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Larry Kudlow (Trump's Director of National Economic Council): Trump knows taxes because he’s been 'dodging them for all these years'
October 18, 2018
https://www.washingtonexaminer.com/news/white-house/larry-kudlow-trump-knows-taxes-because-hes-been-dodging-them-for-all-these-years
Undated: Lawrence Alan Kudlow (born August 20, 1947) is an American financial analyst and former television host serving as Director of the National Economic Council under President Donald Trump since 2018.[1]
Kudlow began his career as a junior financial analyst at the New York Federal Reserve. He soon left government to work on Wall Street at Paine Webber and Bear Stearns as a financial analyst. In 1981, after previously volunteering and working for left-wing politicians and causes, Kudlow joined the administration of Ronald Reagan as associate director for economics and planning in the Office of Management and Budget.[2]
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After leaving the Reagan Administration during the second term, Kudlow returned to Wall Street and Bear Stearns, serving as the firm's chief economist from 1987 until 1994. During this time, he also advised the gubernatorial campaign of Christine Todd Whitman on economic issues. In the late 1990s, after a publicized battle with cocaine and alcohol addiction, Kudlow left Wall Street to become an economic media commentator – first with National Review, and later hosting several shows on CNBC.
Kudlow returned to politics in 2018, serving as Gary Cohn's replacement at the National Economic Council.
In March 2018, President Trump appointed Kudlow to be Director of the National Economic Council, succeeding Gary Cohn.[16] He assumed office on April 2, 2018.[17]
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In April 2018, Kudlow said that the nonpartisan Congressional Budget Office was untrustworthy.[18] He dismissed CBO's estimate that the 2017 Tax Cuts and Jobs Act would increase the deficit by $1.3 trillion, saying, "Never believe the CBO. Very important: Never believe them. They're always wrong, especially with regard to tax cuts, which they never score properly."[18] All credible studies of the tax plan, whether by non-partisan organizations, Wall Street analysts, or right-leaning research organizations, showed that the tax plan would increase the deficit.[18] In July 2018, Kudlow falsely asserted that "Even the CBO numbers show now that the entire $1.5 trillion tax cut is virtually paid for by higher revenues and better nominal GDP." The CBO actually found that the tax cut reduces revenues and that deficits would increase by $1.9 trillion after accounting for macroeconomic feedback.[19]
Also in April, Kudlow alleged that U.S. Ambassador to the United Nations Nikki Haley had announced that the U.S. would soon sanction Russia due to "momentary confusion". After Haley contradicted Kudlow's claim, Kudlow called Haley to apologize.[20]
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As Trump celebrated the six-month anniversary of the tax cut on June 29, 2018, Kudlow asserted that the tax cut was generating such growth that "it's throwing off enormous amount[s] of new tax revenues", and "the deficit, which was one of the other criticisms, is coming down – and it's coming down rapidly". Both assertions were incorrect. Since the tax cut was enacted, federal tax receipts increased 1.9% on a year-on-year basis, while they increased 4.0% during the comparable period in 2017. By the same method, the federal budget deficit increased 37.8% while it increased 16.4% during the comparable period in 2017. Kevin Hassett, chairman of Trump's Council of Economic Advisers, noted days earlier that the deficit was "skyrocketing", which is consistent with the analysis of every reputable budget analyst.[21][22] Kudlow later asserted he was referring to future deficits, although every credible budget forecast indicates increasing deficits in coming years, made worse by the Trump tax cut if not offset by major spending cuts. Barring such spending cuts, the CBO projected the tax cut would add $1.27 trillion in deficits over the next decade, even after considering any economic growth the tax cut might generate.[23]
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Kudlow asserted on June 29, 2018, that "capital investment, you know, for new jobs and better careers, [is] flowing in from all corners of the world".[24] However, foreign direct investment – the total flow of investment capital into the United States from the rest of the world – declined 35% on a year-on-year basis during the first quarter after the tax cut, the most recent data available. That was consistent with the 37% decline during Trump's first five quarters in office, compared to the five quarters immediately preceding his presidency.[25
On June 29, 2018, Kudlow stated, "This is now, the USA, according to the OECD, the hottest economy in the world."[26] However, this was not a new phenomenon under the Trump presidency, as by 2015 the American GDP growth rate had been almost twice that of other industrialized countries since 2008, and by 2015 America had created as many jobs than all other industrialized countries combined since 2010.[27][28] Kudlow also asserted: "They've been saying that all along, OK? We could never get to 3% growth... It couldn't be done, they say. It's being done."[29] However, analysts have actually said that 3% sustained growth was unlikely,[30][31][32][33] rather than periodic quarters of growth of 3% or more. From 2009 through 2016, GDP growth exceeded 3% in eight quarters – including 5.1% and 4.9% in consecutive quarters of 2014 – yet it did not sustain 3% or more for any full year.[34]
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Although GDP exceeded 3% in two consecutive quarters of 2017, the average growth was 2.4% through Trump's first five quarters in office.[35] The final figure for first quarter 2018 GDP growth was released the day before Kudlow spoke – coming in at 2.0%.[36] Three months later GDP for the second quarter of 2018 was announced at an annual growth rate of 4.1%.
On August 28, 2018, after Trump accused Google of rigging search results to show information biased against him, Kudlow told reporters "we're taking a look at" regulating Google.[37]
During the 2018-2019 partial federal government shutdown, approximately 420,000 federal workers deemed "essential" were compelled to continue working without pay. On the 34th day of the shutdown, Kudlow asserted that such workers were "volunteering" to work for their love of the country and “presumably their allegiance to President Trump.” [38]
A self-described "Reagan supply-sider", Kudlow is known for his support for tax cuts and deregulation.[39] According to The Economist, Kudlow is "the quintessential member of the Republican Party's business wing".[39] Kudlow has no formal economics qualifications.[39]
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In 1993, Kudlow predicted that Bill Clinton's tax increases would dampen economic growth.[39] When the economy boomed in the late-1990s, Kudlow credited it to tax cuts enacted during the Reagan administration (1981–1989).[39]
In the mid-1990s, Kudlow left Bear Stearns and entered a twelve-step program in order to deal with his addictions to cocaine and alcohol. He subsequently converted to Catholicism under the guidance of Father C. John McCloskey III.[51][54][55]
https://en.wikipedia.org/wiki/Larry_Kudlow
-- 2016 --
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December 18: Donald Trump Turns to Always-Wrong Pseudo-Economist Lawrence Kudlow
http://nymag.com/intelligencer/2016/12/trump-turns-to-always-wrong-pseudo-economist-lawrence-kudlow.html?gtm=bottom>m=top
-- 2018 --
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October 18: Larry Kudlow: Trump knows taxes because he’s been 'dodging them for all these years'
https://www.washingtonexaminer.com/news/white-house/larry-kudlow-trump-knows-taxes-because-hes-been-dodging-them-for-all-these-years
-- 2019 --
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February 24: Trump's goal is 'zero tariffs,' Larry Kudlow says
https://www.washingtonexaminer.com/news/trumps-goal-is-zero-tariffs-larry-kudlow-says
April 3: Larry Kudlow calls himself “an old free-trader,” leery of tariffs.
But as the top economic adviser to a president who has wielded tariffs as a weapon – pushing back hard on trade practices around the world, from North America to Europe to China and Japan – Mr. Kudlow has come to appreciate President Donald Trump’s aggressive approach.
“The president’s use of tariffs as a negotiating tool – I think he’s right, I really do,” Mr. Kudlow, assistant to the president and director of the National Economic Council, told reporters Wednesday at a breakfast hosted by The Christian Science Monitor.
https://www.csmonitor.com/USA/Politics/monitor_breakfast/2019/0403/Larry-Kudlow-Trump-economic-adviser-comes-around-on-tariffs-as-a-tool?cmpid=mkt:ggl:dsa-np&gclid=EAIaIQobChMIy6DF-tqh4gIVw7rACh2gDA8EEAAYASAAEgJfQfD_BwE
May 12: Kudlow acknowledges U.S. consumers, not China, pay for tariffs on imports.
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In an appearance on “Fox News Sunday” two days after U.S.-China trade talks ended with no news of a deal, Kudlow was asked by host Chris Wallace about Trump’s claim.
“It’s not China that pays tariffs,” Wallace said. “It’s the American importers, the American companies that pay what, in effect, is a tax increase and oftentimes passes it on to U.S. consumers.”
“Fair enough,” Kudlow replied. “In fact, both sides will pay. Both sides will pay in these things.”
Pressed again by Wallace, Kudlow acknowledged that China does not actually “pay” the tariffs.
https://www.washingtonpost.com/politics/kudlow-acknowledges-us-consumers-not-china-pay-for-tariffs-on-imports/2019/05/12/3cbe100e-74b9-11e9-b3f5-5673edf2d127_story.html?noredirect=on&utm_term=.2c374d2a8c04
May 13: Kudlow acknowledges US will pay for China tariffs, contradicting Trump
https://www.cnbc.com/2019/05/12/kudlow-says-us-will-pay-for-china-tariffs-contradicting-trump.html
May 13: Since raising tariffs on $200 billion in Chinese goods late last week, Trump has been publicly warning Beijing not to hit back, saying it "will only get worse" for the country if it takes further action.
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China's Ministry of Finance said it will hike tariffs to as high as 25 percent on the $60 billion in American imports. Those rates will rise from levels of 5 or 10 percent, depending on the goods. The announcement marks the latest development in a growing tit-for-tat conflict between the two economic giants and came just after President Donald Trump had warned China against retaliating.
On Monday evening, Trump said it should be clear in “three or four weeks” if a U.S. delegation’s recent trip to China for trade talks was successful, according to a pool report. “I have a feeling it’s going to be very successful,” he said.
He threatened Monday afternoon that more tariffs could be on the way, saying that he had “the right to do another $325 billion at 25 percent in additional tariffs” on Chinese goods. His administration filed the paperwork late Monday afternoon to begin the process of slapping on those tariffs.
Earlier in the day, the president said that he had not made a decision on whether to impose duties on the final set of goods – a move that would affect essentially all remaining U.S. imports from China.
https://www.politico.com/story/2019/05/13/trump-china-tariffs-trade-war-1317772
May 15: Trump, Kudlow 'had it out' after contradiction on who is hurt by tariffs
https://thehill.com/homenews/administration/443761-trump-kudlow-had-it-out-after-comments-on-who-is-hurt-by-tariffs
May 16: Walmart says it will raise prices because of tariffs
https://www.cnn.com/2019/05/16/business/walmart-earnings-stock-tariffs-trump-china/index.html
-- 2020 --
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