Obama playing politics with tax reform?
All-Star panel weighs in on 'Buffett rule'
- Duration 6:12
- Date Apr 10, 2012
All-Star panel weighs in on 'Buffett rule'
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Given those tax breaks to folks like me -- don't need him.
Or could give no warmup at WWW.
Or Bill Gates he's artists and I don't need him.
Or no we want to keep investing in those things to keep our economy growing and keep us secure.
That's what you have to go lowest private sector -- -- -- recognize that the best way to create their growth is to -- capital.
In the treasuries.
But the job creators.
Former President Bush a rare appearance today and the current president in Florida talking about the so called Buffett rule embracing that raising taxes.
The specifically on capital gains for the -- as -- -- couple look at some polls for the Obama approval according to.
The latest Washington Post ABC poll that you see approve and disapprove but handling the economy it's a different story in this poll 44% approve 54% disapprove and head to head against Mitt Romney.
Which do you trust more to handle the economy -- -- 47%.
To the presence 43.
And wish you trust more to protect the middle class again it changes 49 to thirty.
We're back with panel Charles what about the so called Buffett rule and how the president is using it and talking about.
Well let's understand where I was about this is absolutely nothing but.
Re election politics what he's done -- -- literally you paid -- 99%.
Against the 1%.
And he's done it in the clever way -- In the streets in the Occupy Wall Street streets never have the -- to actually.
Gonna come up with this idea this is a way of saying it -- take the money from the rich and give them to report.
Obama is not a good governor he there's going to be -- present but he sure has had a campaign.
And that and the second to sort of political genius here is.
Essentially what this is about is raising the capital gains tax is the reason that the rich are paying less is because.
So much of the income of about food or Romney's -- capital gains.
But he doesn't sell it that way he sells it as the fair share of the rich.
And paying a minimum tax the reason he does that is because everybody knows that if you look back over the last half century.
Capital gains taxes have a perverse effect you race and you reduce the amount of money in treasury gets you know -- you increased the amount.
But in 2008 when Obama was asked by Charlie Gibson.
Would you raise capital gains taxes even if it brings into the treasury less revenue is as who is yes in the name of fairness he's running on that fairness then the economy.
-- don't run on efficiency and I'm not and I don't really care if the rich to get ahead on account of that and Obama has a good idea usually can't run on his record.
And he doesn't have a visionary program for second term so why not run on fairness and -- Well this is an issue that dating back more than a year has -- very well from -- the last Associated Press.
Poland -- -- 65% the Washington Post that same hole talks about.
What about the issue of of unfairness verses over regulation and unfairness speeds out over regulation.
In terms effect on the economy.
This is also the political equivalent of shooting fish in barrel because they have Mitt Romney to target so.
Mitt Romney -- a thirteen point 9%.
Rate of taxes he's trying he only releases one year and a half of this tax records.
There's reports now that he's sheltering has his earnings from -- -- Swiss bank account and he is really the perfect.
You know for oil for you know.
-- sort of profile of the opponents of Buffett rule.
President Obama is not a lot of money he says on his -- they hit it in the White House website it says it's a key step to reduce the deficit it is not.
But it is it politically it is it is a distraction from the march jobs report that we are you know learn about on Friday.
If the economy begins to tumble here a lot about fairness.
It is true inside those polls however that.
Voters look more to the the handling of the economy issue in the job creation issue than they do to the tax fairness issue.
I just think politically it could work if the economy continues -- strong because of the profile of Mitt Romney has this very rich man who hasn't paid enough.
Yeah look at it it'll probably work politically but the reporters have a job to do here -- isn't it the job of -- of the media to put this in perspective.
The buffet rule would raise less than 6% of the total cost of the stimulus.
And if you look at the Buffett rule raised roughly the same amount in one year four billion dollars according to the joint.
Joint committee on taxation four billion dollars in one year and the US government accumulates in debt in a single day.
This is totally meaningless it's completely worthless and get to the president has spent more time talking about best.
In virtually any other specific economic policy proposal.
At a time when the economy is struggling we had a bad jobs report.
This is the president's plan it's not planned it's not serious there's nothing serious about it and report should do their job would put this in perspective the other.
The thing is they're all kinds of numbers flying out there -- take a look at these numbers about.
From from America is for tax reform these are the breakdowns.
Of the percent of all tax revenues top 1% vs 38.
The income tax percent 39 point five all federal taxes 28%.
And then roughly 65000 dollar family.
44 point 6% income tax.
Nine point 2% all federal taxes and any talk about the race.
Income tax 19% all federal taxes 29%.
And the middle income again 65000 dollars a year 3.3 percent fourteen point 3%.
There'll be a number a number of numbers but -- glaze over.
I'm sure I'm not show -- -- of -- to concede the ground of fairness.
And they ought to argue and quote John Kennedy who lowered taxes.
Including capital gains as a way of sort of stimulating the economy and creating jobs that's the winning --