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Taxing Times

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    Chris Stirewalt and Susan Ferrichio discuss Obama administration on taxes

  • Duration 5:48
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Effective tax rate on the energy.

Industry United States today.

Is much much lower than the average.

It's slower because the tax -- provides a substantial amount of subsidies.

To those private companies.

We proposed for lots of reasons.

Mostly because -- is -- more efficient.

To -- some of those back now if you oppose that -- -- yourself who should pay.

For the subsidies.

That was Treasury Secretary Timothy Geithner testifying before the house Ways and Means Committee last week giving an advanced look.

-- the members of the congress about the tax plan with the corporate income tax profit tax that the president.

That the administration is rolling out today and this is power play where we are.

Gratefully grateful to be joined by -- -- she's the chief congressional correspondent Washington examiner and who has not.

Apparently given up her Blackberry for -- I would say.

And Susan the president today the White House today.

Is putting forward -- plan.

In very broad strokes.

Describe it this way.

Takes it would take the current top income tax rate -- and income tax rate from 35% to 28%.

And but would increase the total amount of taxes -- they say by US corporations by a quarter of a trillion dollars over the next decade as they increase taxes on oil companies.

And corporations that have enterprises overseas so for what if you are Exxon or you -- Wal-Mart.

And you have either you're oil producer -- you have a lot of stuff overseas you would face them some pretty stiff penalties and something like this.

Obviously this is not going to pass you could not pass this even -- -- Democrats in the democratic senate would not even touch this with a 1000 foot pole why is he talking about it today.

Because he's running for president it's a perfect thing for him to do right now.

To look at the top stealing his thunder away from the Republicans all the talk about as -- tax rates kind of help create jobs he would corporate tax rate well the president's provoked proposing his -- -- lowering the corporate tax rate which in his view create jobs is doing taxes just to lower the corporate now.

It's -- it's model does so it's it's harder for the Republicans to come out and get that message across to voters that is not really lowering if you Obama get down on it on the -- -- on the island corporate tax rate to 20% he says it over and over and over you know -- you -- you know -- in the -- -- probably -- not -- it's not -- exactly that.

DC -- it's easier for him just it's easier for him to neutralize the effort by Republicans try to say we're the ones let -- carbon tax -- so it's a Smart.

Really offensive.

On on the offense kind of moved by the president as he moves into this -- Critical election months ahead to say hey hello of the corporate -- straight -- just did now I am just this.

What country -- and I don't know a lot about everything but I think you may be giving the president a little too much credit here only for this.

Gas prices are -- now.

Economically -- and he's proposing a tax increase.

Oil company second part of -- you can hate you -- hate oil companies.

And still recognize that if you increase the taxes that they today.

You are going to get more for gasoline.

Or Wal-Mart for that matter -- he -- this is where Republicans could win the argument I mean -- the gas prices this summer are going to be critical here I think because he'll be campaigning in the talking about this new corporate tax rate.

And we -- can say let's watch the prices go over the -- just let them go up even more under the president's plan and you -- -- six dollars a gallon -- you like living in Europe whatever they -- there so you think they can make a great argument as well so it'll be really perhaps discuss this summer really shifted dueling tax plans.

That gets harder so he gets harder to get the public to pay attention to those fine details unless they're paying a lot more and then you get analysts.

Well I think if people think five dollars a gallon for gas -- they were saying they will not be listening to anything because they will be screaming at people and say I cannot wait to go vote against every incumbent with the who do I should come across.

Do you.

Do you see any gamesmanship appear between the U Obama -- -- White House and the Romney campaign Romney has his tax plan that he's getting ready to -- this week so they're trying to squelch that do you think.

Well -- you know that is a great theory that the two would be you know to -- -- corporate tax series it's hard to know yet whether that whether one knew about the other but it's -- arriving to come on now with his and.

Especially because Rick Santorum has likened the quadruple version of what Obama's -- -- he -- -- 0% in president wants to have to reward manufactured by and then having lower tax rates and -- says zero.

Taxes on -- -- actually -- the easier they'll keep.

Would have to tax people who aren't manufacturers yes but he says 0%.

For his Rust Belt heartland he says we take -- that is your present and will get.

We'll get Wheeling Pittsburgh -- back up and running again in the Ohio valley and that's his life his voting base that's primary is like that's a that's a Smart move on his part.

Didn't she -- Internet if you just aren't you argued just that happier.

Internet when she comes on.

And we do thank you Susan and I also want to before we go.

It's they are with the who changes his views depending on what cities and Santorum religious zealots and the government's -- and why.

We want any of the and we want any of these men why so -- -- you get the the actually -- Ash Wednesday award -- but we thank you very much for watching and we thank you very much for being witnesses.

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