Veronique de Rugy has hope for Trump’s newest economics adviser:
On Thursday, economist and CNBC contributor Larry Kudlow was named the new director of the National Economic Council at the White House. Kudlow is a longtime advocate for low taxes, free trade, and looser immigration restrictions. Although he has softened slightly on the last two, I am hopeful he will use his new perch to continue to advocate forcefully for all of them.
To many in Washington and New York, Kudlow is known for being one of first supply-siders. He was a supply-sider when supply-side wasn’t even a thing. And he has remained loyal to that way of thinking. In other words, he likes his and everyone else’s taxes low—especially as they apply to capital.
Needless to say, he was happy with the tax reform plan passed and signed into law last December, especially the reduction of the corporate tax rate from 35 to 21 percent. Being more politically savvy than I, he probably had more tolerance than I for the whole “middle class tax relief” part of the plan. In my humble opinion, if Congress and the president won’t cut spending, they shouldn’t implement tax cuts with no apparent economic growth payoff.
When you are engaged in a tax policy battle, having Larry Kudlow on your side is an asset.
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