CNBC Transcript: Former Florida Governor Jeb Bush Speaks with CNBC’s “Squawk Box” Today

WHEN: Today, Wednesday, September 9th

WHERE: CNBC's "Squawk Box"

This week, CNBC's "Squawk Box" kicks off its 20th anniversary celebration with a line-up of big names in investing and politics. Following is the unofficial transcript of a CNBC interview with former Florida Governor Jeb Bush on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today. Following are links to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000417336, http://video.cnbc.com/gallery/?video=3000418797 and http://video.cnbc.com/gallery/?video=3000418798.

All references must be sourced to CNBC.

JOE KERNEN: JEB BUSH. THIS WAS LAST NIGHT MAKING AN APPEARANCE ON THE PREMIERE EPISODE OF "THE LATE SHOW WITH STEPHEN COLBERT." WE'RE ONE WEEK AWAY FROM THE NEXT PRESIDENTIAL DEBATE. THIS MORNING GOVERNOR BUSH IS ROLLING OUT HIS NEW TAX PLAN. HERE WITH US ON SET TO TALK MORE ABOUT IT JEB BUSH, FORMER GOVERNOR OF FLORIDA. GREAT TO HAVE YOU ON SET.

JEB BUSH: THANK YOU, JOE.

KERNEN: THANKS FOR JOINING US.

BUSH: ANDREW, BECKY.

BECKY QUICK: GREAT TO SEE YOU.

ANDREW ROSS SORKIN: GREAT TO SEE YOU.

BUSH: THANK YOU GUYS FOR LETTING ME COME.

KERNEN: YOU'RE WELCOME. NICE TO HAVE THE JOURNAL JUST PUT IT IN A PROMINENT POSITION. NOT EVERYONE HAS SEEN IT THOUGH. SO MAYBE WE OUGHT TO JUST SUMMARIZE THE KEY POINTS.

BUSH: WELL, I THINK WE NEED TO GROW AT A FAR FASTER RATE THAN WE ARE GROWING TODAY. 2% IS FINE FOR PEOPLE THAT HAVE ALREADY MADE IT PARTICULARLY WITH OUR MONETARY POLICY, BUT IT'S PUTTING A LID ON PEOPLE'S ASPIRATIONS. SIX MILLION MORE PEOPLE LIVING IN POVERTY TODAY THAN THE DAY THAT BARACK OBAMA GOT ELECTED PRESIDENT. SO A HIGH GROWTH STRATEGY REQUIRES FIRST AND FOREMOST, DRAMATIC REFORM OF OUR TAX CODE. AND WHAT WE HAVE PROPOSED IS SIMPLIFYING THE RATES – 10, 25 AND 28. EXPANDING, DOUBLING THE EXCLUSION SO THAT MANY LOW INCOME EARNERS WON'T PAY TAXES AT ALL. SIMPLIFYING THE CODE TO PUT A CAP ON DEDUCTIONS BECAUSE THERE'S THOUSANDS AND THOUSANDS OF THESE CREDITS AND DEDUCTIONS THAT I THINK DON'T CREATE THE KIND OF ENVIRONMENT FOR INVESTMENT.

KERNEN: CHARITABLE STAYS RIGHT?

BUSH: CHARITABLE STAYS. EVERYTHING ELSE WOULD BE PART OF THE CAP. WE WOULD ELIMINATE LOCAL AND STATE EXEMPTIONS OF TAXES. I DON'T THINK THAT LOW TAX STATES SHOULD BE SUBSIDIZING, SORRY GUYS, HIGH TAX STATES. AND SO THAT SYSTEM FOR PERSONAL TAXES I THINK WILL CREATE AN ENVIRONMENT WHERE PEOPLE WILL BE SAVING MORE. MOST PEOPLE – ALL PEOPLE WILL GET A TAX CUT OF SOME KIND. THE DRAMATIC ECONOMIC EFFECTS I THINK ARE REDUCING THE TAX RATE FROM 35% TO 20% FOR CORPORATE TAXES. AND ALLOWING FOR FULL EXPENSING OF ALL CAPITAL INVESTMENT AND ELIMINATING THE DEDUCTION FOR INTEREST EXPENSE.

QUICK: FOR THE MORTGAGES.

BUSH: NO. FOR CAPITAL – FOR CORPORATE BORROWING. ALL NEW CORPORATE BORROWING.

SORKIN: AND WHAT HAPPENS TO CAPITAL GAINS?

BUSH: CAPITAL GAINS GOES TO 20%. WE ELIMINATE THE OBAMACARE 3.8% TAX. SO ALL INVESTMENT WOULD BE TAXED AT 20% INTEREST INCOME, DIVIDENDS, CAPITAL GAINS. AND WE WOULD HAVE A 20% CORPORATE TAXES AS WELL.

KERNEN: AND THEN OVERSEAS PROFITS.

BUSH: WE ELIMINATE WORLDWIDE TAXATION.

KERNEN: AND BRING IT BACK AT OVER TEN YEARS AT WHAT? 8.5% OR SOMETHING?

BUSH: 8.75%

KERNEN: WILL THAT WORK FOR YOU, ANDREW? WILL THAT CAUSE PEOPLE TO PARK IT OVER THERE AGAIN OR WILL THAT BE A SOLUTION TO WHAT IS – THIS SEEMS LIKE A NO BRAINER. THERE'S TRILLIONS OF DOLLARS.

SORKIN: THIS IS THE EXISTENTIAL QUESTION. IS WHETHER PEOPLE WILL BRING IT BACK AND WHAT RATE THEY BRING IT BACK AT.

KERNEN: OVER TEN YEARS.

BUSH: WELL, WE'RE TAXING IT. I MEAN OUR PROPOSAL IS THAT IT WILL BE TAXED WHETHER IT COMES BACK OR NOT. BECAUSE IT IS A FORM OF A TAX LIABILITY. BUT GOING FORWARD, THERE'D BE NO TAXES. WHICH IS I THINK WHAT EVERY OTHER COUNTRY IN THE WORLD HAS. A 20% RATE WHEN YOU ARE FULLY EXPENSING INVESTING IN GROWTH IS GOING TO CREATE MORE GROWTH. WE'LL CREATE THE OPPOSITE OF WHAT WE HAVE TODAY. WE'LL HAVE WHATEVER, I'M NOT SURE WHAT YOU CALL A REINVERSION. I MEAN, WE WILL CALL WHATEVER IT IS IF WE CAN FIX HOW WE REGULATE, EMBRACE THE ENERGY REVOLUTION IN OUR MIDST OVER THE LONG HAUL, THIS WILL BE AN OPPORTUNITY FOR US TO REINDUSTRIALIZE THE COUNTRY AND TO CREATE HIGHER WAGE JOBS. WE NEED TO INCREASE PRODUCTIVITY TO CREATE HIGHER WAGES AND THIS PLAN WOULD DO IT. THIS WOULD STIMULATE HIGHER GROWTH COMBINED WITH OTHER INITIATIVES. YOU COULD GET TO 4% GROWTH. AND FRANKLY, SO YOU GET TO 3.75, FINE. BUT WE SHOULD HAVE AN ASPIRATION FAR HIGHER THAN THE SO-CALLED NEW NORMAL.

KERNEN: WOULD YOU GET THIS THROUGH IF THE CONGRESS IF THE MAKE UP CHANGES IN THE NEXT ELECTION AND IT'S NOT A REPUBLICAN CONGRESS?

BUSH: IN THE CULTURE WE HAVE IN WASHINGTON, DC TODAY NOTHING GETS DONE. I MEAN, THEY CAN'T EVEN PASS A BUDGET. THEY PASS A BUDGET, THE REPUBLICANS DID THAT. BUT THE PRESIDENT HAS BASICALLY THREATENED ANY APPROPRIATIONS BILL.

KERNEN: AND EVERY DEDUCTION YOU GET RID OF, THERE IS GOING TO BE SOMEONE THAT IS SQUEALING.

QUICK: I WAS GOING TO SAY ON THE PERSONAL SIDE, DO YOU GET RID OF THE HOME MORTGAGE?

KERNEN: THAT'S PART OF THE CAP.

BUSH: WE PUT A CAP ON ADJUSTED INCOME OF 2%. SO FOR LOWER INCOME AMERICANS, THEY GET A BIGGER DEDUCTION PROPORTIONATELY. FOR HIGHER INCOME, IT WOULD BE CAP. THE OTHER APPROACH WOULD BE TO GET RID OF ALL OF THESE THINGS AND TO HAVE THAT BIG FIGHT THAT YOU'RE DESCRIBING. I'M PREPARED TO DO THAT.

QUICK: I THINK YOU STILL HAVE THE FIGHT EITHER WAY.

BUSH: I DON'T KNOW. WE'LL SEE. I THINK WHEN YOU SEE THE LOWER RATES, THAT'S THE TRADEOFF. SIMPLICITY. THERE'LL BE 13 MILLION FILERS OF THE LONG FORM INSTEAD OF 47 MILLION. THERE'S A LOT OF BENEFITS TO THIS OF SIMPLIFYING THE CODE AS WELL.

SORKIN: TO THE EXTENT THOUGH THAT YOU HAVE WANTED TO BENEFIT THE MIDDLE CLASS AND HAVE EVEN TALKED ABOUT DOING THAT AT THE EXPENSE OF THE WEALTHY, HOW DO YOU THINK THIS ADDRESSES THAT? BECAUSE ARGUEABLY BY BRINGING DOWN THE TAX RATES AT THE HIGHEST END THE WAY YOU HAVE, THEY WILL BE GREAT BENEFICIARIES OF THIS AS WELL, IF NOT MORE SO.

BUSH: EVERYBODY WILL BENEFIT FROM IT AND WE'LL CREATE HIGHER GROWTH, WHICH WILL GENERATE – THERE IS A DYNAMIC EFFECT TO TAXATION. THOSE WHO THINK THAT WE JUST STATICALLY SCORE THIS, THE BEAN COUNTERS IN WASHINGTON, THEY'RE JUST WRONG. I MEAN THAT IS LUDICROUS. PEOPLE MAKE BIG INVESTMENT DECISIONS BASED ON TAX POLICIES AROUND THE WORLD. A SIMPLIFIED CODE WOULD CREATE ECONOMIC ACTIVITY FOR SURE. IN OUR CASE IN THIS PROPOSAL, PEOPLE FROM THE TOP 10%, THE TOP 5%, TOP 1% WILL END UP PAYING PROPORTIONATELY MORE THAN THEY PAY TODAY.

KERNEN: THAT'S GOING TO BE THE PUSHBACK. AND I ALREADY SAW IT.

BUSH: OF COURSE IT IS.

KERNEN: SOME SPOKESPERON AND THEY WILL NOT GRANT YOU THAT THERE'S A DYNAMIC ASPECT OF THIS.

BUSH: WELL, THEY'RE WRONG.

KERNEN: THEY WON'T ALLOW YOU TO ADD ANY GROWTH INTO THE EQUATIONS ABOUT WHETHER THIS IS REVENUE NEUTRAL OR NOT. THEY ARE GOING TO SAY IT'S NOT REVENUE NEUTRAL AS WELL. YOU KNOW THAT THEY ARE GOING TO SAY THAT.

BUSH: OF COURSE.

SORKIN: YOU'D HAVE TO CUT SOMETHING.

KERNEN: WOULD YOU CUT SOME STUFF? I MEAN WE HAVE TO REIGN IN GOVERNMENT.

BUSH: ABSOLUTELY. THIS IS PART OF A STRATEGY TO CREATE ECONOMIC GROWTH WILL GENERATE REVENUE FOR THE GOVERNMENT. GROWING AT 4% OVER AN EXTENDED PERIOD OF TIME WILL GENERATE A LOT MORE REVENUE THAN GROWING AT 2%.

KERNEN: GOVERNMENT HAS GROWN IN THE LAST SIX YEARS.

BUSH: AND WE NEED TO CUT SPENDING. AND WE NEED TO DEAL WITH ENTITLEMENT ISSUES THAT ARE GOING TO BE THE OUT-YEAR COSTS THAT PEOPLE LEGITIMATELY ARE CONCERNED ABOUT. WE HAVE TO DO ALL OF THAT.

KERNEN: ARE YOU GOING TO WRITE ANOTHER OP-ED OR HAVE A PLAN FOR – I MEAN REGULATION IS AN ISSUE.

BUSH: YES. WE'VE GOT, YOU KNOW, I'M BLESSED WITH A LOT OF REALLY SMART PEOPLE THAT ARE HELPING ME WITH THIS. I'M RUNNING A POLICY ORIENTED CAMPAIGN. I'M NOT GOING TO BE THE LOUDEST VOICE OUT THERE AND NOT I'M NOT GOING TO TRY TO DISPARAGE AND INSULT PEOPLE. I'M GOING TO COME UP WITH PLANS THAT GIVE PEOPLE HOPE THAT THEIR LIVES CAN BE BETTER.

SORKIN: WELL, THAT BECOMES THE LARGER QUESTION IN TERMS OF THE CAMPAIGN. WHICH IS YOU'RE HAVING A THOUGHTFUL DISCUSSION, THERE WILL BE PEOPLE WHO AGREE OR DISAGREE WITH THE POLICY ITSELF. BUT HOW DO YOU GET THAT TO EVEN BREAK THROUGH IN AN ENVIRONMENT?

KERNEN: BY COMING ON "SQUAWK BOX." EVERY QUESTION IS NOT GOING TO BEGIN WITH A TEA.

SORKIN: BUT THAT IS THE QUESTION IN THIS ENVIRONMENT WHERE THERE IS AN ELEMENT OF TRYING TO JUST GET THE ELECTORATE EXCITED AND INTERESTED ABOUT WHAT YOU'RE DOING AS OPPOSED TO EVEN HAVING A THOUGHTFUL DIALOGUE ABOUT THE TOPIC.

BUSH: WELL, YOU'VE GOT TO PUT IT IN CONTEXT THAT PEOPLE UNDERSTAND. THERE'S THIS NEW THING CALLED TELEVISION ADVERTISING WILL BE PART OF THIS. AND YOU'VE GOT TO STICK WITH IT. YOU'VE GOT TO STICK WITH IT. IF PEOPLE ARE GOING TO WANT SOMEONE WHO DISPARAGES EVERYBODY AND THAT'S THEIR VERSION OF A SIGN OF STRENGTH, THEN I'M NOT GOING TO BE ELECTED PRESIDENT. BUT IF THEY WANT SOMEONE THAT HAS THE LEADERSHIP SKILLS TO CHANGE THE CULTURE IN WASHINGTON, WHICH IS BROKEN, I'M A DISRUPTOR. THAT'S WHAT I DID WHEN I WAS GOVERNOR OF FLORIDA. WE CUT TAXES EVERY YEAR AND WE DIDN'T HAVE AN INCOME TAX TO CUT, TOTALING $19 BILLION. I BALANCED EIGHT BUDGETS. WHEN I LEFT THERE WERE $9 BILLION OF RESERVES. THEY CALLED ME JOE VETO CORLEONE BECAUSE I WHACKED THE BUDGET ALL OVER THE PLACE. IF IT WASN'T PART OF A DISCIPLINED APPROACH, I USED THE POWER OF THE EXECUTIVE TO CHANGE THE COURSE OF HOW WE WENT ABOUT THINGS IN TALLAHASSEE. WE LOBBY REFORM.

QUICK: THINGS ARE TOUGH IN WASHINGTON. IF YOU COME AND SAY IT'S GOING TO BE MY WAY OR THE HIGHWAY AND WE'RE LOOKING AT LOWING TAXES AND YOU ARE GOING TO ARGUE WITH ME ABOUT WHETHER OR NOT THIS GENERATES GROWTH AND YOU KNOW THAT 50% OF THE PEOPLE THERE ARE GOING TO THINK IT DOESN'T GENERATE GROWTH AND WON'T BUY THAT ARGUMENT. IS THERE ROOM FOR COMPROMISE? IS THERE ROOM FOR SOMETHING LIKE INFRASTRUCTURE SPENDING TO SAY WE'RE GOING TO GET THE REST OF THIS PASSED.

BUSH: OF COURSE THERE IS. CAMPAIGNS ARE ABOUT ASPIRATIONS. GOVERNING IS ABOUT FINDING SOLUTIONS. AND YOU CAN BE PRINCIPLED AND ACTUALLY HAVE A DIALOGUE WITH SOMEONE THAT DOESN'T AGREE WITH YOU. LAST NIGHT ON THE INTERVIEW WITH COLBERT, I SAID SOMETHING REALLY RADICAL, I SAID I DON'T ASCRIBE BAD MOTIVES TO PRESIDENT OBAMA. HE GOT MAD AT ME FOR NOT PAUSING ENOUGH, SO I'M GOING TO PAUSE. BUT I THINK HE'S WRONG. THE FACT IS YOU DON'T HAVE TO ASCRIBE BAD MOTIVES TO SOMEONE. THE MINUTE YOU DO THAT, YOU CREATE THESE ARMED CAMPS. AND IN WASHINGTON RIGHT NOW, APART FROM THE CULTURE OF THIS HUGE GOVERNMENT THAT'S INEPT AND INCOMPETENT, YOU'RE GOING TO HAVE A CONVERSATION WITH SOMEONE ABOUT CYBER SECURITY NEXT. I MEAN, CAN YOU IMAGINE A COUNTRY LIKE OURS ALLOWING THE CHINESE GOVERNMENT TO HACK INTO THE OFFICE OF PERSONNEL MANAGEMENT? 22 MILLION FILES, ALL OF THE CONFIDENTIAL RECORDS FOR SECURITY CLEARANCES. THIS IS AN OUTRAGE OF JUST SHEER INCOMPETENCE. BRINGING THOSE LEADERSHIP SKILLS TO WASHINGTON I THINK IS IMPORTANT, BUT YOU DON'T HAVE TO PUSH SOMEONE DOWN TO MAKE YOURSELF LOOK BETTER.

SORKIN: WHEN YOU THINK ABOUT THE MOTIVE ISSUE, ONE OF THE OTHER THINGS THOUGH THAT COMES UP OVER AND OVER AND TRUMP HAS RAISED THE ISSUE ABOUT SPECIAL INTERESTS.

KERNEN: THAT IS THE FIRST TIME IT HAS BEEN MENTIONED. I KNEW YOU WERE GOING TO BRING IT UP.

SORKIN: HE WILL SAY THAT YOU ARE OWNED BY THE SPECIAL INTERESTS, HE WOULD SAY THAT HILLARY IS OWNED BY THE SPECIAL INTERESTS. HE WILL LOOK AT THE SUPERPACs AND SAY THERE'S THESE INDIVIDUALS, THERE ARE 23 INDIVIDUALS THAT HAVE GIVEN OVER A MILLION DOLLARS EACH.

BUSH: SO LOOK AT MY TAX PLAN. WE ELIMINATE CARRIED INTEREST.

SORKIN: AND WHAT'S THE RESPONSE BEEN? HAVE YOU HAD PEOPLE SAY –

KERNEN: I THOUGHT THAT WOULD BE YOUR FIRST QUESTION. KUDOS.

JIM CHANOS: I'M LOOKING FOR THE INVESTMENT BANKERS JUMPING OUT OF BUILDINGS. YOU'RE ALSO GOING TO ELIMINATE THE PRIVATE EQUITY BUSINESS IF YOU'RE NOT GOING TO ALLOW DEDUCTION OF INTEREST, GOVERNOR –

SORKIN: THERE'S GOING TO HAVE TO BE A NEW MODEL.

CHANOS: IF YOU BUY A COMPANY, WOULD YOU DISALLOW THE DEDUCTION OF INTEREST ON THAT?

BUSH: YEAH. I THINK WE NEED TO MOVE TO –

CHANOS: THAT ENDS THE PRIVATE EQUITY BUSINESS.

BUSH: I THINK WE NEED TO MOVE TO A NEW MODEL –

CHANOS: BY THE WAY, I MIGHT SEND YOU A CHECK MYSELF. BECAUSE THIS SOUNDS GREAT.

BUSH: THIS IS A RADICAL DEPARTURE.

CHANOS: IT IS A RADICAL DEPARTURE.

BUSH: THIS IS A RADICAL DEPARTURE WHERE WE ARE REWARDING EQUITY AND INVESTING IN HARD ASSETS.

CHANOIS: IT'S AMAZING, ACTUALLY.

BUSH: WE'RE REWARDING MAIN STREET. WE'RE NOT PENALIZING WALL STREET, BUT RIGHT NOW, WALL STREET'S DONE HAD A PRETTY GOOD RIDE HERE ENGINEERING AND USING GREAT CREATIVITY AND GREAT SKILLS TO BE ABLE TO MAKE AMERICAN BUSINESSES THE MOST COMPETITIVE IN THE WORLD. BUT WE ARE NOT GROWING. WE ARE NOT INVESTING IN OUR OWN COUNTRY. PEOPLE ARE STUCK IN THE MIDDLE AND THE POVERTY LEVEL IS INCREASED DURING THIS TIME OF GREAT TRANSFER OF PAYMENTS TO PEOPLE IN POVERTY. WE NEED TO MOVE TO A COMPLETELY DIFFERENT DIRECTION. COULD YOU IMAGINE A COUNTRY THAT WOULD HAVE A TAX CODE OF THE LOWEST TAX RATE IN THE INDUSTRIALIZED WORLD AND WHERE YOU'RE REWARDING INVESTING IN A FACTORY. 100% DEDUCTION. AND YOU'RE REWARDING EQUITY. YOU ARE GOING TO SEE AN EXPLOSION OF INVESTMENT IN THIS COUNTRY AND THAT'S WHAT WE NEED. AND THE WALL STREET GUYS WILL DO FINE. THEY WILL BE FIGURING OUT NEW WAYS TO BE ABLE TO SERVICE THE INVESTING THAT IS NECESSARY FOR HIGH GROWTH FOR THE MIDDLE CLASS AND FOR EVERYBODY. SO THAT'S MY ANSWER. WHAT WOULD BE YOURS, ANDREW? MAYBE YOU'LL WRITE A NICE COLUMN ABOUT IT.

SORKIN: LOOK, MY VIEW IS ON CARRIED INTEREST. SO I'M – KUDOS TO YOU ON THAT IN A BIG WAY. BUT HE'S RIGHT IT WILL CHANGE –

BUSH: IF PEOPLE INVEST, PUT MONEY, PUT SKIN IN THE GAME AND THEY ARE INVESTING IN WHATEVER THE PROPOSITION THEY'RE DOING, THEN THEY'LL GET TREATED THE SAME WAY AS OTHER INVESTORS.

CHANOS: YOU WOULD ACTUALLY GET DEMOCRATIC VOTES ON THIS PLAN, I THINK.

BUSH: I'M EXPECTING TO GET REPUBLICAN VOTES FIRST.

KERNEN: SO REINCE PRIEBUS, I THOUGHT THIS PRIMARY SEASON THE MISTAKES OF THE LAST ONE WEREN'T – YOU KNOW, THAT SOMEONE WASN'T GOING TO GIVE THE DEMOCRATS ALL THE AMMUNITION TO USE IN THE GENERAL ELECTION. BUT THINGS DON'T WORK OUT QUITE AS THEY PLAN. IF THE LAST ONE WAS A CIRCUS, WHAT IS THIS? THIS IS LIKE THE RINGLING BROTHERS CIRCUS THIS TIME AROUND.

BUSH: WELL FIRST I THINK YOU'VE GOT TO RECOGNIZE THAT THERE'S A CRACKUP IN OUR POLITICAL SYSTEM BOTH ON THE LEFT AND THE RIGHT. PEOPLE ARE GENUINELY UPSET AND ANGRY ABOUT THE DYSFUNCTION IN WASHINGTON, D.C. SO I DISASSOCIATE LEGITIMATE ANGST AND ANGER FROM CANDIDATES THAT ARE PRAYING ON THAT ANGST AND ANGER. WHAT I KNOW TO BE TRUE IS THAT NO ONE IS GOING TO BE ELECTED PRESIDENT JUST BY CALLING PEOPLE AN IDIOT. THAT'S NOT GOING TO WORK. BUT WE'RE GOING TO HAVE TO FIGHT THAT OUT. I INTEND TO FIGHT IT OUT. I'M NOT GOING TO STAND BY THE PARTY THAT I BELIEVE IN – I BELIEVE IN A LIMITED GOVERNMENT AND PERSONAL RESPONSIBILITY AND INDIVIDUAL FREEDOM AND CAPITALISM AND ALL THESE THINGS THAT HAVE CREATED THE GREATNESS OF OUR COUNTRY. I'M NOT GOING TO LET THAT BRAND BE TARNISHED BY PEOPLE THAT COME IN AND DISPARAGE THESE DEEPLY HELD BELIEFS. I MEAN, WHEN ELIZABETH WARREN YESTERDAY – I ALMOST SPIT UP MY DIET COKE. ELIZABETH WARREN APPLAUDED DONALD TRUMP FOR HIS TAX POLICIES. I MEAN, COME ON.

KERNEN: A LOT OF STRANGE BEDFELLOWS.

BUSH: THIS IS ALICE IN WONDERLAND TIME HERE. SO AS THE WORLD GETS TURNED UPSIDE DOWN TEMPORARILY, I THINK THERE NEEDS TO BE PEOPLE WITH A STEADY HAND.

KERNEN: DO WE KNOW, WAS THERE ACTUALLY A TORTOISE AND A HARE? DID THAT ACTUALLY HAPPEN? AND DID THE TORTOISE ACTUALLY FINALLY PREVAIL?

BUSH: SOME DUDE NAMED AESOP SAID THAT IT HAPPENED, YEAH.

KERNEN: I MEAN, IT'S A GREAT STORY. AND IF IN A PERFECT WORLD, THAT'S THE WAY IT WORKS. YOU KEEP, YOU KNOW, YOU STICK TO YOUR PRINCIPLES. BUT IN A SOCIAL MEDIA WORLD WHERE YOU'VE GOT TO MAKE A SPLASH, I DON'T KNOW WHETHER IT EVENTUALLY RISES TO THE TOP. I DON'T KNOW.

BUSH: JOE, WE ARE GOING TO FIND OUT.

KERNEN: HANG IN THERE.

BUSH: WE'RE GOING TO FIND OUT.

KERNEN: YEAH. WE WILL FIND OUT. YOU SEEM JOYFUL TO ME.

BUSH: I AM JOYFUL. WHEN I'M TALKING ABOUT IDEAS THAT MATTER TO PEOPLE, THIS IS WHY I SERVED AS GOVERNOR AND WHY I'M ASPIRING TO BE PRESIDENT. THIS IS IMPORTANT.

KERNEN: WELL, AND IT'S IMPORTANT THAT WE HAVE GREAT VIEWERS, OBVIOUSLY, THAT WANT TO HEAR SUBSTANTIVE STUFF. SO THAT'S WHY YOU HAVE A PLACE HERE WHENEVER YOU WANT.

BUSH: COME BACK ON THE REGULATORY PLAN NEXT MONTH.

SORKIN: YES, PLEASE DO.

KERNEN: ON THE REGULATORY PLAN NEXT MONTH, OK.

QUICK: THANK YOU, GOVERNOR.

KERNEN: I'M WRITING THAT DOWN. THANKS TO GOVERNOR JEB BUSH.

SORKIN: WITH AN EXCLAMATION POINT. THANK YOU FOR THE CONVERSATION.

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