Momentum is high to pass legislation to cut taxes, economic analyst Larry Kudlow said Sunday on “The Cats Roundtable” radio program.
Stressing that the business side of the economy is having its best showing in more than 10 years, Kudlow told the show’s host John Catsimatidis on AM 970 in New York that, “it's as though businesses are sniffing out tax cuts, and they're starting to pull the trigger on some investments. And that of course will lead to higher wages …And I think the stock market loves it.”
Although Kudlow admitted that it is difficult to predict politics and “there's going to be some issues regarding deductions,” he said the confidence factor is helping the economy as “the GOP seems to be coming together” on the issue.
Kudlow acknowledged, “in terms of jobs, the bricks-and-mortar companies are losing ground and they're losing jobs as a consequence,” but he emphasized that “the Internet companies are actually creating more jobs then we're losing.”
He added that “Profits once again are beating expectations in the third-quarter reports that are coming out” and that three-percent growth for the second straight quarter has surprised many people.
Kudlow emphasized that President Donald Trump’s plan on the corporate tax rate and repatriation is very important for an even stronger economy so that “all the overseas companies bring their profits back home.”
He cited an example of the potential of the plan, saying “700 US companies are… registered in Ireland, which has a 12.5 percent corporate tax compared to ours, which is 40 percent,” emphasizing that “we have to… bring those people home, bring their cash home, and invest it and put it to work here in the US.”
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