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Varney: Reform Taxes, Dump Deductions

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  • Description

    FBN’s Stuart Varney breaks down how he would reduce the national debt.

  • Duration 1:37
  • Date

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This transcript is automatically generated

Things are looking grim we all close to recession.

The market's tanking and the president has retreated to a -- a lavish bunk up by the beach.

We want and need debt reduction and economic growth but there's no agreement on how to get.

So here's my take here actually is my solution.

Tax reform not a tax increase absolutely not no reform of the tax -- it would walk.

Here's how it would look.

Lower tax rates on individuals and corporations.

Abolish all kinds of deductions simple -- that.

If we did that we would bring in a lot more revenue.

The rich would actually pay more because they wouldn't -- constantly dodging the IRS.

The extra revenue in the hands of the people who made the money in the first place would act as a giant economic stimulus just like it did on the Ronald Reagan.

Grow the economy bring down unemployment and bring in that even more tax revenue that is real debt reduction.

Now I don't expect this president to even consider lower tax rates He wants to do the exact opposite because He wants to punish and control.

Not and coverage and liberate.

But it would save his failing presidency wouldn't it.

How else are we gonna get the growth and debt reduction within infrastructure bank.

Patent reform -- same old same old tax the rich come on.

Enough with socialism.

Jump on the Reagan bandwagon tax reform it -- then it would work now just think.

We could be America all over again.

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