Tags: 2020 Elections | Joe Biden | Trump Administration | kudlow | biden | roll back | trump tax cuts

Kudlow: Biden Plan to Roll Back Trump Tax Cuts Will 'Decimate Economy'

Kudlow: Biden Plan to Roll Back Trump Tax Cuts Will 'Decimate Economy'
(Joe Sohm/Dreamstime)

By    |   Friday, 16 October 2020 01:26 PM

White House economic adviser Larry Kudlow warns that Democratic presidential candidate Joe Biden's plan to roll back President Donald Trump's tax cuts would destroy the prosperous, strong economy built in the past 4 years.

“Mr. Biden is determined to rollback all the trump tax cuts and deregulation. They want to take control, central planning control of the energy sector and the healthcare sector and elsewhere,” the veteran financial guru and former Ronald Reagan adviser said Thursday night on Fox News.

“That will decimate the economy,” warned Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.

Biden has promised to roll back some of the corporate and personal income tax cuts Trump and Congress finalized in late 2017. He would also increase the taxes high-income earners would pay towards Social Security, which provides insurance benefits to the elderly and others, Reuters said.

Kudlow spoke after Biden criticized what he called Trump's "panicked" response to the coronavirus pandemic, while Trump defended his handling of a crisis that has killed more than 216,000 Americans.

The rivals spoke in simultaneous town halls broadcast on separate television networks after a debate originally scheduled for Thursday was called off following Trump's COVID-19 diagnosis.

The split-screen showdown offered a stark reminder of the many ways the campaign season has been changed by a pandemic that has prompted more than 18 million people to cast ballots more than two weeks before Election Day on Nov. 3, Reuters explained.

However, Kudlow saw a clear winner in the dueling town halls.

“President Trump, on the other hand, made it very clear tonight. By the way, he had a great optimistic message on the economy: rebuilding America. He's going to cut taxes more. He's going to deregulate more. He's going to save oil. And he's going to continue with good trade deals. It's a very clear choice,” said Kudlow, who served as the Trump campaign's senior economic adviser.

“On the one hand, you have from Mr. Biden stagnation, recession, pessimism. On the other hand, you have from President Trump optimism, prosperity, and growth. You couldn't be clearer,” said Kudlow.

Biden promised not to raise taxes on people making less than $400,000 and proposed tax credits for people with children and businesses that invest in domestic manufacturing. Those proposals account for part of change in the analysis, according to the nonpartisan research group.

© 2020 Newsmax Finance. All rights reserved.


   
1Like our page
2Share
StreetTalk
White House economic adviser Larry Kudlow warns that Democratic presidential candidate Joe Biden's plan to roll back President Donald Trump's tax cuts would destroy the prosperous, strong economy built in the past 4 years.
kudlow, biden, roll back, trump tax cuts, decimate, economy
393
2020-26-16
Friday, 16 October 2020 01:26 PM
Newsmax Media, Inc.
 
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved