Art Laffer: Krauthammer’s Wrong; Tax Cuts Won’t Blow a Hole in the Budget

EXCERPT:

LAFFER: "Well, obviously I'd love to see health care pass. I mean, that’s very simple. That’s very straight forward. But what Charles said in his statements about tax cuts, and that would blow a hole in the budget, that won’t blow any hole in the budget. Believe me when I tell you. If you cut the corporate rate from 35 percent to 15 percent, do nothing else, the government revenues will sore in the next two years and more than make up for the static revenue losses by many fold. So, Charles is wrong on that and that’s what the president should do. It’s really hard to get tax reform, Bill, in the first year or two of an administration. You really need bipartisan support. There is none today. There wasn’t any in 1981 and 1982, either. So we need to do that. But, you've got to remember life is a marathon, it's not a sprint. We’ll get health care reform --"
HEMMER: "OK. So -- OK. Wow."
LAFFER: "-- we will get tax reform. We will."