Former Reagan economist and co-author of “The Trump Economic Miracle” Art Laffer detailed on Wednesday on Fox Business how Americans can benefit from the tax cuts.
House Republicans have advanced a budget resolution to extend Trump-era tax cuts, bolster national security, and support American workers. During an appearance on “The Bottom Line,” Laffer expressed what he said was his satisfaction with the recent developments in the House and criticized the opposition, particularly Democrats, for their negative remarks about the Tax Cuts and Jobs Act.
“It doesn’t matter whether it was by a large margin or a small margin. The bill was passed. Johnson did a great job on that. What shocks me, Brian, is where did you find those Democrats who sell those stupid comments?” Laffer asked. “You know what we know very well is the Tax Cuts and Jobs Act increased tax revenues to the federal government, didn’t lower them. It made the poverty levels for the minorities, the disenfranchised, the less educated, the lowest in U.S. history ever.”
Laffer also pointed out that economic growth in the U.S. surged ahead of the Eurozone following the Act’s implementation.
“U.S. growth relative to the Eurozone, which had been going right together, all of a sudden increased very much in favor of the U.S. All of the things they’ve said there are just counterfactual. I just don’t get where these people get off saying that stuff without having consequences for them,” Laffer said. “It’s just plain wrong. And I’d love to debate any one of them on a show you have on the facts of what happened with the Tax Cuts and Jobs Act because they are just absolutely wrong on everything they say.”
Laffer addressed the broader economic policies under the Trump administration, praising measures taken to protect American businesses from what he termed “overseas extortion.”
“If I can say one thing here, the taxes did go up with the Tax Cuts and Jobs Act. The rich paid more in taxes at lower tax rates. Revenues went up, not down. And, you know, this was a win, win, win, win. Who on earth would ever want to raise taxes and collect tax rates and collect less revenues? You have to be dumb, blind, and stupid to do something like that,” Laffer said.
“We got more revenues, and we got more prosperity, and we helped the poor a lot more with the tax rate reductions.”
Treasury Secretary Scott Bessent pledged to collaborate with Congress to extend the 2017 tax cuts enacted under the first term of President Donald Trump, which the Treasury secretary highlighted as the day’s most critical economic issue. The House advanced a budget resolution that extends the Trump tax cuts through a substantial reconciliation bill.
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