President Trump is working on a plan to lower corporate tax rates to 15% for companies that make their products in the United States. Informal Trump economic advisor and Committee to Unleash Prosperity co-founder Stephen Moore joins Glenn to make the case that this plan, coupled with tariffs, could unleash American prosperity. But Trump might not stop there. Moore addresses whether Trump could get a “15/15/15” tax plan past Congress, meaning 15% corporate tax, 15% income tax, and 15% tariffs. “If he could pull that off,” Glenn argues, “it’s a new world!”
Transcript
Below is a rush transcript that may contain errors
GLENN: Stephen Moore, welcome to the program. Committee to unleash prosperity cofounder.
If I remember right, you've been with me against tariffs for a long time. Have you changed on this?
Because I think I'm changing, Steven.
STEPHEN: Hey, Glenn, good to be with you. Also, I'm an informal adviser to Trump on the economy. And, by the way, he knows that I'm not a huge fan of tariffs. But you set this up very well.
You know, a tariff is basically a consumption tax.
GLENN: Oh, good. Correct.
STEPHEN: It's something you and I talked about over the years is the national retail sales tax replace the income tax. Well, if you did that, you would essentially be taxing everything when it came in to the country.
Because it will be consumed here. And so what Trump is basically talking about, which I think is a really interesting idea, is not necessarily getting rid of the income tax. But lowering all the tax rates to 15 percent. You know, right now, you know, it's 30 percent or more. And then imposing that --
GLENN: I was going to say, what kind of world do you live in? I would celebrate with 30 percent income tax.
STEPHEN: Yeah. Right. If you're really rich, you could be uphill by 40 percent.
So I kind of like that idea. So I go with Trump the other day.
To say, the 15-15-15. So how about we have a 15 percent corporate rate, a 15 percent individual income tax rate, a 15 percent universal tariff, 15 percent capital gains/dividends.
Can you imagine that?
GLENN: It would unleash prosperity like nobody's business.
STEPHEN: Prosperity. Yeah. It would.
No country could compete with us here. Let me give you an example, you know, Glenn, that I think everybody can relate to because you have listeners all over the country.
You know what states in the United States have the biggest in migration right now?
GLENN: Yeah. Florida and Texas.
STEPHEN: And Tennessee.
GLENN: Okay.
STEPHEN: Now, for a bonus question, I know you're supposed to be asking questions. What you know those states have in common?
GLENN: No income tax.
STEPHEN: No income tax. So businesses, capital, and jobs, migrate to the places with low tax rates. So if we have the lowest tax rates in the world, on top of the greatest workers in the world, the freest country in the world, I mean, we would just blow away the rest of the world. And Trump is very -- I don't know. You know, it will be tough to get that done. But that's where he wants to end up.
GLENN: I tell you, that's the problem we've always had with tariffs, for me at least. It's just a tax, and you're already taxing us.
STEPHEN: Right.
GLENN: Well, then buy American, and then you don't to have pay for that tariff.
But I'm are already being taxed a pretty high rate.
Please, I don't want to pay more for things that maybe I want. Or maybe they're cheaper.
Because they're coming from China.
STEPHEN: Yeah. This is a good conversation for people who have this.
Trump said different things at different times.
In my conversation in the last week. It basically was saying, he put it very simply.
He said this to some of the speeches too. What he wants to do is charge a 15 percent tax on things that are made in China. Or, you know, Europe.
GLENN: Right.
STEPHEN: Or Japan.
But if it's made in Michigan or Ohio or Pennsylvania or California or Maine, he wants to have the rate 15 percent.
I'm like, well, I can live with that, Mr. President. I think that's a pretty cool idea.
I mean, I'm an America First guy. I'd rather have people buy things that are made in America, all things equal.
GLENN: Wait. Wait. Wait.
You just said, if it's from China, you're paying 15 percent tariff. But if it's made in America, you say you pay an extra 15 percent. That's zero!
STEPHEN: No. What I'm saying, you're going to pay a 15 percent income tax, if it's made in the United States. In other words, the profits you make on selling something. Let's say you make widgets. And you make a profit in making widget does in Pennsylvania and wherever it is.
GLENN: Right. But to buy that product, if it's made in America, you don't pay any tax!
STEPHEN: No, no, no.
In other words, what you're trying to do is skew the table a little bit more in favor of buying things in the US versus other countries. By the way, that's what other countries do to us.
GLENN: I know. I know.
I have to tell you, I think the way the president is handling really, everything.
I've never seen anything like this, Steven. Have you?
STEPHEN: Me either. No. I've been in the game as long as you have. I have arrived in Washington in the Reagan years.
So I still think Reagan was one of our greatest presidents. I still think Trump, it's interesting. Because whenever we have meetings, with Trump, he's always talking about -- he's very kind of envious. He wants to go down in history, as one of the great presidents like Reagan. To role model that out.
So I think, I think we're -- and he also will understand, Glenn, he's only got really about two years to get it done.
And then we will -- he's a lame duck. He can't run for reelection again. He understands that. That's why he races out of the gate like sectator out of the office.
I think I said on your show a month ago, or so. Buckle up. Because this will be a hell of a ride. And it's only been three weeks.
GLENN: I know. Seven days. And I think he's accomplished more than most presidents have done in their entire term.
STEPHEN: Definitely. Definitely.
GLENN: And I don't think it will stop any time soon.
Because I said, you've got only two years to do this. He said, Glenn, two years. I've got 100 days.
If I don't have all this done in 100 days. It's not going to get done.
STEPHEN: There's a lot of truth to that. There's a lot of truth to that. That's why we have to get this tax cut done.
That's one of my highest priorities is making sure we make the tax cuts that we cashed in 2017 permanent. I want to make sure your listeners understand something.
I think most of your listeners know this. But a lot of people are not aware of it.
If Congress does nothing, everybody's taxes are going to go up next year. Everyone's. You know, we don't want Donald Trump raising taxes on people.
And so we have to get this tax cut done. I like his idea of no tax on tips. I like the idea of no tax on overtime. We'll add some other things on it.
But these are all oriented toward making an American economy great again. And it's going to work!
GLENN: So why aren't we going for 15-15-15, over doing -- you know, making this permanent, why not in just one move try to go for the whole enchilada?
STEPHEN: Well, stick around, my friend, it may happen. We'll see how it turns out.
At the very minimum, we have to make those taxes permanent.
But we may go further than that. We may go with 15-15-15, and that would be a remarkable accomplishment.
And then we will produce American energy. He's already slashed the regulation clause.
So it will make America incredibly competitive.
And the jobs are going to flow here, not in China and Japan, and all the other countries. It's a beautiful thing.
GLENN: We not only have to grow our bottom line, grow our way out of this. Which we can. But we also must cut. It will take I think 65 years at this point. At the speed of DOGE.
And they're cutting like crazy, to actually balance the budget.
Are we going to be able to cut enough?
Is there an appetite for that?
STEPHEN: Well, as I said, I've been in this town for 40 years. And Republicans talk a good game. But when it comes right down to it, we like to spend money just as much as Democrats do. I think, how about what Trump is talking about. About getting rid of all this crazy foreign aid programs. I mean, the left is hyperventilating about this. But those programs never work.
They don't -- they don't need any development. They just create a huge international bureaucracy of people who hate America.
I mean, this guy has -- has a spine of steel. I mean, he really does.
GLENN: He really does. He really does.
Steven, thank you so much. God bless you.
Keep us informed, will you?
STEPHEN: Check in more often.
GLENN: Yeah. I will. I will.
Thank you very much.
Stephen Moore, Committee to Unleash Prosperity.
I have to tell you, I think if he did 15-15-15, it would explode.
PAT: Which is 15 percent flat income tax. Fifteen percent corporate?
GLENN: Corporate. And 15 percent tariff.
PAT: Tariff. Wow.
GLENN: So you don't make it in America. You know how many people -- what's the company that bought Ford and Jaguar and everything?
Stellantis?
Can't remember the name of that company.
But they're now talking about coming back to America. Because of the tariffs. They're going to make the Jeep back in Detroit. They've already moved 1500 jobs back to a factory here in America. They're going to move them also back to Detroit. To make the Jeep back in America. That's what happens.
PAT: Yeah.
GLENN: If you have a tariff and you have 15 percent tax! This is why -- you know, it's fascinating. This is why, when we were headed towards that global government, this is why the president and all the leaders of the West, tried to get an agreement that there would be a minimum corporate tax. Do you remember that?
PAT: Uh-huh.
GLENN: And we were a part of that. A minimum corporate tax. No! No.
We're not going to play -- we're not going to hobble everybody.
If we can work it to our advantage, so we grow, why would we hobble ourselves?
PAT: Yeah.
GLENN: And 15-15-15 would blow the world away. Blow it away.
PAT: Because far more competitive than any other industrialized nation.
GLENN: Oh, my gosh.
The jobs that would be created here.
You would get more money into the coffers of the United States government, because the prosperity would be so high! It would be amazing.
PAT: Yeah.
And to replace the progressive income tax with just a 15 percent flat tax. That -- that would make such a huge difference in American's lives.
GLENN: Think of just this. If we had a flat tax, think of how many dollars are wasted on IRS audits. How many -- how much time is wasted at places like H&R Block.
Your accountant. How much time you spend putting your taxes. Getting the receipts. Figuring it all out.
PAT: My gosh.
GLENN: Think of just the man-hours. Forget about the money that's being lost in preparing it! Just the man-hours.
If you had those man-hours back, what could we be doing with that money and those man-hours?
Just that is game-changing and growing the economy.
Because you have more money, to keep!
And more time to do what you want to do!
PAT: Uh-huh.
GLENN: I'm telling you, if he can do 15-15-15, if he can pull that off, it's a new world.
PAT: And Stephen Moore said, it's a possibility. That's pretty amazing!
GLENN: That is amazing. That is amazing.