The "war on business" is over, economist Larry Kudlow said Christmas Eve Sunday, adding the tax reform bill signed into law Friday "ends the punishment of investment," and deficit hawks need not worry, because "this thing is going to pay for itself."
"I think this thing is going to pan out better than almost anybody thinks," Kudlow, a Newsmax and CNBC contributor, told "The Cats Roundtable" on 970AM-N.Y., per The Hill. "The deficit is going to be much lower. This thing is going to pay for itself."
With deregulation and reducing government influence, President Donald Trump has maintained 3 percent growth in quarters two and three of 2017. With this tax bill and growth projected up to 4 percent, enough tax revenue increases are expected to balance what was originally deemed a $1.5 trillion tax cut for corporations and individuals by Congress' Joint Committee on Taxation.
"He wanted to lower taxes, especially business taxes, he never wavered on that," Kudlow told host John Catsimatidis, per The Hill. "Neither did Treasury Secretary [Steven] Mnuchin, who worked in the campaign with us, and it's now come to fruition.
"Trump has ended the war on business. He's ended the regulatory war. This [tax reform] now ends the punishment of investment," said Kudlow, also a Newsmax Finance Insider.
The JCT issued an updated report Friday, estimating an adjustment for growth would add just 0.7 percent to current growth, lowering the deficit hit to around $1.1 billion over 10 years.
Larry Kudlow is a senior contributor at CNBC. His new book is “JFK and the Reagan Revolution: A Secret History of American Prosperity,” written with Brian Domitrovic. To find out more about Larry Kudlow and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate web page at www.creators.com
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