It's time for President Donald Trump to call for "tax cuts 2.0" for his second term in office and to lay out a plan to help Americans keep more of their money, Stephen Moore, a former economic advisor to the president and a senior fellow at the Heritage Foundation, said Monday.
"The tax plan that we passed in 2017 has been a phenomenal success," Moore told Fox News' "Fox and Friends." "We have the best economy in the world today. We have 7 million surplus jobs. Incomes are up by about $5,000 for middle-class families, plus the $2,000 tax cut that middle-class families with children receive, It was a big deal. And I cringe when I hear Democrats say the first thing they would do is repeal that tax cut."
One of the central features of a second tax cut would be to enact a "universal savings account," Moore said.
"People with incomes of up to, say, about $150,000, would be able to save up to $10,000 per year without paying tax on that money," said Moore.
Moore also noted the discussion about lowering tax rates on the middle-class from the current 22% to 15%, something that White House economic adviser Larry Kudlow has been talking about since June.
In addition, Moore said a capital gains rollover could come into play, which would "allow more liquidity in the market," and allowing private accounts for Social Security, the latter of which he does not know if the Trump administration will embrace.
"It's something, I think, for middle-class people (and) would be one of the best ways for every American to own stock in America," said Moore. "Rather than having to send your 10% of your paycheck into the black hole (of) Social Security, you would be able to put that in a personal account index fund. That means everybody in America would benefit when the stock market goes up."
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