alliantgroup Senior Vice President and former U.S. Congressman Rick Lazio was recently interviewed by Bloomberg Radio. He discussed the tax reform framework released by the administration and the tax-writing committees, highlighting a number of provisions designed with the intent of simplifying the tax code and stimulating economic growth.
He touched on major details of the plan, which included collapsing marginal tax rates from seven to four brackets, reducing corporate and business tax rates, and the impact of a territorial tax system and repatriation in driving business investment.
Lazio also discussed how the removal of a number of incentives and deductions would be needed to pay for the rate reductions. He stated, however, the importance of the Research and Development Tax Credit since it encourages business investment and economic growth.
“The major culprit, in my belief, is that business investment has been holding down productivity and GDP growth,” said Lazio. “The best way to get at this is to incentivize more business investment. That’s partly through things like the Research and Development Tax Credit and other business incentives as well as expensing equipment, factories and the kind of things we want businesses to invest in that ultimately lead to hiring more people and paying their workers more in salary.”
“Rick is a leading expert in the areas of economics and tax policy and has always been a true champion for small businesses and American enterprise,” said alliantgroup CEO Dhaval Jadav. “I encourage everyone to listen to his insights on policy and on what we can expect from our elected officials in the next few months.”