President Donald Trump will reportedly unveil a new tax plan today that cuts the corporate tax rate down to 15 percent and also provides tax cuts for individuals. The expectation is that it will offer a bigger cut for businesses than Paul Ryan’s proposed tax plan.
On “The Glenn Beck Radio Program,” Glenn Beck and the guys talked about how a new tax plan would affect the economy and compared the latest report to the tax plan that Trump proposed during his presidential campaign.
Glenn wondered if tax cuts will stimulate economic growth when people are unsure about the future. “If they cut my taxes now as a corporation, I would reinvest some of it, but some of it I would pull off for a rainy day,” he said.
Ideally, the government should pair tax cuts with reduced spending, Glenn explained.
“This is just basic economics 101. If [Trump] would come out and say this tax cut … goes hand in hand with reduced spending,” Glenn said, “I would look at that tax cut and I would say, ‘I have confidence that we’re going in the right direction and we have a chance to really spur things on because the government is headed in the right direction. The government is recognizing that they’re part of the problem here.'”