Kamala Harris looks to repeal Trump’s 2017 tax law

Channel: Fox Business
Published: 05/07/2019

Description
Former Reagan economic adviser Art Laffer discusses how 2020 presidential candidate Kamala Harris (D-Calif.) wants to fully repeal President Trump’s 2017 tax bill. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main...



Transcript
[ music, ] trump's tax cuts presidential candidate kamala harris revealing what she will do if she wins in 2020. Listen. I am proposing that we changed the tax code as follows, and this will benefit the members of almost everybody who is represented here. I'Ll tell you how we gon na pay for it on day one we going to repeal that tax bill that benefited here now two reactors artlab her former reagan ...
economic advisor art. I wonder how she's gon na do this. First of all, like you know, clearly she hasn't. Even the new york times admits that 85 percent of the middle class got a tax cut. So when she is sitting there saying i'm gon na repeal the taxcut that only helped the top one percent. Our people, who are in the middle class listening to that, do they not know they got a cut. Are they fooled by what she's saying? What do you think is happening there? I don't have any idea what's happening with her. It'S the craziest thing i've ever heard, but let me just tell you where the benefits really went of that tax cut. We increased employment dramatically.

Gdp growth was much higher than anyone said we could ever do. The stock market rose dramatically and wages wages of the poor. The minorities the disenfranchised rose, is she really proposing to put all the minorities out of work? Is she really proposinga market crash if she really proposing having real gdp tumbled before our very eyes? That'S what she really is proposing melissa and it's shocking. It'S it's, but she's. Just ignorant and - and you know she just doesn't understand economics and she still talks yeah. I wonder if people listening to her believe that, though i mean i, you know we had this last unemployment report that came out. You talked about wage growth and they said wages were growing at three point: four percent on the annual percent annualized. If you look back at the obama administration, they never gotten that not close to three percent. Even though democrats with this report were saying three point, four percent whocares, but look at this i said: there's a figure on the screen right now, even if you slice out that group, so you had joe biden talking to people in pencil who work in mines who Are loggers in the northeast and he's saying you know you didn't feel that tax cut you haven't felt anything from this economy, we're looking at wage growth on the screen for this group. They just got a 7. 5 percent rate. That'S real money.

I mean your paycheck goes up: 7. 5 % in the obama years it was 0 % 2014. This group saw their wages fall a year after that in 2015. So these are people that saw a big i mean it's hardto, miss 7 and a half percent. It'S hard to miss your paycheck, and this is the crowd that joe biden is talking to. Can they can he talk them out of the reality that they've seen? I don't think so. Let me give you an example. I mean in 1972, richard nixon was running for re-election. He wasn't the best of all presidents, especially not in economics and george mcgovern was his democratic opponent. Who was a socialist. He had this big democrat leg. He wasn't even as bad as these guys are now.

He wasn't and we only won 49 out of 50 states, so it was a real close race, just creamed the living heck out. Ofthese people - i don't know what they're talking, but everyone can see through the tragedy that is kamala harris talking about economics. Now she may be very good on the law. She may be very good on other things, but an economics. She don't know nothing and bernie sanders. I mean come on. If you tax people to work - and you pay people who don't work, do i need to say the next sentence to you, melissa, you're, gon na get a lot of people not working. The coolest thing about donald trump is his economics. He is the best first term in economics in the last 75 years in this country. It'S phenomenal. No, i can't talk about any othersubject, even though these people talk about any subject, no matter how silly and ignorant they are about it. But i do know economics and i know it really well.

This presidents done a great job in economics and you can see the performance it's been great and i expect it to stay great for quite a while. I'M i'm worried about the trade stuff, as always, as you know, but he's done a great job on everything else and the other is a work in progress, and you know these guys are gon na lose badly if they stay with this silly nonsense: art laffer! Thank you.


Watch Next

Loading...