Economists in Donald Trump's circle have asked him to embrace a flat tax rate, soften his trade stance and remain unchanged on the issue of national and local tax deductions.

The ideas behind these proposals include Steve ForbesVideosdezyngapokerLarry Cudlow, former White House economic adviser to Forbes Media, economists Stephen Moore and Arthur Laffer. These people are not official advisers to the Trump campaign, and they usually emphasize unleashing the supply potential of the economy by lowering taxes.

These efforts show that people around the former president are already lobbying for their preferred economic policies. Opinion polls show that voters trust Trump's handling of economic issues much more than the current president.

Stephen Moore

Forbes said at an event in New York City on Monday that he advocated Trump's support for a flat tax rate of 17 percent for all income groups and a "generous" exemption. He said that for a family of four, he suggested the top five.Videosdezyngapoker.40, 000 dollars of income is exempt from federal income tax.

Moore said Trump has not yet expressed his support for a single tax system, which seems to benefit the rich. Under the current system, tax rates will increase with the level of income, which means that high-income earners should pay a larger share of income than low-income earners.

Whoever enters the White House in November will be forced to negotiate a tax deal next year, as key parts of Trump's 2017 tax cut, including personal income tax reform, expire at the end of 2025. There are differences between Republicans and Democrats, which could change IRS rules dozens of times.

Mr Kudlow praised Trump's 2017 tax cuts, which reduced the corporate tax rate from 35 per cent to 21 per cent as a "great success". " Laffer says he supports further cuts in corporate tax rates, but his ideal goal is to replace corporate income tax with value-added tax.

Mr Trump told his allies that he wanted to keep interest rates unchanged at 21 per cent, rather than cutting it further to 15 per cent, as he had previously proposed, to avoid alienating working-class voters.

Monday's event was organized by Committee to Unleash Prosperity, whose founders and organizers include Forbes, Laffer, Cudlow and Moore and is one of the entities that regularly present policy ideas to Trump. They say they meet with the former president about every six weeks, introduce him to policy ideas, share economic data and recommend key political appointments.

Laffer himself appeared in public last month on the shortlist for Fed chairman. He said in an interview on Wednesday that he would rather serve as a White House adviser than as chairman of the Federal Reserve.

During the campaign, Trump often said he would pass the "biggest" tax cuts. And claimed that if he was not elected, taxpayers would see their IRS bills increase. Trump did not elaborate on what his tax plan would look like.

President Trump proudly passed the largest tax cut in history. " Karoline Leavitt said in a statement. "when President Trump returns to the White House, he will advocate more tax cuts for all Americans and revive the US energy industry to reduce inflation, lower the cost of living and repay our debts."

Trump's 2017 tax cuts are the largest in real dollars, but not as a percentage of GDP.

Forbes advocated no tax on savings and the abolition of estate taxes. These two reforms will benefit the wealthiest Americans. Laffer said he had talked to Trump about cutting payroll taxes, an idea the former president repeatedly put forward during his time in the White House.

Advisers also advocate maintaining or lowering the $10000 deduction limit for state and local taxes. Trump's 2017 law set a write-off limit of $101.00, which was previously unlimited.

The change is most pronounced in high-tax states such as New York and New Jersey. Democrats are more inclined to advocate more tax breaks than Republicans, but a small number of key Republican lawmakers representing the suburbs of New York City and Southern California also support it.

Moore said he also disagreed with Trump on trade policy. After taking office, Trump imposed a series of new tariffs on washing machines, solar panels, steel, aluminum and other Chinese goods that economists say pushed up consumer prices and sparked a tariff war with trading partners.

"I don't agree with some tariff policies, and Trump knows that, too."

Moore says he has learned to accept Trump's desire for trade reciprocity and tit-for-tat tariffs.

"the overall idea of this group is to provide President Trump and other senior policy makers with the economic advice they need," he said. "he doesn't always take our advice, but he likes our ideas."