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Florida congressman explains why he believes the president's tax policies wage war on the US economy
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Congressman Allen west says a President Obama is aiming tax weapons of mass destruction at Americans.
What does he mean by then -- congressman west joins us -- means there.
David are you don't regret it very well so tax weapons of mass destruction what do you mean by answer.
Well Greta I think he's pretty self explanatory.
When you look at using the tax code to truly destroy our economy.
We've seen in the last year's point 4% one point 01 point three and 3% GDP growth we just got the numbers of 2.2 percent GDP growth for January through march through which you continued to hear about.
Is that so we're going to allow the bush Obama tax -- to expire which means that -- small business owners.
We'll see an increase in net taxes they operated subchapter SS LLC's.
We hear the talk about this buffer rule which does nothing for our debt and deficit but all it does -- take capital gains tax from 15% up to 30%.
But automatically you're gonna have a raisin capital gains -- -- 25 point 8% you have dividends taxes go for 50% to 43 point 4%.
You have the death tax the exemption the middle exemption will drop from five million down to one million and the right we'll go from 35% to 55%.
And we know we have the highest corporate business tax rate in the world so what you talk about is exactly what the CBO said a week ago.
Is that the fiscally it's one of -- and Obama budget plan.
For the next two years we'll have an adverse effects on our economy so it will be a destructive.
Nature upon our -- Quit if you look at there's another aspect of a minute and look.
I I suspect of -- and so both speak to the American people that the feeling pretty gained by the tax code first thoughts -- conference -- There are -- Simpson -- 3300.
They called earmarks a tax code which are things that put the tax code because a special interests.
If you look at that certain that in the wealthy people in the country what their pain and I pick three people -- picked the obamas they paid 23%.
The -- paid about 15%.
This year and the Biden's paid 30% same -- Three very well in upper 1% but the pain vastly different rates because of the basic the board game of the tax code.
Then you've got the fact that the president had the head the house the senate and the White House and there was no change in the did exactly.
No no unfortunately no -- -- -- format and then we had -- does it mean.
We -- a chance whether Democrat Republican there was a chance there.
You're absolutely right and that's one of the face when you look at the house GOP budget that was passed earlier this month.
We talked about reform and that tax so we talked about going away from those six tax brackets down to 225% to 10%.
We're in the process right now looking at the exemptions that we can eliminate.
Simplify and that's tax those who want to minimal deductions.
And taken the corporate business tax -- down to 25%.
And possibly eliminate dividends taxes to what we could do to either keep capital gains tax where it is to reduce it.
Or eliminated completely because that's very important for investment in this country.
But that's not something that you you're coming from this administration and definitely not something you come from the senate.
So we are talking about how we can reform this 67000.
Page tax code because you're right when you look at all the exemptions and deductions it is -- -- productive.
But we don't need to talk about.
These exorbitant tax raisers which will be the largest tax increase American people will have ever -- come next January 23 -- But I think the American people and if anyone gets -- Tom Coburn spoke which comes out next week and I actually had an advance copy Redick called that the debt bomb.
I think the American people -- quite disturbing talks about more than just a tax cut.
But just sort of all the missed opportunities that the fact that people are more -- -- in their careers here in Washington.
Then they are really in doing the right thing and doing something about this tax -- of the people can even Begin to understand there and would be -- BO real first start.
But it is still enormously complicated that I imagine I imagine you're frustrated by -- -- I'm very frustrated about as a matter of fact today after we finished our votes.
I gave a floor speech for about 4045 minutes about our tax history of taxation and America.
And now we need to reform our tax code and the fact we're heading in the wrong direction.
So I came here to -- present the right type of pragmatic principles solutions.
Proforma net tax code is one of the important parts to restoring economic security here in the United States America.
The signaling that's not something that we have a willing partner to -- -- in this and the sun definitely from the administration.
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