The debate over tax cuts is already heating up in Washington D.C….even before President-elect Donald Trump is sworn into office. John Snow, former Treasury Secretary under President George W. Bush, discussed why he sees tax reform as a priority for the U.S. economy.
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“U.S. tax rates are too high, it penalizes our ability to be competitive in the world economy, it penalizes our productivity, it penalizes wage rates, we need broad-based tax reform,” Snow told the FOX Business Network’s Neil Cavuto.
Snow said he saw a lot of potential in the House Republican tax proposal saying, “There’s a lot of merit I think in what the Republicans have, the so-called Ryan plan.”
According to Snow, tax and regulatory reform are key steps to boosting U.S. productivity.
“We have a structural issue in the U.S. economy with this low productivity,” Snow continued. “The way to fix low productivity is with lower taxes and with regulatory reform.”