Pressure mounting to prevent largest tax hike in history
Indiana Governor Mitch Daniels on tax fight looming in Congress
- Duration 7:07
- Date May 21, 2012
Indiana Governor Mitch Daniels on tax fight looming in Congress
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Daniels agree is his state was the number one job creator -- last month as he pushes to keep taxes low and he joins me now -- -- welcome thanks there.
This huge tax increase come January the furthest.
Social Security taxes income taxes dividends capital gains interest estate taxes they all go off.
Surely we're not gonna do that only one hopes not it would be that -- drop possibly on the was already the most anemic.
Recovery certainly from recession this deep we've ever seen.
Now Charles there in the -- -- segment.
It nails -- he lacks a little energy that otherwise.
-- what he's talking.
Accents you know.
The record of economic history is very clear that countries that have rebounded the most swiftly from.
Bad situation debt situation did it by reducing spending not by raising taxes.
The so called stimulus experience we've just been through here complete an abject.
Failure by any measure and and if we needed any fresh exam evidence in Indiana you flat out reject tax increases -- -- gonna do.
-- don't say never ever but we've we've we've certainly practice the the alternative.
And reducing spending we have now I think the second or third lowest per capita state spending in the country.
And but I can prove to you by the way the state services have improved that.
Now I mean if your goal is to create an environment of opportunity climate for investment and job growth than.
You really want the cost of hiring people to be as low as possible taxes is one.
Good example the indirect but very real cost of regulation is another this administration has just piled cost after cost after cost.
On the backs of those who otherwise might have hired someone I'm I'm looking at -- headline here it says go mid west young man.
Indiana's plan to steal California jobs.
I -- in -- -- of -- forty years the jobs have always gone to California that never gone from California to the midwest you tell me that that's what's happening now.
Yes sir I am and and the hard proof is -- where people are moving we gained a lot of population in the last few years we're -- college graduates in our state.
For the first time in American history California is actually hemorrhaging people as you've seen -- and by the way the people they can least afford to lose those who.
Lead companies those who have the money that's been.
High taxes they charged so at the federal level.
No tax increases cut taxes go for tax reform is that you'll.
Do you plan -- tax reform absolutely legend but it would SA tax reform I mean lower tax rates and fewer loopholes and that brings in more money to the treasury is that the plan.
It has in every time we've tried it it's time to try it again.
You know there's a couple book shelves full of tax code of grown up since the eighties the last time that this was done very successfully.
And and you know there's another point Stewart.
It's very fair when people point out that everyone in society from the wealthiest on down ought to contribute to getting out of this terrible debt corner -- -- The best way to do it is not that.
Ratchet up rates and a dysfunctional -- system that we have it's to do what you just said.
The wealthier people benefit disproportionately from all these exceptions and -- And exemptions and that's the way they can participate in a -- -- a bomber is saying look the stimulus warped.
Could you make the case that moment we've got 2% growth I mean you could make could you make the case the stimulus welcome you just reject that -- a hand go with -- Rather emphatic.
Opening which he said no and he's right I mean.
We should be growing at two or three times this rate.
-- should have been by now given the depth of the recession we went into.
No I think that evidence the empirical evidence here says that.
The policies of of high taxes punitive regulation.
And spending of borrowed money.
Has retarded rather than helped in any way that.
What would otherwise be natural recovery is it to political winner.
To say I'm gonna.
Cup tax rates abolish loopholes and by the way we will ultimately cut spending on entitlements.
Is the political win.
And I happen to think it is but you know whether it is or not -- it did it is what the nation must do.
You know we've got to get busy we've got the object lesson of Europe's sitting right in front of us this is not a matter anymore for the the irritations and -- economic abstraction.
We've got the the case study sitting right there were only -- a few feet behind him and if we weren't the reserve currency the world would probably be in the same situation there and so we better get on -- -- -- of Saint Augustine.
Is supposed to said lord make me.
Chaste but just not yet.
If and that's to -- to any of our politicians on both continents are saying is still some questions about the vice presidential slot with Mitt Romney.
And I'm reminded of mr.
-- William Tecumseh -- he sent.
If drafted I will not -- if nominated I will not accept if elected I will not so.
But wouldn't Mitch Daniels governor Mitch Daniels make a similar -- a nasty statement about the vice presidency of the United States I give you -- variation on it.
It is not another -- you want to hold expect the whole.
To have a NEX any.
Plans to hold no -- honestly I've always operated much that way Sherman did.
On the basis that.
We -- to give if we get a chance in this.
Most blessed of -- we had to give some time to public service try to pay back a little -- to this country.
But my oh goals always been that.
Do the best I could -- go back to private life live under the laws I have a forgive me governor sounds like you're not exactly closing the dole.
I just don't think that a person in this country should ever say if -- the serve no.
There -- there I guess I would part with company -- -- but you know he's -- -- been -- yet of course not and won't be on the -- leaks and of around the corner approaches to yeah.
Now I know we need you and development.
If I thought that call is going -- disconnect the -- -- one last one Richard monarch beach Richard Lugo for the Republican nomination for senate out of Indiana he's a Tea Party guy.
And the Democrats are saying he's an extremist but you've endorsed him correct.
Right you know he is very much the regular Republicans been elected twice statewide.
He had the support on the day announced that two thirds of all the Republican county.
Leadership so he is.
You know very much out of the mainstream or party and it's inaccurate to say calling someone else -- I will say that.
That he is the sort of person if elected to the senate who'll vote for the pro growth policies we've been discussing in this segment and so I very much hope he'll win and I expected to.
All right governor Mitch Daniels Republican Indiana thanks so much for joining us -- -- appreciate it thank you she has a.