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Potential impact of Obama's 'Buffett rule'

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    Debate rages over raising taxes for wealthy

  • Duration 3:55
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This transcript is automatically generated

Part of big sell out of the corner of wall and broad today some linking to the president's call for higher taxes on the rich that of course is nothing new the timing of it.

You might just -- it been more coincidence and editing but California democratic congresswoman.

Lynn -- supports what the president is trying to do by enforcing the so called Buffett rule but those -- better than a million bucks should pay at least a 30%.

Of tax rate.

Congresswoman do you think that that that unnerved investors.

Well.

I represent one of the wealthiest.

Two constituencies.

In the country and I'm telling you they tell me that they know.

They can't be the only ones that are making good on this economy they want middle class Americans to do well as well.

It's clear that if a secretary pays a higher tax rate than a millionaire.

If the wealthiest are getting wealthier and the middle class is.

Is losing out that there there are out there fate is worsening there is something very wrong with the system that we have today.

All right so let's say the way you address that role okay -- the -- address that and correct that's Wednesday.

Plus it's a lot of rich votes -- It's two.

Get a lot of there of their income on -- doesn't say also dividends and capital gains that sort of thing.

That would effectively mean doubling that tax -- On many on on Wall Street say.

That that would be very very damaging because there's very little reason to invests.

When the cost of investing as respectively been -- Will use.

I say it's worked in the past without the wealthiest giving.

I hand -- end and without them having to do their fair share but I also say we can do more.

You're not using they're not doing my parents budget and that is I don't night doing if there exists an alliance -- the tax in this country.

But the rich are not doing enough.

Well actually they might.

-- also where they are also.

Benefiting.

To a much greater degree than the than what the taxes they are paying you pay taxes because you are benefiting.

And win the middle class is worsening then we know that we are not standing up for what America is all about foreign.

All the way around about five out a way to rectify -- out of the well is -- -- all the way to render your -- your sagging the middle class all right but this that you're saying then that the way to reconcile that.

It is it's -- debt.

The tax is -- -- the rich to bring them down rather than provide an incentive to bring the middle class up that seems -- back.

What seems like it's Connor intuitive because every time we talk about what the middle class needs is the top 2% who put the pressure on.

Those of us in the congress too and not let.

What we know needs to happen happened.

They want to shred this don't they wanted to see you cut spending -- -- problem.

Forget about charge of the product been written a private not for them but for that the pour -- and the middle class it depends on who's.

Going to be harmed by cutting that spending.

And you -- -- is -- Barbara.

So -- original happy let's go to Afghanistan and you know O'Neal all right but -- the rich are happy to pay more taxes if it goes.

To getting spending under control you're telling me that won't change your just gonna take for more government.

No I don't say that that's what we do I say we also.

Go with that progressive caucus budget which.

The brings our troops home from Afghanistan saving over a trillion dollars over the next ten years stopping our investment in.

Are our in our around.

Nuclear rob got you RA than normal -- by not investing in in our whole war well all right they're on how much we can do our -- shredding the little caveat for runs out of this country seniors.

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