How do taxes play into Obama re-election strategy?
All-Star panel weighs in
- Duration 5:53
- Date Apr 12, 2012
All-Star panel weighs in
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This transcript is automatically generated
Mean -- I have it.
But the folks -- we have political arguments where the other very Americans who love their country.
-- -- -- debt Democrats Republicans and defend their -- we we don't love this country but there is a fundamental difference.
And how we think.
We move this country forward.
But the one thing the neighborhood I come true to my suspect all of you one thing we don't -- being played forces soccer.
But Joseph Biden with a different message from President Obama yesterday -- the vice president saying Republicans are planned middle class for suckers today.
A different message from the president as you take a look again at the latest Fox News polls the job performance for the president.
In the latest poll down to 42%.
There you see disapprove 51% you see that the change from.
March and then financial future how do you feel about the country's financial future and you can see.
Folks and -- concerned about the way ahead some are scared that has increased a bit.
And then satisfied with how things are going in the country.
And this is the big one this is essentially right track wrong track wrong track 67%.
Now according to latest Fox News polls.
Judge you -- seen the president the vice president out on the stump they're talking a lot about this Buffett rule and we've talked about it ad nauseam here -- -- four billion.
Dollars is is the total take on that.
What do you make of this.
Class warfare at its worst.
Rather than a president who's trying to unite the country behind him.
He's trying to divide the country.
It doesn't make sense from a point of view of economics one -- one.
The president is Smart enough to know that meaning the imposition of the tax will actually result in fewer tax dollars going into the treasury because of the effect it will have by removing that money from a rich people.
To invest which produces more jobs he must know that this is very basic economics with which are very few people can disagree.
But he wants to demonize the rich because Mitt Romney has one of them.
Is this playing on what we're do you think this plays Liz you this this strategy is not -- on Wall Street obviously.
It was folks up there right.
Don't have no but it but it does the rest of America really care about Wall Street are now absolutely where does it play it.
I would think that a plays with the middle class who perhaps look at their tax.
Percentages and what they are paying anywhere from twenty to perhaps 39%.
Middle and upper class.
And they look at hedge fund managers and this is a specific point of the tax law that is totally legal but.
Hedge fund managers and money managers because of the way their income is calculated.
They get taxed at a 15%.
Rate because their income comes from things like capital gains selling them and buying stocks.
How is that fair how is that fair -- is what the president is saying and when.
-- you -- not and the judge and see if I guarantee were all about 25%.
Why isn't -- that we wouldn't at least want to close that loophole and figure out a way to get everybody at the same level but then also close other loopholes.
Figure out some fairness yes it ends up being a smaller drop in the -- here about forty billion dollars at the end of the day but.
It's a start it's just not something that I would've picked to really make -- cornerstone of a huge speech with lots of cheering people.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- He does know the economic summit he gave an answer back and August of 2009 which was very specific about the economic impact.
Of raising taxes on the wealthy this was during a recession I think if it applies during a slow recovery.
Where he said it sucks demand out of the economy and it punishes business the president made that argument back in August of 2000.
So he fully understands what he's doing here.
The question is how does it benefit him politically and that's I don't know I think that's exactly what we're seeing is -- -- that the fairness argument is the argument that wins for it is reprehensible.
-- for him to assault something as basic in this country -- who pays what in taxes when he knows his assault is intellectually disingenuous and he's just doing it.
To stir the -- among his base which really be unhappy for him unhappy with him for other things he's done -- -- -- -- -- innocent and let's get the fact is that somebody like a fund manager who makes 200 million dollars in here.
It's tax to 15%.
Yet regular folks out there are paying twenty -- disingenuous because if you impose -- so called Buffett rule.
The effect on the economy would be such that the return to the treasury.
Would not increase it would decrease that's how many people would lose their jobs.
Every dollar the government takes away -- a dollar less that Warren Buffett and the rich people have to invest and course more jobs -- you're talking trickled.
On economics for is that.
This -- -- which is why President Obama refers to Ronald Reagan saying it should be the Reagan rule and he's tapping into that the semantics there.
Judge but I guess there are there are many people look at this and say the president has spent.
The 21 times in recent weeks talking about this particular rule.
And and rather than the big picture.
The Democrats are saying this is something that's hitting home he knows that this will never pass the House of Representatives if there even is going to be a vote on it between now and Election Day.
And axle rod and his -- -- pollsters must have told them that this resonates with your base whether it makes economic sense or not that's worthless I just think that you know we've got overhaul the tax cut how many times have you heard that out there everybody says that nobody does it through both Republican and democratic presidents.
This is a much bigger issue than a smaller slice of it.
Judge who is good to have you on board -- -- here.
-- -- of the -- out of state.