♪♪
STUART: FORMER REAGAN ECONOMIST
ART LAFFER AND FOX NEWS
CONTRIBUTOR DOUG SCHOEN.
ART, TO YOU FIRST.
THE EXODUS IS ABOUT TO START.
>> I DO.
I MOVED FOR EXACTLY THAT REASON
AND NOW WITH THESE DEDUCTIONS HE
REALLY MAKES IT MUCH MUCH MORE.
SAVED IDENTITIES IN THE MARGINAL
TAX RATE OF 10% IN THE STATE.
NOW INSTEAD OF GETTING TO DEDUCT
4% OF THAT AND PAYING ONLY MET
6%, HE NOW HAS TO PAY THE WHOLE
AMOUNT.
THERE IS AN ALTERNATIVE MINIMUM
TAX CLAWBACK THAT HE WON'T BE
AFFECTED, BUT A HUGE THING FOR
STATES WITH HIGH TAX RATES AND
ALSO A LARGE PROPORTION OF THE
PEOPLE PAID -- EARNING INCOME OF
AND THOSE ARE YOU LISTED PLUS
ANOTHER FEW.
D.C., MARYLAND THAT ARE RELATED.
THEY WILL ALL COME TO TENNESSEE
WHERE IM.
STUART: THERE'S NO STATE INCOME
TAX IN TENNESSEE.
>> YOU NOTICE THAT APPEARED NO
STATE INCOME TAX EITHER EARNED
OR UNEARNED.
LOW PROPERTY TAX.
THE ONLY PROBLEM IS WE ARE
GROWING SO RAPIDLY WITH SUCH A
BIG BUDGET SURPLUS IN OUR CREDIT
RATING IS THE HIGHEST IN THE
NATION.
OTHER THAN THAT WE ARE AN AWFUL
STATE.
WE HAVE A HUGE SURPLUS TO ITS
CREDIT RATING IN THE NATION AND
THE PROVISION OF PUBLIC SERVICES
IMPROVING ENORMOUSLY, ESPECIALLY
IN EDUCATION.
STUART: JUST WAIT.
MORE PEOPLE COMING.
THE LONG RUN.
>> IT COULD BECAUSE THE
REPUBLICANS HAVE THAT RISK MAY
BE 20, 25 SEATS IN THE HIGH TAX
TO BE IMPACTED ADVERSELY
APPEARED LARGELY GOVERNED BY
DEMOCRATS IN THE MAKES THE
ARGUMENT FOR DEMOCRATIC RULE NO
MATTER HOW BENEFICENT IT MAY
APPEAR, AND MAKES IT
UNSUSTAINABLE GIVEN THIS WHOLE
CITY AND I KNOW THAT'S A SMALL
NUMBER OF PEOPLE.
I KNOW IT INCLUDES YOU.
IF YOU MAKE SERIOUSLY GOOD
MONEY, YOU PAY A TAX RATE OF
OVER 60%.
>> I DO.
AND I WOULD TELL YOU MY EVENT IS
FIRED UP.
I'VE BEEN GOING DOWN TO FLORIDA
MORE AND MORE AND I HAVE FISCAL
SMARTS THAT ART HAS.
I'M NOT GOING TO TENNESSEE, BUT
I'LL BE IN SOUTH FLORIDA AND NEW
JERSEY.
STUART: SERIOUSLY.
>> I AM SERIOUS.
STUART: THE SUPPOSE YOU EARN A
MILLION DOLLARS.
600,000 OF THAT MILLION GOES TO
IT'S ALMOST MORE EXPENSIVE TO
OPERATE IN A PLACE LIKE NEW YORK
WITH MORE REGULATION AND YOU
WANT TO BE IN A PLACE WHERE
PEOPLE WELCOME HE RATHER THAN TO
INVESTIGATE YOU.
STUART: IT'S VERY TRUE.
FIRE AT THE MOVING VAN.
A LOT OF FURNITURE.
>> AS TO WHY.
I LOVE BOTH OF YOU TO STAY THERE
298 TO BE PRECISE.
JUST STOCKS ARE ACTUALLY UP.
WAL-MART, COKE AND PROCTER &
GAMBLE ARE UP HERE THE OTHER 26
ARE DOWN.
BY THE WAY, TREAT SEEMS TO BE
BEGINNING TO BITE BECAUSE AS I
TO THE VALUE OF $2.5 TRILLION.
THAT IS WHAT HAS HAPPENED
BECAUSE OF THE TRADE FEAR.
SHOULD I BE WORRIED ABOUT MY
INVESTMENTS ARE LAFFER?
>> WE SAW THE STRAIT ISSUE
REALLY CONCERNED ABOUT THE
MARKET.
I TRUST TRUMP ON ECONOMICS.
HE KNOWS WHAT HE'S DOING AND
HE'S DOING IT TO GET LOWER
TARIFFS NOT HIGHER TARIFFS BUT
FRANKLY IT SCARES THE BEJEEBERS
OUT OF ME AND I HATE THIS TYPE
OF POCKET TRADE.
I WAS IN THE NIXON WHITE HOUSE
WHEN THE STOCK MARKET FELL BY
50%.
THE EXAMPLES ARE EVERYWHERE
ABOUT HOW PROTECTIONS REALLY IS
THE BUZZ KILLER IN THE MARKETS
AND THE ECONOMY.
>> THE ARGUMENT IS THESE TERRACE
PROPOSED ARE JUST A NEGOTIATING
TACTIC.
YOU CAN'T GUARANTEE IT, CAN YOU?
>> I CAN'T GUARANTEE IT.
HE TOLD ME HE IS A FREE TRADER
ALL THE WAY AND I BELIEVE HIM
TOTALLY.
HE RAN AN INTERNATIONAL
VALUE.
ALL OF THAT IS REALLY VERY TRUE
BUT IT'S STILL SCARY.
YOU JUST CAN'T HELP BUT FEEL
THAT QUEASY FEELING THAT IT'S
COMING BACK AGAIN.
>> ARE USED TO BE.
WE ARE SORT OF GOING OUT OF
BUSINESS.
THIS IS THE BEST THING THAT
COULD HAPPEN TO THE DEMOCRATS
BECAUSE TRUMP'S APPROVAL NUMBERS
WERE HAVING NOT BEEN AS THE
STOCK MARKET GOES DOWN
SHORT-TERM, THE ARGUMENT FOR
REPUBLICAN CONTROL OF THE HOUSE
IN PANIC GETS WEAKER AND WEAKER.
I AGREE WITH ART.
THE PRESIDENT IS PLAYING WITH
FIRE HERE.
I WOULD TELL HIM TO BACK OFF.
HE'S THE PRESIDENT DID NOT NEED.
SHORT-TERM, THIS IS THE FIRM HAS
BEEN FOR A DEMOCRATIC DIRTY WAS
NO MESSAGE, NO STRATEGY AND NO
PLAN.
THIS GIVES US AN ARGUMENT WERE
NONEXISTENT.
>> YOU CAN AFFORD TO BE THE
DEMOCRATIC DIRTY.
AND IF YOU LOVE TO THE DEMOCRAT
PARTY, NO REPUBLICAN WOULD TOUCH
WITH A 10-FOOT POLE.
>> NOW THAT YOUR CITIZENSHIP YOU