By RICH ROSTRON
The Response
VP and Presidential candidate Kamala Harris’s economic policies are “growth diminishing,” said Andy Puzder, a former CEO for Hardee’s and Carl’s Jr restaurants and a Distinguished Fellow with the Heritage Foundation, while speaking on the Mornings with Maria Bartiroma FoxBusiness program Sept. 23.
“I don’t know where the economic opportunity (Harris is promising) is going to come from if you don’t have economic growth.”
Puzder pointed to the pieces of an economic plan Harris has put forth:
- 28% Corporate Tax
- 44.6% Capital Gains Tax
- 25% Tax on Unrealized Gains
- Price Controls
- No Tax on Tips
- Up to $6k Child Tax Credit
“Harris’s tax increases “almost ensures a recession,” Puzder said.
On the other hand, he described former Pres. Donald Trump’s economic plan as pro-growth:
- 15% Corporate Tax for Companies that produce in the U.S. (20% otherwise)
- Record Low Regulations
- Pledge to Cut Energy Costs in Half
- No Tax on Tips
- No Tax on Overtime Pay
- No Tax on Social Security Payments
- Extending the Trump Tax Cuts
- Bringing Back SALT tax deductions (state and local nonbusiness tax deductions that taxpayers can deduct)
Puzder said that Trump is inviting companies to manufacture in the U.S. and receive the 15% corporate tax rate. Otherwise, foreign manufacturers are liable to face tariffs.
A comparison between the candidate’s records show a dramatic advantage for Americans with Trump’s economic track record:
Peter Morici, an economist who appeared on Newsmax the same day, also suggested that Harris could be steering us into a recession. He suggested that the half-point federal interest rate cut from Sept. 18 as a political decision by Fed Chairman Jerome Powell.
It was the first rate cut in four years and considerably more than most economics expected or recommended.
“A half-point cut … is usually reserved for an eminent calamity,” said Morici.
“The working and middle class Americans are going to bear the burden of very slow economic growth,” said Puzder referring to expectations for the Harris economic policies.
He also raised concerns about the national debt, which is now more than $35 trillion. “We’re now spending $5.7-billion per day more than we have,” said Puzder. “I think getting Elon Musk involved is a tremendous idea.”
Trump has indicated that he’s planning to appoint Musk as the head of a new Government Efficiency Commission that would be charged with cutting wasteful government spending.
