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After 2003, we lowered taxes across the board. And by 2004, revenue to the federal government grew. In the 1980s, Ronald Reagan cut taxes dramatically. And by the end of the decade, revenue coming in the federal government had doubled.

The truth is, Hillary Clinton's ideas create more income inequality. Why? Because bigger government creates crony capitalism. When you have a 70,000 page tax code, you've got to be very wealthy, very powerful, very well connected to dig your way through that tax code.

Tax increases slow economic growth. Why would you raise taxes? We need to reform spending, the tens of trillions of unfunded liabilities can never be funded by tax increases, that can only be fixed by reducing spending.

Well, I think the reality is that as you study - when President Kennedy cut marginal tax rates, when Ronald Reagan cut marginal tax rates, when President Bush imposed those tax cuts, they actually generated economic growth. They expanded the economy. They expand tax revenues.

Tax increases appear to have a very large sustained and highly significant negative impact on output.

The reality is that during the Reagan years, for instance, we doubled the amount of revenue that we were sending to Washington, D.C. after the tax cuts took effect.

It wasn't simply that Clinton created the greatest prosperity in the country's history. Or that we created 22 million new jobs, more than ever before. Under Clinton, poverty was reduced 25%.

I'm for tax reform, not tax increases.