UP co-founders Steve Forbes, Art Laffer, and Steve Moore explain in today's New York Post:
Recent rumors of an increase to 40% or more would represent a dangerous departure from the proven, prosperity-driving principles that have boosted America ever since the Reagan years: That is, lowering tax rates to promote economic prosperity.
History has shown time and again that reducing marginal tax rates -- particularly on individuals, entrepreneurs and small businesses -- unleashes economic growth, expands the tax base and ultimately generates more government revenue, not less.
Raising tax rates, on the other hand, nearly always has the same three consequences: less revenue than expected, slower economic growth and reduced income taxes paid by the rich -- as higher-income filers hire accountants to take advantage of loopholes and avoid those higher rates...
We urge President Trump to stay true to the Republican Party's long-held commitment to low tax rates and a vibrant free market economy.
