Economist Stephen Moore slammed Republican congressmembers Friday for suggesting increased corporate tax rates, while also telling them “failure” to renew President Donald Trump’s tax cuts would be a $4 trillion tax increase.
Some congressional Republicans are considering hiking the top tax rate to as high as 40%, according to Bloomberg. Moore warned that an increase on corporate taxes would be “a total disaster” for the economy.
“I want to make sure everyone knows that failure is not an option here,” Moore told Fox Business host Cheryl Casone about efforts to pass a renewal of the Trump tax cuts from 2017. “If this if doesn’t get done, and I think there’s an 85% chance it will, but if the Republicans can’t get their act together, get this done. We are talking about the biggest tax increase in history of the world starting January you think what seeing now is bad, wait till you hit the economy, with a four trillion-dollar tax increase, so they’ve got to get this done.”
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“When it gets done I think will liberate … that will be the real liberation when we pass that the tax cut I think it’s very likely to happen,” Moore said, referencing Trump’s imposition of reciprocal tariffs during a Wednesday Rose Garden event.
Moore told Casone he was concerned about Republicans discussing an increase in the corporate tax rate, which was reduced to 21% in Trump’s 2017 tax cut bill and considering a tax on millionaires.
“I mean, Republicans, are they crazy?” Moore exclaimed. “That would have an incredibly negative effect on the economy. Those are the job producers, Alfredo knows that, people create the jobs in America, we are going to raise their taxes, Republicans are? Come on, guys, we do not raise tax rates.”
Senate Republicans voted to start debate on a budget resolution Thursday, with votes to pass the budget resolution scheduled for the weekend.
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