Larry Kudlow, the former economic adviser to President Ronald Reagan, told NewsmaxTV that the Trump administration and Republican lawmakers should push for business tax cuts as soon as possible, and sort out personal income tax cuts later.
“The corporate tax is going to be the biggest growth driver,” Kudlow, a Newsmax Finance Insider, told Bill Tucker.
“Investment has been missing now for almost 20 years and especially during the Obama ‘recovery’ — so-called,” said Kudlow, a radio talk-show host and CNBC senior contributor.
President Donald Trump’s economic agenda took a beating this month when internal divisiveness led Republicans to withdraw a plan to change the Affordable Healthcare Act, also known as Obamacare.
The stock market suffered its biggest one-day loss since before the election as investors began to question whether Trump would fulfill campaign pledges to cut taxes, promote jobs growth and re-build roads, bridges and airports.
See Steve Malzberg on Newsmax TV: Tune in beginning at 12 PM EDT to see "America Talks Live" — on FiOS 615, YouTube Livestream, Newsmax TV App from any smartphone, NewsmaxTV.com, Roku, Amazon Fire — More Systems Here
“Let's create new investment incentives with the repatriation of the foreign cash, the lowering of the tax rates for, very importantly, large and small businesses,” said Kudlow, who was the economic adviser to the Trump campaign.
“That was in the original Trump blueprint, it's also in the House blueprint,” said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.
Individual income taxes will take longer to change, but they will come and benefit middle-class workers.
“The key to personal tax reform is really not just lowering the rates but broadening the base and you're going to have to get rid of or limit severely a lot of deductions, credits and so-called loopholes,” said Kudlow, author of "JFK and the Reagan Revolution: A Secret History of American Prosperity," written with Brian Domitrovic and published by Portfolio.
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.
© 2022 Newsmax Finance. All rights reserved.