Oct 30, 2020 - Politics & Policy

Kudlow: Trump would continue deregulation, tax cuts in second term

White House economic adviser Larry Kudlow.

Photo: Axios

If President Trump gets reelected, he will continue deregulation and lowering taxes, White House chief economic adviser Larry Kudlow said Friday at an Axios virtual event, contending that the president's policies led to "three years, pre-pandemic, of a boom,"

Why it matters: Trump's re-election campaign has been focusing on the prepandemic economy as voters are casting their ballots.

What he's saying: "His policies, the tax cuts and the deregulation especially, the people who benefited were those that needed it the most. Those are facts," Kudlow said.

  • "It was the middle class and the lower rungs of the income ladder who had the biggest gains under President Trump. It was not just for rich people."
  • "We are on the road to long-term prosperity. And I think we can pick up on that. I think we can pick up on that once we get through this difficult period."
  • "We are now working on a middle-class tax cut. We are working on some additional business tax cuts."

Yes, but: Trump has been criticized for not releasing specifics about how his second-term economic plan would work.

  • Kudlow said that he does not think the president needs to release a detailed plan because "he's the incumbent" and "has a very clear track record with a very clear set of economic principles."
    • His answers today differ from those he gave in January when he said Trump would be releasing a new tax proposal during the summer, The Hill reported.

Go deeper: Big banks saved billions thanks to the Trump tax cuts

Watch the event.

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