A Political Fight on Taxes?
Rep. John Fleming brings us the latest news on Capitol Hill
- Duration 9:34
- Date Sep 19, 2011
Rep. John Fleming brings us the latest news on Capitol Hill
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We're welcoming a very special about I -- today congressman John planning a Republican from Louisiana is here in New York City and then we're going to be talking about President Obama was.
Ideas and what He feels might actually help our economy and that is by taxing those that are making over a million dollars that He has raised the bar essentially yes.
From no tax cuts for the -- to 250000 dollars now a million dollars is this.
A reasonable compromise do you feel.
I don't think so Judy first of all He really plans.
Not to renew the bush tax rate so in effect he's looking at increasing.
Taxes for 200000 above and then another increase.
For millionaires and of and that doesn't count the 800 billion that's coming our way through Obama -- So we're looking at one point five to 2.5 trillion dollars of additional taxes.
That are coming our way some of them without -- action at all there'd -- they're gonna happen organically.
So then what do you feel the Republicans have a solution that would be better than what the president is currently planning obviously -- Spending cuts because loopholes those are a lot of the republicans' ideas but is that enough to get us out of this.
Well first of all we can and improve our revenue side.
Reforming our tax code and that would be lowering -- rates in removing a lot of deductions that would make it fairer tax code.
One that people -- -- in business would worry less about taxes and more about profits.
Which then would make it possible for them to hire more people they would be and pay more taxes.
But also what I'm hearing from my constituents.
And I'm a business owner too is number one Obama here.
Don't know what impact it's gonna hand corner labor cost it's just incalculable.
Number two regulations or drowning it's like an avalanche.
And so I think there's something like 218.
Schedule -- Regulation initiatives.
The number of projects in my district are being held up because they can't get permits through the EPA and so forth.
So I would say those are two major factors and the third is.
Access to capital.
Regulators are on the backs of community banks.
Got hold till owners who want to build more hotels in my district they can't get access to to capital.
So these are the key areas without spending any money we could create hundreds of thousands of jobs and lastly energy.
I'm from a very energy rich area of the country we have the largest natural gas.
Deposit in North American.
We Iran and attacks on hard to -- We also can't export natural gas because that's been held up three.
And finally this moratorium -- permits for offshore drilling and hundreds of thousands jobs losing.
The rigs to go offshore to places like -- And then we're subsidizing.
-- drilling that's going on there so we could do we can create millions of jobs without spinning in time.
But we should it -- get our spending down and Begin balance our budgets that way they'll be more capital for the prime.
Except what about Medicare when you talk about you know we talk about Obama -- Republicans think that was the biggest waste of money absolute.
President Obama is sticking to the fact that He He he's going to veto any package that cuts into Medicare.
Without raising serious revenue.
Well first of all who Obama here cuts -- half a trillion dollars in Medicare does that from the very get go.
It really -- sold it.
No no I don't know anybody beyond our ability -- you think the American people.
Thought that that Obama care he's you know we're all sold on Obama -- that the of the port would be.
Well the only marketing that was done by the president own -- here He is if you like your insurance you keep it.
And your insurance rates will go down the legally -- what is that it was going to insure all those uninsured in this country is that was Powell He had.
The Obama administration sold sold as well as that the war people with children yes people that don't have health insurance and need -- You know fifteen million people that are uninsured were going to get health insurance yes but I don't remember him saying oh and by the way it's gonna cost.
Right now trillions of dollar note that we didn't get the bad -- -- -- Medicare fraud because the concern was for senior.
Absolutely and remember that in his new proposal He adds another 248.
Billion dollars in cuts on top of the 500 billion so now we're at three quarters of a trillion dollars.
In cuts and is supposedly coming out -- fraud waste and abuse no one has a clue how that's ever gonna happen.
What about the money that He is hoping to succeed in pulling out of the wars in Iraq and Afghanistan.
The Obama administration is counting another trillion dollars in savings over ten year period.
That sort of accounting though seems to be on realistic because He cannot predict what's going to happen.
Right in in Iraq and Afghanistan if you pull out too early you're obviously sending a message.
-- war kids that -- -- come out of of another area in the Middle East and then we've all but lost lives yes.
And money right and what are we have.
-- go for it dead that's the budgetary sleight of hand the CBO is already calculating that because.
We're on a downward slide in cost when it comes to oversee contingency operations.
So to claim a trillion dollars in savings this -- he's claiming credit for savings it's already they're.
We already know we're winding this down the savings will be there.
And so anybody whether Republicans or Democrats claims trillion dollars a savings He just simply piling on for eight dollars.
What part of Republicans do you believe our outlook you know are going to come up with an alternative solution this is obviously very.
Convenient for -- Democratic Party right now because they are getting ready for presidential election here they're thinking He needs to turn this around and He doesn't have a much time left right.
What are Republicans going to do to convince the American people but their plan is better when it comes to the twenty -- blocks well for first of all.
Our perception if his plan is purely political -- He knows it won't get past.
Republicans and not gonna -- -- -- -- He used to prove to Democrats look I went and I fought hard against right.
And then he's gonna campaigning -- -- so called you know congress that -- That's -- is playing and I mean it's pretty transparent right what we would do is what we've already done we pass to cut camp and balance.
He wouldn't say four trillion dollars it would have gotten us into a glide path to balancing the budget.
In that would have been tax reform as we discussed before lowering the rates -- -- deductions.
And that we can get the senate to take it up so.
Our I think our plan our long range plan is to get a new president in the White House take control of the senate and then Begin passing the kind of initiatives that the American people want can He get reelected with an unemployment rate the way it's had I don't I don't see how can any president.
I know that no president that I know of ever has except.
Maybe FDR during the Great Depression.
But I think it would be a very special set of circumstance how.
These sell this package OK I want attacks I want -- I want it tax increases when many are saying that this is not the times to increase taxes that we need to.
Actually give corporations have breaks that they can hire more people and lower unemployment really.
How does He sell -- and saying that if I -- go ahead in tax the rich the rich that are hiring the middle class right that this is going to bring our unemployment rates down.
That argument doesn't seem to.
-- -- -- -- -- -- And -- -- business on a business owner myself.
I follow either -- an S corporation in some cases reporting LLC which means that all profits of the business -- in my personal return.
Which means that the capital I have that's left over after I feed my family right is for reinvestment in my -- -- right back into your business exactly which means growing jobs.
And if that is taxed away -- -- fewer jobs for me on the corporate level when you look at the large corporations.
You hear about companies G taken jobs overseas to China and places like that why because our corporate tax rate is -- highest in the world we're not competitive.
-- -- you just heard Scott -- and if you're saying that that is not true what do you say about when when it wouldn't wouldn't wouldn't.
-- you know some will argue that that we don't have the highest corporate tax rate.
And we absolutely do I mean are you got -- news -- the congressional research service.
The CBO any -- tell you that we do.
And here's something that I heard -- mention that a lot of times he's really confusing.
We've had how -- rates in the past but we've also had much hard deductions in the past so if you -- those out.
And then you add back the state taxes these sales taxes and all that.
We -- that we -- the heaviest tax -- so we need to -- have higher deductions.
No I'm saying that it well if we were to be equivalent to write that is we brought deductions then we would be at a lower tax -- -- before.
But the bottom you'll let out would be hell I I think we need to go the other way no the problem with -- you get in the tax preferences and was all about who you know.
And who your congressman is and why he's getting for you who's who's -- here is going to be ignored.
I think we need to do away with a lot of deductions except for maybe charity and homeowners and bring the rates they -- And that -- business owners worry more about making profits and growing their business rather than dodging around and ignoring their tax burden.
Well are able thank you so much congress re -- -- -- coming on and you're going to be on Fox Business so what do you say at 1 o'clock we wanna make sure to write that appearance as well yes.