(National Sentinel)Â Taxes Reformed: Economist Steve Forbes, founder of the noted financial publication bearing his name, criticized the Republican tax play during an interview withÂ Fox News on Friday, calling it a “betrayal” of President Donald J. Trump.
Treasury Secretary Steve Mnuchin told Fox Business host Trish Regan that despite differences in tax reform bills in the House and Senate, everyone was â€œon the same pageâ€ and that differences were, in fact, â€œminor.â€
Forbes obviously did not believe that, and bashed the reform plan overall.
â€œYouâ€™ve got more complexity now, youâ€™ve got huge differencesâ€¦it really is a betrayal of President Trump. The Republicans should have had a simple tax cut if you werenâ€™t gonna do a flat tax, instead of getting all of these things, theyâ€™ve got everyone upset, so they should go back to basics,â€ Forbes said.
The one-time GOP presidential contender went on to offer his advice on how Republicans should move forward.
â€œDo the 15 or 20 percent corporate rate, cut rates on the personal side across the board immediately, make it effective immediately,â€ he said.
When all is said and done, Forbes projected that the final bill agreed upon by the House and Senate will be “bad — the worst of both sides.”
Critics of the legislation agree, especially conservatives.
Dr. Gina Louden,Â a member of the President’s Media Advisory Board, and was a delegate to the National Republican Convention for Trump, wrote atÂ FoxNews.com that the Senate version of the bill tosses “swamp water” on the president’s “successful economy.”
“Leave it to the Senate to take a flaming hot Trump economy and throw swamp water on it! The booming stock market speaks for itself,” she wrote. “The version of tax reform legislation unveiled by Senate Republicans on Thursday is another indication that the swamp is alive and well. This is a repeat performance of the failure of Congress to get health care done.”
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For one, she said, the Senate version delays the corporate tax cut — vital to jump-starting hiring and investment — from 35 percent to 20 percent until 2019 versus the House bill that would cut the rate to 20 percent next year.
“Effectively, the Senate tax bill calls for a slightly lower top tax rate for individuals of 38.5 percent, versus the 39.6 percent in the House bill. The Senate measure also would double the estate tax exemption, but not repeal the tax, as House Republicans proposed,” she added.
Conservative columnist George Will added: “Todayâ€™s bill, which is 429 pages and is apt to grow, is an implausible instrument of simplification. And it would worsen the tax codeâ€™s already substantial contribution to ‘moral hazard.'”
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