Europe giving America economic advice?
Paris-based group of economists says U.S. should hike taxes on wealthy to fix economy
- Duration 8:11
- Date Jun 30, 2012
Paris-based group of economists says U.S. should hike taxes on wealthy to fix economy
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America should just say we need to higher taxes -- Paris based group of economists telling the US.
Don't like taxes on wealthy Americans to fix our economy.
What is France or any European country in any shape to give advice on taxes and the economy -- hi everybody I am Cheryl Casone we'll look at the cash and then.
I passionate -- this week we have Wayne Rogers Jonathan Hunt it and Tracy Byrnes and also joining us if Christian Dorsey and I've -- murder.
Walkabout all India today and Donna I don't start with you because you said economic lecture from any your paint and European nations is a bunch of great -- about.
Yes and -- -- well I mean.
-- think pays for these Europeans to lecture us that Americans need to pay more taxes.
Americans through their tax dollars we -- these Europeans 84 million dollars a year.
In effect that we do is a horrendous sanction of the victim.
And we are funding anti capitalist who advocated force that they thought collect taxes taxes are forced him if government taking your productive effort in re distributing it.
It's destructive in its exact with including Europe with its big spending it's -- and big entitlement state.
And lest we were reversed course -- not be here it'll do the same.
I don't know Tracy -- -- should be taking advice from European economist especially out of France when they've got so much debt vs their own GDP it I don't know what to do their heads are spinning in America we say -- people who live in glass houses should not throw stones you know what sell the other thing we've seen too is that taxes don't fix the problem.
Let's all come to terms with this now raising tax is is not going to help anything we need to change spending habits we need to change this notion.
That we all want to be on the government all to hear from socialist type countries that they should be collecting more of our own money well since surprise anyone.
American he's a focus on America right now we need to get ourselves back to being number one country in the world otherwise that we are losing that status by the second I.
-- -- -- Italy and Spain they're paying forty something percent.
It ended in income taxes and at the same time -- that got it incredibly high unemployment.
To the -- -- ignore this report and do our own thing go our own lack.
Well look let's not let's not focus on the messenger let's actually focus on the message and that message is substantially shared by most credible economists.
And even the majority of American people that we need to raise revenues in this country in the place to start.
Is with the ultra high earners consider the 2001 and 2003 tax cuts cut taxes.
For the top 1% three times more than it did for the remaining 99% if you just restore fairness.
You create a lot of room.
To reduce the deficit and also invest in things that.
Make America stronger let's not focus on the back of this came from a European report this is what Americans have been saying for years.
Well I can't a couple of things here Wayne Rogers first -- have Americans basically don't even pay in taxes and all -- you crunch the numbers also.
-- -- we're talking about a group of countries in your up do.
Who are looking at frankly not -- anybody to bail them -- also doing is kind of your own thing as I said to Christian -- may be tackler on problems and our own way.
Well European you know when you can use the word economist first of all Christians as credible economists is no such thing as a credible economists that kind of -- some value.
Who predicts the future by looking in the rear view mirror I haven't found a one even in this country -- our economy is over Europe again know our -- more on except I don't -- you I don't accept -- -- -- -- I don't I don't think of the I don't think of Christian is an -- the -- economists -- think of -- Wednesday as a commentator.
Don't know and somebody -- right so he's -- he's he's looking at all all -- -- I had.
Lacking -- -- definitely wins in any case well and anything in any case let me let me answer the question if I make.
And it hit an indication -- Europeans it's not a question of what the Europeans are lecturing us so we -- lecturing them it's a question of us all looking at a world economy if you'll forgive me and recognizing that we're all not.
Is -- -- -- but interdependent and we have -- same problem that they have if we spend too much we're gonna go in the toilet just like they did.
OK not kind of agree that what we think about this report but -- -- what about what they're saying and we did think it -- helping US economy if we indeed did raise taxes.
Take -- mortgage interest deduction for example.
On those wealthier Americans would that help with the country do you think.
Absolutely not it's not just it's just not but you don't raise taxes first -- -- You're not gonna see any -- -- prosperity in this country but more importantly you -- -- -- globally either look France are the European countries needs the United States to survive.
The only way we're gonna do that and be prosperous is by cutting taxes and moving former look we heard about this -- this week but this Supreme Court decision with -- health care.
You're -- -- hear this further with the fiscal cliff you cannot raise taxes in this country and expect good things to happen.
You know those are not -- -- Tracy that's being made about the US economy and that as the club -- -- but we do have a lot of issues.
What would raising taxes help those issues Tracy.
-- as much as he we can't see any economist let's all go back to economics 101.
If I had money my pocket I go spend it.
Well I spend it on I'm cordially and spend it on a lot of stuff that's made overseas these days so those people receive better John has to be taxed higher -- themselves.
If you're not gonna.
Their products with -- I don't.
Right but I frankly from technical go back go back even before that mean where does wealth come from for the rich report for anyone did that come from force -- does -- come from freedom if you think it comes from sports.
Then yes advocate more taxes more government meanwhile the safety net in Europe that is much heralded.
Is literally falling apart Greece Spain make it -- diabetics can't literally get their insulin.
If you think -- -- a wealth comes from freedom and you advocate less taxes and you get that bit the -- Apple's of the world you get innovation you get a wealth created that's what we need an element that Enron.
To go ahead.
That was the same rationale we used in 2001 in 2003 and unfortunately we have a record we actually have evidence of what happened when those tax cuts.
Were enacted we saw lower revenues we saw higher deficits we saw slower growth we saw fewer jobs when I saw that stagnant wages so Jonathan if that's the freedom -- yeah.
Let's tax cut if we actually want to -- it and prosperity well I'm going to.
Into the fairness let's let me just clarify if the spending Christian that created a deficits just an -- that has in Europe Europe to Trace is point doesn't have a.
-- taxation problem as he pointed out they've got even higher taxes that we had here they've got a wealth creation problem and that's what taxes do they take away the freedom.
You put into force in place.
Wayne what do you think all this I mean especially about that wealthy Americans getting hit with a higher tax the fact that we do have some growth in this country but not a lot about 2% for the year I mean we've got to grow from somewhere how to we knew it.
Well I do think the following I mean there is -- Ab -- balance here obviously.
Ken -- -- wealthy Americans pay a higher tax.
Yes it why would you do that why would you advocate that well because on the other side it's a grand bargain if you -- everybody who's over on the earns over a million dollars -- 81% tax and for that.
I'm gonna get a concession from the other side that says that waited to we are going to -- -- spending.
By eight and I you I -- I'm an enormous amount of money I would do that and -- -- you'd be crazy not to take that bargain so to say.
No taxation is just as dumb as saying well wait I gotta cut anything you're gonna have to find some way to -- -- -- -- accommodate both sides of that you'll get something done.
I think -- summer he's talking about selective taxation but these economists this report there were talking about today.
Says to go after -- but you know the top 1% of this kind.
Lucky -- you cannot do this -- take a page out of governor Walker's book out of Wisconsin here's a guy that actually said it you want to invest in start up companies I'm gonna give you a 25%.
Tax cut -- he did this and he's actually inspiring he's bringing in more of these citizens in the Wisconsin everybody's driven there it's -- it's great for that state every one of -- states in this country should be following the same page and also around the world all right guys great discussion thanks to all of --