Detailed text transcripts for TV channel - FOXNEWS - 20120716:22:02:00
Taking more money from those who earn it for government to waste. >> reporter: in a "wall street journal" op-ed with the headline "the tax cliff is a growth killer" art laffer wrote, "the united states faces an economic collapse thanks to massive tax increases on january 1 and continue deficit spending for years on end." >> that is about 3-1/3% of the whole u.s. economy. that is something like 20% of all tax revenues. that is a massive tax increase. when you have tax increases like that, that precipitates a collapse. >> reporter: the house is preparing to vote on extending all of the bush tax ...
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