Fox guest Stephen Moore calls for Trump to privatize Social Security, cut capital gains taxes
Published
Citation From the November 25, 2019, edition of Fox News' Fox & Friends
STEVE DOOCY (CO-HOST): Capital gains rollover, how would that work?
STEPHEN MOORE (HERITAGE FOUNDATION SENIOR FELLOW): Yeah, well this was -- we didn't cut the capital gains tax in the last -- in the bill. We wanted to, you know, the one we passed in 2017. So this is an idea -- not to make this too complicated, but let's say, Steve, if you own shares of General Electric stock. And you sell those shares and then you have a capital gains because you made money on the -- and then if you put that money into buying a new stock, why should you have to pay a capital gains on that? All you're doing is transferring one stock to another. So this is called rollover, and it would allow more liquidity in the market and it would basically say OK, you pay the tax when you take the money out of the stock market, not if you transfer one stock for another.
DOOCY: Final idea, private accounts for Social Security. And you know that people are going to see that, they're going to go, wait, what are they talking about now?
MOORE: Well, this is an idea that I don't know if the Trump administration is going to embrace, but it's something, I think, for middle-class people would be one of the best ways for every American to own stock in America. So, instead -- the idea would be, you know, rather than having to send your 10% of your paycheck into the black hole of Social Security, you would be able to put that into personal account, like an index fund. And that means, Steve, everybody in America would benefit when the stock market goes up.