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Detailed text transcripts for TV channel - FOXNEWS - 20130410:13:14:00

wall street journal. steve, good to see you. hi, gregg. gregg: i wonder if it makes economic sense because income taxes many economists say income taxes is dwect penalty on savings and labor which is a tax on wealth while sales tax is a tax on consumption the result of wealth creation. that s right, gregg. you have nine states that don t have a state income tax. sorry those are not states like where you live. states like tennessee and texas and florida and wyoming. the states that are really booming generally in this country have no income tax. they have taken advantage of the tax that their taxes on business income and labor income are virtually zero to attract a lot of jobs, a lot of new capital and a lot of new workers. so that is where the real boom is going on. the real story here bobby

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