Is it patriotic to pay more taxes?
Rising Democratic star makes case at DNC
- Duration 8:48
- Date Sep 8, 2012
Rising Democratic star makes case at DNC
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Is it really sold red white and blue would have paid more green to the government -- what one rising star in the Democratic Party is saying.
Being asked to pay your fair share.
Is it class warfare.
It's the patriots led them.
So is -- new Jersey's mayor Cory Booker right.
Hi everybody I'm David has been welcome to Forbes on -- it's been too long let's go and vote split the stink.
Forbes Victoria -- -- -- bill ball -- Mike -- -- -- and rich car -- Steve let's start with you is it more patriotic to pay more taxes.
Yep patriotism means wrecking the economy no it doesn't patriotism is the last refuge of scoundrels -- Johnson said including tax collection is big government types but it is red white and blue would lead to more government red -- Lead the economy white and more -- -- for more unemployment so yeah red white and -- the wrong kinds.
-- -- our patriotic to pay more in taxes what -- -- I'm gonna quote my -- American -- spider man's uncle -- -- -- with great power comes great responsibility.
And it's time that people start to understand that it is a duty of citizenship.
To pay taxes when you can pay taxes.
Nobody wants to do something that isn't -- all Cory Booker was talking about -- it's time that we accept our responsibilities and be fair but that is patriotic.
Rich isn't three -- that that top 3% would get hit with higher taxes if the Democrats win that.
Aren't they already pay over 50%.
Of their share of income taxes isn't that fair.
Yeah you know basically this is code language -- get rid of the capital gains differential.
And the dividends tax differential.
You know -- the progressive wing of the Democratic Party -- know -- the fact that your you know that once you've earned your money and you've invested value get to tax at a lower rate.
What they really believe that then they should work to change the tax code.
The patriotic thing is to follow the tax code but not pay a penny more than -- requires.
-- bill bobbled an eighth if in fact the Democrats.
Are reelected if the president gets reelected we are gonna see tax rates go up that's what he wants.
Aren't the rich already paying their fair share.
I think nobody's paying their fair share how do you like that David I think to be very patriotic.
To take this nation off its present course which is a long slow slide -- Greeks filed bankruptcy.
That would be patriotic and it should be done gradually as an example we need a tax on -- started a penny a pound it goes up a penny every year you know what.
Since this is a flat tax steep ports you'll love this my -- and had a sense you know Steve Forbes of course would like everybody to pay to save percentage but but right now -- -- aren't aren't -- wealthy already.
Hang it -- if if the top 3% are paying over 50% of income taxes how much more can you squeeze it well I've met mayor Booker I like mayor Booker but he's dead wrong here.
The problem with his idea is that you going to be taxing in punishing the businesses that are creating the jobs right now.
That's exactly what Obama's plan would do and that's exactly what you would not want to do right now that would hurt the economic recovery and it's why if you look at the jobs report on Friday it -- -- so dismal despite supposedly being in the third year recovery.
Victoria I was looking for figures as Mike was talking because.
-- in businesses in America 79%.
Of the businesses in America were organized.
As past serenity is four million as -- I don't wanna get -- in the weeds but the bottom line is that means a lot of businesses small businesses are filing.
As individuals which means the small businesses would get hit by these tax increases.
Oh sure these small businesses get hit and guess what that's just a higher cost of doing -- -- business.
And that means they're gonna hire laughs and that's bad news for the economy overall looking you're gonna talk about this.
Notion of economic patriotism.
Yes the top 10% -- -- 70% of the federal income taxes what what is more fair Rick would it be 95%.
And what about half of Americans who aren't paying federal income taxes are they not patriots.
Brick what do you think actually they are patriots are we always can we forget to point out that that is half of Americans are absolutely paying taxes.
Not always income taxes but let me say something quickly to rich car about -- That is not the code that we're speaking and because only Republicans understand that panic and he mumbo Jumbo to avoid taxes we don't know from his graduated capital gains Bob about -- it -- secret.
But what we do know president's plan is to raise taxes and dramatically we have two different set of of plans on on what to do with taxes.
Mitt Romney says he would lower tax rates on everybody the president says he would raise the top bracket to 39 point 6% but all these new taxes there's -- -- -- surcharge for obamacare for example so he says it we go back to the tax rates under Clinton when we did well in fact we be going to tax rates under the Carter administration right.
Well that's right and the whole thing the problem with Europe Japan and now the United States is governments are crushing the private sector which means the economies get weaker deficits get bigger in this problems get worse that's the problem in Europe why wouldn't want to repeat that here look at Greece more taxes.
Now they're gone into a depression why we want to do that here we should learn from the seventies.
Have massive increases in taxes stagnant decade eighties we did the opposite -- in the ninety's Clinton raise taxes.
Economy slowed down he reduce taxes the economy went up very simple.
Why -- one -- you're shaking your head when I was announcing all the new taxes these are on the record this is what President Obama says he's going to do.
I got to ask that why -- corporate profits at record highs.
If this terrible thing is happening to the to the private fascinating cutting expenses by the way the corporate revenues are out there and Paula this is an important point.
Corporate revenues are coming down that is people are actually buying less what corporations are saving tremendously they're yes they're doing better on the bottom line but the top line the revenues are coming in at a slower rate -- and.
And one of the things about a dynamic economy is you find your largest companies that downsizing we saw that in 1980s for Chad literally hundreds of thousands millions of new companies.
Creating new jobs we're not getting their job creation this time -- Actually Victoria that's what we just heard on Friday the bottom line is people are pulling out of the workforce because corporations and businesses are hiring -- -- people.
-- everyone is acting conservatively because we're not in a growth mentality.
Our mentality nationally.
Is we've got to hunker down don't -- don't in -- the futures -- bright taxes are going.
Anti -- it's even worse than victorious as I think David and the reason is all this class warfare.
It hurts the wealthy but it hurts the -- worse the gap between the rich and poor has grown and the President Obama.
We have nearly one in seven people in this country on food stamps and our poverty rate it's the highest it's been since the Great Depression don't want to -- yeah cause they said it was sitting there like he -- -- with his -- -- I wanna get -- advice for the -- career.
We have seen this.
This differential that's in drug differential what Democrats are always saying is a key indicator and -- frankly I think it's very important as well.
But it's been growing the distance between the wealthy and the poorest.
Since Obama took office I don't think we can blame that on a bomber went -- bush or anybody else has been going on for forty years but -- Ask -- important question about and senate's.
Why it would higher taxes make -- less likely.
To -- to invest in the future by hiring more engineers I can deduct their their pale okay what -- you guys you're gonna go ahead why would that OK we -- the question answer Victoria.
-- your your overall costs are going up -- yes you can you can do funky things with the tax -- -- you can write off some of that labor cost.
But but you're still in in this mentality of my costs are going up the government wants to take.
More away from from what I'm earning at the end of the day and therefore I'm gonna have -- to invest going forward yeah.
That's not -- one way.
-- -- -- of -- -- the one thing that we seem to have found out about over the past three years.
Is that as victorious is doing funky things with a tax codes doesn't really work too well I Obama had all these special funky things -- in order incentivized -- special taxes for this special tax deductions for that.
And we have this anemic growth rate.
That's right because when you raise the price of good things like risk taking success you'll get less suburb and when you do have higher rates -- -- contrary to what bill would say.
Get the kind of crazy things this on the seventies conglomerates and other things.
Very inefficient going around trying to get around the tax code and the end American economy and paid a severe price for it.
Reduce tax rates we all prosper.