Trump's expiring tax cuts will be a 'big moment for US,' warns former Texas lawmaker

>> KEEPING OF THE CHAIR WARM UP. THANK YOU. EDWARD LAWRENCE ON THAT. KEVIN BRADY WITH US AT THE HOUSE WAYS AND MEANS FORMER CHAIRMAN OF THAT AUGUST COMMITTEE. THEY WOULD NOT HAVE HAPPENED THIS GENTLEMAN, ALWAYS MODESTLY, EXCUSE WHEN I SAY THAT BUT IT IS TRUE. NEIL: THE TAX CUTS EXPIRE NEXT YEAR. WHAT HAPPENS? >> IT'S A BIG MOMENT FOR THE UNITED STATES, $4 TRILLION WITH FAMILIES, WORKERS, MAIN STREET BUSINESSES WILL PLAY A ROLE WHETHER AMERICA CAN COMPETE WITH OTHER FOREIGN COMPETITORS. THERE'S A LOT AT STAKE NEXT YEAR. NEIL: WHEN YOU FIRST INSTITUTED THAT, EVERYONE GOT THOSE BUT THE FACT IS BECAUSE THE RICH HAD MORE THEY GET MORE. HOW DID YOU DEAL WITH THAT? >> THAT IS THE NARRATIVE, WHAT YOU DO YOU ARE USED TO THAT AND MOST OF THE GOOD NEWS HAS BEEN FACT CHECKED, THE PRESIDENT'S CLAIMS ARE IN A NEW CATEGORY CALLED ZOMBIE CLAIMS ABOUT THE TAX CUTS AND JOBS ACT ABOUT SENATOR PHIL GRAHAM NOTED THIS IN THE WALL STREET JOURNAL THE OTHER DAY FOR THE LAST 50 YEARS, NO SPENDING PROGRAM AND NO TAX POLICY HAS DRIVEN HIGHER MEDIAN HOUSEHOLD INCOME FASTER, OR LOWERED POVERTY MORE THAN THE 2017 TAX COST, GROW JOBS, PAYCHECKS AND THE AMERICAN ECONOMY. NEIL: DO YOU FEEL YOU LEFT TOO SOON, WOULD HAVE BEEN EASILY ELECTED, AND THE KEYSTONE COP LEADERSHIP ISSUES, DON'T MEAN TO BESMIRCH BUT I AM SAYING THAT IT LOOKS LIKE IT IS REDDERLESS AND YOU HAVE MARJORIE TAYLOR GREENE GOING AFTER JOHNSON, SPEAKER OF THE HOUSE, TO VACATE THE CHAIR. ON MY GOSH, THIS IS -- >> IT IS PAINFUL TO WATCH AND I KNOW THERE ARE A LOT OF GOOD PEOPLE IN CONGRESS TRYING TO DO THE RIGHT THING, SOLVE PROBLEMS, LEADING A BIG WAY BUT IT DOESN'T TAKE MUCH TO POOL THE VEHICLE INTO THE DITCH, THAT IS TOO OFTEN WHAT IT APPEARS TO BE ABOUT. AND THAT IS DRIVING THE BIG ISSUES ON TAX REFORM. AND IT WILL COMPETE AND WIN AS CHINA AND TARGETS AMERICAN INDUSTRY, NEW JOBS AND INVESTMENT IN THE ECONOMY. THAT WILL ENCOURAGE INNOVATION AND RESEARCH BECAUSE THE COUNTRY THAT WINS INNOVATION WINS THE FUTURE. THAT IS WHY I AM WORKING WITH THE ALLIANCE FOR COMPETITIVE TAXATION TO BRINGS THESE GOALS. BOTH PARTIES AGREE ON THOSE GOALS FOR 2025. NEIL: WE GOT HERE, ONE OF THE EARLY ONES, THE EARLY DISCUSSION. >> THERE IS NO QUESTION, RECORD REVENUES GENERATING IS A GOVERNMENT MORE THAN 20 ONE% THAN THEY DID AT 25% BECAUSE ALL THAT GROWTH EXCEEDING THAT YEAR, DIGGING A DEEPER HOLE. AT THE END OF THE DAY, YOU'VE GOT TO HAVE GROWTH. THAT IS A BUDGET ISSUE AND AN ECONOMIC ISSUE AND YOU HAVE TO HAVE GUARDRAILS. THAT PUTS SOCIAL SECURITY, MEDICAID, THOSE IMPORTANT PROGRAMS ON A SUSTAINABLE PATH

Channel: Fox Business

Views: 34,443

Keywords: Biden, Cavuto Coast to Coast, FOX Business, FOX Business Network, House Republicans, House Speaker Mike Johnson, Mike Johnson, Trump, Trump tax cuts, Trump tax cuts expiring, Trump taxes, news, politics, tax cuts, tax cuts US, joe biden, US, US news, White House, economy, inflation, US economy, House GOP, Marjorie Taylor Greene, US economic policies, us inflation policies, us, economic policies

Id: an6M96K9GSo

Length: 4min 11sec (251 seconds)

Published: Tue Apr 30 2024