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FBN’s David Asman on the rising class warfare in America and the impact of tax hikes on the economy and job creation.
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To date hasn't he says this class warfare is get into the -- Pain in the pass non.
All please don't boasts that media matters does that stuff not -- I was gonna say yeah.
What it and it's.
Well first of all the big question should be how -- we create more jobs you create more if you would create more jobs by raising people's taxes I would say find.
But you don't clearly you don't I mean the record is not -- sighted people do.
The other thing that Bosnia's president Obama's take care only -- to go back to the tax rates that we had under.
Car under Clinton well that's not true he wants to go back when you have them all together.
To tax rates we -- back in the Carter -- will guess what.
The tax rates we had back in the Carter times were so high.
And at that time the richest 1% the folks the rich folks out there that you were just talking about they paid much less about half as much.
In tax revenue as they are now as a percent of the rest of the population.
So it sounds kind of contradictory and I know -- heard before but if you want to soak the rich.
-- where their tax rates we did in 2003 President Bush did in 2003 those of the tax cuts were target about from 2003 to 2006.
The amount of money that that top 1% paid went from 136.
Billion.
To 274.
Billion in other words they doubled the amount of money they were paying in taxes.
When their tax rates went down because they -- make -- more money and guess what -- -- -- -- -- -- -- wealthy people -- -- more but what did they do with their new wealth they're very often went out and -- more people so they could become more wealthy.
And they can hire more peep.
You know what caused a decline in analogy that was bugs me and you and I remember this feared that quite well is that Bill Clinton cut.
A whole bunch of investment related taxes he -- also seriously cut spending.
His first budget the one that he bemoaned with Bob Rubin at the time as I guess -- -- and Republicans are right on.
Was a serious effort to cuts like John -- would say he got absolutely -- I don't -- the -- -- -- as he went along with did everything so another words whatever you might think about raising taxes whether they're active.
What they were then -- the -- Carter.
The Bill Clinton did a lot of the other things -- even art Laffer said.
Were were what were you occasionally you can argue with some of our leverage -- that that tack of tax cut doesn't solve all problems and that's true.
But you can't make the point is as some -- they they won't even try to make this point that raising taxes will create jobs.
They can't make it.
Nobody has ever been able to make that point if you could get more jobs by raising tax rates -- but there's absolutely no way what do you.
Hello -- rich in the fact that they should respond now because there's been a week did been vilified didn't question.
-- don't get to pay more but by the way hell did you become rich because we don't think it's what you're saying if you broke the law go to jail but the fact just finished in May money and operate in the walk -- and everybody wants to be great ill gotten gains he can't be -- -- -- rich and I've always Kansas this is why your rates and I mean that it's building endorse Nike.
Ask any American whether they'd rather have more money than they have now and I would venture to say over 90% would say yes by the way if we're gonna put polls and here six young people ever -- -- all the young people -- for obamas -- well maybe they'd vote for Obama but when did you -- -- what they vote for -- different 69% of all young people between eighteen.
And -- -- nine are against.
Any tax increases.
They seem to understand that now is cut the time to raise taxes now is the time to create more jobs.
And a lot of these wealthy people are job creators do you want us I think it -- tackle who you know well -- saying tackles a great guy he owns a lot of Applebee's around New York.
He's not a fabulously wealthy man but he's doing great.
But he has three restaurants he's thinking of opening if tax rates go up he will not open.
That means hundreds of fewer jobs than would have been created otherwise if tax rates would remain the safe.
He didn't -- even you should lower taxes but you don't raise taxes.
Only similarly or so and we -- -- -- doing anything and a rising tax environment.
Individual businesses -- you're not gonna be doing much money now but don't you wanna be rich I mean wouldn't you like to be -- I'd like to -- you -- -- -- -- -- afford -- sides.
Alright David hasn't thank you very very -- meanwhile the --
