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Senate to vote on proposed 'Buffet rule'

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    Sen. John Barrasso weighs in on political battle

  • Duration 3:56
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Well right now as we've been telling you the senate is getting ready to vote on the so called Buffett rule.

That's the plan being pushed by the president opposed by Republicans to raise taxes on millionaires it's estimated the Buffett rule would have been.

Immediate impact on 2101000.

Individual taxpayers who earn over a million dollars a year in salary.

I 2015 though just three years from now that number would more than double.

Raising taxes on more than 430000.

Households.

For more on today's senate vote on the Buffett rule Wyoming senator John Grasso is joining -- he's the chairman of the senate.

Republican policy committee it's good to see you sir thanks for your time thanks thanks for having -- -- so you know how this works it's all about message and messaging and what resonates with people.

And people here that millionaires and billionaires are paying a lower tax rate than their secretaries and they say hey wait a minute that doesn't sound right.

But you believe that it's okay right.

Well up.

This is -- tax and distract approached by the president of the United States to try to take people's.

Minds off of the fact that the economy under his policies has actually gotten worse.

That he's.

Focusing away from the jobs in the economy this isn't gonna put one more person back to work it's not gonna do anything.

About the high prices of gasoline -- the American families are paying the impact of that has.

On their quality of life so to me it's a distraction and we need to get back focused on the economy and getting people back to work -- It may be a distraction -- but with all due respect the American people seem to like the idea.

Especially independents.

There is a new Gallup poll that showed that 63% of independents.

60% of people surveyed overall.

Like the Buffett rule.

I -- and yet your party members -- Republican Party and the senator about a dollar vote against this today is not gonna be a problem for you guys politically in November.

Well I think that the economy and jobs is going to be the big issue in November we do need overall tax reform.

In this country.

So that we have more people back to work -- working that the job creators have some certainty.

So they can go out and hire people -- know the impacts that that's going to have that's what we really need that's what people are focused on I was all around the state of Wyoming the last week.

People are looking for certainty so they can put people back to work and I see what the president has been talking about this so called.

Buffett tax has been a distraction.

With the president's spending.

The deficit from last year alone -- have to collect this Buffett tax for the next over 200 years just to make up for last year's deficit alone.

You talk about comprehensive overhaul of the tax code and that's I mean that your colleague in the senate Rob Portman is talking about as well.

But realistically is that something that we're likely to see in an election year.

Well I think it -- as a result of the election people are going to be voting in saying that we need overall tax reform we gotta get rid of -- the lobbyists loop loopholes that are out there lower tax rates across the board so we can get more people back to work and overall revenue for the country will then increase but remember the president said.

That he wanted to raise taxes on some people even if it meant that overall the country would bring in less revenue because he thought it was fair the president has a very.

Perverse view of fairness he thinks it's fair to tell.

Thousands of people who want to work on the keystone XL pipeline.

No because he's held hostage by environmental extremist -- questions -- fair to give all this money to Solyndra.

Who who -- well connected to him through their contributions to his campaign.

Even though it's a waste.

Of taxpayer dollars I just have a couple of seconds left but you mentioned congress is back in session for the first time since -- -- became your party's presumptive nominee what's the buzz in the hallways there today.

Well people are very excited about the fact that we do have a presumptive.

Nominee are looking forward to debating jobs in the economy and the failed policies of this administration the president.

Has inherited a bad situation and he has made it worse senator John Grasso a Republican of Wyoming good to see you sir thanks again thanks for have -- thank.

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