The "war against success" is over, the "Trump rally" in the stock market has given us a "tremendous wave of optimism" and the president a "honeymoon," but President Donald Trump needs to get his business tax cuts through sooner than later to not "waste" this, conservative economic commentator Larry Kudlow said Sunday.
"The war against business and the war against success is ending with Donald Trump, and I think that’s a key confidence factor," Kudlow told "The Cats Roundtable" on 970 AM-N.Y.
Kudlow, speaking on his economic opinion, not on the behalf of the Trump administration, said business taxes should be cut to "15 percent" by August in order to drive profits and grow the economy.
"If they wait to the end of the year for this business tax cut or whatever, we're going to waste the 2017 economy because people are not going to move, they're going to postpone activity," Kudlow told radio host John Catsimatidis.
"The biggest driver on stock market is profits," Kudlow added. ". . . Profits are the mother's milk of stocks. That's been a huge factor."
Kudlow said we should "go long" on the rallying stock market, maintaining confidence the record highs will continue for "two to three months," as long as Trump can move Congress on the business tax cuts to promote profitability. But this comes with a caveat, as the "stakes here are very high."
"Trump needs a 'W,' he needs a win," Kudlow said. "He needs a 'W.' And the sooner he can get that 'W' on tax reform and growth, the better off he’ll be, the more he’ll shut up his critics, the more he’ll shut up The New York Times and all the rest of it.
". . . Give him a W. But, he's got to lead on this. Don't wait for Congress."
Kudlow, one of President Ronald Reagan's most influential economists and a key architect of his tax cutting policies, said the market's promise of increased profits will only last so long, and 2018 could get "ugly" if Trump's business tax cuts get held up.
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