Fox News
Expand
Browse All Video
Watch Live

You're watching...

Where is tax battle headed?

Details

  • Description

    All-Star panel weighs in

  • Duration 6:35
  • Date

Clips

Also in this playlist...

Editor's Picks

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Our friends on the other side doing it are practicing what could best be described as.

Thelma and Louise economics and let's just march the whole -- throughout the -- And see how that works out.

There's easy way to make percent of work more efficiently Republicans could drop their record breaking run of obstruction.

Gridlock and the way.

Since 2007.

Senate Republicans have mounted the 84 filibusters.

Against.

Legislation received.

More than fifty votes.

Well the top Republican in the senate says the Democrats need to fish or cut bait on the president's tax plan to extend.

The bush era tax cuts for one year for all except -- the top earners essentially raising taxes on.

Families making above 250000.

Dollars a year.

On the back and forth on the senate we're back with the panel where is this headed pat is it.

Is this just a dance that -- just take this into the election.

It's headed for that session we were talking about earlier the way duck session I truly believe this on this and I do believe them Republicans got the -- what does Barack Obama asking him to do here.

He's asking them to go against -- their political interest there philosophical convictions and their economic beliefs and to raise taxes in the middle of a recession.

Which is not what -- would recommend you do.

Otherwise he's saying the whole thing's going over the cliff.

Mean this is more like rebel without a cause we're -- James Dean.

That you love -- headed for the cliff and the first what is it chicken made an outcome -- -- and the reason that's they both go over there.

But this is but this is exactly so I think the Republicans -- -- -- -- grounder to hold ground the president ought to do this for one year just like President Clinton recommended.

And others have recommended.

And -- deal with tax reform if he wins in 2000.

And now Mitt Romney now marketed.

Democrats believe that this is a winning issue for them the National Economic Council put out this.

This statement in which they said specifically the taxes are scheduled to go up on the middle class 114 million middle class families -- average of 16100.

Dollars.

And then it lists all the tax cuts that would go away in the first of the year and breaks it down.

Really for each middle class families so our today saying that this is a winning strategy.

I think they're saying it's a winning strategy I don't think they think it's gonna come to that where the middle class tax cuts would go away but they're saying to Republicans is.

We want to pass the middle class tax cuts Sony you let's pass those -- -- -- let's argue about the high end tax cut then there's no there wouldn't know an average for Republicans in that case and they know that polls are our show them that most people want the middle class tax cuts extended.

Month many many fewer people want the upper end tax cuts extended even though President Obama himself said back into well you -- He'll look the Republicans to extend all of them and he also said don't raise -- raises a recession at all in a slow but were the Republicans did something like this before they held firm they called the -- democrats' bluff on the debt ceiling they said we're willing to see the country default unless you make a deal with us.

Democrats are saying okay we're willing to see the sequester happen to tax cuts expire.

Even though it'll -- give a -- to the economy not as -- defaulting.

If you don't make it -- -- -- -- -- -- Washington is now -- giants -- really yes that's what yes.

Well I mean having heard about -- -- and James days I'd say it's more road runner economic she's over a cliff and don't even know until about.

Eight seconds later but this is all -- game nothing is going to pass in the senate and now nothing at all.

Each of the parties is maneuvering the other try to embarrass it.

They're Republicans you know there's several Democrats who are up for reelection don't want to go new year.

The president's proposal on taxes -- kill them you only have two people who caucus with the Democrats Joseph Lieberman and Jim Webb of Virginia.

Who have said they will oppose the plan that the if it goes up on the hill but nothing is going to happen is all getting kicked into after Election Day.

But again everybody's panicked over this if Romney wins it won't matter he'll be the one who control the agenda.

If nothing happens before January the first when he becomes.

President everything will be done retroactively.

If Obama always he's gonna have to make a compromise.

Exactly as he did in 2010.

And that'll happen you know at the eleventh hour.

I want to go over the just quickly -- this this vote they're going to be a series of votes tomorrow.

The democratic leader in the senate Harry Reid wanted to be a simple majority because it's a budget issue that fifty plus one.

And that they could pass there.

Usually in the senate it takes sixty votes take one more listen to.

The senate majority and minority leader to that.

They want to vote on there.

Forward on -- do with simple majority.

So I hope Republicans don't insist on doing this the hard way.

And why are Republicans going votes that they asked for in the first place.

My guess it -- the democratic leaders won't allow a vote on the president's plan.

And that should tell you everything you need to know about the democratic approach to the problems we finish.

There either out of body of not serious about solving the problems we -- Or both.

And that is Charles said there are a number of Democrats in and reddish states that don't want to vote on this front here's the thing -- The Democrats Schumer bill if you will -- it a million dollars and above that we raise taxes.

I think that will get 51%.

-- 51 votes.

Republican bill won't and of course the president's bill.

While the president's bill they have enough Democrats fortunately I mean you can't it will get six Republicans won't let him get -- Republican to hold out and -- and -- But right about fifty won't inhibit the budget issue that the -- and I mean I'm not gonna let this happen Republican -- -- -- -- is in the count -- she what you're saying is.

Let me and all the tax cuts are extended for one year.

Elect Obama and we don't know maybe all it may be some it may be no.

I think if Romney just -- this issue hard Republicans had a hard I think it's a one.

This is why people hate Washington.

And the city of fifteen and good reason we've -- it's all -- big game of chicken that they can never come together on a plan everybody's that they wanted to tax reform why not just start.

That is it to the panel of state.

Load More