President Donald Trump's tax reform plan is "great for small businesses," especially the lower tax rate for pass-through entities such as trucking companies, former Hardee's and Carl's Jr. CEO Andy Puzder, Trump's one-time nominee for Labor secretary, said Wednesday.
"When they're paying taxes, they're paying this higher individual rate, and they'll be able to pay 25 percent, which would be great for growth," Puzder told Fox News' "Fox & Friends" program. "They can buy more trucks, they can invest, they can hire people. It's an excellent tax plan."
People who run franchises, such as for his former restaurants, also need help, said Puzder on Wednesday, and Trump's tax breaks will help them build more restaurants.
"The simplification is something people ignore," said Puzder. "Simplification for small businesses and for regular individuals is huge. A lot of money and a lot of time are wasted in going to these. Don't prepare my own taxes, and I'm a lawyer. I can't figure out the forms."
The plan, Puzder continued, is a "very positive pro-growth" program, with growth coming from big business.
"It doesn't come from tax breaks to the rich, as the Democrats like to scream," said Puzder. "It comes from incentivizing businesses."
But Democrats will claim that the middle class will be hurt no matter what plan is reached, said Puzder.
"The focus should be on who benefits from any part of the plan," said Puzder. "You have to look at it as a whole."
The real question should be whether the plan will generate economic growth, or create better paying jobs, he added.
"We've seen eight years of increasing government and increasing taxes and regulation leads to increased income inequality, closes paths to the middle class," Puzder said.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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