Larry Kudlow spoke to reporters on the White House driveway a short time ago, telling reporters the White House would like to see the capital gains tax go as low as 15 percent, but denied that the administration is considering cutting it via executive order.
Asked if White House is looking at cutting business taxes unilaterally:
“We are looking at middle-class income tax cuts and capital gains tax cuts to spur investment and jobs and liquidity. We’ve been looking at that. Those things surfaced a while back. In another era, we used to call them tax cuts 2.0. The president as never lost those thoughts. He is a tax cutter in direct contrast to the Biden team, which are tax raisers.”
Q: Is it your belief that you need legislation to do capital gains cut?
“Yes. I stand with the Secretary [Mnuchin] on that. I didn’t say it was an [executive order]. It’s not part of the EO. This is just something we’re looking at closely.”
“If you go back, Steve Mnuchin and I and some others, we had the economic committee during the campaign. And we originally had a 15 percent capital gains tax rate. And I wouldn’t mind going back to that.”
He argued the Biden campaign will raise the capital gains tax to nearly 50 percent, “because they’re raising the individual rate and they’re raising the corporate rate, and you’ve got to put in the Obamacare surcharge.”
“We’d like to take it back to 15 percent, where it was for quite a long time because it helps jobs, investment, productivity and wages. But not through executive order,” he said.