Sharing an article from Tax Notes Today proving some detail concerning the Trump economic team.
TAX NOTES TOAY – Monday, August 8, 2018.
TRUMP UNVEILS FINANCE-ORIENTED ECONOMIC ADVISORY TEAM.
Published by Tax Analysts(R)
GOP presidential nominee Donald Trump unveiled on August 5 his team of economic advisers, a baker’s dozen heavy with wealthy financiers, including one who made billions of dollars betting on the 2007 subprime housing crisis.
Trump lauded his “experienced and talented” team in a statement, saying, “For too long we have watched as President Obama and Hillary Clinton have ruined our economy and decimated the middle class. I am going to be the greatest jobs President our country has ever seen.”
Only one member of his economic team appears to have any background in tax policy or tax administration. David Malpass was deputy assistant Treasury secretary under President Reagan and Republican staff director of the Joint Economic Committee from 1989 to 1990.
Trump is expected to unveil a more detailed tax and economic plan when he speaks in Detroit August 8.
Dan DiMicco, Trump economic team adviser and former CEO of Nucor Corp., told Tax Analysts August 5 that Trump’s Detroit speech is “going to point out some very key areas in taxes, trade, regulatory excesses, and energy, among others, but those will be four of his cornerstone issues that he will talk about — what needs to be done to improve our global competitiveness.”
One Trump team member, John Paulson, was credited with making $ 20 billion for his investors, and $ 4 billion for himself, by betting against subprime mortgage bonds before the housing crisis in 2007, according to author Michael Lewis’s history of the collapse, “The Big Short.” Paulson did not respond to a request for comment.
Another Trump team member, Peter Navarro, a senior policy adviser to Trump and a professor at the University of California-Irvine’s Paul Merage School of Business, said tax reform will be critical to the success of Trump’s trade policy, which aims to double the U.S. GDP growth rate, create tens of millions of jobs, and increase American workers’ wages.
“Cutting the high corporate tax rate is essential to keeping American factories on U.S. soil,” Navarro said in an email to Tax Analysts August 5. “Right now, the U.S. has the highest corporate tax rate in the world among major countries and that pushes our corporations offshore.”
Malpass, who worked on the Tax Reform Act of 1986, which lowered the top marginal individual income tax rate from 50 percent to 28 percent, agreed in an August 5 email to Tax Analysts that tax reform is a top Trump priority.