Trump’s top tax reform adviser says that the president will “create jobs” by lowering rates and boosting wages for the working class.
“You’re not going to see this kind of massive economic recovery unless we have a massive tax reform that brings back millions of jobs,” Larry Kudlow told Fox News host Chris Wallace on Thursday.
“And you’re going see that with the kind of tax relief you’ll see in the economy, the kind that will be created by this, not by the stimulus that you’re seeing from the Democrats,” Kudlo said.
“That’s what’s going to make this a real economy that is a big, big, great, great nation.”
Kudlows tax plan includes the first major overhaul to the nation’s tax code in a generation, a move that will spur millions of new jobs, boost wages and allow businesses to avoid paying more.
The proposal would slash the top rate from 39.6% to 20%, with the biggest changes aimed at middle-income Americans and those earning $250,000 or more a year.
The plan would also allow companies to bring back hundreds of billions of dollars in foreign profits that they could have held overseas.
“This is going to be a tremendous economic stimulus for the American people, and you’re not seeing that in the recovery,” KUDLOWS advisor said.
Kudlines tax plan is one of the most sweeping proposals on the Trump administration’s agenda, and the White House has made it clear that the plan would include a $1.5 trillion infrastructure package.
The White House also said Thursday that Kudline’s plan would be the most significant tax reform package the United States has seen in decades.
“Larry Kudlovich is one person who has been in the trenches, working on this with the Trump Administration,” White House Press Secretary Sarah Huckabee Sanders said in a statement.
“He has been an outstanding leader on behalf of our country, and he is one who has done a fantastic job of articulating the benefits of his plan.”
Sanders added that KUDROLDS plan would help spur “millions of jobs and billions of new wages for American workers.”
KUDLO: ‘If we do not act now, we’re going down’ The White Houses tax reform team, led by former Treasury Secretary Steve Mnuchin, is also working on a plan to boost wages for low- and moderate-income workers.
“We’ve done it in the past,” Kudos said on Thursday of lowering the tax rate.
“It’s been done, it’s happened in the United Kingdom and France.
The question is what’s the best way to go about doing it now?”
“We are going to do it in a way that allows businesses to bring jobs back,” Kuds said.
The Trump administration has been trying to get tax reform done quickly, but the process is bogged down by opposition from the White Houses Democratic allies in Congress and the tax reform experts who have been pushing for years to create billions of jobs.
KUDOLNS plan, though, would allow businesses who are currently paying lower rates to use their repatriated cash to invest in infrastructure projects and pay for their workers with their wages.
“If we are not careful, we will end up with a situation where people in the country who are working very hard and who have jobs are going out the door and going into a tax shelter,” Kuda said.