So, joe biden thinks he is going to tax his way into prosperity, that is in his new budget but he is wrong, it never works, it never has and never will, neither will his massive spending and borrowing, art laffer and Byron Donalds will the damage. Senator katie britt will have something to say, and former Small Business c cabinet officer Linda Mcmahon will tell us why the bidens hate Small Business and mark i simone and joe concha talking about how woke were the oscars, then tiktok should United States ban tiktok or perhaps a Chinese Communist takeover will come to an end . But first, here. Edward lawrence is live with all of the good news, congratulating joe biden, he followed through on his state of the union with it terrific budget proposal, edward. Reporter tax and spend. That is what he pitched and what were seeing, he wants to spend 7. 3 trillion in this budget, to pay, he plans large tax increases, across the board, they will bringb in 5. 5 trillion that was 403 million more than last year, still, leaving a deficit of 1. 8 trillion in 2025, the numbers dont add up, president plans to expanding Free Community college plan and expanding medicaid and hopes to bring back an Child Tax Credit and creating a child care and Development Grant to pay for lower know income families. There is not virtually a Single Program that joe biden wants to get rid of or cut, this is expand programs. The new Housing Initiatives and new welfare programs and more taxes on the top 1 . Reporter the president wants to epand medicare, increasing a special tax on families making over 400,000 a year to do, that Corporate Tax rate he wants to raise that to 28 . And and this is how President Biden is making argument for higher taxes. Across the board. By highlighting his c adding a well tax on billionaires. If we just charge them, 25 , not highest rate, 25 . Do you know how much that would raise . Over next 10 years . 400 billion dollars. 40 billion a year. Imagine what we could do. From cutting the deficit to providing for child care, and providing for health care and opinion flow vide our military with what they need. Reporter and the budget is now to the congress, it has been submitted today, republicans see this size dead on arrival. Larry. Larry all right, edward lawrence. What a joyous presentation, we appreciate it. A couple thoughts from me, i want to congratulate joe biden, who continues to believe that he can tax the nation into prosperity. I say congrats, because the history of tax hikes shows that revenue increases never pan out. The economy is depressed. And investment falters, and that is not enough, you would eliminate emulating western europe which has been taxing itself into recession for decades, including right now. Not Big Government socialism, but it comes close, doesnt it . Im proud of you mr. President. You never miss a progressive beat, i dont want to ignore the spending increases in the budget. Now, mr. Biden flagged it in his bellicose. State of the union speech last week. But in todays my biden budget, it is true f blues, right there raise Corporate Tax, let Foreign Government tac fax our corporations and bring back book value tack tax, raising top income tax, raise any number of investment taxes, go for the unconstitutional wealth tax own realized Capital Gains. Jack up the medicare tax. A lot of other tax goodies, roughly that is 6 trillion over next 10 years. You raise Corporate Taxes, you are hurting middle class working folks most that is what data shows, they will bear about 70 of the tax hike burden, and taxing other investment for Small Businesses who may top tax rate, all this, draining the animal spirits from the economy, curtails after tax returns to work investment and risk taking. And blunts the supply side of the economy, which means, higher taxes, plus the massive biden regulatory state, creates fiscal inflation pressures. Budget deficit will get worse, not better under all these tax hikes, and let it be known that revenues are not the problem. All right . Never have been they have been running steady at over 17 of gdp for years now, the problem is spending which is running over 24 of gdp. Much my irthan t the higher than average of past century, mr. Biden has increased spending and borrowing by at at least 6 billion in this budget he has roughly 3 trillion in new spending proposals, brand new. Child care, education, training, earned income tax, obamacare held subsidies. And mortgage credits for housing and other stuff that we dont yet know about. Woops, and student loan cancellations. Supremes have ruled unconstitutional, but mr. Biden, cond cone grates for ignoring that as well. They will continue to run deficit 2 trillion a year as far as the a can see, you have a good chance of achieving 50 trillion in publicly hield federal debt over next 10 years that would come to about 120 of gdp in peacetime with less than 4 unemployment turning. I am proud of you mr. President. You are breaking all known rules of all known economic schools, except the progressive socialist school, but look at your economic polls in particular expoaand your overall polling performance in general that is not working that well for you. So, hate to say it sir, its time for change. I happen to know someone, down in south florida, who is jump chomping just chomping at the bit. And finally straight inamerica out, okay . Just a few thoughts, on my part. Joining me now, well have fun, af art laffer, former reagan an economist. And florida congressman Byron Donalds, who knows a thing or two about this art, thank you for joining oure esteemed congressman Byron Donalds and thank you for joining esteemed art laffer, you have all of the across board tax hikes, very create creative, not, you are looking at about 6 trillion in new taxes, a phony static revenue loss, art, is there an example in recent history in deeper history, whether where you can tax your way into prosperity where raising taxes on individuals on worker forth on investors on Capital Gains, on corporations, on every darn thing that moves . Is there example, you wrote a book about this, where is the evidence that shows you can tax your way to prosperity . Based on the evidence, larry on tax returns, every single time you raise tax rates on the rich, 3 things happened, number one revenues from the rich have fallen. Number two, the economy has under performed. And number three the biggest damage done is on the poor, the minorities and disenfranchised on the lowest echelon ladder, when you lower tax rates, the economy outperformed and poor benefit in this process, that is the truth for the u. S. , for the entire period of the u. S. Income tax, if luke at states look at states the states with highest tax rates are ush performing under performing those lower tax rates. Those states that have adopted an income tax, since 1960, the 11 states they are biggest underperformers of all compared to rift. Look at countries across world, the example is clear, not only in u. S. , but in to states, and across countries this is contrary to everything that facts tell us. Now, Wishful Thinking that is all i heard on the state of the union, that is all there was, he is dead wrong to the tracks tax and tax and spending issues. Larry mr. Biden said he will end trickle down, that does not work, he said people dont pay their fair share, the wealthy dont. These are assertions he makes time again. Over the course of his presidency, now, in to its 4th year, he said it again at the state of the union it in the cold print of the budget that just came out today. What do you make of that . He will not listen, he will not listen or look at the evidence Byron Donalds. Well, i make of it is simple. The president s budget is a stupid, stupid document. It is not going to hospital american economy, not going to help the American People, let me add, if you are looking at the way here wants to raise taxes, who you will squeeze more are young people in our country, minorities in our country who are trying to find ways to build in generational wealth, to build equity and pass that on to next generates. Joe bidens think think about and his tax philosophy will kill, that not make it possible, and last point, joe biden likes to talk about people not paying their fair share. He needs to look no further than his own son, his son was evading taxes, he should talk to his son first, make sure his son pays up before he gets money out of the pockets of the rest of American People this attack of policy wo shreds an economy that is already weakening and on its back because of joe biden and radical democrat policy. Know, art, byron has a point about his kid. I love it, i love it. Larry a good point. Lord knows what his Tax Liability really. Is this stuff is tried in europe. Has been tried in south america, this tax the rich stuff. Actually, as i saw it, in some cases, i think with regard to Corporate Taxes and Capital Gains taxes, the u. S. Would have a higher tax rate than china, which strikes me as not a good idea. Since were competing with china. And the taxes dont you know, rich people dont pay their fair share, now you have done work on this. The rich people dont pay their fair share, what does that mean, i thought that numbers showed reverse this rich virtually half of the income tax system. They do pay half of the income taxes, i dont know what their fair share is according to joe biden, t pop top 1 pays about 50 of all taxes. And if you look at what he talks about with Corporate Taxes, that is just we have a large tax rate reduction under donald trump, and if you look at it, it paid for itself within two years, for itself. It created lowest poverty levels for poor, minority, underet kateed, they had lowest on possible unemployment rates now he wants to raise it back up to 28 . Make us the probably highest corporate tack in the world. That would undo all of that. For the very gr he is professing to want to help, he will hurt those people the most. If luke at tack taxes gordon brown in britain raised highest tax rate in britain tax revenues went down and britain went into a deep recession, and cameron has lowered it it improved. It is just classic everywhere the in world. In the u. S. Over history, its ny he says it does, no matter how wishful his thinking s Wishful Thinking is not a plan or a theory or a way photo success. Look a way to get success, look at facts and only facts that should drive the economic policy. Larry to Byron Donalds on the spending side. Biden saying he will raise taxes, by roughly 6 trillion dollars this will lower the budget deficit, history runs gain that you have less growth, more sheltering. Just putting that aside. This huge, government is running federal government, running 25 of gdp under biden, higher than 50 year average away higher. That you know, if you add state and local, you probably have the governments across the board, would be running nearly hatch of our National Half of or national income, but there is no effort to cut anything, that is it. 1er1 or 2 , pay fors. Why not. And i fear that even some of our republican friends have lost their goal, lost their enthusiasm for they may complain about the budget deficit, and the borrowing byron d donalds but no one wants to cut spending, this is it, just grow government as big as you want. You are right. This is a fever capitol hill it is spending other peoples money, it is not sudden it sustain an. First, we already talked about we raising 5 trillion in taxes we should take federal agency to precovid spending levels that would cut federal agency around 20 , a major step in right direction, it makes mo sense they are still spending as if covid19 is still going on, pandemic is over. You have to shrink the budgets. That is one, number two, if you did that, you actually get consistency on capitol hill. Because, if we made a strong push as republicans, im in favor of this to actually cut spending, the democrats are those who would shut down government, because they would never agree to the spending cuts, think about how insane of a logic that is, we say lets cut spending democrats would stomp their feet say no, we would never agree on what to spend and government will close, they will blame republicans because republicans want to be fiscally responsibility and you know secures border, and follow the law and follow the constitution. That is how reckless things are on capitol hill. And i stress to my republican colleagues. Our chairman and leadership weaker got to get the fiscal house in order, we should be cutting spending dramatically for 25 fiscal year if you have democrats who dont want to go along, we should not capitulate to their recklessness, because the country is what is suffering, and if country sufferers the American People are suffering even more. Larry you know it is is amazing byron. As a last point. You know what is amazing, he has spend 6 trillion or so new in his first three years, this budget bowl add another whatever 3 trillion or 4 trillion, i dont know all of the details, he is borrowed all this money, and he is proposing tax hikes on everyone. But byron, according to his polls, particularly on the economy, in general his performance, it has not done him a bit of good, like, the American People are wising up, to this tax and spend, and progressive socialist Big Government. It has not helped them, if it helped them, he would be at a 60 approval rating, and 80 on the economy. He has spent a bloody fortune and borrowed us to you know what, it has not helped him, i find that interesting, maybe that is only little k kernell of optimism. The reality is that democrats are party of ally thes now ally t eliteses now, and they rely on well fair, all money they spend goes to favor democrat elites who are taking that money to make other money for themselves and drown the nation in massive debt, it is wrong, it is time for leadership on capitol hill and in white house in former donald trump. Larry yes, sir, i know someone in south florida is waiting to dying to get another quite out of that apple, that is what i hear. Art laffer thank you and Byron Donalds you are fabulous. Coming up, why are tax dollars, being used to fly in joe bidens Illegal Migrants . The Illegal Migrants not just undocumented, they are illegal. We will talk about that and some other matters, with senator katie britt of alabama when kudlow returns, yocan catch kudlow, monday through friday at 4 00 here on fox business. You will never miss a biden tax hike, ever, i promise, im kudlow, buy, buy, buy. Fisher Investments at Fisher Investments we may look like other money managers, but were different. other money manager how so . Fisher Investments were a fiduciary, obligated to act in our client best interest. Fisher Investments so we dont sell any commissionbased products. other money manager then how do you make money . Fisher Investments we have a simple management fee, structured so we do better when our clients do better. other money manager your clients really come first then, huh . Fisher Investments yes. We make them a top priority, by getting to know their finances, family, health, lifestyle and more. other money manager wow, maybe we are different. 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