Republican House Speaker Mike Johnson on Wednesday said former President Donald Trump could pay for his presidential campaign’s proposed economic policies by rolling back corporate regulation and expanding tax cuts to stimulate growth.
“You have to bring about a pro-growth economy, and you do that with a combination of aggressive use of the tax code and reduction in government regulation,” the Louisiana lawmaker said on CNBC’s “Squawk Box.”
“If you get Republican leadership in the White House, the Senate and the House, unified government, we will put this thing on turbo. You will see massive regulatory reform,” he said.
Trump has proposed making his 2017 tax cuts permanent and further lowering the corporate tax rate, as well as wholly eliminating federal income taxes on worker tips, overtime pay and Social Security benefits.
An August study from the nonpartisan Penn Wharton Budget Model found that Trump’s proposed policies could add an estimated $5.8 trillionto the federal deficit over the next …