Tags: Trump Administration | Trump Tax Reform | kevin mccarthy | tax | cuts | sooner | economy

Kevin McCarthy on Corporate Tax Cuts: 'Better the Sooner You Do It'

Kevin McCarthy on Corporate Tax Cuts: 'Better the Sooner You Do It'
(AP)

By    |   Friday, 10 November 2017 10:56 AM

The sooner the corporate rate comes to 20 percent, the better it will be for the economy, but at the same time, the House and Senate are looking at how they'll pay for cutting taxes, including to meet President Donald Trump's major focus on tax relief for the nation's middle class, House Majority Leader Kevin McCarthy said Friday.

"I think it's better the sooner you do it," the California Republican Fox Business' "Mornings With Maria" host Maria Bartiromo. "Obviously right away is better than a year, but a year is better than obviously a longer phase-in."

The Senate tax reform bill includes a call to delay the corporate tax cut from 35 percent to 20 percent until Jan. 1, 2019, a move that defies President Trump's insistence that the cut takes effect immediately. The House version of the bill makes the cuts immediate.

Meanwhile, there are lawmakers from higher-tax states who say they'll reject a tax reform bill that removes deductions for state and local taxes, but McCarthy said the overall bill's provisions would mitigate any effect that one part of the bill would cause.

"If you are just looking at one item, yes, you will be very concerned by that," McCarthy said, explaining that other deductions are worth more than the state and local deductions that would be lost.

"What we are trying to do here is change overall tax reform so you actually lower it," said McCarthy. "For too long, taxes were so complex we had all these different write-offs because the rates have been too high so when you lower rates."

McCarthy said he believes the final bill will end up on the president's desk this year.

The lawmaker also answered questions about allegations made Thursday against Judge Roy Moore, the Republican candidate for Senate who has been accused of sexual misconduct with teens in the 1970s.

"[These are] very concerning issues," McCarthy said. "Very concerning issues, disturbing every way you look at it," McCarthy said. "I think let people come forward, see what is true and not but if it is, it is just like Trump said, too serious allegations."

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The sooner the corporate rate comes to 20 percent, the better it will be for the economy, but at the same time, the House and Senate are looking at how they'll pay for cutting taxes, including to meet President Donald Trump's major focus on tax relief...
kevin mccarthy, tax, cuts, sooner, economy
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2017-56-10
Friday, 10 November 2017 10:56 AM
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