Stephen Moore, an outside economic adviser to President-elect Trump, said Sunday that the next president’s message to American business is, “Don’t outsource or move abroad, I am going to fix things for you by reducing your taxes.”

Moore so far has not taken a role in the upcoming administration.

“He’s saying, ‘Don’t leave the country now. There are good things to come.’ … He is saying, ‘Stay here. This is a good time to invest in the U.S.,'” Moore said on “Fox News Sunday.” Moore is a visiting fellow at the conservative Heritage Foundation and a former Wall Street Journal editorial writer.

Moore said the fact that the U.S. has one of the highest corporate tax rates in the world was one of the main reasons why domestic companies looked to move jobs and production abroad. They would stay in the country if the rate was lower, he argued, and Trump aims to do that.

The U.S. corporate tax rate is about 39 percent, the third highest in the world, according to the Tax Foundation. By comparison, the rate for France is 34 percent, the rate for Germany is 30 percent, and the rate for the United Kingdom and Japan is 20 percent. Trump has proposed knocking the U.S. rate down to 15 percent.

“It just doesn’t make sense [to have a 39 percent rate] when we are competing with Japan and China,” Moore said.

Austin Goolsbee, an economic advisor to President Obama, told Fox that President George W. Bush did “almost identical procedures and it didn’t work.” He warned that Trump’s approach would “blow up the deficit.”

The art of getting to know Trump

Top Story

If you haven’t yet read the president-elect’s book, “The Art of the Deal,” you need to. By Salena Zito

01/01/17 12:01 AM

Source link

About the Author:

Leave a Reply