worried about wing costs and they were under control. don't forget to tweet me. i'm jim cramer, see you tomorrow. hey larry what is lined up for tonight so tonight? >> the bull market momentum is getting stronger and stronger, i'm larry kudlow and this is the "the kudlow report," the president will reveal his budget on monday, from what we have been told, it's again an act of war against successful businesses and business men, no real reform. ben bernanke said that tax hikes will damage recovery prospects and we have a key election interview. i'll talk with mayor rudy giuliani and ask who he will endorse and upward stock momentum is getting stronger.

year to date, it's the cyclicals that are leading the way in a stronger economy. president obama is set to release his budget on monday, from what has been leaked, it seems like the same tax the rich plan. no reform. can't they do better? let's talk, we have cnbc contributor john bernstein, he is chief economist to joe biden and tax the rich, ben bernanke said no to it today, can't your team produce better? >> first of all, what bernanke is talking about is not what is in the budget. he is saying, and i agree with him, if you follow current law and all the bush tax cuts sunset and the amt grips people in their vice, you will have a

negative fiscal drag of 2.5% of gdp, what the president is talking about is allowing the high end tax cuts to finally expire, now that is $866 billion of deficit reduction of ten years. and those are the people that -- >> they make all the decisions, they make all the decisions, larry. >> i do not disagree, but they are the ones who have been doing well in recent years. ? but they are the ones that you will kill, they are the ones that do the employment and jobs, they do all of that stuff and plus, jared, you'll not get the money. all the evidence suggests that when you raise tax rates on the rich, all they do is hire lawyers and accountants and income specialists they do all that and get around it. it's just clear. >> first of all, my point is if you look, it a corporate profit, they are not just back to where they were, they are past where they were before the dip. >> they are.

>> and we do not see the employment, so right there i do not believe the supply side -- >> the tax on corporations here, we are the highest in the world, once japan is down in april. we are the highest in the world, no wonder they are not employing people. the effect rates are horrible too. >> how is it fair? i want to shout out steve moor's article. >> that was great. >> a fairness quiz for the president. we like you jared, but one of the things he asks, the first thing that he asked, how is it fair that 1%, the top 1% pay nearly 40% of the federal income tax and the top 10% pay 2/3 of the income tax, how is that fair and how is that pro growth and bernanke was talking about that along with the whole misbegotten policy that we face.

>> i'm ready for this. >> i'm loaded for bear on this one. i'm with you on one piece of this. i do not think we can raise the revenues that we need for a fair government and funded government simply on those that are millionaires and billionaires, after the economy recovers there has to be broader revenue increases but here is where steve is wrong. he is just looking at the federal income tax, if you look at say, the payroll tax, a more important tax for middle income people, the top 1% pay 4% of the payroll income tax. the middle class pays four i'ms that amount. so you have to look at the whole picture. >> yeah, that is true. but what about the combined rate. >> the combined rate is pretty flat. i think that jared makes a good point. you have to reform the entire tax code, not just bits and pieces. >> that is my point. >> why not a flat tax. >> why not tax reform, which is

lower rates and broader base, this is what drives me crazy, team obama has had every chance, not just for reform but fundamental tax reform, to code and federal code, why do they go down this road and a guy like bernanke who got it right, finally he got something right, he said let's not raise taxes at all. can i under score at all in kind of economy? >> he is right, and jared makes a good point, you cannot reform the income tax without doing all the others. but if you look at the estate taxes, you cannot tax things three, four, five times. they have paid their money and taxes and they made their money by the book, and they will pop the rate up to 55% on these people that is rotten.

that is rotten. >> jared you get the last word. >> a lot of moving parts there, first of all, bernanke did not say never raise taxes, he said 2013. >> that is what we are talking about, less than a year. >> outside of the high end bush tax cuts i do not disagree with that. on corporate tax reform, you'll hear about it in days if not weeks coming from the white house, what we will do is come back here and talk about the broader base and lower rates, something that you are saying you like. >> perfect. >> but i'm going to tell you, there's going to be a lot of talk when this comes out. what if we have to get rid of the deduction of interest and ding a lot of benefits that people like right now. >> jared, did you see my piece on warren buffett. you had to agree with that piece. you had to, jared. >> we will get back on that. >> if the corporate tax rate is 15%, i'm for it. many thanks to you both.

ben bernanke, threw cold water on the 2013 tax hikes today of any kind. he told the senate budget committee they would threaten the economic recovery, take a listen. >> if no action is taken on january 1st 2013 between the tax cuts and a number of other measures there will be a sharp change in the fiscal stance of the federal government which by itself would indeed slow the recovery. >> joining us now, senate budget committee members. gentlemen welcome back to the program, both of you, mr. johnson, if i can begin with you, bernanke made it very clear that tax hikes now scheduled for 2013 could derail the economy, why doesn't there a conversation in washington to stop these tax hikes? >> there's not much of a conversation in washington about

really our whole debt and deficit issue here at all. and we absolutely have to start having that conversation because larry, we have to grow our economy and the cbo came out with the same results when they issued the new baseline too. if we let the bush tax cuts expire, it will do harm to the economy growth. >> senator, i ask you the same question because the budget leak suggests that not only the bush tax hikes will stay in place but the president will layer on a millionaire tax, how does this grow the economy? >> i think that chairman bernanke was stronger. he is not a person -- he was talking today about shocks to our economic system and he compared it for example to what happened when there was efforts not to raise the debt ceiling and to me, if you do not deal with the payroll tax and again

you have more uncertainty and the failure to provide businesses theability to predict what is ahead, there's going to be problems. what i want to see along with senator dan coates, i've produced a reform bill where we go out and clean out the special interest tax rates and grow the economy for everyone. >> senator johnson, tax reform, music to my ear s simplifying i and beats putting us back to recession. >> i'm all for tax reform that eliminates the tax code and simplifies it to help grow the economy. one thing i have to caution, and i made a point, talking about what maryland tried to do, a millionaire's tax was expected to raise $330 million and it

ra raised 36% of that. you will harm economic growth and you'll not raise the revenue that you hoped to raise. >> senator are you in favor or opposed to the millionaires tax? >> i think what is needed is to stay away from the approach that doesn't give everyone in america the opportunity to get ahead. what we are trying to do is create incentives for everyone on a by part stan basis. when democrats and republicans got together, we created 6.3 million new jobs in two years, i think we can could that again. and i think it would have a boost. that is why i mentioned bernanke's testimony today, he was talking about shocks to the system and failure to move ahead in the areas that are so important in terms of providing certain certainty. i want to see us give everyone the opportunity to get ahead, this is going to be the year

when we can make a difference for pro growth tax reform and senator dan coates a republican been on your show and i have, have a good way to start the conversation. >> i want to follow-up, and i do not want to move away from senator johnson, but you are pushing for a corporate tax reform that would actually punish corporations operating overseas. i'm surprised to hear that given your other tax reform pushes particularly coming from a state like oregon, why punish overseas companies? >> what we do is lower the corporate rate from 35% to 24%, and frankly we could lower it even a bit more. but what we ought to do is everything that to create incentives for red, white and blue jobs. we need jobs in the country. i'm pro exports. but what i want to do is make

things here and grow things here and add value to them here and ship them somewhere. dan coates slash the corporate tax rate dramatically, we try to create the incentives to do business here. >> senator johnson, why double tax corporate profits why not do it territorily. every other industrial nation does that. we are the only one that punishes companies that operates overseas for sales reasons or distribution reasons, what is your take on that senator johnson? >> well, larry, it's like any business, you have to bench mark your cost and business viempt. we need to do that here in america. we need to make sure america is a great place to head quarter a business and have the manufacturing plant. you take a look at it by looking at the tax regimen, one comment

i want to make that chairman bernanke made clear we have to address the long-term entitlement issue, that is something this president has failed to lead on. we need to start addressing that. chairman bernanke said it clearly unsustainable path that we are on right here. >> one more -- >> i have to leave it there senators i would love to have a longer discussion. i'm going to come down and sit with you guys and we can talk but right now thank you senators. >> thank you, larry. >> thank you gentlemen. all right coming up, greek leaders delay bailout talks again, tough talks from the eu and will they ever get it done snp well, former secretary of state, nick burns joins me next and don't forget, everywhere, usa, europe, greece, you name it, free market capitalism, the best path to prosperity.

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all right, stocks popped again today, dow up 33 points the upward momentum is continuing, it so interesting to

me. let talk about it with my panel. zak, let me raise a point, the distribution year on date, it banks cyclical categories, materials and industrials, consumer cyclicals, to me, this says that the stock market is forecasting a continued better economy is that the key to understanding this silent but nonetheless relentless bull market? >> it would, and i have missed you larrlarry, i do think in fa that the robust performance and a lot of the names that you mentioned are of not, the 4% or 5% up, they are up 15% 20%, and replaced the gloom that we thought we were in a financial crisis. that is largely off the table,

all beit with the greek pall hanging over things. the only thing keeping the market in check is that. >> the name that people were focusing on last year, particularly last summer, you know, the dividend names and the defensive maims the kbros -- th categories, what we are seeing is c-change forms. >> i question how sustainability, i remain bullish, it's difficult to be bearish to stock market as long as the federal reserve is from to support asset pricing. in this environment, you have cautious, i do not want to short this market either, i would wait for a pull back, you are looking at a good first half of the year and we will see what happens in the second half of the year.

>> the only danger in that, and i agree that is a trader and market pro mentality and i share some of that, but markets do at times turn and as we know, there are not bells wh s they turn, ts things that suggest that there's momentum picking up that will play into earnings and if you wait for the pull back that we are all expecting, you may be finding yourself waiting on the sidelines as the game and the momentum and the economy really passes you by. >> and brian, i am worried -- i'm not worried i'm saying, i do not think that people have enough stock to shore up the market. that why the pull back scenario, this is a low pull back market, it has caught professionals and institutions by surprise. >> definitely it has. >> and therefore people are having a trouble getting ahead of it and waiting for the nonexist ant pull back. >> no doubt that it has caught professionals by surprise, you see the low volume and you here

the stories, and you can create the argument that the economy is not as strong as we think. but the data doesn't matter in this case. you can get a huge diversion between the economy and the stock had market. i just look back at last year and i know we had a similar situation and we had pull backs and i agree, you could miss it here, but if you have not been in on it yet, i would not be loading the boat at this place right here. i, there will be a pull back, that is how markets work. >> well they do work that way. karabel, how about greece, what about headline risk from high e taxes in the united states, something that ben bernanke warned about in his testimony? >> it seems unlikely that you'll have a tax raise in a election

year. but if you do it will be over the buffett rule. but it's hard to see it as a market destroyer. but the headliner is israel, iran, some kind of armed interaction which would be highly disruptive both to the price of oil and the markets. if we are going to wait for the absence of headline risk in our world, we are going to basically be waiting for decades. i mean, the world is a place of change and defendaifficulty, i' going to prepare for all investments to be clear once there's not a headline risk. >> that is part of it. >> now, thank you, gentlemen. let's turn to greece, rights are breaking out again in the streets and violence mounts and officials are continuing to stall and the final measure, let's go to my guests. we have forminger under secretary of state, nick burn,

now at the kennedy school of government. nick, what do i know? i'm reading the article that says one of the reasons that the greek government cannot make a deal is get this, mithey are missing the paperwork. this is the second day they are talking about missing the paperwork. i regard this as instantity and i want you to tell me how we work out of it? >> the prime minister is about as good a person you can get to lead the greek government, he is a man of honesty and trust. and tomorrow i think he has to cross the real barrier, he has to convene a meeting with the three party leaders that are all angling to run in the next party election and convince them to accept harmful budget cuts, those that will lose government jobs and suffer wage decreases,

and it's a key moment, another key moment along this continue yum for the greek authorities. >> you are right, can they get it done. and the related question is chancellor marco who i think is the savior of europe, she is losing patience and everyone is losing patience s, what are the chances that greek is out of the european union and they will be out of the euro and that enough planning has been made to accommodate that without destroying europe? >> i think the greek government does not have a choice, if they cannot agree to this package in the next couple of days they are going to default by march and greece cannot afford to do that. the cost to them is too high. so they will take the medicine and it will not be pretty and it

will not be easy and it may not be tomorrow, there may be a delay. but ultimately they have to get there because the alternative of a default and the crisis that would then unfold is too severe for them. >> is it too much for me to suggest that marco is becoming the margaret thatcher figure, with all the countries in the bottom perimeter, she is the one applying the pressure, she is keeping the burner up high and she is the one that is rele relentsless, and she is becoming heroic, what do you think? marco equals thatcher? >> i think that she is a modern day margaret thatcher. she has emerged as the leader in europe, and germany has showed their power. and influence and power has

swung to germany, without merkel there would be no chance. >> she is saying, it's my way, the german way, or the highway, nick, and i think that is what you need, give you the last word. >> she was not exhibiting that leadership a year and a half ago, but because of the crisis, she has taken a major step naurd to emerge as a powerful and credible leader. >> all right, as always thank you for being here. next up, the fcc working on more regulations that is right, if you can believe it. this time on money market funds and the industry hates it so washington's war on business continues, now they are going after money funds.

so the fcc is putting the finishing touches on a draft for a new set of regulars, that is right, more regs, this will shore up money market funds in the event of another financial crisis, why should cost be driven higher by government? let's talk to the president and ceo of the center for capital markets. from what i know, the industry hates these regulations, what the the biggest beef some >> this is what we feared, which is regulators would start picking winners and losers among

sources of capital in the dodd-fra dodd-fra dodd-frank era, it an efficient way to get money and it's an efficient money to put your cash if you have extra cash for a few days. it is low cost and efficient and it works. we do not understand, especially given the fact that the reforms were made last year, why a whole new set of just in case reforms are needed now that would kill the product. >> one of the things that i read in the paper is that you can only withdraw 95% of these holdings and a lot of companies and individuals have sweep accounts that going to be a problem some. >> one of the proposals is to restrict what you can take out. and that is why people use them. they can get it in and then out or park cash overnight and get a short-term loan.

if you eliminate the features of the product and kill the product, then you will lielimine the risks of the run on the product by eliminating the product itself, that cannot be the answer. >> you have a short period of time. what about the $1 net asset value of breaking the buck, what do the regular regulations do to that? ? it means that you do not know if you'll get a badollar back if y put a dollar in. that means we would find other products that would concentrate systematic risk and kill money funds and give companies fewer choices. >> and the other question, liquidity fees, but you'll punish, you'll have to go to shareholders and raise their costs and we are already in a federal reserve era of rock bottom returns will that squeeze

the industry down? >> in general, we supported increased capital but when it comes to money funds it will kill the product and you cannot treat money market mutual funds like bank products. one size fits all, just in case regulation cannot be the answer. picking winners and losers is the wrong way to go. at the minimum they have to look at the reforms they did last year and prove whether more reforms are needed. just in case is not the way to go. >> thanks very much. next, america's mayor, rudy giuliani, he will talk presidential poll -- politics.

welcome back to the "the kudlow report," the republican race heats up, former new york mayor rudy giuliani is standing by to weigh in and robert joins us now with all the latest. bob is rick santorum going to score points tonight >> you have three contests, mitt

romney's political advisers are bracing for defeat. santorum is nipping on romney's heels, he is using his evangelical appeal to have a new momentum and surge in the race. >> i get minnesota for sure, and i see a chance in missouri, but you're not saying that romney will lose in colorado? >> no, he understands he has to come out tonight with a win. but minnesota a state that romney won this 2000 and eight, looks like a big santorum win, and in missouri, he looks strong there, so romney will win in colorado, and the good news for romney is that colorado went tea party in 2010. so it shows that he can win in a tea party flavored state, but it's a bad night for mitt romney and his campaign is expecting two defeats. >> what happened to the romney bashing of santorum, it did not

work and will it create bad blood between the two? >> there's bad blood between all of them. the romney people thought he was finished after his iowa win, but he has come back and they are slamming him on conference calls about his earmarks and votes for things like the bridge to nowhere in alaska. romney people have ignored him for month and now they are coming back and blasting him on his record. >> thanks for up the date and now we welcome back a special guest for me, always america's mayor, he is in fact former new york city mayor and former republican d republican candidate. let me dive in, if santorum wins t 2 of the three, does that change the race? >> yes. i think it shows that he could

be a alternative to romney and has to be looked at more carefully. looking at a state where romney won a couple years ago is a big thing and given that santorum does not have the financial resources that romney does, you'll see him get taken more seriously as the possible alternative to mitt romney and frankly people are still looking for an alternative to mitt. >> and you were one of them, i take it. you have not endorsed yet. why is that? >> i'm not sure who will be the best candidate against president obama. my major goal is to make sure that president obama does not get four more years of doing the damage he has done to our economy and frankly to the marshal security that he did over the last four yoears i thik that any of the candidates would be better than obama, i would

like to make sure that i end up supporting the one with the best chance to win and i cannot figure out who that is. >> give me an assessment, what are romney's weaknesses, he has romney care. we know about that. and he made a gaffe regarding the very poor and came out for a stronger safety net where obama basically agree with him and he came out for a higher minimum wage, indexing for inflation, and obama agrees with him. is that his problem he is not very different from the president? >> i think the gaffe on the poor was unfortunate, er he should n have said it. but the attacks on him are almost like democratic attacks against him, i understand what he is saying. he was saying there's help for the poor and the rich are taken care of, it the middle class this that needs the help. he would have been better off if

he said it the way newt said it, we need to give the poor a trampoline and not a safety net. in saying i do not care about the poor because they have a safety net, it sounds like we are going to trap them there. we will keep them locked up in a safety net. the idea is, what we should be doing is trying to create opportunity for them, which is what i did when i was mayor of new york city, we got people off of welfare rolls by getting them jobs. >> does newt gingrich get disqualified because of his attacks on mitt's success and bain capital and doing damage to romney? does that disqualify newt in had your judgment some >> no, i think it hurt him. i think that in addition to the negative campaign against him, which i think was largely unfair, but i think that newt

did damage to himself by doing the same thing that newt did to him. essentially he was attacking romney as if newt was a democrat. i mean, what romney did with bain capital as far as i'm concerned, was to show great success. i mean, he -- it shows that he understands o understan understands our system and spli establish new business, you know there's failures and dislocations, but the basic career of newt/romney -- newt gingrich, that -- i'm sorry, of mitt romney, was an excellent one at bain and newt's attacks i think hurt him with republicans because republicans understand that. >> can mitt win this, both the nomination and the general election without a bold tax reform plan? to go back to the growth you were saying, about anti-poverty

trampoline and so forth, he has not out a bold plan yet, and should he do it soon? >> i do not know why he does not do it. probably the most telling attack that newt had against romney is that newt's tax plan is bolder and more likely to create the kind of growth we had under ronald reagan, you have to change the tax suspect substantially and return a lot of money into the private sector, newt's plan does that. and romney's plan is marginal in terms of doing that and by buying into it he will do away with capital gains for people $200,000 or less, he is buying into the obama class warfare argument which creates the impression, like the question you asked me, is he just another version of obama. but he is not, he would be a far more progressive president as far as getting our economy to

grow than barack obama. >> you preemptied my other thought, can mitt romney combat the obama class warfare, you saw it in the wall stre"wall street today, it's class warfare is romney the best guy to make the case against that class warfare? so far not >> gingrich and santorum have done a better job dealing with that and explaining it. doesn't mean that romney can't do it. he probably understands the economy better than any of the republican candidates. he has to stop worrying so much about what the media says about him and how they view him and start talking about things that will make sense to the republican electorate. >> all of the thing, when will you endorse? >> i don't know the answer to that, larry, when it occurs to me when i think i have found the

best opponent to the president. i think, you know, romney has a lot going for him, but he has negatives. and newt has a lot going for him and a lot of negatives and i would like to see how santorum develops. i have not understood why rick has not done better in many of he's polls and some of these early primaries. >> all right we will see, tonight will be a turning point in the race. as you are suggesting. thank you rudy giuliani, as alsals also, good to see you. i want to highlight what rudy giuliani is saying, the race is wide open and he is nowhere near making an endorsement and tonight's results could be important. now, there's big business news, a massive shake up at yahoo, we will get the latest next up on kudlow.

there's been a massive shake up in yahoo we have more on that and the late breaking headlines. good evening. >> good evening, a big shake up

indeed. john ford has the latest. good evening, john. >> thank you, a broader board shake up at yahoo, three weeks after cofounder jerry yang left the board, three more members are stepping down as well. the company also named two new board members out are hp executive and investors arthur king and -- what does it mean? not much yet that it will spin off the asian asset or sell off the stocks, that is why the stock barely moved in the day. >> something has happened and minutes ago the new york attorney general cancelled a news conference and the deal forces wells fargo, jpmorgan chase to reduce loans for a

million households, bankruptcy filings fell 11.5%. and auditors say the government agency rebuilding the world trade center has let costs go out of control, 35% more over the last four years the new price tag, almost $15 billion. and gas prices are hovering around a record high, prices might reach $4 a gallon by may. and finally tonight, want to show you the sights and sounds of the ticker-tape parade. the new york giants paraded in the canyon of heroes, take a listen. lots of fun there. larry back to you. >> thanks, go giants, coming up

on kudlow, activists courts strike again, a federal appeals court rejects a gay marriage ban, could this case set another precedent for courts to dismiss the will of the people ann colter and david will have at it in the next up.

welcome back to the kudlow report, a federal appeals court

overturns prop 8's ban on same-sex marriage, here is the problem, it was a voter approved state provision, 52% vote, so does a court overturning a ban put in place by we the people create a dangerous precedent. we have ann coulter, this is we the judges and not we the people, what about this? >> this is liberals use the constitution, the constitution prevent them from doing something like health care and they ignore it, when they need to overrule the people they forget about constitutional rights in the document. find the constitutional right to suck the brains out of a baby about to be born. it's not there. but this is a liberal approach to everything, if you like it

it's mandatory and it bares to relationship to the constitution. >> or to democracy, how can a judge and a court, and this indeed a district court. how can it overturn the will of the voters? judges are not supposed to take votes away from people, judges are supposed to uphold the votes. >> exactly, larry and what ann coulter just demonstrated is why conservatives are out of step with mainstream america. you see in california, there was a very close vote, it was the majority of the people, it was 52% that then sent the proposition into law and the court looked at it and said discrimination in this country is illegal when it deals with taking away someone's civil liberties and rights. think about that, if you had a majority vote in any state that said black people should be slaves that would be illegal, but in the mind of ann coulter

because slavery was permaneitten the early part, it's okay. in my mind, the gay rights, the right to marry is part of civil rights and when the law is rigged in a way that it takes away rights, guess what the courts are doing their job by preserving american's rights against discrimination like what this law was. >> you can answer what you want, but i do not think that david good friend addressed the question of the court overturning the vote. you can say what you want. i'm not the legal expert, i do not see how you can hold a proposition, statewide in a huge state in california with a clear majority and the people spoke directly and a court overturns it that is what i do not get. >> there's limfew limits on wha the state can do. a state cannot ban birth control

under the state constitution but i think i heard a comparison of discrimination of blacks. we were not fighting a civil war because of gays being held in slavery, we do not have an amendment from discriminating against blacks. that is what the things that the states cannot do. they cannot discriminal -- >> hang on a second. >> in a case of campaign finance law statutes your conservative majority overturned an act of congress. >> where was the vote? >> the vote was in the constitution. >> in overturning that decision, where was the vote? >> i think i can clarify it. >> the supreme court overturned it. ann coulter when the supreme court overturneds congress was that acting as a judicial activists was that constitutional or not?

>> that is one of the things that is protected in the constitution, free speech. >> oh, in the case of the -- >> hey, i'm answering, it's in the constitution, there are amendments prohibiting the states or federal government to discriminating against people who own guns, but for free exer of religion and there's nothing in the constitution that allows gay marriage. >> if the word actually appears in the constitution, ann, only then is it a right, i can list for you things that are treated by civil right by all of us, but are not in the constitution. >> like abortion. liberals call anything constitutional that they want

s, but they cannot get people to vote for it. and it bares no relationship to the constitution. >> does she i have to get out of here. this is a violation of the tenth amendment and the people at the most basic state level. ann coulter, and david goodfriend, thank you, we will be back tomorrow night.