President-elect Donald Trump should push massive tax cuts as his first priority so the American people feel a positive result of their vote immediately, Forbes Media CEO Steve Forbes tells Newsmax TV.
"Throw the Congressional Budget Office aside and say we need something big to get this economy moving," Forbes told "Newsmax Prime" host J.D. Hayworth on Wednesday.
Trump must take the lead and make clear what he wants done. Then his staff, including his nominee to head the Treasury Department, Steven Mnuchin, will follow, said Forbes, author of "Reviving America."
Trump's team must overcome House Republicans who are pushing something called a "Border Adjustment Tax," he said, which Forbes said essentially is just a sales tax for the American consumer.
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"You don't want to go in on an issue like that at the beginning of your administration," Forbes said. "Just stick with a traditional … vanilla, across-the-board, big tax cut, get that corporate rate down to 15 [percent], slash personal rates and if you're worried about the deficit you can have a cap, say $100,000, $200,000 on deductions, rather than getting in fights [on] how big the mortgage deductions should be and all that. Just put a cap, slash the rates and then if you want to do other stuff in the future, you got time to get public opinion ready for things like that, but don't mess it up now."
At the same time, Trump should work with Republicans in Congress to get rid of the employer and individual mandates required by the Affordable Care Act. Other aspects of Obamacare can be repealed and replaced over time, he said.
Turning to trade, Forbes said the United States should not push for an overall tariff, since they tend to hurt the U.S. economy. Instead, he said, countries such as China should be punished in a targeted fashion based on specific issues.
"Reagan did it, Clinton did it, they've all done it," Forbes said. "You take a laser-like approach, everyone gets the word."
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Forbes also suggested Trump ask for the resignation of Federal Reserve Chair Janet Yellen even though she still has a year left in her term.
"She should be pink-slipped, but even if you let her stay on, make it clear she's a lame duck," he said. "Trump has two appointments and another one coming along on the Federal Reserve Board. Two governors. Two out of big seven. You put the right people in there, that's going to be critical in setting a new stage."
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