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.”
Laffer then suggested focusing on what he termed “80/20” issues like immigration, voter integrity, and transparency, which he said are likely to garner broad support.
“We don’t need any of these issues that cause all sorts of problems. We need to keep the House next year, Larry. We really do. Let’s get the 80/20 ones. Immigration. You’ve got transparency. You’ve got voter integrity. You’ve got all of these issues just standing there. War and peace. Let’s just get those through,” Laffer told host Larry Kudlow. “Let’s get the election done next year, and then we can do all the other issues you want. But President Trump is heading towards truth, world fame, time and memorial types of stuff. He’s going on the legends list.”
Senate Republicans are poised to vote on a budget blueprint this week, aiming to push forward President Trump’s initial legislative goals through the budget reconciliation process, bypassing Democratic filibusters.
Trump has requested that congressional Republicans secure long-term tax relief for Americans by permanently extending the expiring provisions of the 2017 Tax Cuts and Jobs Act in an upcoming budget reconciliation bill. The House budget resolution that passed in February, however, did not include provisions for making these tax cuts permanent.
(Featured Image Media Credit: Screenshot/Fox Business)
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