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The House is set to vote on a full repeal of Obama's national health care law, but is it just symbolic or a harbinger of things to come?
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Now they have a side of the health care fight to democratic Cashman rob Andrews just left the house floor where he was vigorously defending the president's health care law -- Andrews joins us Spitzer.
Greta -- you I'm -- any idea how many Democrats Cingular is tomorrow in this stuff.
I think single digits it's not sure need to be 567 Skype in -- her comments I just haven't paraphrase it sound how what you said and cracked -- -- People who say this is the largest taxi -- increase that's not true.
97% of American families won't pay one dime more -- to the health care.
The family that would pay more our families that earn more than 300000 dollars per year.
Or -- could afford health insurance but elect not to bite and they go as a receiver for -- so this is about the under the health care.
Trent doesn't dollars -- they're the -- gonna pay for that's right it's it's people whose adjusted gross incomes to 58 and above for couples which is about 300 grows in price and certainly in light in that what I saw that number -- and it gets up look at the Democratic -- -- gonna serve a double whammy and those who make 100000 because of the same time -- and that.
They're the once again he caught there -- -- pay for the health care.
The president wants people who make more than thousands pay more taxes begin the end of the year so they're -- they're getting squeezed twice by the Democratic Party this week.
Just -- to.
It is the it's the small surtax on the health care is a one point 9% of the income above that the 300.
And if you repeal the bush tax cuts for that group for the top two or 3%.
And went back to the tax rates under Clinton were 23 million new jobs were created that would be the truth but I think the record shows that.
600000.
New businesses started on of those tax rates 23 million private sector jobs create -- of those tax rates and I think it would happen again.
I've seen -- is so it it doesn't cause is -- -- -- their many economists and thankfully it.
That if you -- if you put if you clamp down too high and taxes on wage -- on higher -- that they will be less investment.
The terms of their business and create jobs do we do it.
Do disavow that notion.
-- I think that's correct notion when you reach a certain critical mass I don't think moving marginal rates from 35 to 39 do that.
Because when the marginal rates were 39 which they were in the Clinton years I said.
Contra the Norris created 600000.
New businesses and created 23 million new jobs.
-- look I think it's a -- rates were 55 or six they were seventy when Reagan took cover.
So I think a 33% cut that makes sense but the top marginal rate was 39 when George W.
Bush president George W.
Bush -- it was cut to 35.
And I think if we get good deficit reduction by bringing down a 35 I think that helps the economy.
Carl what they're not -- and then looking at seven I want talked about -- temperatures about this tax question though because as I see it that in both the health care and the -- -- -- move ahead.
A certain act because economic strata.
I'm I'm curious how much addition -- revenue if you know.
We'll be in the treasury if the taxes go up as to people make their 50000 dollars or more how much difference.
On the income tax of the health care in income.
The income over ten year pure tenure one -- in a one year year old Signet with candidates.
Three trump who holds -- about.
A 150 billion dollars for one for one year and and give any sort of I pillow research sense about this is about to Kostis about ten billion dollars a -- -- federal government so.
That's a fifteen that's a fifteen day you're asking for fifteen -- It's a drop in the bucket here's some other things we -- to do.
I think we should find a way to fairly restrained entitlement spending -- and my personal view.
I think that Medicare benefit should not vest until little bit later for younger workers for -- so I would say.
That if -- persons under 55 they should have to wait one month for each one year there under 55 to get their Medicare benefits.
I favor a sensible reduction defense spending.
I favor getting rid of most of the agriculture subsidies I think there are housing and job training programs could be consolidates I think that about.
Three quarters a deficit reduction should take place by spending reductions and about one quarter by revenue.
We -- -- -- you -- him but I didn't members of congress share with seems a reasonable wants to talk.
And then something happens when you go up in that building and doesn't over my left shoulder mean people seem to want a source -- some resolve these problems why doesn't why does that happen once you get -- buildings.
I think it does happen sometime last summer there was a deficit reduction law pass cut the deficit by two trillion dollars.
It was incumbent ahead among the dead silent run and that there was unrelated the members of congress -- here doing it because you didn't you had a gun to your head because we're hitting the debt ceiling not because you sir I thought this should be good planning good tournament -- we're gonna hit setting -- -- January.
In December of 2010.
There was a huge -- -- agreement to extend the lower tax rates for two years -- try to help the economy.
But that once again is because they're Bachmann to expire in Europe you're up against a deadline I mean he got was your head then I'm not serve like let's sit down and -- obviously -- had a gun to your head then because there are hundreds Spybot and -- -- congress unfortunately has the work habits of of a college student who could who goes out parties the whole semester and -- of finals at the end you don't think that's what -- but -- -- get the right greater your first look.
We've been able have a two trillion dollar deficit reduction bipartisan last August.
We had a bipartisan agreement on the tax rates in December 2010 I think we can do it again this year and will.
I get another two trillion dollars or so deaths -- I don't.
Yeah -- -- this is some sort of bipartisan but that's -- -- -- right it's not happening right now.
And it's power and -- most likely gonna see some action after the election the -- -- I wish -- were tomorrow morning I'll tell you life.
I heard your discussion my friend Aaron I think one of the reasons why we don't have the job growth we all want is a lack of confidence among employers.
And I think in large part that lack of confidence stems from a fear of higher interest rates because of out of control government deficits people worry that.
We can become the next Greece and -- -- and I think the best cure for that disease.
His fiscal discipline and I think I didn't get it done a but I think also too is its its tax increase in net and net income bracket -- -- -- thousand.
End -- the once it according to what you set on the floor.
Then the wants a pain the health care taxes -- -- but only arguments -- we heard I was here in 1993 when the Clinton plan until we heard the same arguments that here's what really happened.
That the trade off we got -- slightly higher marginal race in exchange for major deficit reduction.
Led to low long term interest rates 600000.
New businesses and 23 million new jobs and and that's a form I think it work again.
And you get the last trip to heartbreak -- -- -- --
