Tags: kevin hassert | economy | gop tax reform

Top WH Economist Defends Tax Reform, Says it Will Grow Economy

Top WH Economist Defends Tax Reform, Says it Will Grow Economy
White House Council of Economic Advisers Chair Kevin Hassett (Oliver Contreras/AP)

By    |   Friday, 17 November 2017 05:53 PM

The top economist in the White House defended the Republican Party's tax proposal Friday, saying it will ultimately lead to economic growth.

"Trickle down economics is something that, I guess people who criticize the idea that taxes effect the economy will use to characterize approaches like the one that we're pursing," Kevin Hassett, who chairs the Council of Economic Advisers, said during Friday's White House press briefing.

"But I don't think that the idea that's celebrated by the non-partisan staff at the OECD, that if you have lower marginal rates you get economic growth, is voodoo economics or controversial at all."

The tax proposal, Hassett said, has myriad benefits for American companies and workers.

"The fact is that, countries around the world have cut their corporate rates and had broad-based reforms like we're doing on the individual side, and then seen economic growth result," he said.

"I don't think there's anybody who thinks that you'll get no growth or negative growth from this. Maybe there are a few people, but in every economic model I've seen, you get growth.

"Either a lot of growth or sometimes if it's a closed economy model, a little growth. But you get positive growth out of this, and that growth will benefit workers."

The House passed its tax reform bill Thursday, legislation that cuts rates across the board and doubles the standard deduction. The erasure of the state and local tax deduction has some lawmakers, including Republicans in high-tax states, unhappy with the plan.

The Senate has a similar tax reform bill it is working through.

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The top economist in the White House defended the Republican Party's tax proposal Friday, saying it will ultimately lead to economic growth.
kevin hassert, economy, gop tax reform
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2017-53-17
Friday, 17 November 2017 05:53 PM
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