Why Bachmann Says Cain's 999 Plan Won't Work
GOP presidential candidate weighs in
- Duration 8:55
- Date Oct 13, 2011
GOP presidential candidate weighs in
Also in this playlist...
This transcript is automatically generated
You for -- block.
Congresswoman from the great state of minutes wanted -- They have mourning period this.
The we were talking a little while ago about the very latest Wall Street Journal Paul.
GOP primary member voters is leading Mitt Romney right now at 27 to 23 Rick Perry has lost when He points he's now -- 161 thinks about McCain that people.
Like about him.
He's not a politician but they say that his -- is 999.
And -- it's easy to understand and they like it and you don't like it.
-- it won't work.
Well I'm former federal tax lawyer I've dealt with taxes than the tax -- all my life and also have a business operator of member of congress outside the last thing you'd do is create a brand new pipeline -- -- revenue stream for the United States congress because once you create a sales tax with the sales tax once He created new attacks it will.
Never go away and I gave you one example in 1898 congress created the Spanish American war -- -- It's been over for a long time the Spanish American war.
It in 2006.
Which is partially.
Got rid of that tax we're still paying a portion of it so once secret attacks you'll never get rid of it but you gotta consider.
In some years difference in some Washington DC.
You currently pay a 10% sales tax so if you add the -- tax that -- at 19% of sales Tenet he's doing what we didn't.
Perhaps as we go waiting room.
Well but you never know because you see the way to congress works is congress controls little dial numbers -- I'm.
So that thing is you can go ahead and dial up the tax on income tax or the corporate -- -- rather than 999 you can bet.
Or forty -- and 49 and that's how congress works.
They haven't they have a revenue appetite it is never enough money so what would you do that.
Well I'll tell you what I would I've got and I want people to go to Michelle Bachmann -- -- I've got my whole economic and jobs recovery plan because again.
This is this is good this is a plan that hurricanes going forward but it's -- tax plan.
It's not -- jobs.
-- -- the national.
Wasn't there would you go for it.
What I love like Italian I -- lower tax -- I think it's great but again in his plan doesn't work without the sales tax and that's the question.
It's up my plan has not only attacks planned an -- but it's a jobs and economic recovery plan that's what we need is a whole package and I got -- Blueprints for that and so that's I want people go to Michelle Bachmann -- -- but for my tax plan.
I take a page out of one of my great.
Economists that I admire Ronald Reagan and out of my text plan I want to adopt.
The Reagan tax plan.
-- -- that economic miracle of the 1980s.
Why not go with what works you can't argue with success.
I want to reinstitute the Reagan tax model from the 1980s.
I wonder what Donald Trump we'll think about that because you're gonna actually be meeting with him right after you're here on fox did you -- -- -- -- I wasn't telling anyone where.
A pileup that's.
Fox knows everything yeah I very -- me your messages I've just gotten -- -- -- -- -- -- Donald Trump today.
-- -- how -- and whispered something in your -- -- -- what do you hope to gain from this and do you find it fascinating that meeting with Donald Trump has become an important step.
For every member of the GOP.
What is because it remembers splashy meet earlier this summer He made a huge -- was leading in the -- Because it because He was telling it like it is very bold and I I like him on a personal have a highlight can't I've met.
-- -- before and I look forward to its -- surprised you knew about it -- in the press at this morning and I are.
You said some He said some really nice things about you when He was here -- joins us every Monday where it's -- personality right and He certainly knows he's -- -- -- it comes to the economy.
-- congressman Bachmann you also know do you call that Bank of America.
For saying hey we put given -- 5%.
Fees for for using a debit cards which He said I don't really think the Bank of America is to blame you point fingers back to senator Dick Durbin and the senate.
Well that's right because congress really force this didn't they because they passed the housing and jobs distraction -- Which is also called the Dodd-Frank -- and -- -- -- on the financial services committee I saw this coming that's why I introduced the bill to repeal this.
Because all it does is drive costs up for the consumer.
It drives costs up when you go to get a housing -- it drives costs up for a job -- -- we have it it's a job destruction act.
That's not what we need right now.
And because the federal government squeeze the banks the banks got to figure out some way to replace that revenue so they're jacking up the fees on debit card -- hurts every.
Can anyone want -- to the non tax attorney like me.
They tell me why -- Bank of America going up 5% is just -- reaction.
To what what happened in washing it -- -- because the federal government took in -- a wave from the banks they said that the banks you can't make a profit.
When you when people go to swipe your that they are cracking down on.
-- with -- yes and it's because.
Former staffers of senator Dick Durbin -- went to lobby him isn't that can be so former staffers went to talk to their former Bosnia thing you know next thing you know they're passing it really cushy sweetheart deal for the clients that they represented.
-- -- -- -- backlash and now the consumers.
Pay for you five bucks a month five bucks on -- at first that's the first Nancy there's going to be a lot more that -- because the way it was sold originally was that senator Durbin was doing missed helped install yes it's it's a win some of the Wal-Mart where all of Wal-Mart I do -- But he's gonna help we were a Wal-Mart at the expense of the banks and banks are saying wait a minute.
We're not allowed to make a profit but Wal-Mart can.
That's what's wrong because we shouldn't be having government politicians.
Choosing who gets to win and who's gonna lose because then -- whoever is politically connected right.
That's what I heat about Washington.
And that's what I want to get out of Washington.
Is politicians getting payoffs from their political contributors and then they deliver the goods back to their contributors we should all be equal under the law sure that's that's -- America ship -- Instead of quid pro cash -- That's a good way to put it thank you very much when your colleagues in the US house congresswoman Debbie Wasserman Schultz she's been out talking about.
You know this was a month or -- ago talking about how many jobs the administration was created.
Yesterday she was on our program if you were there any.
I didn't think as I thought -- -- -- like talking about now listen carefully here's what she said yesterday on our program via satellite listen.
McConnell believes that if He got a Republican in as president that that they would create more jobs I gotta get -- quickly asking them out what you elected leaders out.
They'll access to create jobs I think it didn't trust me this time around they're gonna be electrical heater that's gonna create some jobs -- that's don't know why we need a new president.
That's when I'm elected to create jobs.
She's admitting number one Barack Obama didn't create new jobs very sure well jobs are lost either -- she's just become a Republican and she and and I got -- I think government does a great -- with the private sector creates jobs but I don't think we're suggesting she switch and -- -- -- our last night I was in Washington voting for the free trade agreements.
Which we should -- past four years ago when -- got through thousands of jobs that they got it got through last night.
I got out of Columbia met with president Santos this this is a big win for American farmers and American manufactures -- create thousands of jobs it's about time that for years too late President Bush won that badly He also President Bush had it ready to go all and it was Nancy Pelosi and Harry Reid that said no dice and -- course that costs thousands of jobs.
Right -- jobs that we knew you got a lot of people working for you in Iowa is -- strategy right now that.
You know Iowa Caucuses that's -- first thing if you can do big there you'll do big everywhere so that's.
Absolutely I want Iowa straw poll in less time than any other candidate that the government and the race the first woman to ever win the Iowa straw poll that was a huge win and it's the biggest drop all -- the contest yet so we are focusing on Iowa but we just finished a four day bus tour in New Hampshire that was extremely successful.
We spent weeks in South Carolina and Florida so we are in it to win.
Right in Corsica becoming a very soon very soon -- an older -- her usual.
Nineteenth that all that Christmas and I tell us and I think that was born there they don't ask don't have a breakfast with the dumpster.
With the Johnston athletic -- now okay now let's say he'll have caviar outcrop area cards like and delicious I write Einstein to see you pay hundreds and.
The guys aren't good luck.