taxes, you still have to make that deadline. jack: great news for procrastinators like me. check out this week's edition at barrons.com. don't forget to follow us on the first non-antibusiness

development we have seen. the tax story continues to run hot on the front pages of the major papers in the business website, we talked about it a lot and with respect to our viewers they made a reorder disagree but i will continue to talk a lot more about my complete opp $1.5 trillion and e corporate part of the trump tax plan was paid for within two years, i just want to note, i think we have it on the screen, this is bad arithmetic, trump lost 1.5 trillion in revenue temporarily mr. biden wants 3 trillion in revenues permanently so that is a swing of 4.5 trillion not good because it's a swing in the wrong direction, think about that a

little bit of arithmetic, anyway mr. biden is raising taxes by twice the trump tax cut, this is what i call wrong direction it's gonna make it way less competitive for capital and companies and if it is legislative, believe me it will do great damage to the economic boom in which we find yourself today. i want to focus his evening on one corner of the story which is the idea being sold by president biden and treasury secretary janet yellen and the key part of the tax hike is what they call a race to the bottom, to be blunt respectfully there is no such thing, there is no race to the bottom, it is true enough and good enough that many countries around the world have got the corporate tax rate, but no one is anywhere near 0, let's get serious, there is no race to the

bottom, there is no 0, a lot of countries by the way have cut their tax rates, this is corporate tax rate to something around the mid-20s and they also provide various tax credits and deductions to help companies without necessarily lowering the marginal tax rate but it helps companies to invest, these are deductions and tax credit, the problem here is 0 - 2 the biden yellen plan would not only raise tax rates but broaden the base which is supposed to lower tax rates and broaden the base and make it as simple and fair tax cut. the important tax credits and deductions that have a capital investment funding on his buddy that creates more jobs and higher wages. i'm not crazy about credits and deductions i would say broaden the base and the corporate tax

rate can be cut to 15%, 15%, the broadening of the base helps to pay for it makes a simple or efficient taxes but you have to pay off to make investment in business, we wanted a 15% marginal tax rate this was written by a number of us way back during the campaign in late 2015 an early 2016. unfortunately the biden yellen plan does it backwards, actually they don't do it backwards they do it wrong and wrong they brought in the base and raising the rate, it's gonna be incredibly damaging to american competitiveness, it could make the u.s. a far less hospital home for successful learners and entrepreneurs and their companies and factories and stores and workforce. let's look at factoids about the silly idea that there is a race to the bottom. before the trump business tax cut, the united states had the

number one highest federal state rate at 38.9%. hold that number, make a note of it. we were number one among 36 developed countries, after the trump tax cut past we move down the list a lot and were only the 14th highest we had an effective rate of 25.8% but that is not that great we were just the 14th highest, it was nonzero either, frankly i've always been a fan of ireland, ireland has a 12.5% corporate tax, they are the second lowest to hungry which has a 9% corporate tax rate, neither of those are 0, both of those are promoting economic growth, ireland incidentally has one of the best economic stories in recent years of any country

around the world. now another, if the biden yellen tax hike passes the u.s. will soar back to number one highest corporate tax rate at 32.4%. we go back to the number one highest corporate tax rate, not good, not where we want to be, we would be higher than mexico, germany, japan, france and switzerland, by the way don't forget china's combined corporate tax rate is 25% so we would be way above china, is that what we really want and incidentally my favorite ireland would still be a 12.5%, there is no race to the bottom, i am sorry and then to make things worst, if you tack on a 21% global minimum tax for u.s.

companies it's going to make the tax burden far far worse it's a big sticking point that number was 10.5% now that they're proposing to jacket up to 21%, nobody is gonna go to 21%, ms. yellen think she's quitting all of europe and asia to go up to 21% for global minimum tax. with all respect think again the best you'll get out of those and i was involved in negotiation, steven mnuchin had to take the brunt of it at the meetings, the best you'll get ahead of that crew is 12, maybe 13%, they will never go to 21% and trust me they will keep tax credits and deductions so we will lose everywhere, biden, yellen story is not a revenue raiser,

numerous forecasts expect gdp, jobs, wages and capital to fall if this were enacted, it is actually going to be completely left-wing class warfare, tax the rich and successful they're not going to get the money and they are going to damage our economy, we will not be competitive, kind of the economic version of cancel culture and it may be the end of our successful economic history, i was on airplanes all day yesterday so i have a frog in my throat. the next question becomes our bullish stockmarkets starting to fear big policy mistakes from joe biden washington, those policy mistakes could derail the unmitigated optimism that we see, let's talk about this we have the ceo strategic research, jason wrote an excellent essay about this this morning, they are not yet ready to agree, let's have at it, jason, you say

and i love your piece, you are saying markets starting to fear big policy coming out of joe biden washington, i've been raising this point you are the first major-league strategist to even hint that you're interested in having this discussion, nobody is and i thank you for, how bad is this going to be if this passes. >> in the last week and a half the dollars down, bond yields are down tech stocks are up which is some sort of indication that people are worried about growth because her bidding up growth stocks in cyclical stocks like energy are down you complain that on a long easter weekend but if you look at the proposal which i looked at closely yesterday, this completely undoes the trump tax cut, the rate does not go back

to 35% but if you count all the things that you went through vertically the taxes on multinational corporation this completely takes back all the progress that we made in the trump administration. larry: i'm reading your summary raise the corporate income tax at 28%, you said strengthen the global minimum tax, i say hike the global minimum tax for nationals from 10.5 to 21%, then he goes on to say, i have to read this ordinary folks will never see this because it cost a fortune to get a hold of jason's research because they have the best washington shop there is so i'm breaking this by giving you this for free. he also has reducing incentives for foreign jurisdiction to maintain low tax rate, that is right, they seem to think as i said in opening the

international firms in europe and asia are going to go up to 21%, guess what they are not on book income and he includes replacing fossil fuel subsidies with incentives for clean energy production, you're kind of an independent guy i never see you as a republican or democrat, you're an equal opportunity senate, when is this stuff going to kick into the stock market, that is a real big question. >> when joe manchin says i think what's going on with the market they see very strong profits in the second quarter extraordinarily strong 50% jump over the last year in their pricing that in, if you price that in then that would indicate if you took that into account the ratio is in line with the

historical averages in the market is overvalued, they don't believe this is going to happen, i agree with you janet yellen is trying to convince moderates if they raise the corporate tax, we don't have to worry about competitive and she will get everybody else to raise corporate taxes, ireland was on at bankruptcy and angela merkel was twisting their arms and they had the thumbscrews on and they said were not going to raise her corporate tax. i don't think janet yellen is going to sweet talk and if they don't raise it nobody's going to do either in europe they do believe they get a lot of corporate money in mansion has cover from others they have to do something because they cannot pay on it.

and i think the market essay not much. >> jason do you hear it from a smart well-educated guy, let's sit on a pig, joe manchin says no the corporation is great influence so were not going to get high taxes on businesses and investment after all, i don't believe a word of it, not a word of it with 51 vote reconciliation, what you recommending to your clients what is the strategy knowing that the elephant in the living room is a total antibusiness and tight investment tax plan. >> let me say to peter's point i agree completely because there's pesky things called voters and we see these companies that may not appreciate minimum tax rate i believe people should be short the dollar and as a result i

think they should be overweight energy basic materials but let me make one other point i think it's important that this administration is very clear, the use tax increase not as a method to fund government spending but as a tool for social equity which is to say that they're in and of themselves because you are taking money away from people that you do not believe should earn it. if you look at the made in america tax plan from the administration they have terms and access profits and i can tell you i don't know what that is, every time i have access profits i get competitors that urge them away and i have to figure something out about how to grow. larry: jimmy carter feel to it, the carter crowd used to talk about access, i have not heard a good left-wing socialist argument in years, but i do not

want to encourage my friend peter morici. that is all. >> i don't know that i'm an advocate for their program, i'm just saying the market is discounting the prospects of the happening at this point, certainly if we get this tax increase it's going to be bad for investment and right now the economy is on a sugar high and we are going to grow at six and half% this year but what is 2022 going to look like i don't think it's good to be favorable them will have rising interest rates, crowding out there gonna spend a lot of money on infrastructure and things will look as rosie but for now i tell investors there's never been a better time to index because the economy is going through so many structural changes that it's hard to anticipate which sectors are really going to perform because we don't know how preferences are going to play out versus home and office in the kinds of things that people are going to

consume, and the service sector, it is hard to pick and choose. larry: i guess peter greece of the it's a matter of timing. >> we will find out what things look like more by labor day but as i said i think the thing that worries me for a lot of these folks in the administration is not a question of pain, it is a question of evening the playing field. larry: punishing success, not rewording it. >> the producers are screaming, it's been great fun, we agree to disagree, i like that a lot. peter and jason, two great minds, moving right along president biden and secretary janet yellen continue to peddle this crazy line.

>> you are working with nations to agree to a global minimum corporate tax rate that can stop the race to the bottom. larry: there's no such thing as goebel tax rate to the bottom, there's no such thing as a global tax rate to the bottom if democrats use this misleading life it can have big consequences, we're going to consequences, we're going to keep tearing into ♪ ♪i've got the brains you've got the looks♪ ♪let's make lots of money♪ ♪you've got the brawn♪ ♪i've got the brains♪ ♪let's make lots of♪ ♪uh uh uh♪ ♪oohhh there's a lot of opportunities♪ with allstate, drivers who switched saved over $700. saving is easy when you're in good hands. allstate click or call to switch today.

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...and learn how much you can save at xfinitymobile.com/mysavings. larry: i want to get back to the crazy idea from president biden and treasury secretary yelling that there's a global tax race to the bottom. by the way and by the way i wish there was a tax race to the bottom i think tax rates are way too high everywhere but they have come down in the business sector, now this crowd wants to raise them, just imagine individual executives and blue-collar workers keeping more money and spending more wisely for themselves than the government will and there is a radical thought let's go to the non-race and non-bottom with our friend fox business contributor professor at economics king's college in manhattan.

this is a lot of fun and away, it is a throwback to the 1970s, the giveaway here is excess profits. brian you are a smart fella, you teach school, water excess profits. >> the best thing about an idea about excess profit it can mean whatever you want whatever that guy has that you want, you call the excess profit and then you can take it. larry: when you love the excess profit, the problem we live in a country when you get those, some videos customer could claim on it the government, this is the age-old debate when it comes to capitalism and socialism do you get to keep what you produced were not in written a moment where you got the administration that says you should not, it is wrong it is wrong for you to keep what you made it's wrong

for you to keep what you've earned, it is a moral question at this point. larry: take it, we have a lot of numbers that show if the tax hikes go through the usa would go back to the number one corporate tax country, very, very bad we would go to 32%, 32.4%, china would be a 25, that is not good, let's go back from curbside from ten or 20000 feet, what is this imply about the ideology and the politics of this administration and the congress. larry: this is so interesting you have a real fear of competition among progressives and you see it play out in a couple of places, the corporate tax rate they wanted global minimum, in other words we don't want to compete with anybody, you all put your tax rate at 21% and that we nobody's gonna leave the united states will be jack up taxes but they also did in the covid relief bill they handed all the cash to states and said you could have it as

long as you don't cut your taxes, we don't want the competition because it's embarrassing to progressives when people start talking out of places like new york city or california when you have competition people get to choose there is individual choice that the greatest fear progressives have. larry: it really troubles me, what europe is going to do but asia also, we were negotiating with them, particular treasury secretary steven mnuchin and this issue came up a global minimum tax and the digital sales tax on technology for social media companies, i will just tell you they are not going to raise it to 21%, the number was tossed around maybe 11, 12, 13% max, by going to 21% and therefore closing a tax credit and deduction, working to be the

worst, think about this, were you to be more socialist than france or germany or italy or spain or china, how can this be. >> they are to the left of china in their tax policy, that is a new rental, process that. >> china is looking at this thing is this is great, were gonna have a competitive advantage on corporate tax rates in the united states but hughes was crazier you have countries in europe like france you have realized or corporate tax rate is not competitive, we need to bring it down, their moving in the right direction and were saying can you raise it up were giving away our advantages and what do we get in return bigger government, more bureaucracy more regulation and less money in the hands. larry: we are suffering from the self-inflicted european disease, what we used to call the european disease, the euros are

coming towards, dare i say it free-market capitalism, the finance minister, we spent a lot of time at least i did over three years there cutting the corporate tax rate in their deregulated their labor markets and reforming their pensions and it was not easy politically but they're actually doing it are you and i going to have to recommend investing in france, is that the next step in the saga, this is quite a thing i'm not sure how to process that. >> will let you make that recommendation france had to run up against hard times in their labor market and then employment rates, youth unemployment rates through the roof i don't want to see this country have to get there before we figure out were doing the wrong thing with corporate tax. >> buckle your seatbelt, we appreciate it very much, a new group solidifying the trump pence legacy when they bowed to fight joe biden's progressive

agenda, kelli, great lady and friend of mine is going to play a role in all of this in john is next to tell

larry: earlier in the week former vice president mike pence monster new advocacy organization called advancing american freedom. in an op-ed in wednesday's washington times mr. pence said the aaf to then build against the successful policies against the trump pence a administration. here's a long list of trump cabinets and staff members signed on to the advisory board of mr. pence's group including kellyanne conway, newt gingrich, bob lighthizer, angela wheeler and full disclosure, myself and president trump has spoken well of the group. our next guest is a distinguished former ambassador

of canada and to the united nations kelli kraft, she is also joined the advisory board, wonderful to see you dear friend and tell us some of your thoughts why you wanted to join this depends advisory board. >> thank you, it is great to see you today i must say when i was asked i felt immediately honored but i have to say this is more than just an endorsement of the character of mike pence in the integrity and honesty and the friendship but it's an endorsement of the fact that the trump administration were true champions of the conservative values and i felt really strongly there needed to be an organization such as advancing american freedom where we can actually continue these policies and continue to talk about our policies that were successful at home and abroad and i can't think of a better group than the

group that he gathered together to continue advancing these policies is. larry: it just occurs to be and i spoke with our mutual friend last evening i was down in florida, people have a high regard for mike pence including donald trump who said this in a private meeting with us, his person, his policies and principles and his character i don't think this is about 2024 and all the rest of it i think is a fella asked for help and a lot of us decided to give them some help. >> is speaks volumes for the fact that nobody had to say to each of us that we ask the other person, we all said yes because just as you said it's an endorsement of who mike pence is, who he was as vice president, is individual that i knew as governor as congressman

and a long family friend of mine and my husband, it is an endorsement of his character and not only an endorsement of the trump administration and the policies they were able to implement in the policies that are still working to this day. larry: you bet, i want to read quickly i don't know if you saw his op-ed it was quite long but very, very good, he argues we, meaning trump, pence, we revived our economy, rebuilt our military, returned respect to the u.s. constitution to our federal courts and restored america's standing on the world stage and then he concludes that we defended free speech, religious liberty and the right to life of every precious unborn child, we secured our borders and shut down illegal immigration, those are deeply held values and principles of the trump pence administration and i think mike pence will carry it very well.

>> larry, i have to say being on the international stage, there was nothing better than to represent those values from an international standpoint and when secretary mike pence designated genocide in china and the biden administration has continued the designation, it is given us one more reason to continue to advocate to make certain that the world of china is more than a household name and people understand china is the world's greatest global threat and is pleasing to me to see that my successor in the biden a administration is also caring for the policies and raising the issue of the communist chinese party and what they're doing to their people. we care about the chinese people and we care about the chinese-american people but we cannot stand by and allow the chinese communist party and it's very pleasing to see the biden

administration has taken on this success that president trump ran on and implemented and acted upon it. larry: so far we've said what you said and experts from the former administration. folks for those of you who are not completely aware of the magic from kelli she was an ambassador for several years and managed to keep a dialogue from the canadian bigshot i will tell you with somebody with the negotiations, then she was rewarded to be the un ambassador which is even harder and there she is still standing is stated upper principles. >> it is a true test to see the those of us on videos to each of us that were together with usmca are back together again at the same table promoting the same policies, thank you, you were

very instrumental with ambassador lighthizer in making certain that we implement the usmca and who would've thought how important that was before covid but how it was a must have now during covid it's great to see you and thank you for having me on and thank you for advancing american freedom. larry: pleasure, get to on soon enough. remember when president biden inserted himself into a union drive for amazon warehouse workers, guesswork, alabama. >> my administration's policy would be to support union organizing from the right to collectively bargain. larry: he should not invest with that in the first place, the result of that vote are in in the present is awkward to be real happy, senator tommy tuberville of the great state of alabama joined us after the break with a little commentary about mr. biden and that union all right that's a fifth-floor problem...

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>> i'm a union guy i support union. >> invest in american workers, unions and businesses. >> unions built the middle class. >> the unions lift women's wages even more than they lift amends. >> it's about jobs good paying union jobs. >> hard-working people, they built america in unions built them. larry: president biden pro union push really took a big hit today in a landslide victory amazon won the fight against the retail wholesale and department store union 71% of the workers at the alabama warehouse voted against joining the union, this vote is a positive vote for worker freedom in my judgment, that's where i want to begin with our

next guest senator tommy tuberville celebrated in the university football coach, thank you for coming on. to me this is about worker freedom alabama is a right to work state but worker freedom may become a bigger and bigger thing, what is your take? >> you remember the game show, we are more socialist politicians, actors, actresses and sports figures trying to convince the people that had the right to work to choose what they wanted choose and they all showed up to try to beat them and try to tell the people alabama how to vote in a blue weapon their face joe biden has spent more time trying to get his vote to go his way toward the union that he has on the border, it is a shame but i'm on the health committee, the health education neighbor pension and were receiving a bill from the house when we get next we called

the proactive protect the right to organize act and they want to take away the rights of 27 right to work states and go the direction of not forcing unions but make it harder for people who have a right to work state and take away your identity, no voting, no ballot voting, no voice voting where they can convince you that people know how you vote, it is amazing, i hear you all the time talking about the go buster we have to keep this filibuster going and if we don't we have bills like this going through and nobody will ever know. larry: first of all amazon is a fabulous company, i don't happen to agree with jeff bezos philosophy and politics and so forth yes a washington post editorial board but the facts, amazon has doubled the minimum wage they pay $15 an hour in

alabama which is bad money for alabama at all, generous health care benefits, they do not like the cost of union dues because the leadership has the far left union leadership as the far far left giveaway of the union doers of the hard earned workers, that's the part and i think it's going to backfire despite what joe biden says. >> the past three months it's all been a power grab from the white house, taking away the rights of people in this country and it's no different than the working people and as you said amazon is a great company and they're supplying a lot of jobs in the doing an excellent job and mostly taking care of their employees and i thought a lot were all well pleased. it's a shame the federal government wants to control everything in this group is

making the government larger and larger we don't need a bigger government, we need less stay out of our business in alabama. larry: spot on thank you very much for coming on the show, we appreciate it very much senator tommy tuberville president biden's policy plans mean less money for our troops. biden won't defend the border and let you defend your home, now he's weakened the ability to defend ourselves especially china, budget cuts to the military, a good friend general jack king on that when "kudlow" when it comes to autism, finding the right words can be tough. finding understanding doesn't have to be. together, we can create a kinder, more inclusive world for the millions of people on the autism spectrum.

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didn't get any increase even though they got to the worst border crisis probably ever to give you a sense of biden priorities, non-defense spending rose 16% in their budget and defense spending increased just 2%. i want to tell you even though has a slight rise we didn't have all the information for the budget i guarantee when we see the tenure projections you have a much deeper cut military spending, let's review the bidding and bringing her great friend general jack king former vice chief of staff of the u.s. army retired four-star general strategic analyst and medal of freedom recipient, you think the government of china will be cutting its military budget. >> the going to the most rapid expansion in their military capability in history and they

come in in 2013 and he forced the accelerator and put it on fast-forward this budget i'm dealing with here is not recognizing the threat that were facing, it is not the draconian cuts of the obama biden administration made when they were in power for eight years, that was 20% cuts in that cut into the bone, that dug a very deep hole that the trump administration began to dig us out of but we said this would take somewhere from 6 - 8 years and increase budgets year-over-year in the neighborhood of 3 - 5% to get us back to the clarity that we bought, our commanders have come before the senate and the house and they both said one outgoing and one upcoming and they said pretty much the same there's no

guarantee if we had a war against china that we would win and indeed we could lose. they need additional funding to be able to put capability into the region that we desperately need to do what, to build an effective deterrent so president xi who is very ambitious and very aggressive, and we saw what he did the hong kong is not incentivized to take military action against the south china sea, the likelihood of such as increasing as we speak. so the defense budget is a key document in providing us the kind of effective military deterrence that we need in the slight increase does not even account inflation when you put inflation which is 2% or so and there's a slight decline or is completely flat. it's not going to cut it.

>> i will tell you and make you a wager a luncheon to dinners, if they don't cut by eight or 10% over the tenure. for discretionary spending. larry: when the full budget is published will be more disappointed it will be 20% like the obama years but i think the democratic congress will cut 10% which could be over ten years as much is $80 billion. as a follow-up to my chinese questions do you think the russians are cutting back on their military budget. >> they may not, they have an economy in the tank to be sure and they had significant covid-19 problems, putin's popularity is finally declining given his aggressive actions in the mismanagement and quality of life but he is very aggressive about developing advanced technology and very special capability and overall his military is no match for us it

is completely different than the situation of china's military but is very specialized capability are quite good and quite profound and they can test this in his backyard which is eastern europe or in ukraine where he clearly doesn't have to move an ocean away, yes, yes geographic advantages and very specialized capability, he is not reducing his budget. larry: i think you have praised the biden administration approach to china being tough, i agree with other experts and they agree with you but when i see budget stuff like this, i think it undermines for their position and that troubles me, i'm going to bed to a lunch into dinners when the congress gets through with this it'll be a much lower figure for the military defense spending and

with a worse crisis on the southern border they're not even giving dhs even on paper any increase. it is 0 although it's less than that in real terms. we'll talk some more when we are better time, thank you as better time, thank you as always, we appreciate you coming when we started our business

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