federalism before. part of federalism is saying no, we re not going to do that. we re going to set a minimum requirements for insurance at a different level than you would. you know, the california versus texas, there we have natural experiments. he offer different levels of taxes, different levels of regulation. you know, we don t want to race to the bottom on certain things. it s not a race to the bottom. but there is a lot of room for republican governors. a lot of the rural states, which are quite red are the ones that stand to benefit from let s not pretend that the
greg. my favorite example, look at the difference between california which today has the highest income tax rate in the country. they voted for a 13.3% income tax. versus texas has a state with no income tax, over the last five years, gregg, texas create ad million new jobs. california has lost a million jobs. i don t think people are moving from california to texas because of better weather. i think it is because of the business climate is so much better in texas. the fact you can save a lot of money. you can buy virtually a house in texas just on money you save on income taxes moving from california. gregg: one of the ways to make up for the short fall, and in louisiana it would be $3 billion, why not tap into oil and natural gas leases, extraction taxes? they did that in texas. they could do it in oklahoma. they could do it in oklahoma. they do do it in louisiana. i believe they have done it up north. no question about it. do you know the last state, gregg, that became a no
enraged. i didn t hit him i don t know why i didn t hit him. reporter: he has been charged with three counts of aggravated assault with a deadly weapon. it s likely more charges will follow. gregg: evidence was found at the scene, right? reporter: exactly, pieces of the razor that he used scattered around the scene. also a piece of the razor blade found embedded inside at least one of the victims. and then the harris county sheriff s office tells thaws the handle to this razor blade that he used was located in his backpack. eyewitnesses say it was an exacto knife or a box cutter but it s not clear where he obtained it because some of the vioed nes building. we should tell that you the suspect s parents do live in the houston area, and they have been talking with investigators. neighbors describe him as a nice guy who never showed any violent tendencies before, gregg. gregg: casey stegall live in dallas, texas, thanks.
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
martha: let s get a look now on capitol hill as we wait for john boehner to bring out his reaction on the budget that the president has put forth and we re going to get that to you as soon as that gets underway. in the meantime we have some new information that is now emerging from the scene of the stabbing rampage on a college campus in texas. what a brutal, horrible scene this was, as we hear from some of the terrified witnesses. because it is a scary thing. you know, i got down on my hands and knees led everybody else as i said in prayer. i prayed for god to watch over us. that we re in his hands at all times. and that s it