This is a rush transcript from "Your World with Neil Cavuto," May 5, 2017. This copy may not be in its final form and may be updated.
NEIL CAVUTO, ANCHOR: Nothing funny about those tax cuts. They are coming. And they are a serious undertaking here.
But former presidential candidate Herman Cain says that there's no reason for Democrats and those not to keen on them to slough them off, saying that we don't need them.
You say, Herman, we do, right?
HERMAN CAIN, CEO, THE NEW VOICE: Yes, we do.
Did you hear me cheering while you were interviewing Dagen? I'm thrilled. And what it indicates is that there's a positive tone from the top since Trump has been president that is filtering down through businesses who are saying, I have confidence that the rules aren't going to change.
So, they're starting to expand and they're starting to create new jobs. And so I'm thrilled with that. But it doesn't surprise me, and I believe that it's going to continue.
CAVUTO: You're right by that memorable image of Ronald Reagan. And I know you espouse a lot of his conservative principles.
CAVUTO: And there's a raging debate within the Republican Party on whether those tax cuts have to be paid for or they be revenue-neutral and then there's static accounting vs. dynamic accounting.
I don't want to get you in my nerdy, boring world. You're far too electrifying.
CAVUTO: But do you think that that could be a problem for Republicans, that they could torpedo this?
CAIN: No. No. No.
The reason that it was only 211,000 jobs is because the economy has been growing on average of about 2 percent GDP growth for the last eight years. That's why it's as low as it is.
I believe businesspeople and stock market investors believe that it could be greater than that when you start getting the GDP growth greater than that around 3.5 or 4 percent.
I don't think it's going to be a problem for the business community. It may be an excuse that some Democrats and liberals use to say, well, we don't need to cut taxes that much.
No. The reason we need to cut taxes as much as President Trump is proposing is so we can get this economy growing at a rate it can afford, which is 3.5 to 4 percent. That's where we need to be, and the job growth is going to be more.
CAVUTO: You hit on something very profound here, that it seems weak. It seems like 3 percent is weak. But we're averaging under 2 percent now. That would be a 50 percent pick up in economic activity, if we were to get to that minimal level.
But it seems like every thinking economist says can't be done, can't be done, it's a leap of faith, a leap of faith. We used to do that. So why are we so sure, that is, the economists and brainiacs and mainstream media types who say we can't?
CAIN: Neil, I was on your show in the early 90s when we were doing GDP growth of 4 percent-plus. I know it can happen.
And all of the economists who are saying, well, we can't do that for whatever reason, they are simply wrong. You and I have lived through this. You and I have lived through robust...
CAVUTO: Don't make me sound as old as you. Now, be careful here. Just...
CAIN: Well, you know, let's just say you are my younger brother, but you're not that younger, OK?
CAVUTO: I hear you.
CAIN: We know, we know that this economy can do better. That's what I'm excited about. We know it can do better.
And the proposal that President Trump has put on the table, all Congress has to do is to pass it.
CAIN: Yes, they're going to screw around with it. Yes, they're going to try to tweak it. It's bold.
And this isn't the first time we have had a bold tax proposal with someone in the White House who is going to take the leadership. When the FairTax, the flat tax, and 999 were proposed, we didn't have the leader in the White House.
We have a unique opportunity, Republicans, to pass something bold, because we have the guy in the White House who is willing to lead the charge on a bold tax plan. And I love it.
CAVUTO: You never know.
All right, I consider you the Yoda of these matters, my much, much, much, much, much, much older friend, Herman Cain.
Thank you very, very much. We won't get into the nuances of exact ages here.
CAIN: You're welcome. You're welcome, my younger brother.
CAVUTO: There we go. Fine.
Content and Programming Copyright 2017 Fox News Network, LLC. ALL RIGHTS RESERVED. Copyright 2017 CQ-Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of CQ-Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.