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This big idea now.
-- which is that.
Someone calculated by the way that.
That the taxes he would raise -- Buffett rule would pay for eleven hours but pay for eleven hours the government -- This is not exactly a grand idea this man is out of ideas.
He's out of excuses and -- 2012 we're gonna make sure he gets put out of office.
Was presumptive Republican presidential nominee Mitt Romney talking to and getting cheered but I -- Tea Party group in Philadelphia and this is powered by Internet I -- Chris tire wall and here's the question for you.
If you were at -- 60000 dollar a year income family.
This tax day.
What would make you more angry not that they -- both make you angry but what would make you more angry that Mitt Romney only pays a tax rate of about five times larger than -- orders.
That the GSA and other government entities waste a lot of money doing a lot of foolish things.
Those tests -- the difference between those two questions is the defining narrative today on tax day 2012 election year and the Obama Democrats -- -- -- Republicans.
Are going at each other tooth and -- today tax day to make their case to the middle class voters will decide this election.
We're gonna talk about that.
We're gonna talk about coal.
Which may not be a surprise you that we do talk about that from time to time here.
But we're gonna talk about coal in the election cycle we're gonna have gubernatorial candidate from West Virginia here again probably not surprising to you.
And doubt we will also talk to congressman Blake -- -- from Texas I was one the inquisitor is that was grilling the folks from the GSA.
Yesterday we will do all of that.
And we will also be with Fred Barnes.
But let us that is scary no longer in saying -- to David Mercer is a former deputy national finance director.
-- the DNC follow him at.
And most importantly about David he is -- a wise man and provides a good counsel for the blue -- David so tell me.
This tax day from the Republican who here waste waste waste ways ways government waste and waste -- wasting.
And from the Democrats -- here.
Rich folks are not paying their fair share and -- written off the middle class.
Now I know what you're I know what the talking points are but let's go to the question of political efficacy.
Which of those arguments is more politically effective.
-- with 7% of the people which -- dishonest CNN poll.
Save -- that millionaires pay their fresh deck -- taxes.
I would say that that's the consensus of the American people.
Those -- like Romney in -- Republican congressional leadership.
That wouldn't allow for the buffer -- that even get a fair hearing in the senate yesterday.
-- are showing themselves more more out of touch given that -- And I think that if you.
Thought you know look we as you said at the top of the show there is and ways and there's also.
We're not getting the revenues because we're wasting opportunities.
And the wealth that is available to us here and putting it to work and instead borrowing from the Chinese.
And so what the buffer rule is making sure everybody's does pay their fair share so that we can have what we need.
To provide for our infrastructure.
An investment in R&D now with the waste now we need to address ways just as much as we need to address.
Represented himself said that it was a gimmick and he did say that it was not enough that you have to do much more.
And Romney and Republicans have come up with -- as many I think it's a whole description of what that money would buy it turns out to be about four billion dollars a year once it was fully implemented and their point as we borrow that much every day this is this is -- -- even campaign commentary -- said that we're getting guys used to -- chairman of the DNC -- run for the senate and out -- regalia said that this was that he said that he questioned the timing of this that it -- maybe.
And seeing two -- one I was here as emblematic of a huge problem which is tax loopholes for corporations not paying.
Their fair share having or short council which we're now seeing Romney may be the face of all of that as a candidate and why he may be.
Wanted to hold back -- Five years ten years of his taxes -- he doesn't want us to have people -- -- the American people see that he is avoiding the taxes.
-- the -- that effectively should be in place.
And secondly you know look we.
-- need on this tax issue.
-- that they may -- four billion that's four billion more than we had yesterday going to work on behalf of the American public.
And making us more secure making us more on solid in terms of our balancing our budget.
And we need to close to the tax -- -- 72000.
Pages of our tax code.
That is by corporations and others using the tax code to avoid paying a fair share to allow our country to be on solid ground.
If you look at who pays what in taxes.
The urban institute.
-- some fascinating work Brookings in the urban institute have done so it totally invaluable work I direct you to both of those institutions they have a tax fairness institute that they've done this.
That's truly -- -- burger a great job and here's basically here's the rule.
So about half of Americans don't pay federal income taxes.
And the bottom 20% actually get about 5% of their income.
Or 5% of their earned income paid to them in every -- even though they did anything so they're getting rebates for taxes on which they did not pay so it's free money.
And the top.
40% the top two big term that they use is when -- I'm sorry.
But the top 40%.
The taxpaying public -- or working public.
Pays -- tax rate of about 11% that's slow federal tax rate of 11% yeah everything else and -- get up to that 30% reductions -- 100 what's -- read about 11% is the effective federal income tax rate that those folks have.
Every election though David comes down to the middle when -- Those folks in that 20% right there in the middle who were -- strength.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- So what politicians care most about when we get into a national election or big statewide election -- -- How did the folks that are making between 1560000.
Doesn't the president have a problem because those folks they may think that Mitt Romney should be paying ten times instead of five times the tax rate they did it.
-- For more than they do not ten times but even at least something more than eight I think it will -- -- -- paid -- bet that.
Rate you know that he can actually when he can move money offshore which the average American at 50060000.
Dollars adult annual prayer is that it's so let's go -- I just go -- to -- little -- he's paying 14%.
Right moment to avoid a higher rate but it's fun template that.
It is still avoiding what's on the books by off shoring up his private corporations are doing as well as others so let's focus on -- desk and president exclusion but David does the president have a problem that for these folks that are -- -- -- it's a disease that's not a failure tackles going to be like 16100 dollars or something like that.
At that rate.
For these folks isn't there -- problem.
That they're angry when they see their money use that it's not spend appropriate I think they should be angry at both -- my hand at the same time.
They're gonna be as some may be audited in this -- and the American public is gonna audit the truth is gonna audit.
-- -- The realities are and when they find out that corporations.
Are paying way below -- 35%.
That they are actually avoiding and ending up -- and sometimes getting a subsidy back.
Book and -- negative tax rate that is going to make him extremely mad when they -- -- what is going on and in so doing I think.
They -- along in with Obama in trying to close tax loopholes.
Institute a buffer rule and get everybody paying their fair sure taxes so that we can move -- more solid ground economically OK.
David Mercer you're duly noted the Internet -- -- -- -- duly notes your position.
And day here's what the the Internet says do you.
Romney cut tax loopholes to get more money Obama raises taxes you get -- and you heard everything and Obama has not raise taxes in the stimulus package he had tax reductions he just to prove.
An extension of the bush tax cuts both of the middle class.
And four of the top 12%.
So let's put that in balance and perspective and I would encourage people to see a movie that just came out that I saw him -- -- very mad and that is where now broken it.
Documents visualize his -- puts a visual projection of those taxes that we're letting go overseas and then having to borrow from the trying all right much.
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