Art Laffer: Phasing in the Corporate Tax Rate Cut Is a ‘Killer’

EXCERPT:

HEMMER: "That leads me to the question, do you believe what they’re doing on the individual side is enough to convince Americans that indeed they are better off if it’s signed into law?"
LAFFER: "If they do the corporate tax rate without a phase-in; the phase-in is a killer, Bill, because if you know they’re going to cut tax rates next year, you're going to defer all your income and production until next year and it's going to cause a deep recession. So if they put in the phase-in that would kill the economy for at least a year. And I hope they don’t. But yes, I don’t think they need to address personal income tax rates this year. Once Trump is reelected then we can do something like the '86 tax act and really go to a true flat tax which is what the country has been doing. It’s what Jerry Brown proposed in 1992. I did his tax reform back then and Jerry Brown had a perfectly flat tax and DEMs want it, the Republicans want it, everyone wants it except for a few people in Washington."