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New showdown over Obama's tax plan

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    President threatens to veto bill expanding Bush-era tax rates for all Americans

  • Duration 6:41
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-- veto any legislation that extends all of the bush tax cuts even to.

What you call the wealthy yes then and the reason is we can't afford -- they would cost us a trillion dollars.

And so they had a President Obama threatening to block any bill.

That would extend the bush tax rates across the board.

He's determined to raise taxes for top earning Americans -- says that families earning less than 250000.

Dollars deserve to keep.

The current tax rate that -- under at the moment I'm joined now by Utah's senator Orrin hatch -- Ranking member on the Senate Finance Committee senator good morning good to have you went out -- work.

So angry about that wouldn't that the president says good to have you with us -- the president says that that if if any bill is brought to him.

And this would be similar to what he was in favor of last time to extend all of the bush tax cuts he says this time he will be tell what -- -- there.

Present -- class workers usually you know back in 2010 they said that.

If we increase taxes that would really hurt the economy because it would.

It mainly Texas against small businesses his approach would -- about 940000.

Almost a million small businesses.

That's 45% of the total work force in this country.

And he said back in 2010 it would damage the economy to do that now he's really willing to do that because -- playing.

Class warfare he knows we're not gonna do that but he wants to make as many political points as -- -- and that's not a very good political point in my opinion.

Because they don't then they go back to well President Clinton raise taxes -- either raise taxes but he also cut spending.

This president -- some kind of government spending and -- spending has gone up dramatically and and to increase taxes on.

Those.

Making lesson from -- more than 250000.

Dollars.

He doesn't get -- that much of payback for it may damage the economy and in the end -- just that have more spending without any real.

Reductions that are necessary to get this economy moving again.

So you -- is not gonna happen.

The way that he's laying it out that that it couldn't pass.

On Capitol Hill the way that he's laying it out and you know in terms of the politics of all of this -- facility.

-- I can only assume is making a -- That people will be on his side and and the polls seem to back that up if you ask people you know do you think that people making over two and 50000.

Should pay a little bit more should pay their fair share as he puts it the -- seemed to back that up that most people agree that that's an okay thing to do.

As a has all this play out politically in the end for your part.

Well keep in mind that the if he continues -- that we're not going to allow that to happen if that happens it's gonna find a real.

Real problem with the economy.

If the what's happened to win on that he's not gonna win out of the house isn't gonna vote for that we don't know.

But what -- so presidential election what I mean that -- you're -- that's what it's really all about.

-- and that helped him win in the presidential election is my question.

I don't think so because I think Mitt Romney can easily explain that that's not economically a sound way to go plus.

Look the -- and -- how to create jobs he has absolutely zero background.

And job creation he spent most of his life as a community organizer it was a part time law professor -- say law instructor -- -- he was.

And I give him credit for all that but that doesn't mean creation of jobs not only that the President Clinton this against this former President Clinton analyst reports against it.

I have to say that Larry Summers his former chief of the economic -- -- it's not the right thing to do and it it if you look at.

Hammering another 940000.

Small businesses that doesn't make any sense -- plus to say that.

You know -- to say that the wealthy if if you hammer the wealthy like he'd like to do I'm not sure you get that much in the revenues they find other ways of leaving the country or.

Putting their -- -- overseas are finding a way to not have to put up with a high tech and he's talking about raising taxes well over 40% -- My gosh there's not anybody that I know who thinks that's a good idea.

The and -- according to the treasury it would it would raise about 85 billion dollars and according to the Treasury's numbers as well.

That's -- the federal government spends in about eight days so it would raise about eight days worth.

Spending as you point -- there's not a lot of talk.

About spending cuts on that I go back to my at a point -- they it can only bring us to the conclusion that he believes that this will win with the American people that this idea of like they need to pay their fair share folks.

That it's resonating and that it's working for him.

Well I don't think that -- I think the American people well there -- a problem here we don't know that the bottom 51% of all households according to the joint committee on taxation.

They don't pay any kind of taxes -- all.

And and I think the Democrats have to confess to 60%.

Of people are totally dependent upon all the rest of the people who work in other words dependent on the federal government.

And that's that's not the way to pull our country out of the doldrums it's in and it's clearly.

Not the way that that anybody with an economic background would do would want to advocate and I have to say this president has no basic.

Knowledge or ability.

To create jobs his lifetime exposure though important and intelligent and all that.

Really had nothing to do with the creation of jobs -- creation of opportunities for people to get out work and especially small -- -- -- that.

What do you think Americans can -- if this goes -- if he is able to raise taxes which is -- probably won't look for the sake of our discussion.

If if he gets an extra 85 billion dollars from those people over 250 fact that 250000.

What does that money go towards you know how how is he proposing.

The government will use that 85 billion dollars to try to create jobs will they be government generated.

Well what are we gonna wake up in this country we know that these Democrats and especially this president is not gonna use that money to pay down the national debt which is.

Astronomical right now our national debt is now -- and 3% of GDP.

-- just put that in perspective Spain is in real trouble over in Europe and its national that is less than 70% -- and yet.

We're talking about this new European allies in America and they gave them less responsive and -- -- And responsible than it is today and that comes from a president who really has zero background in the and in economics and do a background and job creation that's why Mitt -- gonna win this election people realized.

That he has the ability to do so he has the background of this up and they deep down feel that this president has enough of a job.

Well this is seizing on the east central question.

Of this election at how we fix the economy sir thank you so much senator Orrin -- always a pleasure.

Good to have you noticed that they were good they would.

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