The Architect of Trump’s Sweeping Tax Reform is Bullish on Growth… Here’s Why
Congressman Kevin Brady (R-TX), who is the leading Republican on the House Ways and Means Committee and chief architect of the 2017 GOP Tax Cuts, joined Scott Wapner to discuss a Wall Street Journal op-ed he wrote with economist Larry Lindsey. The thesis of the article was to challenge the Federal Reserve’s slow growth projections.
“Don’t put your foot on the brakes or the accelerator,” Rep. Brady stressed to Wapner regarding the Fed. “We have a very healthy economy – let it continue to grow.”
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The main reason behind this message, Rep. Brady said, is that since the GOP Tax Cuts became law, the underlying fundamentals of the U.S. economy are “healthy.” Furthermore, tax reform has created an environment that makes businesses attracted to the US in the long run, where the previous tax environment was literally hostile to growth.
“Personal income is growing, in fact it accelerated in the last half of the last year,” Rep. Brady noted. “Worker productivity is running four times better than in the last year in the Obama administration. Business, consumer confidence expectations are very strong. The underlying factors are very good in our economy.”
If sound policies continue, Rep. Brady said, this economic growth will continue.
The Texan tax writer said that Republicans “made a relatively smart and modest investment into a new tax code.”
“Most of this was designed for the long term, to change the location decisions so that plants and manufacturing and research and IP is done in the U.S., not overseas,” said the Congressman. “That’s happening around us right now; and I think that’ll take a couple years to manifest.”
