Romney's '47 percent' comment sparks new debate over taxes
Time to increase size of federal tax base?
- Duration 9:17
- Date Sep 22, 2012
Time to increase size of federal tax base?
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Want to get this number down about starting by getting this number -- -- welcome everybody I'm Neil Cavuto went box on top of getting on top of of those numbers.
Sixteen trillion dollar debt that keeps growing -- tax base in which 47% of Americans.
The latter creating a huge dust up for Mitt Romney.
And whether he was -- writing these folks are prompting this first on fox clarification from Mitt Romney.
Telling me he was just pointing an alarming -- out.
That -- percent figure which is about right.
Is -- why did you do you think that the levels should be.
Closer to what it was.
In the late seventies where.
It was in in in the twenties what what what is it acceptable level.
Well first of all of course you're right there are a number of retirees members of the military and so forth who who are paying taxes and that says it should be.
But but I do believe.
That we should have enough jobs and enough take home pay such that people have the privilege of higher incomes that.
That allow -- to be paying taxes I think people would like to be paying taxes.
The good news is if you're doing well enough financially that you -- -- attacks.
-- Just a moment about whose noses out of joint focus on that 47%.
Not paying income taxes for whatever reason.
And whether it's time to get more people in the game now.
Now we've got -- cal bomb in the inevitable Ben Stein who's not been playing any games himself in fact he's been multitasking -- he's got another great book.
Just out how to really ruin your financial life and shockingly it does not involve congress.
We're also joined by Adam Lashinsky and Charlie Gasparino -- -- KU -- and this 47%.
Figure -- -- for our country it doesn't figure.
Bottom line -- not a the only -- that.
So it's just an -- way to go about this.
If you're getting food stamps if you're getting unemployment benefits.
The government's giving you money that adds to the deficits if you -- we can get you off and out of it whichever way possible and get you within a job.
Not only the government not spending that money you are actually contributing to the economy if the economy's getting better government receives.
Hi -- amount of money in taxes and -- which is going the wrong way the April June numbers that just came out by the government.
More than double the people.
That got jobs went on disability.
And food stamps and if that continues there's no way back.
You know Ben Stein how do we get into this kind of vehicle -- that many.
Don't date a Texan I take nothing away from those -- for nothing away from those mid April to act as everyone gets a little upset about that the bottom line is that they do.
How did we get.
To that point.
We got to that plan because we cut taxes on the rich but we said that also we're gonna just simply eliminate taxes.
On the poor the lower middle class we it was a it was it was just typical forty acres and a mule government giveaway.
It's kind of buy votes it was probably a bad idea but there is -- -- -- -- be collected from those people there aren't a lot of them but they -- and Bugs Bunny.
The money to be had by the government is in the upper middle class and in the upper -- And I'm afraid there is doubt that no way around the fact we're gonna have to raise actual resolution the 47%.
Alone and we're just gonna well focus on the other.
Well the Beck made the I would voters -- As a longtime friend of -- I may say this is that when our friend mr.
Obama was on TV he didn't know how much of that was he did not know at the national -- was.
That is incredible what how -- I think they may very well I think he knew very well he -- well -- well that they definitely know that any.
I know that you definitely Charlie what do you make of this can and because I under.
-- bands coming -- then -- -- just you know we can't get money out of this group but you can't tell me.
Of us are in the position where we -- so so that puts the onus on the upper income is quite right if you can't get from them yet I have this event and the other half.
And and and define what you mean by upper income it's not clearly the warm -- you it's you it's yes yes unfortunately but it's.
It's really people the families that live in.
California that live in new York and you know make -- combined income combined 200000 dollars a year who have maybe five kids.
And you put him to school were considered by by this president and by people want -- raise taxes as greedy millionaires and billionaires.
And that's the sort of hypocrisy of the whole notion that the tax debate that -- now when you talk about tax raising taxes that you were not talking about race and on the super rich you're talking about -- -- people.
Who is on the coats on the coasts are early -- in the so credibly incredibly middle class life.
Strategy but -- -- and that's fine but Charlie's Charlie's changing the subject -- need to remember Neil.
What Mitt Romney was talking about what's federal income tax and of course you don't -- -- and it will -- about dependency which is another big issue here I understand we -- of course we would like to lower that 47%.
Figure everyone would like to go lower -- what we should remind people.
Of two things one everybody pays into the treasury in one form or another whether it's paint whether it's buying a gallon of gasoline.
Oh hole horse -- or other fees are -- -- -- -- -- national park.
And so on lots of foreigners pay and pay into that do that I think if we're all agreed to tax code needs to be -- that's what this is about.
There's a lot of Republicans.
Tax credits in there that cause people to not out on this week that's not what it's about it was.
-- who was offended -- getting -- -- feels like they've been slighted by Mitt Romney -- bigger point and they don't pick up with you is.
Here's what -- me and if it doesn't look like a good long term math model for this country.
Financially absolutely not your your correct and also socially because when you have nearly half of the country.
Paying not a done in net federal income taxes.
You have a disconnect.
With themselves and their homes and their families and the cost of government and also.
I do think that there's something wrong that we have that much of the country not paying a dime for our national defense and not paying a dime not even a -- To pay for our soldiers and to pay for their families I think that the problem -- We should look at it not true it's not adhere well you know you can't explain contact visit you're not paying like on the net would not the only way to bad apple would you say that out loud -- -- absolutely true add up.
The gas taxes don't play.
For our military period.
Aren't above that there are a lot of people who -- retirees who did today did -- system and did it out of our hands -- -- -- but I do want everything to -- back to you on this notion of what do we do now I'm not here to withstand the returns are not here to offend our soldiers and nodded event -- what a good productive working life and gave topples them.
I -- -- to say that we're we're a pretty big pot here.
And and and we're still personal money why -- and we've got to address that and when we -- little out if the tax base.
Short of -- doubling tripling taxes on the rich I don't know where you don't.
-- raising taxes is not gonna cure the problem you can raise taxes to -- -- -- percent.
What is it gonna do for people you know -- government has spent trillions of dollars over the last few decades.
On poverty it is a sin how many kids are in poverty it's -- and how many people on food stamps.
You've got to change the structure what's going on it's got to be incentives for work and shop not having -- around there all talk all this talk about hold 12.
All this talk about more money is gonna fix the problem how much -- more money is another -- and -- -- to -- as a word again.
We absolutely should add -- that the bush tax cuts.
Added seven point eight million people to the roles of those who pay no federal income tax that is about 13% of those filers who don't pay any net income tax.
Right now doubling the child tax credit also a 10% tax brackets so.
It's not that it was not that long ago that this wasn't such a problem but again somebody.
The -- -- -- was created six Texaco Ronald Reagan an raised adoptions and -- that and they -- just put it there's enough blame to go on all sides I agree that the Ben -- quickly storm go.
Perspective from you you say the only way out of this right now.
Is just too well the rich -- more.
They've got to pay more that's where the money it.
It is at 47% of the tax base there's been excluded by the code is 47% of the people.
That's nowhere near 47% of the base the base and -- -- -- to be raised.
Is in the rich and then an upper middle class and just got him some more.
So they're not being -- now really really people of my.
Does -- go to people on Long Island that a family a five in Long Island that makes combined income of 200000 dollars a year.
Ben Stein is saying is.
Is not being -- these are your friends obviously that is why your god is not I don't know how I'm not compared with them the male the white and I didn't want to -- here -- -- live in an awfully Long Island.
Now that I'm living relative does that tax rates and other and a I don't care -- they may very well -- hammered by city might like -- local taxes by our state taxes by bullets that's there but that there are balanced we confuse everyone.