White House: 'Buffett rule' not about paying down debt
So why the tax hike push?
- Duration 8:42
- Date Apr 14, 2012
So why the tax hike push?
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Take the money and run because if you think tax hides other rich will pay off by paying down our debt -- might -- -- think again don't take my word toward.
Well take a lot of people at the White House.
And there -- four.
There are others are saying well there's just a gimmick it's.
Taxing millionaires and billionaires just imposing the Buffett rule won't do enough to close the deficit.
I -- we had never made the case did this.
Element of tax reform would by itself.
-- our deficit and -- challenges it.
For -- this was never our plan to bring the deficit down.
And I'm getting the debt under control.
So something's weird if it's got nothing nothing to do -- thing on the death then.
What exactly have -- tax -- for.
What to say -- commons everybody.
Which -- now because I know I've told this Presley clowns of -- -- -- even as a kid.
I would cry we go to ringling Brothers my dad would take methadone did just -- witch hunt down.
So diluted mortal -- do you expect me but I digress you don't need to hear about me do you.
You need to hear about me and my guests welcome everyone I've got -- signed with sees.
-- -- -- along with Adam Lashinsky.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- And I guess it's done in the name of fairness or whatever.
Well initially the first part of the administration they tried to take this agenda and wrap around that you know -- economic policy around it.
But I think the scary part of this is your right they drop the facade forget about it's not about it's not about the economy.
It's about fairness in social justice the dream of -- -- and -- -- Robert balances utopian.
When the president said this week -- -- of Americans are the go to the middle class almost fell off my chair almost cried since twelve bill came to this country the actual racism every American especially when they were coming up this could be read.
Not the -- to the middle class this is some scary stuff this is about meaning of socialism.
Capital of them together has been tried before by the way and it's always felt.
Well there I've Rondo Voltaire that that European that I -- -- -- -- You just classed up the joint right there on the all right that they're gonna let's bring it down but the because I thought it -- now to talk -- the but it's coming down right now but into in the you know it is pretty scary that.
You know we should really talk about the man behind the rules not just Obama's -- Buffett I think it's it's it really is.
It's most disgusting that he allows legislating and about general assembly that those of million dollars -- at least thirty I mean if it's it's really.
I would I would effect would mean doubling the capital gain -- -- Zack threaded dividends but as we all know it's baloney it's not gonna produce a lot of revenues -- used clearly for class warfare.
And for Buffett to allow his name to be used in this fashion is disgraceful you know.
I can't remember a conservative Republican businessman allowed his name to be used as a political prop.
As this and I don't know why he gets away with that I mean I actually -- -- -- -- gets with it because the left leaning media allows and get away with and it's it's really -- it.
I cents -- -- this taxes saving and investment in this country when we are -- nation of debtors.
We want people to do the exact opposite but we're gonna -- -- that.
And then that mean we're talking about the Matt.
The Mac is so insane on this is what 46 billion dollars that it raises it up over that and -- right and well for ten years just -- -- a 47 trillion we just ran nearly 300 billion dollar deficit for one month.
Right it is seventeen days of the president's next decade seventeen.
Days -- this is nothing but.
Imposing the social ideas of our president and the people behind and that is penalizing the -- country here.
-- -- Well at least it's a starter means something has to be done why not start with that -- have a 1000047 -- it is I -- not a lot in the context of federal spending.
But it's a start we're gonna have to raise taxes even more we're Gannett have to cut spending -- -- -- already brought an end of that they stand there and I think today it is easier for us to raise taxes on the rich and certainly cut any.
They're going to have to do everything and that where we are heading towards national default.
There that is a very important plays the wind up that the neighbor and you don't ever want to be and so you're gonna have to raise taxes on all on the written about much more than I got there as tags on -- -- on Charlie.
Adolescence and it's it's it's gonna be drastic.
-- -- -- Where I think -- Where where I think were completely the wrong track here is to suggest that the administration is not interested in the deficit is not entrusted.
In the debt because that's what that's -- Charles frame this they are.
Well well -- you.
Just to be fair here it is checking their prior transcripts and what they said when they talked about.
Tax hikes and terrorists in the past it's always been willing to -- human -- we can get his debt he's piling deficits under control.
It's for the rich to kick in to help us get a money patrols they've taken -- -- the argument now so.
I look at -- -- I would really no legitimate credit child money that once second he's that we're gonna take this money and we're gonna apply it to clean energy projects we're gonna apply that it's even hinted that he even had that somehow he would like to get corporate America -- paydowns.
All right I think we've applied it's of the normal -- like that -- you know I'm gonna go out there that Adam didn't even answer that.
In the broad sense I think it's wrong to suggest that the administration is on -- stated in in the deficit which is which is what utter lack of which is what you're suggesting I think although I think they have had a lack of I think you're right.
-- -- -- they are being truthful about how they feel about this particular provision and where I disagree with you Charles and I think you've made an excellent point by.
Bring -- -- this agreement.
We did not get and I don't know that win.
We did not get to be a great country with everybody wanting to be rich we got to be a great country with everybody wanted to be comfortable wherever.
I haven't been great with I -- -- I think the great well I was.
Comfortable I I think he's right I think it's really back to -- it's over it's up by really one of the most annoying Walter would dive for a high tech technical.
You know they'll go to the most.
Annoying aspects of this thing is that Buffett knows I mean I think he knows because he's a fairly intelligent guy.
I think he's duplicitous but I didn't -- fairly intelligent that's generous and read what I think he's duplicitous and how generals is that is that is at the promise and that taxes aren't high enough.
It's government why every morning with red bend say -- towards Greece towards the full.
Because the welfare state is on overdrive it keeps going up in a problem with this is that we are starting not -- the welfare state we are starting with taxes.
This administration has done nothing.
But expand the welfare state and move us towards that Armageddon -- and talked about.
And if you move -- that would is that I've probably higher taxes particularly and on the filthy rich but guess what start with cuts first I start with the real problem -- Admit -- thing it never makes sense about the Buffett -- in this minimum taxes.
We already have Alternative Minimum Tax -- -- but failure.
It was designed to capture.
Make -- 200 rich folks pay more in taxes and now.
Congress is forced to fix over and over and over and over again because it was not indexed to inflation keep it from hitting millions of Americans it -- up patents.
Failure in the way it was designed and now they're gonna do it all over again in just a -- think.
Offices labs need to be used in disgraceful because he wants to lower the deficit what they had what is not.
I think once it is not I don't -- that death is gonna lower it I can't say it's -- -- -- -- a salon for a it's going to be eaten up by the welfare state -- not going to be -- It -- it is because they were so I don't like to do that warm public gets the run around a lot Jihad -- because you came around and for the money.
Article David Epstein turnaround by the reasons that it uses the Lindgren it's a disgrace I agree and -- -- and you know of it now I don't know I guess you do that you didn't think it basically says it had a hell do you know what I -- Look like you said -- that's why lets you know I'm gonna take this money -- give it does a Linda what -- -- -- Charles -- certainly can't say -- what else what else selling drugs.
He could say I'm gonna tell this bullet articles that you thought it was not I think -- We're gonna take a quick break here and I want everyone to -- is gonna pardon you depends on remote I'm not Huggins we're gonna electronically we hugged me that it -- Oh yeah.
Let's let's get crypto -- there are that's -- votes there will never ever got upset by the --