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As the 2024 presidential election lies just a few weeks away, Kevin Brady, Former House Ways and Means Chair (R-TX) joins Catalysts to discuss Trump and Harris's tax plans.
A recent Harvard Law study revealed that former President Donald Trump's 2017 Tax Cuts and Jobs Act led to less than 1% in GDP growth and wage increases fell far short of what was expected. Brady tells Yahoo Finance that "there is no amount of tax hikes that will ever pay for government spending that exceeds it by double digits each year."
However, he notes that more than 70% of the Tax Cuts and Jobs Act was paid for, explaining," The president signed it because we made $4 trillion of reforms to help offset it."
He continues, "Since then, we've had record revenues, both from individuals, certainly the corporate revenues this year, I think, are the highest percentage in the US history. So in fact, we're gaining more revenue at a 21% corporate rate than projected at 35%, so those tax cuts grew revenue in a big way."
Brady explains that both Trump and Harris are "writing checks on proposals that will be very hard for Congress or taxpayers to cash." Thus, both candidates will have to work with Congress on spending.
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2024/10/17
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