David Schweikert: “I have actually been blessed to spend lots of time with Professor Laffer and, actually, a couple of other folks who also…”

“I have actually been blessed to spend lots of time with Professor Laffer and, actually, a couple of other folks who also have Nobel Prizes in economics. They tolerate me. Gilder, I consider a personal friend, if you really want to geek out. First off, you have a conceptual problem and the left doesn't--we have got to work with them to first admit we tax income. Property taxes are really the only things we tax wealth. We tax your real estate wealth. So the leaked IRS data, which is a real problem if you want confidence in a tax system that, once again, the IRS is back to being weaponized. If you want to tax wealth, that is a different tax system, and there are all sorts of games you can play with that. You could take your wealth and say, all right, here is what I am going to do. I am not going to take an income. I am going to borrow from it. So how do you tax it? You have to conceptualize very, very different. We also--we actually have the math, even though it may not happen in the fiscal year you want it to. The ultrawealthy give away most of their wealth. That has been a tradition in this country, particularly for about a century and a half. A tax system to work--and the gentleman and I have actually had a side conversation about this. You have to find what is the most--or the least disruptive tax that maximizes revenue, but also maximizes economic expansion.…”