National Economic Director Larry Kudlow said that he doesn’t believe Republicans’ second round of tax cuts will pass before the midterm elections in November.
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“I think … there may be a vote on that, no I don’t think it’ll pass, it’ll get through the whole Congress, but it’s a good message,” Kudlow said Monday during an event at the Economic Club of New York. “I think we can do a lot more on tax reform.”
Republicans in the House Ways and Means Committee introduced a three-pronged reform package last week, which passed the committee. A vote in the entire chamber is expected early next month, but is likely to face resistance in the Senate, where the legislation would need support from Democrats.
Among the fans of the first round of tax reform, according to Kudlow, is Apple CEO Tim Cook, who Kudlow says “really loved” the law.
In the aftermath of the Tax Cuts and Jobs Act and other pro-growth policies the administration has implemented, Kudlow said the economy is currently undergoing a “boom that virtually everybody thought was impossible,” citing blue-collar job growth, growing paychecks and capital flowing back into the country.
When it comes to workforce productivity, a stagnant indicator the Federal Reserve has cited as holding back meaningful wage growth, the White House adviser said he is beginning to see early signs of a pickup.
“It’s still not where we hope it will be, but we’re moving in the right direction. And with that will come an increase in real wages and better jobs,” he said.
In regards to speculation the administration is close to imposing another round of tariffs on $200 billion worth of Chinese goods, Kudlow refused to comment directly, saying instead that an announcement would be coming soon.
“We welcome any time serious talks with china. Absolutely, the door is open,” he added.