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Gauging the impact of president's tax plan

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    Lanny Davis weighs in on proposal

  • Duration 4:03
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President's tax plan really about cutting the nation's -- after all increasing tax rates for those making 250000.

-- more.

Would generate impressive 85 billion dollars per year in added revenue trouble is that's about what the government spends.

-- -- days.

Still Lanny Davis says it would be a start -- of course Bill Clinton's special counsel Lanny good to have you.

For -- have liked to say that my friend -- -- does suffer from an education.

That began with the letter H in a place in Cambridge as those of us -- -- he held don't use the word that can understand his mistakes.

Well I love it -- the latest go back and forth it got to that I thought that trucking school but I went to had said this that you can't.

Key riding the same points home without people catching up to the reality.

And the reality is say what you will Mr.

President this is a tepid recovery say what you -- it will Mr.

President.

Not the kind of recovery really wanted to and raising taxes on anyone.

No I think that's right yes I think that's right I think the president.

Raising taxes anywhere in this environment is risky.

I think that the impact on the economy.

Would be much less have -- to see.

At least -- carved out for small business that would take some of that revenue had a picture but still leaves the equity.

People earning Jordan fifty or a million a year -- to pay more taxes to get started on paying down.

The -- but I also hope pres Obama endorses Simpson Bowles.

Which was his commission and I still think that that's -- necessary if you're.

You don't about the debt commission -- -- for these -- cuts that as well this is noticeable find the facts that.

-- tears are wondering why do you work from Oakland of course the master.

-- getting the word out and just getting a sense of the polls the American people.

Obviously of the president's rounds of pretty Smart guys I -- they got this guy elected president over your original pick Hillary Clinton so he's not a dummy.

-- he's not surrounded by dummies they tested and retested and tested yet again this populist notion that hiking taxes on the rich.

May be standing to rich the fat cats the one person's whatever you wanna -- -- Works resonates and he's going to continue doing it.

On reasonable people like year old boss.

Like Deval Patrick of Massachusetts -- -- in new work.

Have all criticize that criticism before being kind of -- back on it so.

Obviously some in your party are are nervous about that approach.

Well you cinema bunch of things I think that both mayor Booker and Governor Patrick.

Myself we're concerned about.

Too much emphasis on being capitalists just an equity company that invests in distressed companies sometimes causing.

The companies to survive and proliferate -- is just and -- misdirected line of attack there is a legitimate criticism for some of governor Romney's.

Tactics in investments and -- And worthy of study that on your point on where there does seem to be consensus.

And I don't know why.

Is that the national debt is the second great moral issue facing our country to meet the first is national health care.

And Barack Obama delivered since Harry Truman people like -- have felt.

That it's a moral issue for this country to provide basic healthcare for every American now we have a system in place.

Thanks to the Supreme Court but this second moral issues fifteen trillion dollars of debt.

And I'm just instinctively asking the president I'm supporting.

It was your debt commission that would cut spending close tax loopholes and reform entitlements.

And do something about our children our grandchildren who -- inheriting this immoral fifteen trillion dollar debt.

And if he takes that center and -- -- for Mitt Romney who won't go there for reasons I do not understand either.

I think you'll win in a landslide.

You know lancet all right Lanny Davis --

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