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Tax cut debate dominates discourse on campaign trail, Capitol Hill and markets
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Americans now weighing in on the tax cut debate dominating Washington in the campaign trail on the markets as well new fox polling shows this.
72%.
Of you say it's a bad idea to raise rates on anyone during an economic downturn.
Back in 2010 President Obama agreed with two year extension of the bush era tax rates.
And today he proposes allowing those rates to go up for those who make more than.
250000.
Dollars a year that would raise 85 billion dollars per year for the government.
Little bit of context on that this year's estimated federal deficit one point two trillion dollars people making more than 250000.
Dollars a year already pay.
44% of all personal income taxes.
Kevin McCarthy Republican from California house majority whip back with me -- Good morning to you.
In my -- that -- vote -- today for fourteen to two in the house.
That would encourage the White House to show its hand on what it proposes.
About the looming cuts that are coming up the end of this year what do you want -- know.
-- wanna know you got a plan I mean one thing that's White House in this Democrat controlled senate they've ever -- produced the budget.
You've got a plan for where you're going sequestration says it's gonna cut.
One point two trillion over ten years half of that coming from the military.
How can you plan to protect this country in this nation.
Around the world if you don't know what those cuts are going to be.
The best thing to do -- plan ahead of time we think there's a better way going about doing it.
We're asking the White House to tell us what their plans are and they -- that done and Paula -- -- usually you saw the poll there about 72% what do you make of that number.
When you see -- -- percent that is a bipartisan part of this country this is a country that understands small business creates jobs.
When the president wants to raise taxes he hurt small business as most of them run as an escort.
You know a bipartisan joint committee went through and studied it says more than a million.
Small businesses will have their tax increase and small business creates more jobs in any large corporation.
That's why we're hurting today that you heard Ben Bernanke was on the hill this week -- and a couple of different hearings one on the house side one on the senate side his message was do no harm.
I mean he is concerned about this what did you think of that comment.
-- -- that comment was very telling because the number one thing that's hurting American job growth today is uncertainty and the policies coming out this White House.
Think for a moment when the president came in and the Democrats controlled all he said the stimulus with his.
Foreground for what -- economic policy would be that the stimulus would mean that unemployment would never go above 8%.
Forty months later that's not true.
Then obamacare.
Creates more uncertainty into the marketplace and the amount of regulation.
That's like its next week we're gonna pass a bill on the floor.
The says no new regulations until unemployment is under six -- -- you -- guy that we you have Democrats vote your favor on that.
Do you know yes I believe we will comment and the other thing.
Well normally we just get a handful but you know what we start somewhere the biggest problem we have is even having a bill come up for a vote the senate Harry Reid won't bring anything up.
Now let's look under the hood on these tax negotiations.
Where are they with your democratic counterparts.
It is there any common ground at the moment or is -- something it's gonna drag for five months.
Why actually hope that could be comment about -- remember when Democrats controlled all two years ago.
They extended because they knew it down and -- me just like -- 2% of Americans that you should not -- it a 130 Democrats in the house.
Voted for that.
But then just this week I listened to senator Patty Murray -- she wants the country to go off the cliff.
For political reasons.
That's what's wrong with Washington we should put people before politics and the best thing we could do it and uncertainty it's -- The tax cuts into the next year to be able to work out an -- -- tax reform and I'm still not clear where the negotiations are.
All are there any right now.
Well at the -- wanna go off the cliff you know right word is there don't seem to be an.
And -- wide open in the process I know Mitch McConnell said.
Put both plan tax plans up for a vote in the senate we put the president's tax increases and the extension of the tax cuts.
And Harry Reid said he wouldn't even bring them out there.
We'll see if that happens Kevin McCarthy thank you for your time we'll talk again thanks for -- and thanks.
