Impact of looming decision over Bush-era tax cuts on 2012
Debate over controversy on Capitol Hill
- Duration 5:55
- Date Aug 2, 2012
Debate over controversy on Capitol Hill
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Right now it is one of the biggest undecided issues that will affect your bottom line it all signs suggest it won't get settled until after the election.
Still the fate of the bush era tax cuts are front and center in this campaign.
Yesterday the Republican controlled house voted to extend the tax cuts for all Americans.
But that bill is not expected to go anywhere in the Democrat dominated senate.
So where -- lawmakers and President Obama go from here as the country comes closer to going over that fiscal cliff on January 1 of let's get into a fair and balanced debate with Angela McGlowan a Fox News political analyst -- -- Jackson is a radio talk show host Andy Fox News contributor.
Since he -- do you think that the house did the wrong thing in voting to extend.
The tax cuts for everybody.
You know it's interesting to me about all of this you can ask for racial argument not an actual factual -- only 3% of Americans make 250000 dollars you're more.
There's no discussion about the 100 million -- -- four or that actual tax hike on middle class Americans particularly.
On military families at -- this resolution has now given us.
How is that going to be a tax hikes it.
All know 24 to 25 million -- got to count the not look at the numbers 24 to 25 million Americans.
Will have a tax hike the only people who really get a break of those 3% at the top.
And I think we've got to have a discussion that -- is broader than what we're having right now it's just not broad enough.
All right Angela is the vote in the house and I'm talking about extended the bush era tax cuts for everybody -- -- that turn into a tax -- It doesn't turn into a tax -- listen we ate up half way to job creation and Obama's tax hikes.
-- young just came out with the latest reports saying that his tax hikes would cost 700000.
Jobs or more so what we need is to extend the bush tax cuts.
Full and expand those tax cuts for everyone but then -- having that both yesterday John -- solved in symbolic.
Nothing will get done until after Election Day in American people are suffering but Obama solutions I'm not the solution.
Is that America needs well you've got the I don't have it -- -- about what Romney's that you either quite frankly because with this particular resolution that was past.
-- army private to a kind of pay more than 270 dollars in tax hikes.
You have more more Marine Corps corporal -- -- -- more than 11100 dollars in tax hikes lift.
Did leave the rest a little that hasn't had -- anti with the -- and that was -- they want to have 1000 dollars per child tax credit.
They want to keep the capital gains tax cut Jess is saying.
They want to actually impact the estate tax.
The resolution was passed yesterday what had had in common with -- economy.
-- stimulate -- economy.
What Obama and the Democrats proposed.
It's going to I had I have has had more to the fiscal clip that Bernanke and other economists are talking well.
What they're what you what you what your chart and what I'm not talking about what -- talking about what actually happened what happened yesterday -- military families but I have to pay more in taxes.
Those -- the numbers Angela that's the reality.
Look I don't have a problem with 3% getting some tax breaks but if those -- point to generate business and generate money.
Four for their business -- they need to generate more money -- and -- -- I -- -- -- -- this is other America that that are creating jobs and right now you've had two months.
I'm a slowdown in manufacturing the 'cause of the political uncertainty.
If you raise the taxes people are born to black people people are going to make cuts and Apple's -- all families just not military family.
Let's talk all of this through because I want something like let's think like Henry Ford did a hundred years ago.
He raised -- he raised what he paid his workers so that they can afford to -- the cars they produce.
I don't have a problem I think that we need to rethink this whole argument Angela.
Because you know what having the wealthy pay fewer taxes OK but they need to do more for the American people if they're gonna get that kind of break.
We'll send data you said that you said at the outset that this this house bill yesterday was aspiration all meaning nothing is going to happen the question is.
How -- the American people supposed to take all of this and translate it when they go into the voting -- I really don't think they care about that I want I think what you need to have a discussion about is unsure if they are the 100 million Americans who are -- near port.
Nearly half of Americans.
I'm on some kind of government assistance some real pain out here it is the discussion about.
But it's not even about President Obama because you know President Obama governor Romney when they become president a game that have Democrats and Republicans in the house candidates and it won't.
Have a say the Internet are expanding welfare of what we should do it -- tax -- give tax breaks to companies already did well they're coming from Angela that -- well.
A bottle must expand -- out there.
Spending do you have -- there except -- -- to -- that goes stamp is good but economy.
What we need to do more and you are -- did not think you'll like I -- I don't want to eat gives.
Tax cuts to businesses that trying these welfare recipients instead of putting what people and the government don't the only way to create jobs but didn't know that yeah you're right off the backs.
The job creators.
Well you know what do that but I want Uncle Sam off my back but I want them to have my back that you need to make these people.
We're getting these -- pay people not a livable wage but prosperity weight which the house and the senate refused to race.
Let's think -- Angela you said that you want Uncle Sam to had to get back bad is the John what I want him off my back protect the consumer and what Republicans want to do is give them up your back.
So you can you -- a lot of money -- uncle say.
But that's Obama's stimulus packages anted up.
Bottom line had not work.
We don't have more jobs we have less -- today it's always fun to get what you don't want the -- I want the job to pay -- the money.
What it's -- to get.
You cute gathered here your points of views Santa Jackson.
Angela McGlowan we'll do it again soon then yeah thank you go.