring or else do them with health care, but don't wait because you know what? August becomes December, December becomes next year,”
The U.S. economy’s expansion slowed in the fourth quarter, and annual growth failed to reach 3% for an 11th straight year, MarketWatch recently explained.
Trump has vowed to "push the economy into higher gear with an aggressive combination of tax cuts, reduced regulations and more government spending on public works. Yet economists say it will take time before the U.S. reaps any benefits," MarketWatch reported.
Most predict the economy will grow around 2% or a bit faster in 2017. If Trump’s approach works, the payoff is unlikely to come until the end of the year or early 2018, MarketWatch reported.
While his first few weeks have certainly been volatile and controversial, Trump will be a demanding leader who applies the best of his negotiating skills to push for U.S. growth, bestselling author David Horowitz recently told TheStreet.com.
Trump won’t be an ideological purist like Republicans who support free trade but don't fight for fair trade, Horowitz said.
“If you just say, ‘well we're for free trade and we're not going to look at the deals that we make’ -- that's not a good idea,” he said. “We've had an anti-business president now for eight years who doesn't take a hard-nosed attitude towards these deals. Trump is going to get better deals for us, which is still free trade.”
Horowitz's new book, "The Big Agenda: President Trump's Plan to Save America," reveals Trump's "first 100 days strategy" to roll back Obama's legislative and executive record.
Horowitz's new book is the first book about the Trump presidency and has soared to the top of the Amazon bestseller charts, becoming the No.1-selling book on the web. Trump will also lead the way in making infrastructure spending to boost the U.S. economy, Horowitz said.
“If the economy grows as it will under Trump, there's going to be a lot more money to spend,” he said.
"Big Agenda: President Trump's Plan to Save America" is available at bookstores everywhere – or get your copy on Amazon – Click Here Now
To find out more about Larry Kudlow and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate web page at www.creators.com
(Newsmax wire services contributed to this report).