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Afl who wanted him to segregate the players. they would go in different hotels. >> and the black players, of course would get the black ones. >> he agreed to stay with the black ones. he wouldn't go to the better hotels. reagan was very different in '76. he wanted to be the tight spending guy, comes back in 1980 and works against carter with the idea i can be the second santa claus, give away money, tax money. >> and kemp converted him. so kemp invented -- he took the idea of supply side economics and made it political. >> lower the taxes but lower the rate, the marginal rate to get the growth...

And works against carter with the idea i can be the second santa claus, give away money, tax money. >> and kemp converted him. so kemp invented -- he took the idea of supply side economics and made it political. >> lower the taxes but lower the rate, the marginal rate to get the growth rate up. >> right, the top rate in 1981 was 70%, right? so reagan using kemp law knocked it down to 50, and then tax reform knocked it down to 28. and then a quarter century of growth ensured. it also made possible the defense budget which helped knock the soviet union out of existence. >> so you're a kemp guy. ...

Inversions for the cash over seas. >> so you're going to tax it a one time rate and get the $2.5 trillion back to the united states. >> yes. >> what's that rate? >> 8.75. >> also, obviously, trump's talked a good bit about hedge funds. you've done the same. carried interest. you took that on first. explain to people watching what you do. >> first of all, i'm not sure hedge funds, it's for people as a whole. i think if you have, if you invest you should get capitol gains treatment. if your business is to manage someone else's investment it's ordinary income. i think that's fair and we've lowere...

Big problem is the leadership. kemp didn't do that. he went around them. >> on the left and the right, they say republicans are nazis -- when did it degenerate into that? >> i think it started in the '80s. people forget now, people revere ronald reagan, but boy did he have enemies back then. it continues to pick up steam ever since then. i mean this was 30 years. and it's pretty nasty now. >> you called him the most consequential figure of the last century who wasn't a president. >> he was the original author of supply-side economics. kemp/roth was a revolution in economic thinking and politic...

Bring rates down to 28% top rate where reagan was. bring the lowest rate down to single digits. you'll get people revitalized. bring the business tax rate down. bring it down to 25% and repateerate the $2 billion. >> this is why it's so critical. we need big change in d.c. i agree with you, my concern is we not make this the new normal. four more years of this president's policies where it's about redistribution and class envy and government independence then you have a whole generation of americans who thinks we can't grow the economy. the last quarter was negative. they call 2% growth a reco...