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Thoughtful Money with Adam Taggart

Art Laffer: Presidential Economic Advisor Grades Trump's Policies So Far

Mar 20, 2025
In this engaging discussion, economist Art Laffer shares his insights on potentially abolishing the IRS for a simplified flat tax system. He offers perspectives on the recent ambitious economic policies enacted by the current administration, likening them to Reagan-era strategies. Laffer delves into the untapped economic potential of Greenland and the implications of energy deregulation. He also emphasizes the importance of transparency in government spending and introduces a unique proposal for a sovereign wealth fund aimed at boosting economic growth.
55:22

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • The proposed flat tax system could simplify the tax structure significantly by introducing two straightforward rates without deductions or loopholes.
  • Rapid deployment of ambitious economic policies such as tax cuts and deregulation is expected to stimulate growth, despite potential short-term disruptions.

Deep dives

Flat Tax Proposal

A flat tax system is proposed as a practical solution to simplify the tax structure by replacing all current federal taxes with two rates: one on business net sales and another on personal unadjusted gross income. This model suggests a 13% tax on all income without the complexity of deductions or loopholes. The potential benefits include significant savings in tax compliance costs and increased productivity for the nation. If implemented, this system could transform the economy and streamline tax collection significantly.

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