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Will Tax Hikes Spur Economic Growth?

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    John Browne of Euro Pacific Capital weighs in on tax policy and the economy.

  • Duration 4:23
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Tax reform will create seven million jobs that is -- GOP vice president candidate Paul Ryan told Fox Business.

Rich -- and exclusive interview -- take a listen.

This is here to get our tax rates down because that -- economic growth we get these tax rates down and any more competitive in simple tax system.

That would trigger an economic -- we do we get about seven million jobs alone.

From these pro growth tax reforms.

Euro Pacific capital senior economic consultant John Browne worked with British prime minister Margaret Thatcher.

John will lower tax rates -- spur hiring if so what we just cut tax rates 80%.

Well I I think is evidence to show that our tax rates do increase activity.

And certainly it would Margaret that many people fear -- myself the message Margaret I mean animated manifest budget.

Drop the top rated income tax from 92%.

To 40%.

She reduce the foreign exchange controls from to zero overnight.

I'm this had a huge impact on people she also was major thing in deregulation.

And of course IAE she created not any deregulation and getting the government out of people's -- one lives.

But also an incubation for smaller companies because of the big socialist state monopoly is it had controls and everything -- British Telecom.

In the bidding for the new contracts cheap for -- for two years British Telecom to be in the bidding says to give -- charms for these new high tech companies to take off.

Out of course it had a a tremendous -- she was always very clear that sometimes wrong but never in doubt.

-- -- -- -- -- -- -- -- Actually it yet but you know I'm confident -- no confidence yet but I'm not sure that we see anything like those kind of bold plans from either candidate.

And you be concerned you're talking about -- now kind of dampening business.

Actually it's more just -- the certainty of taxes going up and investment taxes going up president.

Well yes -- did I I think actually -- that is the -- -- deal where they gave to me.

But some people dumb as some people -- -- some -- -- is just a total little leadership vacuum there's no.

Direction no clarity with people given certainty.

A lot of attacks -- regulations.

-- any clear direction and there's no inspiration.

Very little session on -- -- Democrat side of pro business.

Rhetoric right all.

Key is very little faith in the people that was the key of moderates patches regime is she had faith in the people.

And gave them freedom freedom from government freedom from trades union abuse and things I got a freedom from the tax man.

And yet Margaret Thatcher needed -- people willing to cut back willing to do without people sick of so many people on the dole.

Look at the trouble Mitt Romney got in for the 47%.

Comments that he made our the American people ready it sounds like they aren't they want to reelect Obama.

-- Arab American -- cop.

I feel America's really ready did did just year ending for a Margaret -- -- clarity and direction and conviction.

And to set them free they're worried of course and hence the huge savings or is this fed man talking are totally agree -- -- adelphia.

The huge spending by the Fed is just getting into deposits bank deposits of individuals and businesses because they've got no confidence.

And of course wants this part of the monetary base it's not sharing -- inflation but one says -- -- get lent against by the banks and leverage up.

That's when the massive inflation would take off when -- but -- -- of the money supply.

Latin last question quick answer you say you can't cut taxes -- really like you can't do that right -- gotta cut spending first why can't you cut both the same time.

Oh I think you can I I think you can cut taxes.

I'm cut spending and I think cutting taxes would at least be something in in in in giving people confidence but it's got to be clear and it's gotta be evenhanded.

You mentioned before the massive amount of tax paid by the -- -- press.

I would move myself towards murder and lose Steve Forbes -- -- of a flat tax so that everybody pays a -- tax and no deductions bank.

-- didn't taxation -- representation instead of representation without taxation I'll tell -- there's no better American -- -- convert to our way of life thanks for being --

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