Forbes: More To Come In 'Phase Two' Tax Cuts, First Few Percent Of Social Security Tax


FOX BUSINESS: Forbes Media Chairman Steve Forbes discusses why the recent tax reform plan should be a down payment for more to come.

DAVID ASMAN, FOX BUSINESS: They're coming out with a phase two. You've been saying that for weeks.

STEVE FORBES: Yes, because it gives something for people to look forward to. They are now beginning to experience the good things of this tax cut, keeping a little more, most people, of their pay. The economy has a little bit of a drive. You'd never know of the market today, but the economy had a good jobs report. So, there's more to come. You like the meal? We're going to have more for you. Very smart politics...

Bring that top rate down and also end the confusion about so-called partnerships, pass-throughs, what businesses are organized as, it's very complicated now. Simplify it. Just slash the rate, make it simple, be done with it. And let's do something for more individuals. How about Social Security? Taking away the first two or three points of that tax so we keep more of what we earn. And even if you're not paying income tax, you'll still get a raise. So good stuff like that...

ASMAN: Do you think we could see a phase two by the end of this year?

FORBES: I think they are going to put it out there for the campaign so they have something to campaign on. If we keep the House there is going to be some more good stuff that comes your way. And spell out some of that good stuff. People like good stuff in the future.

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