Crapo Joins Kudlow on Extending Trump Tax Cuts
“The bottom line is we have to stop a $4.5 trillion tax hike”
Washington, D.C.--U.S. Senator Mike Crapo (R-Idaho), the lead Republican of the Senate Finance Committee, which has jurisdiction over taxation, joined Larry Kudlow on Fox Business to talk about the effort to prevent a more-than $4 trillion tax hike on American taxpayers.
Click HERE to watch the interview.
On using a current policy baseline:
Kudlow: “You're saying [congressional scorekeepers] don't score spending, the current services spending baseline, as a brand-new deficit increasing bill—they just let that go on. But they will score a current services or current policy tax cut baseline all over again as a big deficit raiser. Now there's something wrong with that. You can either have one or the other, but you can't have both. I mean, it seems to me there's hypocrisy here.”
Crapo: “There's over two and a half trillion dollars of spending in our budgetary system that has a current policy baseline. It's just assumed that it will grow and grow and grow. And yet, for taxes, no. They say you have to pay for them every year. This is common sense. Ask Americans if keeping their tax policy exactly what it is today—instead of telling them that the average medium-to-low-income family has to pay another $2,000 a year—ask them if they think that that's the way that we should try to address our national debt. No, it's current law, and we should not have to pay or raise taxes or do something for four and a half trillion dollars in the next year.”
On preparation for a tax bill:
“Whether we do two bills or one bill or the sequencing—that decision will be made by President Trump in consultation with the Senate and House Leadership. My focus is to be sure that whenever that vote happens, and that it happens this year, is that we do it as soon as possible and get a good bill put into place that will strengthen the economy once again, and grow jobs, grow wages, and give people in America to see increased wealth, rather than a $2,000 per household tax increase.”
“The bottom line is, I'm working to make sure that whenever that vote happens, we have a great bill, and that we stop the four and a half trillion-dollar tax increase and actually give people a boosted economy to grow their available income.”
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