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Tennessee Governor Bill Haslam argues cutting tax rates will increase economic growth.
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George W.
Bush tax conference is underway today in New York City our own David -- is live from the New York Historical Society with a first on Fox Business interview David.
Taken away.
Okay is kind of -- here because that we just draw the line and anybody that you really and has a story to tell yet but particular this guy governor bill as limits.
The governor of Tennessee now Tennessee.
Correct -- if -- right it has never had an income tax is that correct.
We -- I think we're seeing there is the benefit of that now in terms of we've banks get about 8% growth for the last three quarters so while the whole country might be coming back -- I would argue -- coming back quicker.
And I think tax policy is one of the reasons and and in fact there -- a lot of people.
Art Laffer.
They'll Laffer Curve five -- new archive go to our for about two point target.
He moved from California to Tennessee particularly because you don't have a state income debt he did and -- and I -- name much countless individuals and corporations who have done the same thing so.
It be our argument that that.
Lower -- and keep taxes and provide the needed services then and that's really gonna help our growth more than anything else we can do.
Now you do have an estate tax a lot of people complain because you know obviously if you don't have an income tax you -- yet you have to get revenue from somewhere.
One of the places -- get it is estate tax.
But it actually doesn't get you that much -- -- -- get rid of it.
But -- funny you should mention that we actually are in process of doing that south have a -- with the legislature this year and in our budget this year that over the next three year period would totally phase out the estate tax for the death taxes as we like to college now.
In Tennessee so poor cannot do in the US economy comes back and we get new revenues.
-- a chance in government to do something really different you can go back to sale will go back to spending money -- used to.
Fully can redirect our priorities -- one of those should be.
Make in the state more affordable and more attractive for people so where do you get revenue if you cut the revenue source from income tax state income tax if you kind of from a state tax.
-- -- get the revenue to make.
Government such as it is worked there plays a 711 thing is what we have real growth in Tennessee right now I said glass recorders were up about 8% so what's your unemployment unemployment is down about 8% -- was -- -- as -- -- TN and seller.
We're we're below the national average really for the first time the last couple of years.
Us that so I think we do two things one you look for real growth in the number ten you say what little things -- government that we're doing that we don't have today.
Expanding your making those hard choices and -- -- same ones that quite frankly our country's gonna have to make Jeff if we're going to be keep continue to be that -- -- we've been.
Now you don't you also attract a lot of foreign business to Tennessee is well do you have estate corporate tax and if so -- you -- to change in that.
Well we don't we have -- -- a franchise and excise taxes song on a tax on businesses which sounds like a fancy name for corporates and well hey it is not a corporate income tax -- -- -- -- -- it's lower than than what what you've done most states but.
We've had great success Volkswagen -- -- their first North American plant.
In Tennessee had two or three years ago and they parade and they recently agreed to buy State's -- production by about 25 or 30%.
What we are manufacturing.
Sector is growing as rapidly -- -- along with building services and we think those are two good indicator give me -- but I -- ask you are the changes you guys are making at the state level gonna affect federal income tax.
Well I mean we we hope that some I would obviously get that message that -- the sites that are growing well gaining people gaining.
Gaining got caught up businesses and revenue those of the -- -- -- lower taxes I think there's a brightness governor bill has some great to see -- ninety.
