Reagan economist: Ryan 'just about perfect right now'
BY NIKITA VLADIMIROV - 05/07/17 07:00 AM EDT 119
One of former President Ronald Reagan's top economic advisers says Speaker Ryan (R-Wis.) has "matured immensely" in recent weeks and is "just about perfect right now."
"What you are seeing happening is the evolution, a very quick evolution, of an administration," economist Arthur Laffer said in an interview with John Catsimatidis that aired Sunday on New York's AM 970.
Laffer maintained that Ryan's ability to pass the GOP's healthcare legislation through the House after failing to rally support behind the measure earlier this year shows that he is now working with President Trump "beautifully."
"As time goes on, it evolves into a working machine … What happened with Paul Ryan in getting that healthcare bill passed, shows you exactly how Paul Ryan has matured immensely as Speaker of the House and is working with Trump beautifully," he said.
"Paul Ryan is just about perfect right now," Laffer added.
The former Reagan economist also argued that Trump's goal to reduce the corporate tax rate to 15 percent will bring many jobs to the U.S. and could even attract foreign businesses.
"What Trump wants to do is drop [the corporate tax rate] from 35 percent to 15 percent, which would bring all those companies back to the U.S., in fact, probably would attract some foreign companies that want to switch their tax jurisdiction to the U.S.," Laffer said.
"I think it will create jobs, output, employment, production. And I think it will also increase revenues to the federal government, to be honest," he added.
Laffer also praised the president's proposal that scraps the estate tax, arguing that the tax "makes no sense whatsoever."
"The one that I really like the most, John, is the inheritance tax, the estate tax. What the Republicans call the 'death tax.' This tax makes no sense whatsoever ... I am so proud that he is getting rid of the estate and inheritance tax. I just think it's wonderful," he said.
"It is the lawyers’ employment [tax] is what it is … It is just the most vulgar tax I have ever seen, it's immoral. You should be allowed to leave your money to your kids or your grandkids or anyone else for that matter."