Breitbart News economics editor John Carney said Tuesday on Fox Business Network’s “Kudlow” that the Trump administration’s tariffs could “almost eliminate the corporate tax altogether.”
Carney said, “The Wall Street Journal printed Nick Timiraos story and it was clearly meant to say that the Fed is very worried about inflation from these tariffs and but today in his press conference Powell took a very different stance. He absolutely refused to hit back at the tariffs. I think that he may have gotten the message overnight that that Wall Street Journal article was a mistake, that he was politicizing the Fed.”
Host Larry Kudlow said, “I would take a 15 percent tariff and then put the 15 percent tariff proceeds into a 15 percent tax rate on businesses and might even take it put it a 15 percent capital gains tax in there too. What do you think, 15, 15, 15?”
Carney said, “We could do an even bigger tax cut than that. The corporate, if we had tariffs in place that were generating revenues, we could almost eliminate the corporate tax altogether.
He added, “Can you imagine how great that would be for American businesses if we brought that down. So 15 percent might be a good starting place. Let’s go lower. Let’s aim Aim for the best, get that tax rate as far down as we can. Trump loves McKinley, he loves bringing up, generating real revenue. Lets do it.”
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