Extend the Tax Cuts As Soon As Possible

UP co-founders Moore, Laffer, and Kudlow were joined by Grover Norquist to make the case on Fox Business:

NORQUIST: It’s very dangerous. We delayed the 2017 tax cut that the President wanted from early in 2017 to December 22nd, was when it finally has passed. We had tremendous growth in 2019, a year after we lost 40 seats and lost the House of Representatives…

LAFFER: You shouldn’t delay it. Grover’s right. You’re right, Larry. He’s just totally right there… I think Trump is very clear on this message, do not delay the tax cuts…

KUDLOW: It looks like the Senate, the Republican Senate, wants to delay the tax cuts into a second reconciliation bill… I don’t know how many bites out of the apple you’re going to get… I don’t know why they can’t do one huge reconciliation bill. Tax cuts, border, you name it all. Defense, NDAA, that’s going to go in there, permitting for liquid gold. I just don’t understand why they can’t do it all once.

MOORE: Well, especially, Larry, because right now, Donald Trump is so popular. He has a political capital that I haven’t seen since Ronald Reagan came in. You do not want to delay. You want to seize the moment, Larry. One of the things that I think they ought to do, just do everything. Do the oil policy, do the deregulation, do the border wall, and do the tax cut at once. This guy, I defy the Democrats to try to stop him. I think the more you delay it, the more you put this tax cut in jeopardy.

LAFFER: The Tax Cuts and Jobs Act paid for itself in the first two years. The increase in total federal revenues from the prior two years was way higher than it had been from the prior two years to the two years prior to that. We even get that corporate tax revenues are up. It’s amazing. These things really work. 

The only co-founder who didn’t join them made the case in a perfectly concise X post:

This is basic economics: the sooner the tax bill passes, the more immediate the economic benefits. On the other hand, if we go late in the year with a risk of a major tax hike looming, that causes real economic harm even if the tax cut is eventually passed.

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