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.
“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.”