Listen: President Trump, President And White House discussed on Washington Today
"Rate at about fifty eight percent. Sent by all the major polls. You can't hardly do better than that. And you see tax cuts have always been a means to that end a generalized prosperity. That's frightening everybody, you know, we're running one percent of of what the average is average estimates where you're go. So we're pretty satisfied that way else. National Economic Council director Larry cudlow earlier today. Been white of politico. Joining us now on this tax day, April fifteenth to talk a little bit about last year's tax cut Bill and just how popular or maybe unpopular the tax cuts are with the American people. What about that? Well, in fact, they're very unpopular. If you look at most of the polling about a third of the country that has a favourable view of the tax cut law, and a lot of people think they didn't actually get a tax cut, even though maybe they did get a small one, but overall rating is the tax cut or not very good people tend to think that, you know, the rich in corporations benefited the most from this tax cut. So the White House President Trump has some work to do to improve. How people feel about this thing is it perception versus reality. You hear that people got smaller refunds, but actually we're getting the tax cut through the year. So while they may have gotten a tax cut. But it doesn't feel like it. Yeah. It's a little bit of both perception. And reality there is a perception among people that they didn't get a tax cut when they actually did because the tax cut showed up in their lower withholding week to week which then reduced their refund which they're used to getting. So there is a little perception there that there was a little bit more money in the paycheck. If people didn't notice, but the reality is also that the tax cut was heavily tilted towards the corporate side. The big move that they made was to go from thirty five percents to twenty one percent on the corporate rate that was thrust of the thing. And of course, you know, people at the top end every time that a tax cut tend to get a bigger tax cuts because they pay more taxes. And I think people are, you know, accurately kind of unhappy with that that it wasn't more focused on the middle class in the bigger tax cuts for the middle class. So it's truly both things perception, which is incorrect among some people who, you know, didn't think they got a tax cut that did. But also the reality that this was a corporate tax cut and one that in reality gave more money. Back to the wealthy then at the middle class so overall, then how did the tax cut affect the economy last year, and then through this year and looking ahead. Yeah. I mean, it definitely boosted the economy in twenty eighteen and we got above three percent growth, you saw corporations who have a lower tax rates on them used it for, you know, dividends buy backs the corporations also used it to invest in workers, and you plants and took advantage of new tax breaks for investment. So there's no question that the tax cut had a stimulant of affect on twenty eighteen and also drove up the deficit enormously as corporate tax receipts. Went down. All indications are there'll be less of an impact in twenty nineteen. A lot of the investments will already have been made most economists are looking for something closer to two percent growth in twenty nine thousand nine down from three percent. So we got some stimulus. It's eighteen in the tax cuts will get less of it in twenty nineteen and we will pay for it with a higher. Deficit for the year and more debt back to the the negativity surrounding the tax cuts from the American people. How is the White House responding to that around the tax cuts sustained effort this week from President Trump and the White House to kind of rebrand these tax cuts? The president was in Minnesota today to talk about the tax cuts, and he just wants to remind people that hey, you did get a little bit more money in your paycheck. And yes, the economy is doing better, and it's a result directly in their view of the tax stimulus tax cuts that they passed in twenty eighteen so I think they recognized they have a little bit of a problem from has good overall ratings on the economy, but people are very skeptical of the tax cuts, and what it did you Democrats are taking advantage of that to say, you know, we have all these plans to raise taxes on the rich corporations White House wants to say that's the wrong direction. The tax cuts were good. They were saying you got some money back so compass out there trying to rebrand them and. I think you'll hear other White House officials as the weeks go by talking about this tax cut. That's something that has really boosted the economy, go back to the democratic presidential candidates for a moment using the tax Bill and its unpopularity. What are some of those candidates talking about rolling back the tax cuts and if so to pay for what right? You have just about all of the democratic candidates talking about rolling back parts of the Trump tax cuts. Certainly they're not gonna talk about increasing taxes on middle income tax payers, but they will talk about increasing them on the top one percents rolling back some of the corporate tax cuts, and they would find a number number of priorities that Bernie Sanders, for instance, would be Medicare for all was Warren has talked about, you know, new environmental policies as well. As expansion of health care all talking about infrastructure other essentially saying we need to roll back some of the Trump tax cuts week coop. Some of that revenue that was lost the government from those tax cuts and use it to attack healthcare problems infrastructure problems environmental problems pretty much. Everybody is out there. Running for president right now has some version of a partial rollback of the Trump tax got with the caveat. That of course, they would not touch middle class tax cuts. So we are of course, quite a few months out from the next presidential election. But what what are you thinking the tax cuts will do as far as helping or hurting the president in his reelection? And the Democrats for that matter. I think overall the tax cut will be negative for President Trump and the reelection campaign at least right now because there is this perception that they were tilted towards the rich and corporations and Democrats are taking advantage of that to say that indeed this was a give away to corporations and the rich. So that's why Trump needs to rebrand up and try to wrap it all in as one big economic picture that yes, you have a positive view of the economy unemployment is low growth is pretty decent personally because of the tax cuts. And yes, you, you know, Joe tax payer did get a tax cut. They've got work to do to get there. Because Democrats have kinda successfully branded this thing as giveaway to the rich and corporations, and that's not entirely true. It's partially true. But right now, I would say the tax cuts and its unpopularity as it's problematic for the White House for the reelection campaign. Then white writes for politico. Thanks very much for joining us today. Pleasure to be here. Thank you. This is Washington today on C span radio. House speaker Nancy Pelosi and minority leader Kevin McCarthy are overseas during the congressional break. The Republican leader McCarthy is in South America. And the house speaker is leading a delegation to visit the US European and African military commands in Germany, she was in London today though, and spoke with reporters speaker Pelosi was asked about President Trump's criticism of Representative Ilhan, Omar and other Democrats. Uh-huh. Seeings?."