Is 'fiscal cliff' debate hurting recovery?
Poll: Americans wary of raising taxes
- Duration 8:31
- Date Jul 21, 2012
Poll: Americans wary of raising taxes
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Before we take a -- Democrats warning that they won't let the fiscal cliff -- raising everybody's taxes if Republicans don't agreed a hike taxes on the rich right now.
But are the American people telling them they're wrong -- new fox poll showing more than 70% of Americans.
Think raising taxes in an economic downturn is a bad idea so who's right hi everybody I'm David -- welcome to -- on FOX let's focus.
Steve Forbes Victoria -- Mike -- -- Morgan Brennan -- Unger and Elizabeth MacDonald and I've always special thanks on back for a great job hosting the show last thank thank you Becky you are right Steve what do you think about this Democrats really are pushing us further towards that fiscal cliff.
Yeah they want us to imitate France raising taxes David except in wartime is always a bad idea but especially when you have a weak economy.
It -- productive investment -- risk taking hurt success so it slows the economy down so in the name of helping us they're hurting -- that happens every time and -- -- it does seem to go against the grain of Americans now and applause even young people by the way there was a poll of eighteen to 29 year old 69%.
Of whom said raising any taxes in this economic environment is a bad idea.
-- -- you know you really have to wonder how Americans are gonna react when they begin to understand the actual data.
Fascinating thing available this week from the Tax Foundation.
You can find that their website it's a calculator.
That shows you how much of taxi limousine -- kind of fun to it's it's fascinating and let me tell you what we discovered -- it's remarkable.
The actual increase in taxes for those earning 250000.
To 300000 of those were told -- the job creators.
You won't believe this 199.
Dollars more a year.
Sixteen dollars a month it won't even cost you one hope the job a lot and every time we -- this is according to the Tax Foundation go look it up so.
Yeah I hear over to -- but the numbers that Rick is talking about.
Are the people who thought talked -- on eBay they're real job creators and a million plus class and that's about six -- 89 -- going to be subject to higher taxes look.
The idea that taxes -- jobs is that issue Margaret -- -- has it right.
How do you make the poor richer by taxing the rich and taking money away from the small business job creators.
In this country big did not cause the financial crisis the entrepreneur class in this country did not cause a financial crisis to give the government more tax revenue you're not gonna get magic beans that are gonna so jobs somehow and -- Morgan I think -- -- hit it right the right on the head she said how is raising taxes going to create jobs and that's really.
The issue here how would raising taxes great -- we've got a list by the way the taxes that are gonna go up -- nobody does anything go ahead.
I think the bigger thing here is tax tax cuts being extended out or or tax -- -- Our tax is being -- -- the case may be.
I think we just need to get to some sort of agreement I think a lot of companies are holding back on hiring simply because they don't know at the end of the year is bringing I think that's the bigger issue but going back to.
I actually agree I think small businesses could get hurt by taxes being raised which is why I think.
I think the very wealthy can afford to pay more taxes but I think we need to redefine well the fact that the cap office 250000.
Dollars I think that needs to be raised up.
And I think tax hike is possible for the wealthiest but maybe not as.
-- as it is right but Mike even if they cannot afford to pay a little more in taxes the question is how would raising taxes help us create jobs wouldn't they pull back a little David all we have to do is go to George Bush's presidency.
Facing headwinds of the crash of the Internet bubble and the 9/11 terrorist attacks he implemented a series of tax cuts the last of which was signed into law of may 2003.
From that point through the end of January 2009.
The end of his presidency.
His administrative administration created three point seven million new jobs seven times more that have been created.
Under president Obama's reign of tax dollar.
Well and Victoria the fact is is that not only were more jobs created but.
That the rich actually paid more as a result of those tax decreases from 2003.
It went from a 136 billion that they paid in taxes to 274.
Billion dollars so.
More money -- revenues -- more jobs were created.
As a key point I think if we -- we if we hiked taxes on the so called rich.
You end -- just hitting small business owners.
Lawyers and doctors who are making above that threshold would probably don't feel very -- certainly if they live in.
The coastal cities like San Francisco 250000.
If you got a family of -- does not make you feel rich and fortunately.
And what you have is the super mega millionaires are gonna figure out ways to evade those taxes earlier you certainly gonna pull back.
And they always do they've got a clever people out them do it.
And you're gonna see just an overall compression in entrepreneurial activity and also -- four in job growth the real problem here is that.
Entitlement spending and interest expense in this country is set to exceed revenue within the next fifteen years.
We need to focus on the spending part of this -- and trying to take money out of the private sector to fund.
And entitlement spending that has just filed out of control over decades right.
You know Steve while while jobs should be number one everybody says jobs as the number one concern of all mortgage should be to concern and I don't see -- raising taxes obstruct.
But is also the fairness issue and yet 94%.
This is according to the CBO by the way to CBO says that in 200994%.
Of all federal income taxes.
Came from the top.
So how can you squeeze more how can you squeeze more out of these people.
Yet David if you look at the top 10% they pay 70% of the income taxes in this country that's higher than any other developed country in the world.
We're or worse off than even France in that respect and what is the purpose of raising taxes they say -- to reduce the deficit.
You raise taxes you hurt the economy that blows out the deficit that's what's happening Spain Italy and elsewhere.
Why don't we learn the lessons of Europe and -- learn the lessons of Ronald Reagan lower the burden you get more activity it's win win for every Rick what do you say.
All of diversion from the point guys go look at the numbers let's not talk about the ideology as much fun -- that may be.
You have to get into households earning multi millions before we start talking about -- about taxes that you could even think about it.
You -- that marginal rate on 35 and 40% this thing is the margin.
That meant hurts economic activity that's the key reading a lot of says magazine act doesn't talk ideology she talks figures because used to cover -- over the Wall Street -- heavy metal or talking about is paying is -- Victoria hit the nail on the head we're talking about paying the interest costs and the ballooning debt.
Which we've added the equivalent of Germany and South Korea when President Obama took office five trillion bucks.
That's the name of the game really can't collect 2.3 trillion in taxes look Clinton had they -- right the road to prosperity is through.
And regulatory stability tax ability and a strong dollar I don't think president John F.
Kennedy could get nominated -- -- this Democratic Party the way it's behaving and by the way Clinton ever -- talks about -- -- raise taxes he did lowered the capital gains tax rate tremendously Morgan and that led to a boost in the market right.
Yes I I I agree which is why I think that there is room to raise taxes but not to that 40% as Steve -- And I -- what would you want to -- -- -- all 50000 -- it should be higher because I worry honey let me focus on you for -- worried it.
Is it is it wise to do it at all if there's any chance that it could hurt job creation why raise taxes.
I think I think it is wise to do because he did -- increase revenue back.
I also think we need to take a look at spanning every talking about cutting spending but it's just a matter is -- -- number of reports out talking looking at the fact that all the cutting and spending it's already been happening.
Has been hindering job -- -- as well.
The best revenue raiser is a vibrant economy you don't get a vibrant economy by taxing those who create capital and invest in new businesses or agree.
And yeah should I think you can tackle millionaire -- go ahead final word.
Well well -- it if you're saying that this is is gonna hit that that 250 to 300000 -- Only 200 dollars a year why are we doing this -- had isn't there anything and mom.
-- sends this signal that the government is trying to take money -- your wallet.
That's the dirty little secret the White House doesn't want you to know because little upset the progressives and it negative.
It's got -- -- last word and get a read this when I'm coming up next.