NEW YORK, July 24 (Reuters) - The Federal Reserve should consider cutting interest rates soon to cushion the impact of negative financial market developments on the economy, prominent Wall Street economist Henry Kaufman said on Wednesday. "The Federal Reserve should be considering lowering interest rates soon," Kaufman said. "The Federal Reserve should lower margin requirements on stocks. The administration should propose a reduction of the capital gains tax, corporate tax and some modest reduction in individual taxes in order to cushion this down-drag from the financial side," he said. Corporations are facing difficulties raising money, Kaufman said, and the way...