Germany, Canada, China Are Terrified of U.S. Corporate Tax Cut, Says Stephen Moore
The economist and founder of the Club for Growth says if Congress passes tax reform, American companies will come back
Economic policy analyst Stephen Moore said Wednesday on “The Laura Ingraham Show” that the problem with modern-day liberalism is that “liberals want to be pro-jobs, but they’re anti-business.”
Moore, a visiting fellow at The Heritage Foundation, served as one of Trump’s top economic policy advisers during his 2016 campaign. He said Wednesday that “every single” economic indicator is “pointing north” in the months since Trump’s Election Day victory, adding, “There’s something big going on in this economy.”
"And boy, if we get this tax cut passed, Laura, I think we can get, you know, the rates of growth we had under Reagan — twice, to two to three times faster than we grew under Obama," Moore told LifeZette Editor-in-Chief Laura Ingraham.
"When the stock market does better, when the stock market is up by, you know, something like 6,000 points since Trump was elected, it's not just rich people who get richer. Everyone does better," he continued. "So this wealth gain benefits everyone. That's unquestionable."
Although Moore expressed his enthusiastic support for the tax plan Trump unveiled alongside GOP Congress members, he noted that his "one disappointment" with the plan arose because the corporate tax rate would only be lowered to 20 percent — not the 15 percent rate Trump repeatedly promised on the campaign trail.
But Trump and the GOP held true to the spirit of "the other thing that he always insisted upon," Moore said, because Republicans have been emphasizing that a significant business tax cut affects more than huge corporations — something Moore said the mainstream media outlets rarely report.
"And the other thing that he always insisted upon, Laura, is that when we cut these business tax rates, it's not just for corporations, it's for every small business, man and woman in America," he said. "So, the press never talks about that, by the way. The auto-repair shop owner who has 12 employees, or the person who runs the corner grocery store that employs 15 people. Those companies are going to get a tax cut, too."
"How many people are employed by companies that are going bankrupt? Companies employ people when they are doing better, not worse! This is the whole idea of [getting] the tax cuts," Moore added. "We want American companies to do better. We are a pro-business administration — I say 'we' because I worked for Trump during the campaign."
Although liberal politicians and media pundits portray the president's tax plan as a "tax cut for the rich," Moore said that Trump "wants to be pro-worker and pro-business" for Americans from all over the spectrum.
"And the problem with modern-day liberalism, frankly, is that liberals want to be pro-jobs, but they're anti-business. I mean, it just doesn't work," he said. "You can't have jobs, folks, but not businesses. You can't have jobs without employers. And if employers aren't making a profit, guess what? They can't hire more workers. I mean, why is it so hard for liberals to connect those dots?"
Moore said that he has spoken with many business owners from both large and small companies about Trump's tax plan, noting that many of them tell him they plan to put the money they get right back into their businesses to hire more employees, purchase more equipment, and expand their companies.
But while U.S. liberals decry a "tax cut for the rich" and argue this plan will hurt poorer Americans, Moore pointed to foreign countries and businesses that truly understand what an across-the-board tax cut will mean.
"You know who doesn't want the United States to get its corporate income tax [cut]? Germany doesn't want it, Canada doesn't want it," he said. "And China is terrified of it, too."
Ireland, said Moore, has the lowest corporate tax rate in the world at 12.5 percent. He said he traveled to Dublin not long ago and noticed that many U.S. companies moved there to take advantage of the lower tax rates, thus hurting U.S. job opportunities.
"And the Irish are terrified that Trump is going to cut the American tax rate because they understand what none of our, you know, liberal politicians understand: You cut that tax rate, to 20 or 15 percent, [and] those companies are coming back to America," he said.