A Quote by Lawrence Kudlow
Trump's corporate tax reform would restore America's position as the most hospitable investment climate in the world. For a change, businesses and their cash would come back home.
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A lack of reform - particularly in international tax - has hurt our ability to compete in a global economy by keeping U.S. corporate cash overseas and reducing domestic investment, slowing economic growth.
Now, the president would like to do tax reform, which would obviously lower rates for most people in America and make the tax code fair and get rid of loopholes and special treatment. But absent tax reform, the president believes the right way to get our fiscal house in order is ask the wealthy to pay their fair share.
For sure I would prefer Trump had not withdrawn from the Paris Agreement. But the fight against climate change is really done at the local level - whether it's cities, local governments or the private sector, corporate and individual. No matter what Trump says, nobody is going to go back and take the scrubber out or change back to polluting. The damage that Trump can do is if there are countries that are on the fence about whether they want to address the issue, this gives the naysayers, the doubters, those that don't want to do anything, a little more ammunition.
President Trump repeatedly says that "America is the highest-taxed country in the world." This is an alternative fact. We pay less in taxes, and our government spends less, as a share of our total wealth, than our counterparts in Western Europe and East Asia. But Trump is right when it comes to corporate tax rates; the U.S. corporate income tax right is among the highest in the world.
Our best days are in front of us. We can reform those entitlements, we can change that corporate tax code and lower it. We can put America back on track on a growth level and a growth rate that we've never seen in the history of this country.
Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value.
I think, definitely, this country needs a lower corporate tax rate and tax reform so that we can get our profits that we've made overseas back into the country without heavy penalties. And if that happens, I think that would be very good for the market and all of that.
We've looked at [Donald Trump's] tax proposals. I don't see changes in the corporate tax rates or the kinds of proposals you're referring to that would cause the repatriation, bringing back of money that's stranded overseas. I happen to support that.
We also need to reduce corporate tax rates. This applies to small, medium and large businesses. At 35 percent, we have the second highest corporate rates in the world. It restricts the growth of small enterprises that need to plow capital back into their businesses and forces companies and jobs to move overseas.
In a perfect world we would bring corporate tax rates down to 25% or less so we can get competitive in the world economy. Ultimately, I would love to see a flat tax.
I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions.
A politically astute president who understood deeply the economics and politics of corporate tax reform could conceivably muscle Congress toward a reform package that made sense. Trump is not that leader.
Donald Trump wants to dramatically reduce America's corporate tax rate (to 15%) and thereby unleash economic growth. Hillary Clinton hasn't said a word about lowering corporate tax rates. Being a Fedzillacrat, you don't need to be an economic soothsayer to know that she supports taxing the producers and further strangling America's anemic economy.
You got to remember, S corporations pay one layer of tax, corporations pay two layers of tax. So we basically see equivalent, but here`s the point. The rest of the world, they tax their businesses at an average rate in the industrialized world of 23 percent. Our corporate is 35. Our top S corporate, small business rate is 44.6 effectively. This is killing us.
If I had a dream, it would be that most of the countries in the world, and especially in Europe and the U.S... have more alignment on a set of principles of tax and economic reform that would create an environment that would be more consistent first, definitely more stable.
The most important thing to understand about Trump's withdrawal from the Paris Climate Change agreement is, whilst it undeniably damages the rest of the world, it does most damage to America itself.
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