An economist who helped write Donald Trump's tax proposals floated a plan for Congress to tackle business taxes — including a rate cut on companies' overseas earnings — quickly next year, while postponing consideration of individual income taxes.

That strategy, offered by Stephen Moore, an economist who has advised Trump, has at least some political risk; throughout his campaign the president-elect generally pitched his tax plans as "a massive tax reduction" for working and middle-income Americans. But focusing on business taxation first might allow for moving a bill much faster — and win support from Senate Democrats, who want to use short-term revenue gains from an offshore tax break to fund nationwide infrastructure improvements.

"If you have to give Democrats some of the things that they want, do it," Moore said Wednesday during an event sponsored by Politico and American Innovation Matters, a corporate interest group that is calling for tax reform. "Let's move this thing forward."

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.