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Congress feeling heat over 'Taxmageddon'

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    House Majority Leader Eric Cantor weighs in

  • Duration 7:11
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Castro government.

The ball may -- but your taxes -- really caught up 500 billion dollar tax -- is indeed taking.

And house speaker Boehner is hoping to defuse it before it's too late.

What are the chances of that happening pretty good -- my next guest gets his way.

Republican Eric Cantor is the house majority leader and he joins me here in New York so welcomed the program -- -- to be here.

Do you think you can get a deal to defuse this tax and again as -- being called DC can get a deal before the -- -- we're gonna try every way we can make short taxes don't go off on anybody don't go up working families don't go up on small businesses.

We got to make sure we're doing everything we can instead.

To grow jobs and get this economy back on track so doesn't a -- depend on the election results if you've got a clean sweep.

-- on either side you get a deal does not know question my sense is.

That if we win the election and if Mitt Romney becomes -- next next president.

-- we'll be able to stave off for tax increase and I think right now we've got to put that certainty into play.

Because small businesses are having too difficult of a time investors are worried about what will happen -- taxes if on January the -- if nothing is done most of about this rise.

The payroll tax goes up as a Social Security tax.

Federal income tax rates go up tax on dividends -- -- What are somewhat -- -- missing estate taxes all go all that adds up to I think over 500 billion dollars for the coming calendars yeah right.

Marginal rates all of it and in fact over ten year period is a four trillion dollar hip and you know you can imagine if our economies fifteen trillion dollars.

GDP.

You're having -- 500 billion dollar hit in one year it's huge we don't want that to happen we want our economy to grow.

And so that's why we're saying this election really -- much about the fact that.

If people don't want their taxes going up they got a votes.

To make sure that they don't and that is a vote for Mitt Romney that you favor tax reform and by tax reform I think umi in lower tax rates across the board but a lot fewer deductions and loopholes that -- tax reform -- that's would you favor that is correct and in fact so we in the house.

Have put forward a budget that actually lays out the kind of tax reform we want we want to bring rates down.

We want to make sure they lowered.

For every one.

That we broaden the base that we get rid of the loopholes and we start allowing people when they go and make their money they know what to expect that they can keep.

The problem is right now it's too complicated.

We want to have a growing economy where for pro growth tax reform is is governor Romney firmly on board with -- all the proposals you just laid out absolutely I was with him last night for.

For several hours and he's told.

Person after person of his commitment.

To clean up the tax code to lower the rates so that we can be about competitiveness again in this country.

We got to make sure that you know on our corporate rates were the worst in terms of competitiveness we have the highest corporate tax rate in the industrialized world.

We wanna go Lott be the best again and we want to make sure that our businesses can grow our fan was can give back to work.

I want to go back to president Obama's attack.

On the governor Romney's book at Bain Capital has -- a series of negative ads going after the golf not for what happened when he was at -- alleged to have happened.

Today we get represented James playbook and making a comment about what governor -- is alleged to have done to American companies listen with -- from moment we'll get to -- -- There's something for about.

-- didn't our company is and even them in debt.

And certain Swiss bank accounts and and corporate businesses in the -- -- I have a real serious -- her.

Now the White House has said that the use of the would -- is inappropriate.

I'm sure you agree with that -- Absolutely I mean do these comments again are not helpful to -- constructive in fact I would say they'd be fact checked as well.

You know I think that where the White House is and obviously my friend and colleague mr.

Cliburn.

In terms of wanting to castigate small are small and large business I think it reflects a lack of understanding.

Again of what America's about.

America is about business we're about a country that is premised on the fact that ordinary people can go into business and do extraordinary things.

And two to -- great success in business to denigrate the launching of new business -- the turnaround of existing businesses.

I think just absolutely -- -- -- a disconnect with what America's -- but why why would.

It's -- reps and -- -- I'm the president do this why would they attack capitalism.

As you said America is a free enterprise country always has -- is the American tradition.

But is that capitalism seems to be attacked.

Behind the president and some people in the house I think -- it actually reflect Steward they've been very clear line is being drawn -- this election it is about what kind of country do we wanna be in America.

And whether we want to be the country.

Of small businesses whether we want to be a country of opportunity where people can come here.

And chase their dreams.

In a way that they cannot do anywhere else and be successful and turn that success and opportunity for other people.

Have we passed the tipping point the tipping point being where half the people who woke you do not pay federal income taxes.

Half the people in the country takes something from the government provided by the other half we look increasingly.

Like Europe don't -- With the social model -- -- in political terms -- we passed the tipping point where that's what people won't.

In America did this election will tell we'll give the answer that question I don't believe we have I think we're nearing that point.

And I think what's on the line right now.

Is the answer the question of whether we are gonna still be the marvel.

The economic world whether we're still in America going to be the best competitor.

We've got to get our tax system strikes so that we don't have a situation where nearly half the folks -- paying federal income taxes.

You know it's not fair and we want to help everyone succeed and the way you do that is to empower people through opportunity that's way America's always done so.

I mean you know you look at the statue of liberty -- New York -- that's what we stand for freedom economic freedom individual freedom.

That's how we built this country and I believe that's how we'll continue to compete if you really becomes -- all very happy -- America pick but one last real the first question I saw a headline.

Back in April.

The house passes a 20% small business tax cuts to stimulate jobs.

What happens well the senate has refused to take it up Stewart like so many other bills -- -- in the house.

But we're gonna continue to help small businesses that bill was designed to help small business men and women keep more of their money put it back in the business create more jobs.

We're gonna have a series of bills come forward Stewart over the next several months that speak to small businesses in the red tape that's in the way it's too hard to be a small business person right now we've got to turn that around -- congressman Eric Cantor we thank you very much for joining us appreciate it thank you -- How one of them are.

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