‘It’s Silly And It’s Stupid And It Doesn’t Work’: Reagan Economist Blasts Proposed Tax Hikes
Former Reagan economist Art Laffer said on Fox Business Monday that the Trump administration needs to leave the Tax Cuts and Jobs Act alone and focus on pressing issues like immigration and international relations…
Former Reagan economist Art Laffer said on Fox Business Monday that the Trump administration needs to leave the Tax Cuts and Jobs Act alone and focus on pressing issues like immigration and international relations.
Facing a Wednesday deadline, the Trump administration is deliberating targeted tariffs for specific trading partners or applying a uniform tariff rate, as President Donald Trump softens his stance on matching U.S. tariffs with those of other countries. During an appearance on “Kudlow,” Laffer slammed the proposed tax hike and called it “silly and stupid.”
“The single contribution he had in his first term was the Tax Cuts and Jobs Act. That was the most amazing bill ever. Lower the corporate rate to 21%. Drop the income tax rate to 39.6 to 37. Leave it alone. Get that bill passed, and just get out of taxes. We’ve got everything there. If he wants to do the other ones on tips, on overtime, that’s great,” Laffer said.
Members of the administration, Laffer said, should focus on other pressing issues, including immigration.
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“Let’s just get the tax one behind US. We’ve got the immigration issue going beautifully in our favor. He’s doing the whole thing on war and peace and the settlements in Ukraine and Gaza. These are all great issues,” Laffer added. “Don’t confuse things by adding another stick in the mud of raising the highest tax rate. That’s silly. It’s stupid, and it doesn’t work. Every time we’ve raised the highest tax rate the economy has underperformed. The rich have not paid more in taxes, and the poor have been hurt.”