Also in this playlist...
This transcript is automatically generated
And a personal story segment tonight stop coddling the super rich that's what billionaire investor Warren Buffett said in his New York Times op Ed today.
America's third richest man worth about fifty billion dollars said He only paid about seven million dollars in taxes last year.
Buffett's buddy President Obama mentioned this during his bus tour today in Minnesota.
He pointed out -- -- pay a lower tax rate.
That anybody and of office including.
You -- figured out admitted that his tax bill.
He paid about 17%.
And the reason is because most of -- wealth comes from capital gains.
You don't give those tax breaks.
You're paying more than -- and I -- not may be wrong but I think you're a little bit.
Let's walk through -- warm up that's just -- gets.
Joining us now from LA is economist Ben Stein.
-- it's great to see you as always so vandalism and can't -- -- Buffett just cut.
The treasury a bigger check on April 15 that He wants to I think the answer that yes so why did this get it over with and start the start giving more of his.
Billions to the federal government to solve all of our problems north.
Well I that's a kind of superficial question -- -- drug very brilliant vowing that they are really.
Now that's got to -- Canada it's Ariel Dario a question people -- won't meet and why money to the federal people.
People pay taxes that are required of them by the law that's a standard way people died accidentally gives an enormous amount to charity and -- in any event.
But look the government that is -- and that that that don't know but it's similar to a charity at this point it's a way of transferring money from well to do people -- less well to do people by the late Sunday mr.
Obama said was kind of silly himself which was.
We did was looking at the -- -- most UK more that lax about 50% of Americans something and -- axes and -- If they've got -- so that's a little bit wrong to that it would we have a situation where very rich people are paying a lot less taxes.
Lies and burst and taxes than they were under Ronald Reagan.
I don't think Ronald Reagan was deserve -- aggressive tax raiser why can't very rich people pay the same marginal rate.
They did under Ronald Reagan I mean that we need money desperately in the federal government.
The rich people of god it why can't we go back to the Reagan rates.
If I'm -- and why not tax -- -- 90% enemy why.
Here's what hey it's out of me I mean out -- that and I and -- -- -- I just yeah we love a lot out -- a lot older than you Lorenzo I can remember in the fifty's yeah marginal rate was close to that 90%.
And it and He does we were a very prosperous Dunn who is very very rapid growth economic growth that.
It does that is our Hathaway that's our pathway to economic success let's let's is let's just.
I'm gonna say one thing is not just all on the all planet time this -- One point in there actually is a provision and -- tax code.
To -- more money to the federal government if you -- that's that was actually a serious question that wasn't a frivolous one number one.
And number 20 you make the point that well it's good -- -- rich have money why not give it to the government.
Okay let's -- the promise of your of your thought there.
That assumes then that that extra money that extra cash will go toward deficit reduction and that would be good for everyone.
But there's no indication especially Democrats are in control.
That that extra money is gonna go to any thing except extra spending because they've shown themselves entirely capable of spending a lot of money.
All it wants so would you not agree ban even -- -- you know of solving days of the year you know -- here.
Not senior years -- your middle -- years.
When you agree that that money and that money is not gonna go toward deficit reduction it's just gonna go to mark more liberal spending.
I say that this is a problem about the Republicans and Democrats and you look at the chart of federal spending under Mr.
Very very steeply I.
Criticized that I'm with you on that I'm Wendy on that you write about that's us there but now the Republicans are getting serious they're trying to get serious about spending cuts we -- Credit -- but they're trying.
Dare say they are they ran up the deficit sounding incredibly Beers under mr.
-- I love -- -- -- -- a great guy.
But they ran -- the deficit then as it moves that would autumn budget that balanced budget amendment look I agree totally agree there should be measures in place to make sure government spending is controlled and I am in total agreement the idea that the ball hard working people of America should not be taxed to death does avoid bombs and there -- new wells.
That being said.
And people who are billionaires -- -- guns ten million dollars a year.
They can't easily avoided paying more taxes absolutely lock in -- divisions.
The require cutting government spending but let's tax the rich more than just -- man up and -- Then not then numbers -- don't really add up to all that much really right maybe it well -- it's -- Is that right -- if you double that rate that Buffett cited in his speech today the one that Obama reference.
-- double it to say 40%.
I think the amount it ends up being is about forty million dollars and our deficit is about one point six trailing and just for you know the current budget year so.
It's it's some money but even if it went to deficit reduction which we know it's not going to.
It's kind of it's just a drop in the bucket -- Now we -- yeah.
But we know that if we -- the taxes at the level -- they were under President Clinton.
That then that we would now not be running a deficit -- -- Iran on wars exhibit right out -- what we don't know.
-- that's the problem Laura we don't know that's true there's no clear data.
That shows that a higher taxes correlate with fewer jobs there's there's no data -- that lowest emblem unemployment we've ever had and will work out you when we had very high taxes.
There's also a lot of other things going on and we had a huge magnets that center in the there's always a lot of great -- -- -- absolutely and we why don't.
Go back to the East Coast because I think given out on the left -- on come back where we -- -- come back an open I don't care why you.
Okay I let out and you are right landing at right back then.
Very good video as always only.
Filter by section