Stockman on taxes: Wealthy have had a ride like there's no tomorrow for 30 years

By White House FOXBusiness

Tax cut, reform will fall apart: David Stockman

Former Reagan budget director David Stockman on whether Congress will be able to get a tax cut and reform bill passed.

Former Reagan Budget Director David Stockman joined FOX Business on Wednesday to discuss President Trump’s tax reform plan.

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“There will not be a tax cut, there will not be a reform, there will not be a bill,” he told Fox Business’ Neil Cavuto on ‘Cavuto: Coast to Coast.’

Senate Republicans want deploy the budget reconciliation process to pass tax reform because then they would only need 51 senators to pass it, instead of the usual 60 votes — the GOP currently holds a 52-48 majority in the Senate. However, in order to use the process, Republicans would have to pass a 2018 budget resolution.

“There is no Republican majority, and if they don’t do it through reconciliation it will never get out of the Senate, you don’t have 60 votes in the Senate for anything,” he said.

Cutting payroll taxes would be more helpful to Americans than cutting income taxes that have been benefiting the rich for years, in Stockman’s opinion.

“I think we need to have a big tax cut, it should be in payroll taxes for 160 million people, most of them out in fly over America who are paying far more in payroll taxes than income. If you want to help fly over America, which is what Trump was elected by, forget the income tax, the rich people have had a ride like there is no tomorrow for 30 years the Fed has been inflating their financial assets like there is no tomorrow,” he said.
 

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