MELISSA: UNDER THE FIRST FULL
YEAR OF THE OVERHAULED TAX CODE
THE IRS IS REVEALING AVERAGE TAX
REFUND DROPPED 8.4%, COMPARED TO
THE SAME PERIOD LAST YEAR.
JOINING US NOW TO DISCUSS IS
ART LAFFER, FORMER REAGAN
ECONOMIC ADVISOR AND LAUGHER
ASSOCIATES FOUNDER AND CHAIRMAN.
NOW, I KNOW THE AMOUNT OF YOUR
REFUND CAN VARY BASED ON THE
WITH HOLDING, AND OTHER FACTORS.
AND THAT IT IS POSSIBLE TO KIND
OF SCREW WITH THESE RULES, IN
ORDER TO EITHER MAKE PEOPLE FEEL
THE IMPACT OF A TAX CUT MORE
QUICKLY, BECAUSE YOU'RE NOT WITH
HOLDING AS MUCH AS YOU WERE
BEFORE, OR INVERSELY, YOU KNOW,
YOU, IT HAPPENS LIKE THIS, AND
YOU END UP THEN AT END OF THE
YEAR LOOKING AT THAT STAT, I'M
NOT GETTING AS BIG AFTER REFUND.
DO YOU THINK THAT THIS IS
RELEVANT?
DOES IT HAVE IMPACT ON AMERICAN
AS PSYCHE.
WHAT ARE YOUR THOUGHTS.
>> I DON'T THINK IT IS RELEVANT
AT ALL.
IF YOU WANT TO OVERPAY TAXES
EVERY YEAR, YOU GET A BIG
REFUND.
IF YOU WANT TO GET CORRECT
AMOUNT, WHAT YOU SHOULD DO, PAY
YOUR TAXES AS YOU GO.
AT END OF THE YEAR BE PRETTY
CLOSE TO ZERO.
THAT IS WHAT YOU SHOULD BE
DOING.
I DON'T UNDERSTAND THIS WHOLE
REFUND THING.
IT IS A GOOD THING, I WILL NOT
VOTE FOR REPUBLICANS OR EVERY
AGAIN, MY REFUND WAS DOWN, EVEN
THOUGH I GOTTHOUSAND MORE THAN I
DID LAST YEAR.
IF I ONLY PAID 10,000 MORE IN
TAXES, I GOT BIGGER REFUND.
IT IS JUST SILLY.
MELISSA: WE'RE HEARING A LOT OF
DEMOCRATS MAKE THE ARGUMENT, YOU
WERE SUPPOSED TO GET A BIG TAX
CUT, YOU DIDN'T.
INSTEAD THE CORPORATIONS DID.
>> I HEAR THAT.
MELISSA: THEY'RE RUNNING ON THIS
IDEA THAT THEY, AVERAGE PEOPLE,
WORKING PEOPLE ARE NOT DOING
BETTER UNDER PRESIDENT TRUMP.
>> WELL, THERE IS, IN A
TECHNICAL SENSE THEY'RE RIGHT.
THE TAX CUT WAS TO BUSINESS
INCOME.
THAT'S TRUE.
AND ALSO THE INCOME TAX CUT WAS
TO A LARGE EXTENT AT THE HIGHEST
BRACKET FROM 39.6, TO 37.
THE WHOLE WAY, MIDDLE INCOME,
AND LOWER PEOPLE GET BENEFIT
MORE JOBS, HIGHER PAY.
THAT IS WHERE THEIR TAX CUT
REALLY COME.
IT IS IS NOT A TAX CUT.
JOB, HIGHER PAY, HIGHER WAGES.
IT'S A JOB.
THAT IS WHERE THEY GET BENEFITS
FROM THE TAX CUT.
MELISSA: I'M IN ONE OF THOSE
STATES WHERE MY TAXES WENT UP.
THERE YOU GO.
>> YOU KNOW, YOU SHOULD --
MELISSA: MY COST OF LIVING IN
NEW YORK.
>> IT IS AN I.Q. TEST THAT
YOU'RE STILL IN NEW YORK, NOT IN
TENNESSEE.
MELISSA YOU SHOULDN'T STAY THAT
IN PUBLIC.
HOW CAN YOU STAY IN NEW YORK?
>> BECAUSE I CAN'T DO THIS JOB
FROM THERE BUT I DIGRESS.
LET ME GO BACK TO YOU --
>> YOU CAN DO IT FROM MY OFFICE.
MELISSA: THERE YOU GO.
OKAY, I WANT TO GET YOUR TAKE ON
DEMOCRATS NEW GREEN DEAL.
THIS IS ANOTHER ONE WHERE, WHEN
DEMOCRATS TALK ABOUT THIS, IN MY
MIND IT IS ELITEST PROPOSITION,
BECAUSE THEY'RE TALKING ABOUT,
WHEN THE PRICE OF ENERGY GOES
UP, BECAUSE YOU'RE NOT USING
FOSSIL FUEL, YOU'RE USING ALL
THE OTHER DIFFERENT TYPES OF
FUEL, THAT HITS WORKING FOLKS,
MIDDLE INCOME FOLKS, LOWER
INCOME FOLKS HARDEST AS
PERCENTAGE OF THEIR INCOME.
ALSO YOU HEAR PEOPLE LIKE,
ALEXANDRIA OCASIO-CORTEZ,
TALKING ABOUT HOW THEY'RE GOING
TO CREATE MILLIONS OF
GREAT-PAYING JOBS WITH THIS.
IN MY MIND A LOT OF THOSE JOBS
WILL BE AUTOMATED OR THEY'RE
HIGH-SKILLED JOBS, AGAIN FOLKS
LOSE A JOB NOW WOULDN'T BE
TRAINED IN ORDER TO.
IS NEW GREEN DEAL, A WAR THAT
DEMOCRATS SAY THEY'RE ON THE
SIDE OF.
>> GREEN DEAL, A GREEN DEAL.
IF YOU IMPOSE YOUR SETTLES ON
MARKET, YOU WILL CAUSE PROBLEMS.
EMPLOYMENT AND PRODUCTION WILL
FALL.
IF THERE IS GLOBAL WAR PROBLEM.
I'M NO EXPERT IN THIS AREA.
I HAVE NO REASON TO DOUBT THERE
IS OR ISN'T, I'M NOT EXPERT, YOU
WANT A CARBON TAX.
WHAT YOU WANT TO DO IS MAKE SURE
THE DAMAGE TO THE ECONOMY, WHICH
WOULD BE ENORMOUS WITH A CARBON
TAX, MITIGATE IT AND REVERSE IT,
HAVE AN INCOME TAX CUT OF EQUAL
SIZE IF NOT GREATER SIZE.
YOU WILL HAVE A GOOD STRONG,
ECONOMY, YOU WILL BIAS IT
AGAINST CARBON.
THAT IS THE WAY I WOULD DO IT,
DO A CARBON TAX, GREENER WORLD.
THEY DON'T UNDERSTAND ECONOMICS.
THEY'RE TRYING TO SUBSIDIZE
THINGS THAT WILL BE LOSERS.
MELISSA: ART LAFFER, THANK YOU
FOR YOUR TIME.
I APPRECIATE IT.
>> IT IS MY PLEASURE.
MELISSA, DO MOVE TO TENNESSEE.