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Since today President Obama signed the national health care -- congresswoman Michelle Bachmann has been on the warpath by and she thinks is lousy for the country to Thoratec slower so what does she think about the 500 million mean.
Violence in order the IRS.
Nice to say -- it's good to see you Greta great to -- -- I was no secret that you don't like the president's national health care but I'm curious this 500 million dollars -- -- Transferred to the IRS to implement programs including the individual mandate.
-- how does that happen is it outside your new appropriations processors -- the normal way it's done.
No it is outside -- normal appropriations process but it is a part of the obamacare legislation.
In fact it's far more than that -- in the Obama care legislation.
Million dollars was put into that bill.
For the overall implementation of Obama care now that's going to go to a lot of different things and this year the Obama administration can't wait to shout.
Almost a half billion dollars into the coffers of the IRS because they're doing everything they -- get obamacare up and running.
-- -- case the Supreme Court decides to make it go away.
I'm particularly annoyed these days about the way funding is done -- money when money spent in Washington and them some curious and maybe -- -- maybe not the right person that's countries like he may in this said this half a billion dollars is five million to implement the mandate and nothing is of course we don't know what's gonna happen the Supreme Court is that how they can figure out these numbers telling us not 600 million or two -- nine or 7000 dollar limit my company's.
Well I'll tell you what's even more profound when the obamacare legislation passed Greta if you did a lexis nexis search Arab Google's search.
You won't find one newspaper story about -- 105 billion.
Million in implementation money in Obama -- nobody even knew that that money was in there how can congress passed a bill.
That as a 105 billion edit and nobody even knows about it.
That's how out of control offices so this 500 million dollars it's being transferred to IRS.
They can do this the Obama administration could do it it's -- Obama care it's legal.
But what people need to realizes.
It isn't just the Health and Human Services Department they'll have to deal with in the future.
It's the IR asked that's going to be breathing down their neck.
When it comes to health care so give me a break when people have a problem with their health care are they gonna pick up the phone call the IRS for help.
But it's the I -- that I wore the enforcers.
In the future when it comes to this health care debacle that's why obamacare is got to be repealed it's got a golf.
And the I don't -- not give a big -- IRS on either side of the allies about granderson in right now and then McNabb pick the best government agency in order to have be part of this but death.
We turn now to have Vice President Biden -- he's hitting the campaign trail.
In New Hampshire and he's going to be talking about the the Buffett rule I and I know your -- to it why you posted it only affects a very small portion of Americans have disputed you have to earn about million dollars.
And dead that you had to pay 30% of your income earned or -- I guess.
But -- I'm a former federal tax litigation attorney in one thing that I know about tax -- is.
The top 1%.
Of income earners in this country.
Pay about 40%.
Of all taxes.
1% of income earners.
1% of Americans pay 40% of all taxes.
Now the interesting thing he has when they want to put that rule into effect that's effectively going to wipe out all exemptions all deductions.
From these people now it's really important to note too that the top 1% of income earners.
Pay about a 30%.
-- tax rate now that's because a lot of their income comes from investment.
So -- 30% because we have the highest corporate income tax rate in the world but now.
-- Obama plans to double the rate of investment tax which is called capital gains tax.
When you combine that together we're going to see far higher than even this 30%.
What President Obama is engaging in right now.
Is -- -- the country based on how much money we make.
Instead of focusing on that what people call class warfare.
We should be focusing on.
How do you create more jobs and how do you have higher paying jobs in the way you do that is -- jobs.
Keep more of their money so that they can put it -- of the jobs.
He's gonna create taxes -- I hear.
On how you create jobs and that means lower jobs fewer jobs and lower wages.
Well the thing that bad that doesn't that Eminem look at him look at the numbers is -- if you raise the revenue on that group of the -- rule.
They -- raise about just under 47 billion dollars a year 47 billion.
Our deficits are trillion dollars a year so -- -- in a matter which way -- no matter which way in this fall's is that this buffer rule is gonna go is not as we like a drop in the bucket to try to solve -- more profound problems structural problems.
In our economy in in the way we collect taxes and it's a far bigger problem.
All it yeah you're exactly right because what this will do is give pres Obama bragging -- that he's somehow being kind to the middle class by sticking it to the wealthy.
But the fact is it's the wealthy they -- the job providers in this country and what all of us need to recognize is under president Obama's policies.
Come January 1 of 2013.
Less than a year from now.
You're going to see a giant sucking sound of jobs and hundreds of billions of dollars of investment money leaving the United States.
Going to India.
China South Korea Brazil.
Places where they're changing their tax policy to be tax friendly.
For job growth shouldn't we be the best tax climate for job growth instead under pres Obama we have the worst.
-- climate to create jobs.
Well we certainly do something and now but I'm a -- the last word on that -- Cashman nice to see it thank you for joining us.
Thanks Greta it's a pleasure -- again.
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