here now is jim pethokoukis of the american enterprise institute. i thought we wanted to emulate success, not furl. >> i thought so, too. listen, the president wants to run an experiment and see how high we can crank up tax rates in this country without it hurting economic growth. they're already running it in europe, in france, in great britain. the entire european experiment here has been one of tax hike austerity. even though they focus on the spending cuts, you're talking about a high tax area raising taxes even higher. we're trying to to do the same thing here. >> least the brits have the humility to acknowledge their mistake. they took the rate from 40% 050%. millionaires left the island. now they're coming back and dropping it to 45%. at least the brits have some humility. the french don't seem to have any. those socialists are going to go down with the ship. >> they're going to go down with the ship. when that ship goes down, there's not going to be any millionaires and billionaires left. they will have left and gone to switzerland. be great

i need to ask our cnbc contributor, jared bernstein, jim pethokoukis and they are both with me on set. jimmy, millionaires are smart. they're not going to pay these taxes. and furthermore, it's going to stifle economic growth at the margin. >> this is a policy intul jens by the obama administration. we have this huge output gap, we're going to be raising taxes, when we tried this in 1993 under bill clinton, it only raised about a third of the forecasted revenue. we're not going to get nearly the amount of revenue. i wonder if jared could tell me exactly how many job this is going to create and how much economic growth it's going to create. and could you round it off fo the nearest none. >> to the nearest zero. first of all, i agree with you guys on the revenue point. we've been talking about the top 2% of households above $250,000. this is the top .3% of households. at the same time, you can't make the argument that it's not going to raise any revenue and it's going to crash the economic. >> it could be. >> the cbo told us if we did the increase on the top 2%, it might lower the growt