Gov. Calls Billionaire's Bluff
Christie's fight against so-called 'Buffett rule'
- Duration 8:00
- Date Feb 25, 2012
Christie's fight against so-called 'Buffett rule'
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The governor calling Buffett's bluff.
She wants to pay more taxes let him I mean I just heard the Democrats just trot Warren -- out.
Every time they wanna make a point about raising taxes on the American people which -- just got our insatiable about if you really want to contribute.
Right checking you should you've got tens of billions of dollars whom you trust Barack Obama without money the right -- to give it to him.
At the big governor tell in the big billionaire to put up or shut up.
So as Christie's fight against the so called Buffett rule exactly what America's economy needs -- picked up.
-- body I'm David -- welcome to Forbes on FOX let's go into focus wiz the man himself Steve Forbes Victoria -- Rick Conger -- ball one which -- guard and Elizabeth.
McDonald Steve what do you think of the governor's idea.
But it's my home state governor he's actually right on this this is the -- full rule.
If it was ever put in order her debt capital creation job creation and or hurt upward mobility.
In Britain they raise the income tax rate David to 50%.
Then -- -- got less revenues but the economy's doing pore than expected so this is nonsense the governor is absolutely correct bill is this the buffoon -- listen what's so terrible about a 50% tax write what they say in rats.
Not to do that.
Today for you tomorrow from 85050 split -- -- -- works it worked in the Reagan.
At first term in 1984 the top rate was 50% it hit it 80000 of isolated on how many how many.
Our own person and -- your are right I -- wrong in us history with 70% when he came in office he rises to fifteen when he reduced it to 28 -- that was in 86 again academically but that don't read my dog apparently a lot of people here -- what about 840%.
Tax increase in the -- -- which is what -- suggests that.
Oh my god bill you know your IQ is three times your advocated tax rate but you lack common wisdom.
In this look at what -- Atticus in the Bible they're suggestions of a double -- that's 20%.
And thousands of years of human history show that.
When you raise taxes more than about 20% people take a base of action.
So you can tax people at 50% and you'd still get Warren Buffett paying 17%.
All right well -- hopefully without using the Bible for tax advice what do you think about all those.
And -- you're you're in no danger look Chris Christie would do himself a big favorite he be more careful both with what goes into his mouth and what comes out of his mouth.
This line is a silly playground thing and it does not work in politics.
We know what Warren Buffett is saying here we -- know what this rule is intended to do it is not -- It is simply not fair our country that employees.
And debt paying more in taxes -- employers and if you believe.
That lowering the tax rate will create will create employment that you know what lower the corporate tax rate because that's who employs people and -- -- down.
He -- it's just a little bit as an accident as drivers say there's talk.
Hold on to say -- the top 1% pay what about 40% of all the federal income tax had a top 5% so they're not they're not how.
They're not they get away with murder -- some people suggest again a top 5% pay nearly 60% of if Buffett wants that cut to cut the deficit.
You wanna create more prosperity for the people actually pay.
And create more of people in those brackets that they can help cut the deficit.
Look at admit I'm tired of Buffett's you know unbearable rightness of being where basically he's just going on -- guilt trip for investing the bird float -- insurance companies.
And and watch somebody else to -- you know Britain have their taxes raised look at here's the issue there's -- -- Buffett tax and health reform on investment income.
And basically we don't want DC wasting Buffett's money.
On the lender is in G ends and cash for clunkers and also we're gonna knots and that's the issue -- Victoria we don't need the Buffett tax increase we have the Baldwin that tax increase -- -- says about a 40% increase.
On that to operate up to 50% what do you -- of that.
Yes I'm I'm sure I and I'm disappointed -- I mean really we want wealth creation in this country.
We want immigrants to come here and build companies that employ other people and you're not gonna have that if we have exorbitant tax rates.
Look what but Buffett this whole thing is is a fallacy I -- his comparing himself to his secretary went capital gains.
That money has already been taxed at the corporate level it's a double taxation so bill I can't believe you wanna increase said.
Which we didn't do a triple taxation somehow a bad -- -- Listen let me tell you why the economy ward was up 6% in 1984.
Because with a government taking half your money.
All those job creating entrepreneurs had to work twice is hard to I -- I thought.
David yeah I had actually.
You don't want all that Stephen Miller sitting right next to each other and literally every every so I also remember that aren't even.
I don't I don't after -- bill he he he's.
I think they're trying to trying out for circus act today what what what what -- the economy in 1984 with sound money.
Across the board tax reduction reducing the top tax rate from seventy to fifty Reagan continued in the boom continued throughout the 1980s.
By the way just little factoid today.
Middle upper middle class Americans pay 13 of the tax effective tax rate the so called Buffett and billionaires do and there is a difference between capital gains and in com.
Buffett can't recognize -- he ought to go to back to economics minus one.
01 Rick go ahead Rick -- Yeah I'm I'm still sitting here -- really badly for that top 4% paying all the taxes.
We -- to compare how much they paid taxes vs how much of the nation's wealth.
Is in their pocket of -- about right fairness I've.
This is exactly the problem and I thought I like I -- -- This is exactly that the logic problem the drive me crazy about this administration.
Is it that -- that yeah really hard in a press fashion.
You're a lawyer you're making over 250000.
Dollars a year good for you you -- twenty years you rector -- -- And now you need to be punished.
If you if you really -- -- right -- -- you know these.
Oh yeah -- -- go ahead Victoria spot on it's about the morality -- success and the immorality of government spending a play is something the president and corporate tax and it's not gonna hurt small but it's not gonna.
Help small businesses they -- at the income tax rate the -- gonna hurt the big.
Driver of job growth in this country and rich why would -- around Silicon Valley nobody's documented as much as you -- what what happened to all of those new inventions all those new companies that the Green sprouts if we raise taxes 40%.
Well you'd still get a lot of entrepreneurial energy you just wouldn't get as much of it on the margin a lot of entrepreneurs in India and China and Vietnam the kind of people who come to Silicon Valley.
Would start looking elsewhere you know Australia and Canada and other countries are competing like crazy to get these kinds of people.
And so we always have to realize that we're in a global competition.
And that's why tax rates really matter today.
Bail -- rich how would you like to get rid of the Alternative Minimum Tax.
-- -- -- -- Okay I -- desperate at that when I have this new tax on rich people and I have a way of defining what riches but it.
-- might I don't know if everybody is clear that I said robbing from Peter to pay equality we we need really aggressive growth in this country don't we stations it's all about the the price of success price of taking risks and -- the price of good things like wrist taking success and productive work.
You elect get less summit and in the 1970s we had a 45% capital gains tax rate and we had a stagnant decades.
-- -- -- -- Well and and by the -- -- -- Buffett has spent his entire life avoiding taxes he doesn't right now he by then all of so this capital gains -- what do you think he's still paying a lower rate -- -- you know I.
They all -- Yup they always right outweighs again thank you -- very good thing.