‘Kudlow’ receives criticism of Biden-Yellen’s economic plan as ‘wrong and wrong’.
Larry Kudlow, host of ‘Kudlow’, slammed President Biden and Treasury Secretary Janet Yellen on Friday, saying there is no ‘race to the bottom’, and their tax plan is ‘wrong and wrong’.
LARRY KUDLOW: Tonight I want to focus on one corner of this story, it’s the idea that President Biden and Treasury Secretary Janet Yellen are selling, that an important part of this tax increase is what they call, a quote, the race to the bottom, end quote. To be blunt and respectful, there is no such thing. There is no race to the bottom. I am sorry.
Now, this is true enough, and good enough, many countries around the world have reduced their tax rates. Well. But no one is near the house zero, come now. Let’s get serious here. There is no race to the bottom. There is no zero.
Many countries have, by the way, lowered their tax rates, these are tax rates on companies up to twenty, and they also offer different tax credits and deductions to help companies without lowering the marginal tax rates, but it helps companies to invest … now, the problem here is 0 for 2. The Biden tax plan will not increase tax rates, but it will increase the base. What you are supposed to do is lower tax rates and increase the base to help pay for it, making it a simple and fair tax cut.
WATCH LARRY KUDLOW’S FULL MONOLOGY HERE