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Extend tax cuts for all?

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    President Obama, Republicans at odds

  • Duration 2:46
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And this morning The Big Talker is our other top story President Obama calling for a one year extension of the bush era tax cuts.

But only for families making less than 250000.

Dollars a year now Republicans they argue that they should be extended for all Americans.

And really raising taxes on the wealthy would hurt small business and job creators and the president however saying that these tax cuts on the rich.

Is what's driving the country's deficit.

We've got this huge deficit and everybody's agrees that we need to do something about these deficits and these -- So the money we're spending on these tax cuts for the wealthy.

Is a major driver of our deficit and major contributor to our deficit.

Costing us a trillion dollars.

Over the next decade.

By the way these tax cuts for the wealthiest Americans are also the tax cuts that are least likely to promote.

World.

So we can't afford.

To keep that up now right now.

So I'm not proposing anything radical here.

I just believe that anybody making over 250000 dollars a year.

Should go back to the income tax rates we're paying under Bill Clinton.

Back when our economy created nearly point three million new jobs.

The biggest budget surplus in history.

And plenty of millionaires to -- Well you just heard the president referred -- tax rates under former President Bill Clinton.

Well -- on Hannity former Clinton advisor Dick Morris responded to those comments.

I was so interest -- that Obama spoke about returning the tax rates to the rates that prevailed under President Clinton.

That's a flat out lie.

While it is true.

That he would raise the tax rates on the upper bracket to 40%.

Which it was under Clinton which by the way we generate about seventy billion of revenue not enough to.

Do any significant damage to a one point four trillion deficit.

But the Big -- that he would do is to bring the capital gains rate back up to where it was above when Bill Clinton was president.

And the thing that distinguished Bill Clinton's economy from the previous economies was not the tax increase this.

But the tax decrease this.

It -- -- -- cut in the capital gains tax that stimulated economic activity stimulating capital gains and you know what it produced hundreds of billions of more capital gains revenue.

Even though we cut the rate.

And if Obama were to restore everything to the Clinton period that would be very different situation.

-- the president's challenger Mitt Romney also responding saying quote it just proves again.

That the president doesn't have a clue how to get America working again and help the middle class.

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