Excerpt from the Washington Examiner:
In coming weeks and months, President Trump will attempt tax reform more sweeping, consequential and controversial than those of Presidents George W. Bush and Ronald Reagan.
He is betting that commerce and his own political fortunes will soar if he gets his supply-side ideas into the tax code. While his administration and Congress have struggled to follow through on other parts of his agenda, Trump aims to rally support for tax reform by traveling the country, hosting roundtables and bringing industry groups to the White House. He’ll also lean on members of Congress hesitant about the size and scope of his ambitions.
The theory behind Trump’s plan is that lower tax rates for individuals and businesses will lead to more work and investment. Combined with a simpler tax code that creates fewer distortions, this will spur fast economic growth.
Trump’s plan, one page of bullet points announced by Mnuchin and economic adviser Gary Cohn, was a recommitment to his campaign tax plan, which was drafted to please Republican primary voters and developed with the help of die-hard, long-time supply-side advocates.
One of these is Stephen Moore, a scholar at the conservative think tank the Heritage Foundation, who has built a career in advocating lower taxes and lighter regulations. Before the Trump administration settled on its outline, Moore said, he and other supply-siders told them to “go back to the plan Trump ran on, won on.” And they did.
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