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larry: hello, folks. welcome to kudlow, i'm l arry kudlow. all right, joining migrant crime with george soros prosecutors, a very unhappy combination for family safety and security, we have civil right attorney leo terrell and claudia tenney. they will tell us how to bust that lethal combination. >> and a big story, nvidia, a massive stock market rally, almost 500, taylor riggs will tell us about it. and joe biden hates rich people. but the rich pay all of the taxes. his faulty memory has failed him. we'll have art laffer and kevin hassett. and china has put together a massive global cyber hacking effort, aimed at america and its allies. gordon chang will come to

talk about that launching into this nvidia blowout earnings, sends market soaring, there are the numbers. he talk about on taylor riggs, co-host of the big money show on fox business. taylor, it magic and has been working for a while. >> i am not saying irrational exuberance. it is a 2 trillion dollar company, gross margins 77%. here is what ceo said. demand is surging worldwide across companies, industries and flags some of those industries are automotive, financial services and healthcare. nations like japan, canada and france, are now larger

nvidia customers and spending at multibillion dollar levels, hard to not sound like a wall street cheerleader this stock had high expectations, goldman sachs said this is the company of the planet to watch. they blew us out of the water. larry: they make chips that get us to artificial intelligence, dot, dot. >> they make cpu 's and gpyopu a power a.i. they are important. they have pricing power because they own it in market share, it means for you at home if you own m meta and amazon and google, those companies are desperate to use a.i., they are some of nvidia's largest

customers. larry: because they want ultra high powers computing capabilities or plug in to sources of information? at rates that are faster than anything we have dreamed possible? >> yes. i think productivity. and cost efficiencies, one reason why meta also in their earnings call glue it out of the -- out of the water it is the year of efficiency. it is cheap to do it once you invest capital in. larry: so nvidia is the smartest guy in the room. reporter:red today, yes, they have come out in last couple of weeks and announced companies in which they have invested those companies have rallied today, this is the early innings of a.i., this is just the tip. larry: this sprinkling

stardust over the stock market. >> you would -- >> affecting sector after sector. if i understand it, because it is the application of the a.i.-related rapid, fast, quantum computing s whatever that stuff is called. but, you can apply it, apply it to farming, and do manufacturing, and to banks and finance services, as well as telecoms and media companies like google and so forth. reporter: so deere uses a.i. in their tractors, your car is not a car it a chip on 4 wheels, all -- they talk about financial services and health care, this is in biotech now and the way they use robotics. larry: that is it we'll stay on the stock market. it is in the index. reporter: it is, in the s&p

and nazdaq. larry: that -- i had no knowledge of this. now fore knowledge, i happen to wake up. my pal long ago, jimmy cramer ja named his dog nvidia, he was way ahead, probably a hundred million americans who own iras and 401(k)s and may own s&p index or exchange traded fund will be benefiting, these are ordinary folks, their savings are benefiting.. reporter: 100 percent, if you are in the spy . and you have both of those, s&p and nazdaq at record high today, if you are wondering how to get in on this you are probably in it if your portfolio and 401(k). >> look like a genius, my wife thinks i am j.

reporter: you are close. larry: taylor riggs and brian brenberg and jackie deangelis on the big money show, every day, 1:00 p.m. eastern on fox business. >> thank you. larry: a couple thoughts thoughts from my. a downer. joe biden hating rich people. this drives me crazy, he is always insulting them, trying to punish them, raise their taxes and he blames donald trump and republicans for them. it is joe biden's democratic party that has become the party of the rich and the the elites in places like silicon valley and wall street, and donald trump republican party is the nonrich. we know mr. biden is memory impaired, he can't be expected to remember any facts relying on class warfare he loves so much, but listen to some of

president biden's anti-rich people rants over a period of time. >> next big battle will be whether the wil we'wealthiest among us begin to pay their fair share. >> reduce deficit, make sure wealthiest and large corporations pay their fair share. larry: kind of a sad tale. only problem with class warfare is bears no similar similarity on any known facts, according to national fact payers union -- taxpayers union, r richest 1 percent of american economy, they paid 46% of the federal income tax. that is for latest year 2021. and latest irs s s

statistics of income, bottom 50%, those people with median incomes say 46 grand or less they less than 2 . 5% of the taxes, top 1% of americans make 26% of all of the income they pay nearly half of all of the taxes. that is unfair. by the way, for what it's word, wealthiest 5% of americans actually pay 2/3 of all taxes. so every time joe biden or his minions start to go off about tax unfairness or fairness, or attack rich people, just crit cite the data points.

every time that top marginal tax rate has been reduced, successful earnings wind up paying more in taxes and a bigger share of the taxes. so, before ronald reagan slashed his tax rates top 15% of earners paid less than 20% of the income tax. this is the top 1% of earner, payless than 20% of the income tax. by the inof 1980s, with top tax rate from 70 to 30%, wealthiest share of t tax burden from 17% to 40%. lower tax rates, greater payment. they shoulders more of the income tax. when donald trump lowered corporate and individual tax rates, the tax share paid by the wealthiest moved to nearly 50% as i said before. one key reasons, lower tax

rates remove the incentive to shelter income. people down need tax shelters near as much because their marginal rate is so much lower, to make a final point. massive deficits and debt from mr. biden is from higher spending, tracks ref -- tax revenues, have been rising for years. two trillion dollars of revenues in the year 2000. okay? probably about 4 trillion in revenues in 2010. and heading towards 5 trillion in 2020. last year, revenues were 4.8 trillion dollars okay in 2024. problem is spending. the government spent 1.8 trillion in 2,000. it spent 3.5 in 2020, and

6.6 stril trillion in 2023. a hat tip to new york -- for the numbers want to stop the government from spending? reduce spending stupid. keep tax rates low and grow the economy. stop blaming rich people. because they pay most of the taxes. how did that -- how about, that joining me now art laffer. author of taxes have consequences, he reportedly knows something about this subject. then kevin hassett. our distinguished fellow in economics, and author of the drift. art, you know, i think that the numbers are important. i am not making them up, they a are not new, it was

reviewed by prosperity hot line news litter last -- letter, but every time mr. biden goes out and yells about rich people, the data don't prove, that but lower tax rates have successful earners pay more of the t tax burden. and the just undermines every that joe biden says, i need help boost my spirits. >> you should. if you look at book taxes have consequences, it has been true from the beginning of tax codes to the press since, just amazing. every time you raise highest marginal income tax rate, 3 things happen, number one, the economy goes in to doldrums, two tax revenues from rich go down. and three, the poor suffer.

and ever time you lower highest marginal income tax rate, the economy outperforms, and also tax revenue from rich go up, and the poor, they do much better. it has been that way from the beginning of time it still is that way, rich people, have the ability to change their location of income, and timing and compensation or volume of income, they have their ways of doing it. and that is the way that world actually works. i could imagine it working otherwise, but the facts are the facts. and when you come to this issue, do you not have a right to your opinion this is not about how you feel, this is about facts and the facts are that. larry: if you have cheap tax rates, you don't need tax shelters kevin hassett.

that is a big part, we can talk about growth. art did his work and he updates his work, but, all right, if my top tax rate is from 70, where it was it was 90 in world war ii, under fdr, kennedy took it to -- 70 and reagan to 30, and trump took from 40 to 37. lowers corporate tax rates, i don't need the shelters, i don't want them. so i'm paying more, i will pay more than my fair share. what these numbers show, the wealthest people made a quarter of all of the income and paid half of all of the taxes, you could say that sun fair. that is unfair. >> we cut co. >> it was an honor to hear

art talk about this and that chart, art graduated with a phd at stanford. and he got tenure at university of chicago, he was an incredible data scientist, and discorpsed discovered that this pattern is in the data,. after art did that left in america, went on a assault against him trying to destroy his reputation, it was so bad paul gave a lecture at university of chicago. the point that facts we're talking about are dangerous to people on the left, we need to think about why, art, you spin sp spent your career being

attacked for just showing people the data. larry: we technique lost art. we may get him back. you are kind. arthur was right, we have made the same arguments in trump years, using corporate tax rate. which was something you pioneered that biggest beneficiaries of a lower business tax rate not the richest people but the middle class, blue collar working force, consumer prices went down and stock market went up -- went up. for 15 years or so people in the economic profession tried to rid ridicule you, they were wrong, you are right. you don't hunger for tax shelters or try to escape your responsible, it is every that biden won't admit, cheap, cheap nickel and dime class warfare

rhetoric. there is no unreallized capital gains tax. they didn't escape, even new york timings debunched biden. -- debunked telling, truth telling is very important it will come up in election campaign i would guess. >> yes, they will try to raise tax rates, and point is that will lower revenues and it will make low income people worse off. and the thing is that they have to know that is what is happening, the problem is, they have you know a bunch of people voting for them, that fall into the trap of believing that rhetoric, they get walloped by it over

and over, they keep voting for them, this is a real challenge, it could be related to fact that the left controld academic institutions, they are teaching our kids things that don't make sense. larry: spoto kevin. >> sorry we lost art laffer. >> coming up. we have civil right attorney leo terrell. and congresswoman claudia tenney. and you can watch kudlow monday through friday at 4 p.m., we're truth tellers on fox business, you congress get us at 4:00 -- you can't get us at 4:00, text your favorite 9-year-old and she will show you how to dvr it will show you how to dvr it and you will know then how

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larry: jobe joe biden thinking about using executive order on the border. peter doocy with the latest, what are they cooking up. reporter: we're here every day and lead to believe that

not only has president biden done everything he could without congress but he has done an historic amount. >> he has done more than any prior president to secure the border and build a safe, orderly and humane immigration system. reporter: now the line from white house is no executive order no matter how aggressive can deliver the policy reforms that congress with provide and republicans rejected that has speaker johnson saying that americans lost faith in this president and will not be fooled by election year gimmicks that don't secures border, and president created this, and has refused to use his executive power to fix it policies considered would make it impossible for anyone out the border to claim asylum for any reason unless, they are at airport of entry. sound familiar to aoc, doing trump impressions is not how

repeat trump, and saying this outrageous and president should refuse to sign it, as republicans argue executive order they are not new. >> he has all of the power he needs. when donald trump was president the border was secure, joe biden made the didecision to open the border. reporter: probe president biden is in san francisco, making money for campaign, he talked about navalny death and that was it. larry: a mystery. peter doocy, thank you. let's move ahead, bust up this lethal come make with migrant crime. coupled with george soros prosecutors. bad. joining us now new york congresswoman claudia tenney aleo terrell. thank you.

i want to get claudia to try to tell us what biden is doing on the border. the george soros thing. like a -- you take migrant crime as mr. trump put it, the other night, in his town hall, and on top st of that george soros prosecutors who do just about everything but prosecute crime. this district attorney in arizona, she has refused extradition to new york because violent suspects will never be prosecuted in new york, how is this possible, george soros and his minions are out there, saying, nobody committed a crime, yet any poor soul on streets can tell you how much worse it has become. >> leo. >> i'm sorry. i thought -- it was a

claudia, you are looking at they won't go after migrant crime, that is their voting bloc. these are democrat who do not believe in law and order, george soros believes on soft on crime prosecutors, that district attorney in arizona is blocking extradition, because she knows that guy will be released in new york, sudd sanctuary cities are being hit hardest and people of color are upset in chicago and philadelphia and new york, they will probably vote for trump, i hope they do. the voting bloc of migrant crime, they are potential voters for democrat party in the future. larry: what about -- did you hear? do we have a sound about trump talking about migrant crime? listen to this. >> this crime, violent

crime, and migrant crime, we have a new category of crime, migrant crime, it willing worse than any other form of crime, you look at new york city, they want to fight police officers, our criminals don't do that so much, i have never seen anythingic they are having f istfights with police officers in middle of street. larry: one more to leo. >> fine. larry: you know, president trump, migrant crime may be worse for the most part than homegrown crime. leo, the problem here is, these george soros prosecutors lit e littered throughout country. they don't want to prosecute any crime. like declaring new york a crime-free city. because they won't prosecute

anything. >> the progressive left, be clear, progressive left have hijacked the democrat party, that is why joe biden cannot do anything without permission from the squad, but they want to eliminate the justice system. they want to destroy the current criminal justice system, they do not believe in punishment or in criminal charges, they want basically a prison-free society. larry: claudia super star, two things what is biden going to do? i am reading change the asylum standard, that will not stop 10,000 people a day, what do you think he will come up with? >> he is getting pressured because the crime is on the rise, the migrant crime, illegal immigrant crime is a problem. everyone is seeing it.

all over their tvs and newspapers, you can't not cover it. the important thing that everyone needs to know, i am honored to be on with civil rights attorney and famous one lik like -- leo terrell, this is well human dignity, all citizens have a right to be safe in their home and to increase number of criminal activity we have not prosecute, means we're prioritizing the criminals over the victims, e everyone, we have a right to be safe. this is the human rights issue. of our time. right now. the democrats as leo pointed out refused to pos prosecute, with a c idea. biden is not endorsing our

laws, neither is mayorkas, which is why he was impeached, the laws are clear, they refuse to, that george soros, now 50 million he put to elect far left prosecutors, to not uphold the law, they have been challenging democrats, this is not just republicans, and democrats, george soros has gone after democrat prosecutors who are not weak on crime. >> i think that, what i'm hearing, migrant crime will continue. and the jo george soros democratic party, soft on crime will continue, nothing will change, they are building up state of the union to get everyone to -- somehow we'll solve the illegal immigration ca catastrophe. what will change? a change in white house, and change in the congress. that will change. lleo terrell and claudia

tenney thank you. >> folks joe biden thinks that climate is more dangerous than nuclear bombs. that is our next topic, we talk about it with super panel liz peek and batya ungar-sargon and caroline downey, climate change is worse than nuclear bombs, i don't think so. i'm just kudlow, but we'll be back.

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to take advantage of payments until 2025. and receive a free kohler toilet the purchase of a kohler walk-in bath. larry: a great political panel, joining us liz peek. and caroline downey. and batya ungar-sargon. okay. here is a world of dumb things. joe biden quote, this is the last existential threat. it is climate. we have a crazy sob like

putin and others, we always have to worry 'a nuclear connect, but the existential threat to humanity is climate. end quote, sorry. liz peek. climate is more of a threat than nuclear bombs? >> i think it delivers more votes, that is how i look at this. you know seriously, where is the anti-nuclear bomb lobby or cohort of voters that can help joe biden in november? does not exist. i think climate is more important to -- >> but he is running away from climate too. >> yes. larry: he is afraid to use the initials ev . >> because he is in trouble in michigan. why? because ev 's will cost jobs and china this is really something, is poised to really flood our market with chief ev's that could be the end of detroit as we know

it. the companies have spent billions revving up at the government's insistence to supply consumers with a product they don't want, which is really the problem with top down organizing of an economy, it does not work. larry: by the way. just for the heck of it. the the teamsters gave 45 grand to national republican committee first time in 23 years, and left wing t teamster leadership, screaming it is an endorsement of trump. that is interesting. the teamsters, broke ranks from the dems they gave money to the rnc . >> that is interesting. biden capitulated on ev's when it started to hurt him

electoraly, jobs were on the line, he could not afford to alienate states like michigan, the bedrock of auto workers and so he kowtowed. but, trump is the man of the working class. >> he is. >> he speaks to them, resonates with them, more than biden biden tries to plans the line of being you -- balance of min line of buying for the worker but not. larry: batya, i think it shows how loonie biden can be to suggest that climate is more important than nuclear bombs, or war, here we are on the outer edges of nuclear war threats, in europe, and ukraine and russia. and in the most middle east with those guys doing business with iran biden's who want to help iran get a nuclear weapon. it didn't want to let that pass, i think it is a

remarkable statement high makes. >> climate change is a vanitty moral you have time to worry about without facing the existential threat was not having enough money to feed your children or pay rent. i am so glad you brought up the teamsters. giving 45 thousand, maxes out their correspondent to give a donation to rnc, if i am the rnc, i will out there celebrating this, you know who didn't bring it in nikki haley, and joe biden, donald trump brought it in. why is trump getting works class votes, rank-and-file members of the unions? because he talks about the economy. like a working class person, not about tax cuts he talks about tariffs and immigration from an economic point much view, the people are stealing your jobs, he sounds like a new deal

democrat than a reaganite. >> sometimes he talks about it in private with me, we have worked things out. but, first teamster rnc contribution since 2000, if i read to right. we have some more, nikki haley is her last stand in south carolina, she is down 25 points in real clear politics. wants democratic support. she is out there now, she is i guess, giving up on republicans, i guess she is -- >> it is an open primary. larry: is this the quote. if you did not slow vote in democratic primary you are eligible to vote on february 24, your vote can make a difference. please vote for nikki haley, i wanted to read that. >>o only 113 thousand democrats into voted in democrat primary.

that is uncontested that leave 35 who are eligible to vote for nikki haley. what i don't know, i have not been able to find out if the polls that show her down by 20 or 30 include that or if they are polling republicans only. this is kind of it a winner take all primary, nikki haley will be so far behind into super tuesday, she has money to keep going but is the some point you have to decide. larry: why is she doing it? what is the whole point? really? she is a republican. she may not like to be a republican now, but she is a republican. you can't run from it. the logic -- it is a cheap thing to try to pull in south carolina in last couple days. she will get clobbered unless every darn poll is wrong.. >> this is a last-ditch effort, if you are actively courting democrats it is

probably the last dying breath of your campaign, if she wants to siphon money from democrats. larry: i got a last one, d batya, i have been safing it for you -- saving it for you, the woke a.i. coming from google. we were talking about this vatican and other things before. i think we have pictures of -- this is like woke run wild with algorithms put together by google, there are no white people any more, the pope is a female, not a mail, george washington was black, i don't want to get to racism, i am getting into stupidity at a certain point in time you have to say to google people, you are too bloody woke for our i don't know good, you will -- for your own good and you will wreck our business. >> i have to read a poem steve ststeven

l miller. >> california sunshine, ambition in her eyes, kamala harris rising with the morning skies. from power on senate a trailblazer stride, breaking barriers, shattering glass with each step inside, listen to what a.i. said. about a poem about donald trump. >> elections are a complex topic with fast changes information to make sure you have latest and most accurate information try a google search, it is stupid and woke but so biased. come on. >> do we have to live with this forever now. >> i'm afraid we do. >> really. >> think about who is feeding the information in. this is really a scary thing. all of the the -- h

they will make our lives miserable by stuffing the a.i. programs with inaccurate misrepresentative information that is horrifying. larry: i am glad i won't be around to see all of it liz peek, batya ungar-sargon and caroline downey. we appreciate you all. i'm kudlow, we have another problem, china putting together a massive global cyber hacking operation. we'll talk to goard gordon chang about it when kudlow comes back. ught the team! kevin...? i put it on my chase freedom unlimited card. and i'm gonna' cashback on a few other things too! starting with the sound system... that's caaaaaaaaash. cashback like a pro with chase freedom unlimited. how do you cashback? salonpas, makers of powerful pain relief patches

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larry: china put program a huge global cyber hacking operation, aim at america and our allies, joining me now to talk about threat gordon chang. senior fellow with gatestone institute. this is a big story, it was in "washington post." it is this company they are based in shanghai, they openly sell hacking services to the chinese communist

government and people's liberation army and anyone who is interested, they have different packages, what do you know about this? this sounds like cyber hacking on an organized scale like we've not seen before. >> that is right. though country other than china had something this big, not just minnistly of state security, or people's lliberation early but privacy small groups, there are thousands of them. we do about it, what president trump did in 2018, he imposed tariffs under section 301 of trade act of 1974, those were remedies for theft of u.s. intellectual property, you increase tariff rates, maybe we get somewhere. larry: you know this guy, the ceo. they call him shut down, his nickname, and he is in cahoots, what is interesting

to me, not only the government, but the chinese communist government, and presumably people's liberation army but local police forces throughout china, you have a lot of entrepreneurship running their book, they are aiming at us they talk about google and microsoft. >> yes, what is interesting about this report, or documents that were posted on site, even local police bureaus and private companies small contracts have been looking at foreign sources, they had a spreadsheet with 80 foreign targets it was freelancing stuff, a company decides it want to target a particular user, you put it together, the company is one of many, it means that hacking is extensive, across china and hard to deal with.

larry: gordon, unrelated but related. we have seen record numbers of chinese coming across the southern border. this is second bill melugin's piece this morning, second biggest group, chinese. and they usually young males, well-scrubbed. with suitcases. it looks organized to me, i see stuff like that, you know i think chinese sub version and people's liberation army and a lot of thoughts that are not good. >> yeah, you should. we have seen since end of january, the videos and images of recent chinese migrants in u.s. less than three weeks, who have actually been taking target practice. these are people who came across our border with no money, no identification, they are using sniper rifles and pistols, sharpening

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