Tags: 2020 Elections | Trump Administration | LarryKudlow | taxes | Biden | Trump | election

Kudlow: Biden Admin Will Keep Trump's Tax Cuts in Place

Kudlow: Biden Admin Will Keep Trump's Tax Cuts in Place
Kudlow (Getty)

By    |   Friday, 06 November 2020 05:09 PM

White House economic adviser Larry Kudlow thinks President Donald Trump’s tax cuts will stay in place even if former Vice President Joe Biden becomes the next president.

During a Friday appearance on Fox Business Network, Kudlow told Stuart Varney he doesn’t expect the Trump tax cuts to be overturned “no matter what the outcome of the election is.”

"I still think [Trump's] policies are so consequential and tied to this incredible pandemic recovery, much less the first three years where the middle class did so well, I just think folks want those policies to stay in place," he said.

Biden has vowed the roll back the 2017 Tax Cuts and Jobs Act. He has pledged to raise the corporate tax rate to 28% from 21%, increase the top individual tax rate to 39.6% from 37%, tax capital gains as ordinary income, cap deductions for high earners, expand the Earned Income Tax Credit for workers over the age of 65, and impose the Social Security payroll tax on wages above $400,000.

But if Biden wins, he will likely have to deal with a divided Congress. Republicans are hoping to retain control of the Senate and Democrats will maintain a narrow majority in the House. Kudlow pointed out the predicted “blue wave” didn’t play out, which indicates voters don’t support Democrat’s "leftward move toward socialism.”

Kudlow said Democrat’s proposed plans to increase taxes, regulation, and government control over the economy should be tossed.

"I would throw those plans away," he said. "I think they go into the trash bucket."

He noted that if Trump pulls off a win, he will “cut taxes some more and continue to lower regulation."

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White House economic adviser Larry Kudlow thinks President Donald Trump's tax cuts will stay in place even if former Vice President Joe Biden becomes the next president.
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2020-09-06
Friday, 06 November 2020 05:09 PM
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