The complexity in the tax code favors Trump's very rich friends: Carly Fiorina
The debate over tax reform is heating up as lawmakers struggle to reach a compromise on something more substantial than tax cuts. While former Republican presidential candidate Carly Fiorina believes that tax cuts are important, she says they are not enough, telling the FOX Business Network’s Maria Bartiromo on Mornings with Maria, “Ted Cruz has been saying exactly the same thing about tax reform for almost five years now, he’s been talking about…radical simplicity and I absolutely agree with him that both a reduction in rates and simplicity are key.”
According to Fiorina, though President Trump has been upfront about his focus on reaching a deal, he shouldn’t waiver on his principles.
“In fairness to President Trump, he’s been very clear with the American people, ‘I’m a dealmaker and I’m willing to be flexible,’ that was his word, ‘in my principles and unpredictable in my approach in order to get the deal.’ I happen to think that certain principles matter, that simplicity matters, that the tax cut matters.”
Trump has shown a willingness recently to work with Democrats in order to achieve legislation, but Fiorina warned Trump to be cautious in dealing with Democrats on issues such as tax reform.
“I’m suspicious, as is Ted Cruz, that the Democrats are going to play with those principles because, honestly, what they want is more government and they continue to lean to the left and more government always costs more money.”
While Democrats opposed any tax cuts on the highest earners, Fiorinia pointed out the subjectivity of the issue, “What’s a high earner?”
Fiorinia says that the complexity in the current tax code is hurting the economy and is unfair because of how it benefits the wealthy.
“The complexity is killing us, the complexity makes economic growth harder and the complexity itself in the tax code favors Donald Trump’s very rich friends. Complexity always favors big companies over little companies, rich people over not so rich people. Why? Because big companies and rich people can hire accountants and lawyers to get through the 76,000 pages. So, simplicity is key.”
According to Fiorina, the tax rate is holding back U.S. businesses as well as the middle class.
“Our tax rates are uncompetitive. They’re uncompetitive on businesses. The middle class in particular needs more money in their own pocket, we don’t need to be giving the federal government more money.”
Fiorina then pointed out how crucial tax reform is to the U.S. economy.
“Tax reform is the single most important thing we can get done to get this economy really going.”