This is a partial transcript from Your World with Neil Cavuto, January 7, 2003, that was edited for clarity. Click here for complete access to all of Neil Cavuto's CEO interviews.
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NEIL CAVUTO, HOST: My next guest agrees the economy needs help, but says this is not the way to go. New Jersey Senator Jon Corzine joining us right now from Washington.
Senator, do you think that this helps or hurts the economy?
SEN. JON CORZINE, D-N.J.: I think it, at the margin, does a little bit of help for the economy, there's about a hundred billion dollars worth of stimulus in 2003, that's a little less than 1 percent of the GDP. The fact is it is a $660 billion program, and only a hundred billion of it is going for stimulus. Most of it is going for tax reform.
CAVUTO: But do you know why, Senator, we have to justify getting a tax cut for stimulus or other things? It is our money?
CORZINE: Well, the fact is that the dividend tax cut, in my view, is almost anti-growth, anti-stimulus and it is very concentrated on a very narrow.
CAVUTO: Wait a minute. Wait a minute. You know from your Wall Street days, 35 million people get dividends in this country.
CORZINE: Hold it.
CAVUTO: Thirty-five million.
CORZINE: Hold it.
CAVUTO: Ten million elderly people.
CORZINE: Hold it. This tax cut is taking cash off of corporations balance sheet and putting it in into a limited number of investors. A lot of them aren't even taxable, by the way, a lot of them are pension funds and 401(k)s and IRAs that don't pay taxes. And it is not even applying to where all of the income that companies earn are taxable.
CAVUTO: So wait a minute. I'm talking about individuals who pay taxes on those dividends. Are you saying that they don't deserve to get that money back?
CORZINE: It's a very narrow segment of it. It's only about 50 percent when you take into account pension funds and mutual funds.
CAVUTO: Senator, I dare to you to try telling that to 10 million elderly folks in this country who would probably like that.
CORZINE: Hold it. About the 10 million, if you look at the people who are very wealthy within that category, and not look at it just on the people who are going to get $27 or $30, it is.
CAVUTO: So you would vote no. Things standing as they are now, Senator, you'd say no to this?
CORZINE: I would vote for a dividend deduction on the balance sheets of corporations. This is bad economic policy. It's no stimulus. It may even be anti-growth because it's going to destroy the liquidity of corporate America. It is negative net cash flow to corporate America.
CAVUTO: Senator Jon Corzine, I'll give the final word on the subject. Good seeing you, thank you.
CORZINE: Good to see you.
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