Washington DC — Local Congressman Tom McClintock is urging his republican colleagues to provide a permanent uniform across-the-board reduction in tax rates for ALL tax brackets. McClintock’s newest blog features the Congressman’s reasoning and the advantages of lowering the tax rates.
McClintock says the current proposed tax plan will “MAGA” (Make America Great Again.) He states American economists Arthur Laffer and Martin Feldstein, say the business side of the current tax reform plan will produce $5 trillion of growth over the next decade. Dr. Laffer is the founder and chairman of Laffer Associates Supply-Side Investment Research.
Laffer and Feldstein both advised President Ronald Regan in the 80’s. Feldstein was also appointed to President Obama’s Economic Recovery Advisory Board in 2009. Currently, he is on the board of directors of the Council on Foreign Relations, the Trilateral Commission, and the Group of 30, a non-profit, international body that seeks greater understanding of global economic issues.
McClintock worries without the lower tax rate the entire bill is imperil due to the “vast proportion of opposition we’re seeing among various business groups.” Read his full comments on the issue in his blog here.