Former House Speaker Newt Gingrich said Sunday that passing President Trumpâ€™s tax reform plan would play a significant role in boosting Americaâ€™s economy, and the Republican Party.
â€œGive us the tax cuts and the economy will boom next year,â€ Gingrich told Maria Bartiromo on â€œSunday Morning Futures.â€ â€œIf Republicans become the party of prosperity, jobs and growth as they did with [former President Ronald] Reagan with higher take-home pay, I think theyâ€™ll win the election next fall and will have stabilized the system for a long time.â€
Gingrich said he believes the president and the GOP will be able to pass a tax bill at some point, though he hopes it will be by the end of the year.
â€œMy worry is they have to get it this year,â€ he said. â€œIâ€™ve tried to get him to get it by Thanksgiving. Iâ€™m a little concerned itâ€™s slid a little bit. But they are going to get a tax cut.â€
The former speaker added that Trumpâ€™s proposed tax cuts will serve in favor of those looking to open their own business.
â€œYou get us down to a 20% rate at a time when youâ€™re a potential entrepreneur, you suddenly have a president who loves entrepreneurs. So the psychology, the interest in business, is going to continue to keep going up.â€