Trump policy adviser: ‘That’s the plan: Try to pass a tax cut’
Conservative-leaning Heritage Foundation Fellow and Economist Stephen Moore Wednesday during a Politico forum says he would tell President-elect Trump to first focus on slashing business taxes and then follow up later with reforming individual tax rates.
Trump’s proposal would reduce the official corporate tax rate to 15 percent from 35 percent, allow corporations to repatriate overseas profits at a 10 percent rate and reduce the top individual tax rate to 33 percent from 39.6 percent.
Moore estimated that the cuts would lead to a revenue loss of about $3 trillion over 10 years, for which Trump would compensate with spending cuts. But he said it would broaden the tax base by adding 1 percent of growth to the U.S. economy.
“That’s the plan: try to pass a tax cut … and then make up the difference by cutting government spending,” he said.
Americans have been waiting too long for tax reform. We’re ready to see our leaders tackle this issue so our economy, in the words of Vice President-elect Mike Pence, will be “off to the races” again. Click here to help Tea Party Patriots urge our lawmakers to implement a tax code that is simpler, flatter and fairer!