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Tax hikes putting us in a pinch a key report showing the economy growing much slower than previously thought in the beginning of the year.
A big reason why those tax hikes kicking in at the beginning of the year.
That's why some of Forbes say winning tax cuts across the board to get our economy booming again but are they right.
Fiber body and David has been welcomed the Forbes on FOX let's go into focus -- -- mr.
Rip -- girl Elizabeth MacDonald Michael Zabian John -- and bill Baldwin Steve.
Tax cuts across the board David tax rate cuts are always a good idea if you reduce the price and burden -- productive work risk taking and success.
So this -- a way to get the economy moving but also does a good things for the balance sheet of the nation increase the value of assets because when people see prospects for growth.
They up the value of current value of assets he went across the board tax cuts across the board Rick this is the weakest recovery that we've had since World War II 2.3.
Million fewer people are working now.
Then when the recession began please don't blame it all on bush.
I hope I forgot about him I have some big memory what.
I would love absolutely love to agree with Steve I really well I don't like paying taxes any more than the next person does.
But I got to tell you last year there was a study done that and in depth study by the congressional research service it was squelched -- we by the very Republicans who ordered it.
And that's survey showed without a doubt that over the past forty years.
Cutting taxes does not -- -- -- -- -- Yeah.
I -- -- -- yeah yeah you're -- congressional research service all right John the fact is is that the growth earlier in the year which was estimated 2.4 percent.
The latest figures one point 8% tremendous drop how much the tax hikes play and that.
They they certainly don't help me taxes are price they -- a penalty placed on productive economic activity so if you want to get more that you logically -- -- -- the Levy but even if we live in Rick's parallel universe -- tax cuts don't.
Expand economic activity we should still reduce them simply because tax cuts -- liberty.
What web that's one reason but that don't they also bill enhance economic productivity in the -- -- growth.
Think hands deficit my colleagues are proposing up phony tax cut that -- -- won't pay for not by reducing the size of government but by running government up on a credit card.
And I think phony tax cuts fooled no one they stimulate nothing that they have a psychological effect.
Is the effect of making businesses and consumers think we're going the way of grace and got a plan accordingly no -- cardinals' batting but inaccurate that's there's nothing phony about it tax credits that tax cut I mean I don't know what a phony tax -- -- but this is a tax cut that's what we're recommending.
Would that help a person would help and listen that and not government John F.
Kennedy said it would help it and in fact US news and world report were so astonished and how great the Ted Kennedy tax cuts work.
They put it on the front covering here's what happened.
Basically Kennedy cut the tax rate and tax revenues came in 9% higher the jobless -- sunk to about 3%.
And -- so rapid economic growth you saw also in the Reagan years listen.
The tax -- -- is lawyers haven't but entrepreneurs hell I'd say turn the US into a tax haven -- like Ireland you'll see the economy boom we've tried everything else.
Why not that's well when we tried printing money like crazy now ironically Mike goes -- the fact -- the stock market when they got the news of this of the economy slowing down.
They boom because they figure this way Ben Bernanke is -- print more money but that's not helping is it no it's not and that's one of the reasons David why.
Personal take home pay per capita in this country's exactly at the same point today as it was in 2011.
This false economy that where the Fed has come -- and totally botched the credit markets and capital allocation hasn't helped.
What we must do first and foremost those force tax reduction is get rid of obamacare.
This surtax on investment income the medical device tax the payroll tax for Medicare.
These really hurt job investment and job creation well -- we should mention by the way to reason Wall Street likes this this printing of money is because the cost of borrowing.
Goes down but the cost of doing business has increased tremendously because of all these new taxes because of all the new regulations right.
Well that's right again it's a price on work that when you pay income -- a surprise for working profits price for success capital gains price for taking risks the worked out.
And so when you lower the burden on those good things you get more of them.
This idea of targeting tax cuts and things like that that's Soviet style central planning remove the barriers to the American people they'll pick up the ball and run with it.
Either way John Tammy -- we haven't even mentioned obamacare and there is a long list of all the new taxes from obamacare that's instituted.
That's like a lot of people well hold onto their -- isn't it.
Absolutely he's obamacare raises the cost of investing in companies because they know the profits will be reduced by this in position.
We have to remember that economic growth is simple reduce the barriers to productivity and I would add -- there's one other thing that we haven't tried.
That always works if you stabilize and strengthen the dollar that works beautifully with tax cuts we did it in the eighty's and ninety's in the economy -- I say we tried again.
Rick I have to tell -- flexible spending you're not allowed to deduct as much as he used to because of obamacare on flexible spending.
I have to tell you that since I've been paying more in that account I've been spending less and I -- there are a lot of people like me well.
You may be right because we are seeing a reduction in and health care spending but let me let me.
Let me first say this I've been telling you guys for -- of that -- that was a really Smart in how.
Do you believe it they suddenly go from gotta Smart got to say one other thing too if you have to respect to the early sixties and the Kennedy -- -- Yeah.
Yeah yeah we don't have you didn't -- -- back.
That is the mentality is way.
Matt Barnes and is -- or in years and it hasn't worked out.
Democrats put aside all Saturday night but I cannot let the Democrats -- tax cuts and they're touting things like tax credits for autos Oreo cat fur cloak and how migrants they didn't see even when you see the economy every Whitney dean -- The biggest group hurt and all this has been small businesses and they're the biggest job creators.
Big huge corporations can do fine as we -- when the Fed is botching everything it's not a problem for them.
But we seeing more and more small businesses fail and less and less small businesses get started and they're the primary job creators seem we gotta talk about a problem we have -- -- which is that is there any movement to cut taxes across the board with the president ever sign up he's a what is -- -- A signed off on all the additional taxes from Obama care.
Now sadly this president believes that any money you're allowed to keep -- a loss to the government his his version of tax simplification is what did you make line to send event.
And this so no he's not -- push up.
But at the -- later this year the House of Representatives led by the head of the house Ways and Means Committee David camp and Ryan and others.
Are coming up but the radical tax simplification plan working with Democrats on -- so they're gonna set the stage for 2016.
Bill ball wouldn't nobody hated deficits in the history economics as much as Milton -- but he said he got to start with tax cuts because you have to starve the beast if you focus and I'm spending they'll find some tricky way of getting extra spending and but starve the beast by cutting taxes that's how you got to begin.
I think starve the beast was was some other bit of Reagan era person you know what role every -- never -- -- three ways the government damages business spending.
And in one way is to reach into paychecks and stake your money the other ways to print money the third waste issue bonds and pay for big government that -- they're all bad and swapping from one to the next doesn't help any job right away I got a mandate.
That bill has this a static view of the world when you lower the price is good things like productive work -- get more of them and that means you get more dynamic economy which can overcome a lot of the stupidity from Washington.
Both on the balance sheet and in terms of revenue RA and I heard about -- he's second the motion from the because they're telling.
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