Supply-Siders Pitch Trump on a Flat Tax – By Michael Rainey (The Fiscal Times) / April 18, 2024
Agroup of conservative advisers long associated with Republican economic policies are reportedly encouraging former President Donald Trump to embrace the idea of a flat income tax.
Bloomberg’s Stephanie Lai, Amanda Gordon and Enda Curran report that a group including Steve Forbes, Larry Kudlow, Stephen Moore and Arthur Laffer is lobbying Trump on a proposal to institute a federal tax rate of 17% on all incomes, should he regain the White House in the fall. Forbes, who embraced a flat tax when he ran for the Republican presidential nomination in 1996 and 2000, said Monday that the proposal would include significant exemptions, with a family of four shielding their first $54,000 from the tax.
Trump has not spoken publicly about the flat tax, which, as Bloomberg notes, would generally benefit the rich, who otherwise face rising tax rates as their incomes increase. But the leading Republican candidate has promised more tax cuts on the campaign trail, though without providing any details.
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