How are the president's attacks on wealth affecting voters?
Will it make a difference in 2012 race?
- Duration 12:22
- Date Jul 13, 2012
Will it make a difference in 2012 race?
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We used to live fox.
We used to live in a country where people wanted to be millionaires -- U is still limited -- -- people wanted -- to -- pool of their standard of living they wanted to -- more.
And and and instead today we live in any country were people wanna get a government check.
Are too many people do.
But it's not just that.
The people who do you wanna come become millionaires the people that do -- want do you work.
To improve their standard of living are -- very bad people.
But that was Rush Limbaugh yesterday accusing President Obama of a -- the American dream with the tax on the wealthy in his reelection campaign.
The same week that one of the president's top fund raisers said almost the same thing.
Suggesting that the president is it demonizing success.
Don Peebles a real estate developer has raised close to 200000 box for the president's reelection campaign.
But he says the president has awakened a sleeping giant with repeated attacks like -- The tax cuts are proposing.
We get rid of our tax breaks for millionaires and billionaires.
Tax breaks for oil companies.
And hedge fund managers and corporate jet owners I did not run for office.
To be helping out the budget.
In -- -- bankers on Wall Street the people on Wall Street still don't get.
They don't get it.
Michelle and I -- -- in your shoes.
I guess everything come from wealthy families.
I -- born with a silver spoon moment.
Joining me now Dan hat Daniel manager has the deputy editorial page editor of the Wall Street Journal.
David Webb whose host of the David -- show on series -- and patriot and co-founder of Tea Party 365.
And Sally -- -- a political blogger and a Fox News contributor are right so.
Well let's let's pick up or Rush Limbaugh you know teed it up and -- -- -- to use Alex I know you like to talk to -- -- -- heat you've heard that that he believes that there is he standing the American dream on its head by you know we used to be a country where.
You want to become success that was the goal and he believes the president's now shifting it to where we demonize the successful.
Yet he couldn't be more wrong with America has always been out.
Is fairness is everyone getting equal shot and everyone wants a chance to -- to achieve and succeed opportunity -- the essence of the American dream.
Our tax code unfairly.
Benefits the very very wealthy.
And penalizes the middle class if you're -- copper construction worker you are paying higher percentage of your income in taxes.
Then millionaires and billionaires hedge fund managers that's not right that's not American and -- -- -- What percentage of the incoming others no question that there that the rich are paying more -- actual bottom line taxes but percentage of the incoming -- -- -- -- making you know.
Why should the middle class teacher pay more in terms of percent as it is -- the deductions he doesn't have sort of the loopholes of the rich take advantage of then a rich guy does and that seems to be what President Obama is trying to argue in hiking his tax taxes on the rich but leaving them lower for the middle class.
He's not because if we use -- -- arguing that tax code is the problem why didn't the president when they have the control of congress go for tax reform.
What's happening here is Donahue Peebles and all of the other left supported the wealthy supporters.
Like Cory Booker remember you're dead to mean for after saying don't attack capitalism -- to tax free markets.
They're looking at a president who history has proven that that approach kills the wealthy it kills the wealth creators which by the way.
They're the ones that hire they're the ones that create jobs we need tax reform that's for sure.
But this is a class warfare by going after sub sets and then trying to get that 2008 amalgamated vote to get him back in office.
And Dan we talked about this yesterday because we have Michael Reagan and we talked about how his dad viewed this this demonization that that this is what the -- would say of the rich.
And just -- President Reagan and this is before he was President Reagan but listen how he put it.
We have so many people look at -- a fat man standing beside them and without coming to the conclusion that that man got that way by taking advantage of the then -- -- short so I think generate too much to get right to the point it does get right to the point and I think that the issue that Donahue Peebles is raising is whether Barack Obama at this point is creating -- substantive political problem form so people is beginning to have problems.
Getting money out of wealthy Democrats that's one problem the other is we are in July and people are beginning to pay attention to the campaign and what the candidates are -- We've been sitting here talking about millionaires and billionaires and the wealthy the president's tax proposal is to not extend taxes for.
Individuals making 200000.
Dollars and couples making 250 down there I thought he wants their rates to go up and that's that are.
Taxable income that's not the money they take home that's before taxes.
Those are the kinds of people are beginning to focus on this and say wait a minute I worked hard to make it up to 20250000.
Dollars is he talking about me -- -- and I think people just below that with -- to -- are beginning to become this comforted by the president's proposal.
Thousand -- Joe The Plumber remember he was sort of saying I want to work my way up.
I wanna do better and and you know you -- tax me more think we're getting lost in the rhetoric here and we're missing the math the math is very simple.
We're not raising anyone's taxes were making them equitable and fair read -- -- -- paying less.
And let's -- -- -- -- -- the -- the floor of the rhetoric is also an issue because the president apparently.
Now some historians not on the -- -- help me help me try to communicate this message in awaited doesn't allow authorities say I'm guilty of class warfare that's not what I'm trying to do just trying to.
Find more more equality.
And but then he goes out that we got a few soundbites but it together to -- the last one in particular listening.
-- -- New.
Controller saying which one which when I was younger and I.
-- and a government others tell -- Let me give the exact quote I don't say exactly reset.
We can not be talking about tax cuts for the rich saying.
We have to ask the wealthy to pay a little more we can't have a culture that just encourages selfishness.
And looking up for yourself and not looking out for anybody else at look.
A -- and this is we can't have a society where the wealthy are paying less than their fair share and the middle class and we're -- -- burden study -- Let me be really clear selfishness is not to want to -- it's selfish for them to wanna pay almost half of what middle class and -- I think yes I don't think that's right what we're saying here's the rhetoric.
What -- the middle classes suck it up you're struggling you're unemployed suck it up we're gonna cut your Medicare we're gonna cut the education for your kids we're gonna cut food stamps.
But we're treating a wealthy like their delicate little baby yeah.
-- segments how he -- Let's look at the reality when you talk about what people said and he talks about Romney and overseas accounts which Nancy Pelosi has.
Debbie Wasserman Schultz is invested in.
It's not illegal -- we demonize and at the wealthy do this all across the world number two.
The politics of envy and this is a change in our -- treatment since the Clinton years which you -- -- talks about fairness America was built on opportunity.
And advancement and striving to do better not on this idea this false notion the socialist notion of fairness we are built on -- -- And peoples and the other wealthy and wealth creators and our economy are saying if you're gonna take us down what we're giving you money well how can we support you.
And the exit -- don't.
And yeah you know what is a fair shot in this country what is affairs is -- -- about you -- I just want everybody to have a fair shot.
Do they not have a fair shot now -- used to be sort of you.
In new morning enough and you can work -- way up if you become successful great good on -- -- example other people not seems to be.
You owe more if you get if you get up that WL more.
Well they already the top marks already is 35% I mean I have to disputes the salaries idea that people making that -- been called -- paying taxes that mean that IRS.
But she says as an anti abortion 400 income earners last year paid of the top tempers are -- sounds -- 40% it'll all taxes -- that the app.
But -- but -- -- given -- because I I don't understand math really at all I think our viewers know that about me.
But she's trying to say that you're paying a higher proportion of your you know take home pay as a middle class person -- a rich guy it's because they've got loopholes they do capital gains it's like but.
But don't all -- bat I mean people in business people -- were in business for themselves are missing or prior to ships there subchapter S corporations.
Are making it through their business paying those top marginal -- you can't really -- everyone is not escaping taxation in this country.
By any means and I think.
The idea that anybody should be able to work make more money and retain.
More of that money is what is.
I didn't because I thought I in the iron and I argument say let me get -- -- you let me let me say this last year.
That topped 400.
Income earning Americans the top formed wealthiest Americans paid.
Real percentage of 18% that's what they -- 18% to forget the marginal tax credit they -- -- this are you not grouping them altogether because there are lots of people and that that I -- They actually have 3830 I'm -- that's the average so -- lest it right but I'm glad we brought my wealth is not a great.
I gotta get Ronald Reagan said that it is crazy for a bus driver to pay more than millionaire do you agree with Ronald -- you know does he said it's crazy I.
Hollywood take the fat man and tell -- you're gonna have to go on a diet I'm gonna take it as much as I want.
The probably this is one -- in the progressives never define what's fair share what's that number.
We never hear that.
We hear flowery speeches.
We are talks of fairness for every one rather -- how do we get everyone from those lower socio economic wrongs.
Up we do that would tax reform they sub -- tax policy institute says.
That are under obamacare and this is on dinosaurs report that there will be -- 194000.
Is that really what they're telling us they are policies not work.
As you as a journal Baghdad that -- good rhetoric is Saudi prince.
If the Wall Street fat cats the selfishness.
-- that was the president's work selfishness you can't.
Can't have a culture that just encourages selfishness and looking out for yourself.
Is this having a political backlash -- this guy done peoples was calling up all of these public it is is a one of the top hundred.
Calling up all these publications to -- on the president.
Again let's get something straight and whatever Sally says she knows this is true we are in New York City in Manhattan.
Those guys -- Goldman Sachs and Morgan Stanley.
Give more money to the -- institutions in this city that you can begin to imagine hospitals arts institutions.
These institutions would collapse if it weren't for the charitable donations that they were getting from the guys down on Wall Street selfishness.
I don't think so I mean you burn money you get paid support they give a tremendous amount of -- -- comes to the.
I gotta I gotta go but I -- -- at the -- issue is out -- outnumbered success but what you guys but I wanted to says this.
Is that a mistake for him to to paint the debate in terms of selfishness would -- do better to say look you know.
I wanna bring everybody together at the fair shot link which end and stop the derogatory messaging well we could've brought in some other quotes writing there -- other times where he said this isn't about us that this is about punishing success this is about helping everyone be success he's and I know how to -- -- -- and tell us.
And our fair share we're talking about what is the work -- share -- number one what do you shoot this I'm spending pretty explicit I think that no you're not give -- -- let's say -- Israel America don't know.
Actually Sally you're in America and -- That's -- -- you don't have to -- is -- an Atlanta.
Good -- what is the number I think -- Singer Shannon I don't know most Americans want to see the wealthy modest -- -- numbers.
-- that is the number thirty -- number ten.
Gotta tell you how we already didn't exactly but it is -- it means stared down on the dusty can be sliding down that they're not of the I don't know who.
-- aside I ducked out a pleasure as always thought backhand I.