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Street is in response to what is going to happen. stock prices don't tell us what has happened. they tell us what they think is going to happen. and there's a huge rise in stock prices because people expect a boom in the economy. and that will be to everyone's benefit. but when i look at these taxes i think it will spur economic growth. i think it will do a good job. it could be a lot better bill than it is but frankly, you'll get higher wages for those people currently employed. and the big one for me, michael, people that don't have jobs now will be able to get jobs and have jobs. we under r...

Stifle the economy. on one end that we now call the laffer curve, the golf taxes everyone at zero percent so the government get no, sir revenue. on the our end, the same thing would happen. no revenues because nobody has any incentive to earn or to spend. laffer concluded that lower taxes would spur the economy. his supply side economics became the cornerstone of president ronald reagan's economic pose resulting in one of the biggest tax cuts in history and tax revenues soared thereafter. his napkin now resides in the smithsonian. joining me now economist and former economist to ronald reagan ...

Instead of islands. there are tertiary and secondary of income taxes, payroll taxing, medicare, medicaid taxes, excise taxes, tariffs. all of those will come in. and then the biggest killer of all which shows them completely wrong is that state and local taxes are going to rise enormously even though there's no change in the tax rates at the state and local levels. it's just a huge, huge windfall for tax revenues, frankly, over a ten-year period. >> the president was similarly touting that the corporate tax rate will tumble from 25%, maybe it will go maybe he said this morning at 22%. the econ...

Cut its taxes because it was losing all of bit businesses in kansas city, missouri, to kansas city, kansas, flattery is the best form of emulation, i guess, isn't it? >> here's my own version of it let me say i hope you're right because we got a $20 trillion debt and we can ill-afford -- >> you're very right. >> good to see you. >> thank you for having me on. >> what are you saying via twitter and facebook. kathryn, what do you got? smerconish laffer's curve would work except for one fundamental flaw, human greed. greed artificially affects the curve. moving and bell further right when put int...