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Former Reagan economic advisor Art Laffer on President Obama’s calls for higher taxes to spur economic growth.
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Back enough all laugh hopefully is first of all -- -- I hope you've recovered from the Max plank institute still I don't know generated.
That was a compliment by the way -- -- to -- I would very much they Q&A I'd.
Different -- listen to what President Obama said about taxing the rich during Michael a campaign speech yesterday.
All we're asking is -- -- close.
Loopholes for the well off and welcome back to her for hedge fund managers.
Or oil companies or or corporate jet owners.
Who were all doing very well and don't mean these tax loopholes so we can avoid laying off workers.
Or kicking things off -- start or reducing financial aid for college students.
Caught up weigh in what do you make of tax increases to avoid Armageddon -- -- that's really not the way to go I mean what you really wanna do is create economic growth.
That's the way to get your tax revenue increases.
If you want more revenues you cannot do it Bob by -- trying to balance the budget.
On the backs of the poor the unemployed and those people not earning much.
You're really be prosperity -- revenues up and he's just not willing to go that route if he made it that they got rid of the deductions loopholes and lower rates.
I'm all 400%.
Within but that's not what he's -- -- trying to get the one side not the other.
But idea this morning.
I gotta say -- I was shocked when I saw those debt numbers how much would -- -- -- post second plummeted 37000 the second 2.2 million minutes.
136 million per hour 3.2 billion a day.
It because they do ask is that -- our economy right now not moving towards a debt crisis in the future but right now doesn't -- Of course it does it's a huge hurt it's a classic -- Stewart that we are performed way underperforming our potential.
And you know what we need to do is get this economy growing get people off the -- -- roles because they have good high paying jobs.
Get people back in the tax -- because they're making more money not because they.
Tax them at higher rates.
That's what we need to do this of the poorest.
Recovery.
In the US history it is as far below the next worst as the next worst is below the best it's a tragedy what's been going on for the last five years and frankly I don't see any way of stopping it.
That's these -- that was my question because before the election you held out some hope that may be President Obama -- see the tax cuts in light.
How do you abandon -- hope.
No no of course not -- never abandon hope I never never never.
But he probably won't doing a personal income -- what I'm hoping is there could be an accord and agreement a bipartisan solution to the corporate tax.
Where we get rid of the taxing corporate profits which makes no sense.
We why would you want to tax successful companies -- bail out losers that makes no sense and if we broaden the tax base we could lower that rate dramatically.
Got a lot of new revenues really create a lot more prosperity and that's where I think the Democrats or Republicans have a good area where they might be able to compromise interesting I'll laugh always good stuff thanks very much for joining us again on my pleasure stood thank you by.
