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WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) joined Neil Cavuto on Fox News this afternoon to discuss President Trump's tax proposal released today. Below are excerpts from the interview and a link to the video:
Click here to watch the video.
“One of the groups just put out a cost analysis of the - we just have a one-page paper. We don't have any bill, we don't have any really detailed proposal. But, they estimate the cost at $6 trillion dollars... over ten years... that's $600 billion dollars a year. And essentially what they're saying is it doesn't have to be paid for. Frankly, I think we've gotten into deep debt in our country, since I came here, largely because we didn't pay for tax cuts, and they didn't pay for themselves notwithstanding the fact that that was always the argument.”
“We certainly need tax reform. I think everybody agrees. Everybody I think agrees...[President] Obama suggested we bring the corporate tax rate down. So I think there's a consensus on that, but that's where it ends.”
“We have a very, very sort of Reader's Digest, not even a Reader’s Digest, view of what the proposal will be. So we'll have to wait to see the details. But the back of the envelope estimate is it will be very, very costly, $6 trillion. I'm one from my own party and the other party, we need to pay for tax cuts.”