GLENN: Senator Fred Thompson, how are you, sir?
SENATOR THOMPSON: Hey, Glenn, how are you doing?
GLENN: Very good. It's a big weekend for you. I want to talk to you a little bit about the economy. Everybody now is talking about a stimulus package. George Bush, $800 tax rebates, Hillary Clinton wants everything from environmental rebates to -- I mean, everybody's giving away money. What would you do if you were President of the United States for the economy?
SENATOR THOMPSON: Well, it doesn't sound very exciting to start with but I'd try to make sure I knew what I was doing. We went through this in 2001, you know, and it's a rebate -- I mean, it's a stimulus party and everybody wants to load up the Christmas tree for their favorite projects and, you know, the Democrats want to drop money out of an airplane and things of that nature. But I think we need to first of all count on the Fed to do the right thing, which probably is going to be another 1/2 point cut from all I can tell. I think that that will do a lot in terms of the short term. We need to look at things like doing away with the lower tax bracket for a year, increasing the child tax credits from $1,500 for a year. I think that's probably what Fred was talking about. Sounds like it's about $150 billion package that would probably do some good in the form of tax rebates. But we can waste a lot of money in this respect and increase our deficit if we're not careful. We need to be target, we need to be somewhat careful and we need to make sure that the remedy matches the problem.
GLENN: You know, I talked to a lot of -- I've talked to a lot of economists. None of them will really go on record with me and what they've said is it's going to be deep and widespread and it will be targeted mainly towards the small business owner. It's not going to be -- you are not going to read, you know, 50,000 jobs laid off here. It's going to be a slow trickle, hitting specifically that small business owner. What would you do to help the small business owner?
SENATOR THOMPSON: Depreciation schedules needed revamping for a long time. They need to be able to depreciate things much sooner than they are now. They should be able to expense some equipment expenditures instead of having to capitalize them and write them off over a period of time. This would be very beneficial to small business owners on a short basis. Of course, longer term we can't do anything short term without considering the respect on long term. Longer term we need to make a commitment to not (inaudible) in 2010. But these other things are more immediate nature.
GLENN: Would you think -- does it occur to you, I mean, I don't know why I'm the only one saying that we've got the first, depending on how you look at it, the first or second highest corporate tax rate in the world. Isn't that discouraging people from creating jobs in the United States of America?
SENATOR THOMPSON: Glenn, one of the rewarding things about doing what I'm doing right now is seeing these guys who have been running for two years adopt my programs that I've had out now for a couple of months and one of them is the corporate tax cuts. I've been talking about corporate tax cuts and the fact that it's the second highest rate in the industrialized world, second only to Japan. We're only one of two countries that's not lowered its corporate tax rate since 1994. Everybody else has caught on except us. Our rate's 35%. The norm is 26, 27%. I've been talking about this on the campaign trail for months as a part of a imagine that I've got on my website that details our tax plan. So no question about it. Why would someone locate a business here when they could locate it somewhere else at a lower rate.
GLENN: You are exactly right. There's absolutely no reason. Senator, I'm sorry. We're out of time. We're at the top of the hour but I wish you the best in the primaries this weekend. Go get them, Fred.
SENATOR THOMPSON: Appreciate it. Thanks a lot.
GLENN: Appreciate it. Bye-bye.