CKE Restaurants CEO: We can't have four more years of this
Andy Puzder on Biden's middle class remark, debate
- Duration 5:24
- Date Oct 3, 2012
Andy Puzder on Biden's middle class remark, debate
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This transcript is automatically generated
And this is deadly earnest.
How they can justify.
I can justify.
Raise -- taxes in the middle class has been buried.
The last four years.
How good lord's days and they justify.
-- -- the gap that has now become apparently a Romney -- campaign ever since the vice president started talking about the middle class getting buried.
Republicans have wasted barely -- -- as second capitalize on that question tonight is whether it becomes a focus of the debate would Mitt Romney.
Using the vice president's words against his boss the president United States.
What -- -- economic advisors says that would be a very good idea -- -- is -- -- -- right here -- what do you think of that I mean then we have the vice president.
Claiming maybe it was a Freudian slip or an unattended -- -- the middle class is buried.
Doesn't really help the bosses cause.
-- it doesn't it I've got the governor come down take your bet they're -- there's mounting debt.
There's chronic unemployment and incomes are falling of -- of course they're buried -- they're -- great distress we need.
We need to change -- to change of policy we can't have four more years like -- -- we just had.
So I think it's a great point four.
-- what he's also saying there though that it you.
They've -- -- had his way.
Taxes will go up on the middle class -- a governor Romney says that is not the case.
But that did did this downtrodden middle class would be even more down -- on how stood if that comes out the governor respond -- that tonight.
Well there's there's stories number one he's -- he's proposing a 20% cut.
In the marginal rates for everybody -- looking at the middle class is also proposing getting rid of capital gains and dividend taxes for the middle middle class.
There's no proposal to raise taxes on the middle class that just -- made up democratic mail it's just.
It's just not true what but what governor Romney needs to do I think in the campaign.
-- to establish if there's really 22 very distinct -- -- one vision is.
But you don't know what's gonna happen in the next four years of economic policy with international policy.
But you know there's two ways to look at things one way is the way the president looks better which is.
Every solution -- government government government it's government Saturday it's government dependency that's how -- approach problems including tax in the middle class.
And you've got governor Romney who will approach problem to somebody want to support the private sector.
-- believes an economic and individual freedom wants to release the American spirit and really release the entrepreneurial spirit.
That could bring the country back tax revenues would go up if we have growth we don't need to increase taxes on the middle class.
And I don't care what the Democrats say I don't care how many times they say it.
Repeating it doesn't get the veracity is just not true that the governor intends to raise taxes on the middle class it's just not true.
But he is looking at lowering tax rates for everybody 20% but he is giving a little bit more detailed to that is you know Randy.
Saying that by one down he might limit -- overall deductions as 70000 dollars that's between mortgage it is charity where everyone a break it down.
Held -- related accosted -- 70000 would be.
Let's say given cap which is quite a bit under what a lot of Americans.
Write off when they itemize and most Americans do.
Sosa is that a possibility now that that could boomerang and governor Romney that a lot of people wake up and say -- you're blowing my -- But I'll still end up paying more because -- taking -- most by the.
Options -- what the governor's committed to and and obviously it did what they the ultimate tax plan's gonna depend upon what we can debate what wouldn't get out of congress.
But the what the governor's promised is that we will lower marginal rates.
By 20% and that includes on the middle class would eliminate some deductions but not deductions sufficient to take your catches up we're hoping the middle class will have.
It tax reduction by the -- we even with the elimination of deductions and putting a cap on deductions actually.
Landed is that more credibility because it allowed you to give the middle class more deductions.
I believe the governor also said he had higher -- you might have a lower -- in other -- 171000 for the middle rat rat rat maybe a lower number up a Dolly the idea here is that taxes on the on the well to do on the successful on those who are making -- a lot of money will not go down there won't -- -- but they won't come down.
Middle class were hoping they'll stay where they are or come down coming down as a very realistic possibility so.
The thing important part of this to explain it you have to remember when you -- Let's say you weren't 200000 dollars you have 20000 dollars were the deductions and -- paying tax -- 180000 dollars and if you -- -- accident 35% rate.
Obviously your rates going to be below 35% -- -- -- on the full 200.
What governor Romney saying -- reduce that rate and that every dollar you earn.
Over the amount that uses up your tax deductions -- paid the lowest rate so it'll encourage people to earn more money.
The better the lower the marginal rate the cheaper the next the -- -- you pay in the next dollar you earn.
Which is encourages people to earn more money and encourages growth this is a -- -- base tax plan not an increasing rates to increase -- -- -- so let out because because the numbers you know you can read in a lot of ways.
-- it's always a pleasure my for a.