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The impact segment tonight President Obama made one more pitch today in Florida.
To raise taxes on millionaires.
Can we succeed as a nation.
Whereas -- shrinking number of people are doing really really well.
But a growing number are struggling to get but.
Or are we better -- when everybody.
Get the -- shot.
And everybody -- the -- -- And everybody players by the same set -- rules.
Conservatives myself included it did not see the president's Buffett tax as a way to fix the economy.
In fact Mitt Romney's campaign says it would actually raise taxes on many small businesses and end up hurting job creation.
Joining me now from New York -- different perspective I can't believe that David Callahan senior fellow at the democratic think tank -- us.
And here in DC Erica -- she's the president of the agenda project a progressive.
Group OK let's start with you Erica because I'm reading your point of view on my sheet and you actually want to go further.
Then the buffet hurled -- at the buffet rule is not aggressive enough for you so tell us how.
It's not nearly precedent for me if you look at World War II right after World War II people with incomes -- -- over a million dollars paid as much as 91%.
Back and come over a million dollars in taxes.
And we did that because we had a major problem as a country we had a massive financial collapse.
And we had a war we had to pay for -- at this Matt -- and American history when we had a probably -- to the people -- -- Had the most amount of money to solve it and -- -- exactly the same position he's -- -- the population pays -- taxes during world war camp you know you are allowed to pull this out about how sad how does that hurt you don't -- -- better I let me clear every American and pays sales tax -- Americans pay.
Play it women don't have that -- they're popular night segment on sales tax we would actually engage in that conversation but my point is that.
49% are sharing none of the federal taxpayers actually -- -- -- the other way it is maybe 510% of Americans pay payroll taxes like social security and patty sent out income taxes on something totally different -- on 10%.
Our -- on the income earners in the country pay 70% of the federal tax burden.
It seems fairly progressive but but beyond that we'll get to Elian when Morrison of the people in the country have that has to be in coming -- look at the last eight years Aaron hit.
It surprised at the top as you really -- is happy that the hedge fund managers -- just -- the I was turned it on UST yeah it's you know I thought I would like it is -- take a magic want.
And if you take that magic -- -- -- across the and a -- US economy just get rid of all hedge funds.
Get rid of don't just get rid of them because they're so -- -- just get rid of the blood and it's ridiculous all of -- tax rate of all in all got traders have rid of all of the tax breaks for people who don't more than a million dollars a -- -- clinical and how much -- is now it's about 450000.
Dollar a year ago I.
Typically don't -- more than a million now maybe you're -- actually -- I taught him.
Made -- make your point any more logical but I would say and David you can chime in here because you have to have to against me to actually make this a fair fight.
Did I whatnot they White House's own I guess it was -- the -- principal deputy director of the White House National Economic Council as a principal deputies and he must be real important.
Jason firm Jason Furman he said that none of the money -- the it was never our plan.
To bring the deficit down and to get debt under control that this Buffett this profit tax -- look at this analysis really has nothing to do.
About shrinking the deficit.
This is being done an election here in the state of Florida which is a swing statement campaign.
As the president knows there's no chance of this past thanks so how -- a serious even -- -- -- -- -- and and multi millionaires should pay 91% in taxes but that's your position but even if that were true it's not gonna pass so why go down this route one that -- be together in some type of bipartisan path.
Well I agree this is largely symbolic but I think there's an important principle here which is.
People living off their stocks and investments should -- be paying a lower tax rate than people who work for a living give me an example that that you can relate to which is.
You know in 2010 but Mitt Romney and -- O'Reilly made about the same amount of money they both made about twenty million dollars.
Romney called Romney paid.
14% taxes on that.
Bill O -- paid 35% the top federal right now I don't know.
Why Romney who wasn't even working actively and -- business he's campaigning for president should -- half that less than half the tax rate.
And Bill O'Reilly has come to work well except when they're nevertheless right -- the principle here is that rich people who live off their wealth and stocks which most people don't have.
Shouldn't be paying lower taxes -- Obama go to -- work.
Every single -- -- yeah.
It makes no -- floor and it's I had the biggest loophole I have in the Texas.
Like this and I understand your point -- -- numbers are meaningless.
46 point seven billion dollars over ten years went over that time period if we continue down as a bomber out Erica we add seven.
To our deficit seven trillion.
So Mark -- and I had a couple of things they held on and I really like -- -- different between as I putted a little bit more starkly than you.
This is the difference between trust find babies and people who worked for a winning that's really the yeah yeah you're talking about it I'm Sarah Palin's high school principal my father hit with the Jack and that is -- -- -- up on yeah I don't know what the right here.
-- my mother and her in her life and I cannot achieve better after got.
But on but here's saying that says all people like that should pay higher tax rate.
And Paris Hilton than a trust fund baby the Buffett rule and it is a rule would want to say that -- than this I.
Absolutely unacceptable that so -- he isn't not.
No chance of passing and I tell you know I sound like I'm not a team that I think.
It is Republican senators who hold about a year or more out two years there aren't out there contributor editor -- area on average here grandstanding on this doesn't change is all right and I hope not an -- I think you got -- and it lets -- bit and talk about what Camp David in Italy -- numbers are interesting to examine it -- -- hold on.
We had two years of a Democrat controlled congress and the White House two years.
-- -- Not the Buffett rule not the serious deficit reduction you push through Health Care Reform that's about to be overturned by the soaring court.
Now what a president's visit my hair net net is that if you are trying to run a small and I think I can run small business Giant Eagle at the rising cost of health -- and that -- -- around the -- -- small business.
Something had to -- and you also -- animal that we were and 750000.
Jobs being I'm in my life I haven't caught that one Amtrak -- -- John -- Atlanta yeah.
I'm curious oh yeah every Aaron I'm Aaron -- -- and what's not only in more than -- and -- is talk of any other person however.
We have people who have made a million dollars for the first time in their business lives who then go on and invest some of their earnings into other companies to demonize those people and call them trust fund babies and Paris Hilton.
Is an insult to small businesses and working people in this country you can Barack -- -- you thank you --
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