Fmr. Reagan Economic Adivser on the Looming Tax Hikes From the Fiscal Cliff
Neil Cavuto has been answering your questions sent to him on the Fox News Facebook page during his Cost of Freedom special, ‘Countdown to Catastrophe?’ Viewer Jon Moench wrote the following comment: “Let’s have a flat tax so all Americans pay their fair share, then limit the deductions on high income earners. A system where the bottom 52% pay no income tax seems unfair!”
Cavuto corrected that it’s the bottom 47 percent, but noted that this viewer’s point is well taken. Former Reagan economic adviser, Art Laffer, weighed in by phone about this issue. Laffer believes that a low rate, flat tax would boost economic growth and fairness.
He said, “Everyone should support the country as a whole. No one is ever made better off, Neil, by pulling a fellow American down. […] We all share the burden of taxation.”
Listen to their predictions for 2013 below: