Tags: Trump Administration | Trump Tax Reform | mark meadows | gop | tax plan | government | balance

Meadows: GOP Tax Plan Alone Won't Balance Government's Fiscal Woes

(MSNBC/"Morning Joe")

By    |   Friday, 03 November 2017 10:31 AM

Congressional Republicans will likely tackle entitlement reforms early next year, as the GOP's plan to cut taxes won't be enough to stabilize the government's fiscal status, House Freedom Caucus chairman Mark Meadows said Friday.

"Quite frankly, not enough is being done," the North Carolina Republican told MSNBC's "Morning Joe" program. 

"I can tell you, members of the Freedom Caucus have not only put forth a bill that looks at defining and reforming Medicare, but also other entitlement programs."

The need to reform such programs as Social Security, Medicare, and Medicaid is the "top fiscal thing that we have to worry about," said Meadows. He believes some initiatives will start during the first quarter of 2018, even if they don't focus specifically on Social Security and Medicare.

"We've got to get serious about it, and if we don't, all the pro-growth tax reform in the world is not going to ultimately balance out where we need to go as a nation fiscally," said Meadows.

Meanwhile, during President Donald Trump's campaign, he railed against hedge fund managers being allowed to enjoy a carried interest loophole, but the GOP tax plan unveiled this week still contains that provision. Meadows said he thinks that will change.

"I think that actually will end up being one of those things that comes out whether it's in the markup going through the House or over in the Senate," said Meadows.

"I was in the Oval Office with the president when this very subject came up. And he was very emphatic that like he was consistent on the campaign trail about the hedge fund managers and the carried interest provisions that he felt like it needed to be done away with."

Meadows said he's already spoken out against the loophole, and said if it's removed, the money can be used to benefit middle income, hard-working taxpayers.

The proposed GOP bill, though, will increase the national debt by about $1.5 trillion over the next 10 years, noted economist Steve Rattner, asking Meadows if, with his record as a deficit hawk, if he'll oppose it.

"There are two issues working against each other," he said, adding that many of his colleagues are not looking at reducing spending, whether for defense or other expenses, and that must be addressed.

"Either you can cut back on those areas, or you can hopefully grow the economy," said Meadows. "This pro-growth tax reform is designed to not only grow the economy, [but] he initial numbers are exciting in terms of what we will see.

"I believe that a short-term deficit will end up over a 15-year period paying for itself as long as we get the kind of GDP growth that it appears we're going to get, and so it's one of those things that you take what you've got on a particular issue."

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Congressional Republicans will likely tackle entitlement reforms early next year, as the GOP's plan to cut taxes won't be enough to stabilize the government's fiscal status, House Freedom Caucus chairman Mark Meadows said Friday.
mark meadows, gop, tax plan, government, balance
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2017-31-03
Friday, 03 November 2017 10:31 AM
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