Trump Pushed to Embrace 17% Income Tax for All
They say they meet with the former president approximately every six weeks to brief him on policy ideas, share economic data and suggest names for key political appointee posts.
Laffer last month floated himself in a list of names to serve as Federal Reserve chair. In an interview Wednesday, he said he would rather serve as a White House adviser than Fed chair.
On the campaign trail, Trump has often said he would pass the “biggest” tax cuts and claims that if he is not elected, taxpayers will see their IRS bills increase under Biden. Trump has not detailed what his tax plan would look like.
“President Trump proudly passed the largest tax CUTS in history,” Trump campaign spokeswoman Karoline Leavitt said in a statement. “When President Trump is back in the White House, he will advocate for more tax cuts for all Americans and reinvigorate America’s energy industry to bring down inflation, lower the cost of living, and pay down our debt.”
Forbes advocated for no taxes on savings and eliminating the estate tax, both changes that would disproportionately benefit the wealthiest Americans.
State and Local Taxes
The advisers are also advocating to maintain or reduce the $10,000 cap on state and local tax, or SALT, deductions. Trump’s 2017 law imposed the $10,000 SALT write-off limit, which was previously unlimited.
That change was most acutely felt in high-tax states, including New York and New Jersey.
Democrats are more inclined than Republicans to advocate for expanding the deduction, but a handful of key House GOP lawmakers representing the New York City suburbs and Southern California — districts that will likely determine who controls the House next year — also support expanding the tax break.
Moore said he also doesn’t see eye-to-eye with Trump on trade policy. As president, Trump instigated a bevy of new tariffs, on washing machines, solar panels, steel, aluminum, and other goods from China, which economists say have raised prices for consumers and started tariff wars with trading partners.
“I disagree with Trump, and he knows it, on some of the tariff policies,” said Moore, who called himself a “free trade guy.”
Moore said he’s learned to live with Trump’s desire for trade reciprocity and tit-for-tat tariffs.
“The whole idea of this group is to provide President Trump and other top policymakers with the economic advice they need,” he said. “He doesn’t always take our advice but he likes our thoughts.”
(Credit: Bloomberg)
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