Democrats promise to 'repeatedly' bring up 'Buffett Rule'
Potential political weapon for November?
- Duration 6:29
- Date Apr 17, 2012
Potential political weapon for November?
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Well the Buffett rule -- it is called it went down in the senate last night giving Democrats a potentially new political weapon come November.
President Obama believes that rich Americans should -- more than they already do.
And here is some of the back and forth on capitol health watch.
Any time the president proposed anti in the past he told us how many jobs.
It would create.
Apparently those days are over nobody's even climbing this thing creates jobs.
Minority -- is absolutely right that the aim of this bill is not to lower the unemployment rate or the price of gasoline if you put the 47 billion dollars in revenue in two.
You could create 6111000.
That is not.
About redistribution -- an argument about world.
-- I see.
An argument that we bring in these -- who like to argue every day at 5 o'clock -- -- another good -- Bob Beckel.
Former democratic campaign manager of course and anti penthouse daily news comments -- there and -- ball.
-- of the 5 hi guys good morning it is very very good morning spot you know obviously the president never had any.
Delusion that this was gonna pass on Capitol Hill and he's talked about it quite a bit it's been a major talking point for him in recent weeks so what's the real goal here.
Well I -- I think.
If they did -- staff does this mean he he argues that and if we really just down to that the question -- supply side economics should it rule.
Which the Republicans believe in the tax cuts stimulate jobs and and make the economy better or do you buy the democratic position that that you need to have.
In the sense of trying to get.
More education for peoples of the Internet speed of new jobs thank the president set a bad especially -- it is not about income distribution it's about growth now.
That's going to be a fundamental question of me in -- may be that they don't accept that to -- But that's what it boils down to it supplies adverse changes.
Pat how to how much growth you get in -- when you look at this if you break it down it's four point seven billion dollars that you would bring again.
To government coffers if all of these millionaires were taxed 30%.
That would cover spending -- about one day.
According to the data so it you know when you talk about growth Andrea that doesn't sound right something that is gonna really stimulate real -- Break and think about what kind of spending their talking to Martha we just saw the GS airport shrimps on a treadmill.
So I'm glad that they're using our money wisely on this tax day when all of us are forced to pay.
The government heaping loads of money that they're just wasting.
Look this is not policy at all even the administration admits and Chuck Schumer says we're going to bring the Buffett -- to a vote repeatedly use it.
As a tool against Republicans I know -- at the house Republicans are gonna plan to take -- up for a vote -- has very little chance of passing this is what Democrats did.
Leading up to Christmas with their millionaire's tax they know it's not gonna -- Obama's own economic advisor says we're not gonna use this money to pay down the deficit.
It's just too.
Assume really that the American public is stupid but yeah that's just assumes that the ruling is -- nothing small.
Part of this I mean it's it's not just Buffett rule really expect per second about rules that they -- the deficit I mean it's and it's a bigger issue than that it's what you Begin detective looked.
In 2008 there were 14109.
And some people in this country who made a million dollars you paid absolutely zero.
To the -- to do the IRS staff who have had -- just -- that I mean.
Ask you Michelle is -- me here's what's not discussed in this conversation and not -- it in the way I look at.
That's thirteen point 9% rate on capital gains tax which you know let's just put it right out there is what Mitt Romney paid as well because most of his money at this point is -- it on investments because you've been running for office.
For the past eight years is six years -- so.
That's that's being tax the second time around.
He may even money like all of these other rich people that we're talking about maybe the money they invested the money so they paid taxes -- -- that the full written first time -- This is a second go around at near 14%.
Why is that OK Bob what would.
What waves on the sheer volume matches that he gets he gets he pays 13% taxes on on capital gains investments that deadline -- -- -- -- right and I believe is capital gains rate is not 13% as it.
I don't I don't think thirteen point 9% as the rate bet that Buffett paid.
It's the rate that -- -- running and probably the capital gains the capital gains and Abigail and running they're making right now -- just on our investment it's in the and you have to ask yourself -- again this you know we can disagree on this and obviously we did.
I just don't think it particularly so much of that is Paper money that they're making by -- stocks around -- and an options in the restaurant.
So -- what Bob the president had a deficit commission come together and put together a plan to reform the tax code he has not.
Touched that and furthermore the president took a tax rate of 20% less than the buffet roll our own president of even apply to the -- -- so would be a good idea for the president to lead by example right.
I think he -- it considerably more than Mitt Romney does in the -- the -- give this tomorrow I'm talking about investments you can answer that quite look at this it's a question of doing detection what I have to be for a flat tax but -- No that's not going anywhere so that.
The reality is he gets down the question do you do -- -- -- apparently is is this thinking about just taking away.
-- -- certain tax deductions wealthier people lower rates now there's something to be set about doing that I and then as far those commission's concern decision -- commission.
You know it was it was first to be a mandatory up or down vote and and then the Republicans Baghdad said no it's not gonna be that.
Now Obama walked away from -- -- how much -- sure he had done that but the point is.
That it wasn't -- who it was supposed to be made mandatory and without that I think you're never gonna get things that you know Ellington getting where.
We're gonna -- I have made.
A tournament what's hot what we're talking about -- I think investments right with the highest corporate tax -- -- investments were not growing anything you know the bottom line it's subsidized grabbed -- you know what that -- up finishing point and we're gonna talk to Eric -- and a little while I'm.
The Romney campaign about just that how serious is Mitt Romney.
About real tax reform which would eliminate some of these loopholes and in essence and in reality -- say.
Force some people to pay more taxes we're in the tax bracket anyway so thanks you guys -- like they used them clap clap thank you we'll see -- five and I.