Larry Kudlow, the veteran financial guru and former economist in the Reagan administration, said President Donald Trump’s proposed tax cuts will boost incentives for Americans to work, invest and save.
“The war against business is over,” Kudlow said in an interview from Washington with CNBC. “The biggest single missing ingredient in tax policy over the past 10 years, or even 15 years, is a competitive corporate tax code that produces business investment.”
Trump’s top economic adviser Gary Cohn and Treasury Secretary Steven Mnuchin on Wednesday revealed a plan to slash the federal income-tax rate to 15 percent for corporations, small businesses and partnerships. The plan calls for a one-time levy on about $2.6 trillion in U.S. company profits kept in foreign countries, where they avoid double taxation. Most foreign profits would be exempt from U.S. taxes, unlike the current system of taxing company income regardless of the location.
“These corporate tax cuts go