Republicans have begun efforts to implement President Trump’s economic agenda, working to repeal and replace Obamacare with plans to tackle tax reform after that. Home Depot (NYSE:HD) Co-Founder Bernie Marcus discussed the potential economic impact of taking on Obamacare and tax reform.
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Despite coming from the retail world, which is largely opposed to a potential border adjustment tax, Marcus sees the tax as beneficial, explaining that most other countries have a similar tax and Trump will need the money for his spending plans.
“The American people are eventually going to pay for it, but you know, Washington is very funny. They deal with, not facts, they deal with what things look like and I think that in this case it’s probably going to be advantageous to put that tax in,” Marcus told the FOX Business Network’s Neil Cavuto.
Although some have questioned the GOP’s plan to deal with Obamacare first and then tax reform, Marcus sees tackling Obamacare as impacting the American jobs that Trump campaigned on.
“I’ll tell you one other thing that’s very interesting and that’s what Obamacare is doing to jobs in America. And Neil, you and I have talked about this in the past, but you have no idea how many people in the world of manufacturing, retail, everything else, have gone from full-time job to part-time job because of Obamacare.”
According to Marcus, along with the political process of repealing and replacing Obamacare, Trump needs to sell to the decision to the American people.
“Do you remember when Obama came out with, you know, ACA, Obamacare, ‘You can keep your doctor,’ ‘you can keep your health plan,’ all that nonsense that came down the pike? I believe that if Trump doesn’t do the same kind of promotion and explain to the American people what is happening, that they will never get it.”
Marcus says Trump needs to tell people across the country, “The fact that it [Obamacare] killed jobs, the fact that it raised the cost of every family for insurance, the fact that people on Medicare can’t find a doctor.”
Even though expectations are that Congress will be slow in accomplishing Obamcare and tax reform, Marcus pointed out Trump’s business background will help him to put pressure on Congress to move faster.
“Trump is a businessman and he’s very used to ’If I want to do something, I do it.’”
He predicts that mentality with get Congress to move at a pace Americans haven’t seen before.
Marcus anticipates some Republicans’ political future will be in doubt if they don’t come together to get behind Trump’s agenda.
“If you’re a Republican and you don’t support the President on Obamacare and the tax cuts and if you’re up for election in 2018, it doesn’t look really good for you.”