Trump's tax cuts will be a 'boom' to the economy: Gingrich

Former House Speaker Newt Gingrich said Sunday that passing President Trump’s tax reform plan would play a significant role in boosting America’s economy, and the Republican Party.

“Give us the tax cuts and the economy will boom next year,” Gingrich told Maria Bartiromo on “Sunday Morning Futures.” “If Republicans become the party of prosperity, jobs and growth as they did with [former President Ronald] Reagan with higher take-home pay, I think they’ll win the election next fall and will have stabilized the system for a long time.”

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.

“My worry is they have to get it this year,” he said. “I’ve tried to get him to get it by Thanksgiving. I’m a little concerned it’s slid a little bit. But they are going to get a tax cut.”

The former speaker added that Trump’s proposed tax cuts will serve in favor of those looking to open their own business.

“You get us down to a 20% rate at a time when you’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.”