Former Trump Economist Steve Moore says raising taxes on the rich would throw a “wet blanket on an economy that is sizzling hot right now.”
“I continue to be optimistic about the second half of this year in terms of a very solid pick up. What bothers me, and is keeping me up at night, is all this talk by Joe Biden and Nancy Pelosi of trillions of dollars of more spending and then trillions of dollars of more taxes to pay for it,” Moore said on the John A. Catsimatidis Sunday radio show, The Cats Round Table, WABC 770 AM.
“I think that’s throwing a wet blanket on an economy that sizzling hot right now. I think we are going to see higher inflation, but we’re not going to see run-away inflation,” he continued.
“Why would you want to raise taxes on an economy that’s just getting its feet back from under itself? It is the worst time to be raising taxes.… This idea that we are going to be able to pay our bills by just taxing the rich… If you think this is just going to soak the rich, you should be bringing an umbrella, because everybody’s going to get soaked.”
As to what is truly propelling the economy, Moore said, “The stimulus is the vaccine, and the vaccine is the stimulus. It is not about $2 or $3 trillion of spending. It’s about getting businesses open.”
Moore continued, “I’ve got to tip my hat to Donald J Trump. We have a study which shows that Operation Warp Speed has saved the country $1.2 trillion by speeding up this vaccine and getting it out so quickly. I will give a nod to both presidents. I think Trump did a great job of getting this vaccine done. I think Biden has done a pretty good job of getting it distributed to the American people.”
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