E.J. Antoni

It remains to be seen whether or not that's going to get across the finish line. So there's a whole lot up in the air right now. And although the Fed is one of those balls being juggled by the market in the air right now, it's not the only thing. And I would say it's not even the biggest.

I think it's going to be a combination of getting the spending down, but also the revenue up. How do you get the revenue up? Look, we have to remember the lessons from the Laffer curve. Speaking of which, Dr. Laffer and Dr. Brian Dimitrovich just recently put out a great book called Taxes Have Consequences.

I think it's going to be a combination of getting the spending down, but also the revenue up. How do you get the revenue up? Look, we have to remember the lessons from the Laffer curve. Speaking of which, Dr. Laffer and Dr. Brian Dimitrovich just recently put out a great book called Taxes Have Consequences.

And the empirical analysis in there is absolutely immaculate, where they explain in great detail how the reductions in income tax rates, particularly the top marginal tax rate, results in not less tax revenue, but more. And the reason for that is because you grow the tax base and you essentially increase economic activity by reducing the marginal tax rate.

And the empirical analysis in there is absolutely immaculate, where they explain in great detail how the reductions in income tax rates, particularly the top marginal tax rate, results in not less tax revenue, but more. And the reason for that is because you grow the tax base and you essentially increase economic activity by reducing the marginal tax rate.

And so the lower tax rate actually yields more and not less income. tax revenue. And it's very clear throughout the history of the income tax. That's what happens because we're on the wrong side of the law for curve in terms of maximizing revenue. So getting this tax package through Congress onto the president's desk, getting his signature is absolutely imperative. It'll grow the economy.

And so the lower tax rate actually yields more and not less income. tax revenue. And it's very clear throughout the history of the income tax. That's what happens because we're on the wrong side of the law for curve in terms of maximizing revenue. So getting this tax package through Congress onto the president's desk, getting his signature is absolutely imperative. It'll grow the economy.

It'll increase tax revenue, which will help put downward pressure on the deficit. But then also cutting the spending is an absolute must. And just to put in perspective how much the deficit is a spending problem and not a revenue problem. If Biden had come into office and simply done nothing.

It'll increase tax revenue, which will help put downward pressure on the deficit. But then also cutting the spending is an absolute must. And just to put in perspective how much the deficit is a spending problem and not a revenue problem. If Biden had come into office and simply done nothing.

In other words, allow all the one-time emergency COVID measures to expire, allow the budget to return to the 2019 levels, and then simply add no new spending. Allow existing spending on its current growth trajectory, things like Medicare, Social Security, Medicaid. Allow those things to continue growing at the normal pace, but don't add any discretionary spending.

In other words, allow all the one-time emergency COVID measures to expire, allow the budget to return to the 2019 levels, and then simply add no new spending. Allow existing spending on its current growth trajectory, things like Medicare, Social Security, Medicaid. Allow those things to continue growing at the normal pace, but don't add any discretionary spending.

No infrastructure bill, no CHIPS bill, no IRA, etc., We'd have a balanced budget today. So you can't tell me we have a revenue problem. We have a spending problem.

No infrastructure bill, no CHIPS bill, no IRA, etc., We'd have a balanced budget today. So you can't tell me we have a revenue problem. We have a spending problem.

It'll definitely work in terms of the last part of that question, how long, it depends on the industry. Unfortunately, I can't give a blanket assessment because it is so industry-specific.

It'll definitely work in terms of the last part of that question, how long, it depends on the industry. Unfortunately, I can't give a blanket assessment because it is so industry-specific.

If you're talking about something like building a new cracking tower at a refinery, that's a billion-dollar investment that's going to take at least five years to build, and that's after you start breaking ground with essentially a fast-tracked regulatory process. So In some cases, you're looking at many, many years.

If you're talking about something like building a new cracking tower at a refinery, that's a billion-dollar investment that's going to take at least five years to build, and that's after you start breaking ground with essentially a fast-tracked regulatory process. So In some cases, you're looking at many, many years.

In other cases, you could be looking at as little as six months because sometimes we already have the infrastructure in place and it's just been mothballed. So the time is going to vary tremendously from industry to industry. In terms of how this actually gets done, though, tariffs, are they necessary? Yes. Are they sufficient? No. We need to not only –

In other cases, you could be looking at as little as six months because sometimes we already have the infrastructure in place and it's just been mothballed. So the time is going to vary tremendously from industry to industry. In terms of how this actually gets done, though, tariffs, are they necessary? Yes. Are they sufficient? No. We need to not only –

counter the tariff and non-tariff barriers to trade that other nations have imposed. We need to not only offset things like the value added taxes abroad and the currency manipulation abroad, but you also need to reform our tax code and our regulatory state. You need to not just reduce marginal tax rates, but you also need to change the fact that our tax code