In April,
Art Laffer was claiming:
“You know, [Trump] wants to cut tax rates, Poppy. He does not want to
cut taxes. He wants to cut tax rates to bring economic growth back in.
He wants to bring jobs back into the United States by having a corporate
tax of 15 percent versus the highest tax in the OECD [Organisation for
Economic Co-operation and Development]. And he’s completely right on
that. And by the way, so is Ted Cruz completely right on that. Everyone else is missing this.”
Some other claims by laughing Art in that interview were, um, interesting:
Laffer then said that Trump would cut the national debt by using “asset sales.”
Adding, “You have all these properties, you have the post office, you
have Camp Pendleton, which is worth $65 billion. There are all sorts of
assets.”
Harlow interject, “Who are you going to sell it to?”
Laffer responded that “Southern California beachfront property is
still going very nicely. You’ve got the oil reserves. You’ve got gold in
Fort Knox. You’ve got all of these assets — it could probably bring
down the national debt.
Again, Harlow interrupted, “I’m asking but who are you going to sell it to to eliminate $19 trillion in national debt?”
“Well, you couldn’t eliminate the whole 19 trillion with asset sales,
but if you brought the budget back in, you got economic growth, you
wouldn’t reduce it to zero, but you can make a huge hit. I mean the tax
amnesty program by itself, Poppy, with a good tax plan could probably
bring in $800 billion. I mean just past taxes being paid.”
U.S. Republican
presidential candidate Donald Trump said on Sunday he was open to
raising taxes on the rich, backing off his prior proposal to reduce
taxes on all Americans and breaking with one of his party's core
policies dating back to the 1990s."I am willing to pay more, and you know what, the wealthy are willing to pay more," Trump told ABC's "This Week."
From the rest of the report:
The billionaire real estate tycoon has said he
would like to see an increase in the minimum wage, although he told
NBC's "Meet the Press" on Sunday he would prefer to see states take the
lead on that front instead of the federal government.
"I
don't know how people make it on $7.25 an hour," Trump said of the
current federal minimum wage. "I would like to see an increase of some
magnitude. But I'd rather leave it to the states. Let the states
decide."
Trump's call for higher taxes
on the wealthy is a break with Republican presidential nominees who
have staunchly opposed tax hikes for almost three decades. Tax hikes
have been anathema to many in the party since former President George
H.W. Bush infuriated fellow Republicans by abandoning a pledge not to
raise taxes and agreeing to an increase in a 1990 budget deal.
Democrats,
including presidential front-runner Hillary Clinton, have pressed for
increased taxes on the wealthiest Americans for years.
Trump released a tax proposal last September that included broad tax breaks for businesses and households. He proposed reducing the highest income tax rate to 25 percent from the current 39.6 percent rate.
He is evidently the "say anything" candidate.
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