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Who will pay more and who will pay less in taxes?

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    Part 5 of vice presidential debate

  • Duration 11:55
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Okay -- -- this if your ticket is elected.

Who will pay more in taxes.

Who will pay laughs and were starting with Vice President Biden for two minutes.

Middle class will pay less than people making a million dollars -- war began to contribute slightly more let me give you -- concrete example.

The continuation of the bush tax cuts we are arguing that the bush tax cuts for the wealthy should be allowed to expire.

Of the bush tax cuts for the wealthy 800 million billion dollars of that goes to people making -- minimum million dollars.

We see no justification these economic times for those in their patriotic Americans there they're not asking for this continued tax cut.

They're not suggesting that but my friends are insisting on a 120.

Thousand families by continuing that tax cut will get an additional 500.

Billion dollars in tax relief for the next ten years and their income is an average of eight million dollars.

We want to extend -- -- the middle class tax cut for.

Permanently from the bush middle class tax the.

Guys who lost it in -- -- we say let's have a boat.

Let's have a -- on the middle class tax cut and let's have a vote in the upper tax cut let's go right about not they're saying now.

They're holding hostage.

The middle class tax cut to the super wealthy.

And on top of that they got another tax cut come.

That's five trillion dollars that all the studies point out will in fact.

Give another 250.

Million dollars -- yet to get -- to -- thousand dollars a year to those 120000 families.

And raise taxes for people who are middle income with a child by 2000.

Dollars a year this is unconscionable.

There is no need for this the middle class got knocked on their heels the Great Recession crush them.

They need some help now the last people -- need help.

Are -- 120000.

Families for another another 500.

Billion dollar tax cut over the next ten years.

Congressman.

Our entire premise of these tax reform plans is to grow the economy and create jobs the -- estimated -- seven million jobs.

Now we think that government taking.

28%.

Of family and business is income is enough.

As -- Obama thinks of the government ought to be able to take as much as 44 point 8% of a small businesses and come.

Look if you taxed every person -- successful small business making over 250000 dollars at a 100%.

Italy -- on the government for ninety days if everybody who paid income taxes last year including successful small businesses double -- income taxes this year.

Would still have a 300 billion dollar deficit.

You see.

There aren't enough rich people in small businesses to tax.

To pay for all they're spending.

And so the next time you hear them say don't worry about it.

We'll get a few wealthy people who pay their fair share what -- middle class the -- those coming -- you.

That's why we're saying we need fundamental tax reform let's take a look at it this way.

Eight out of ten businesses they file their taxes as individuals not as corporations.

Where I come from overseas which is Lake Superior -- if the Canadians they drop their tax -- to 15%.

The average tax rate of business is industrialized world is 45% and the president wants the top effective tax rate.

Unsuccessful small businesses to go about 40%.

Two thirds of our jobs come from small businesses this one tax.

Would actually tax about 53% of small business income it's expected to cost of 7101000.

Jobs and you know what.

It doesn't even pay for 10%.

Of their proposed deficit spending increases.

What we're saying is lower tax rates across the -- in close loopholes primarily to a higher income people we have three bottom lines.

Don't raise the deficit.

Don't raise taxes on the middle class and don't lower the share of income that is borne by the high income earners -- keeps saying this five trillion dollar plan I suppose.

It's been discredited by six other studies.

And even their own deputy campaign manager acknowledged that it wasn't correct -- well let's let's talk about the last 20% you have refused and again.

To offer specifics on how do you prefer paying for that 20% across the board tax cut.

Do you actually have the specifics or are you still working on it and that's what you won't tell voters different than this administration we actually want to have big bipartisan agreements.

You see understand about the specifics do you have you know -- -- that for regular delegate to congress look at what -- -- look at what Ronald Reagan and Tip O'Neill did.

They worked together out of a framework to lower tax rates and broaden the base.

And they work together to fix that what we're saying is here's our -- market.

Lower tax rates 20%.

Wheat ridge about one point two trillion dollars -- income taxes we forego about one point one trillion in loopholes and deductions.

It's what we're saying is deny those loopholes and deductions to higher income taxpayers.

So -- more their income is taxed.

Which has a broader base of tennis nations like silicon lower tax rates across the board now here's why I'm saying.

What we're saying is -- -- -- -- -- time response we -- -- -- -- get attacked we wanna work with congress and -- -- to achieve this.

That means successful what those specific -- yeah.

What we're saying lowered to extra 20%.

Start with the wealthy.

We're put congress and you guarantee this math -- -- absolutely six studies have guaranteed six studies have verified that this man heads up a Vice President Biden -- -- -- that's what I.

It translate let let me which is true how come back in the second and right first of all I was never Ronald Reagan taxpayers who he gave specifics of what he was gonna cut -- number one in terms of tax expenditures number two.

37% of the small business in America pay.

Less that make less than 250000.

Dollars I tell you some of those other small business hedge funds to make six to 800 million dollars a year.

That that's and they count as small business because -- past let's look at how sincere they are.

Our Ronald -- community governor Romney on sixty -- minutes I guess about ten days ago was asked governor you pay 14%.

On twenty million dollars someone making 50000 dollars.

Paid more than that do you think that's very -- Oh yes that's fair that's fair.

This -- an -- talk everything these guys are gonna go out there and cut those loopholes the loophole the biggest loophole they take advantage -- the carried interest loophole.

And and capital -- loophole.

-- say that.

Now there's not enough the reason why the AEI study.

The American -- to study the Tax Policy Center study.

The reason all say it's -- taxes grew up -- -- middle class the only way you can find five trillion dollars in loopholes.

Is cut the mortgage deduction for middle class triple cut the health care deduction middle class people.

Take away their ability to get a tax break to send their kids the college.

That's why there -- -- brought about that is wrong about that.

There I -- -- you can cut tax rates by 20%.

And still preserve these important preferences for middle class taxpayers not mathematically posse it is mathematically possible.

It's been done before exercise we're proposing it has never been done before it's been done a couple of times and has never reject any lower tax rates increase growth rivalry how -- Jack Kennedy Ronald Reagan.

Republicans and Democrats Republicans and Democrats.

Have worked together on this election and you guys -- used by doing by origin -- what we're gonna do when we did it was a great leader says -- here with embryonic and workplace instead of fill in the details that's exactly so that's how you get things done you -- congress.

Look let me say it this way.

I was governor Republican congress working big bipartisan win it 7% rating -- problem.

Was governor of Massachusetts where 87% of legislators -- -- for Democrats.

He didn't demonize them he didn't demagogue them you know what those party -- every week.

He reached across the -- he didn't compromise principles and is -- on the ground.

Any balance of us know what if you know it's like -- toward our budget sent to you don't have -- -- or not about -- -- why isn't even contesting Massachusetts and as I asked what I -- is suggest what would you suggest beyond raising taxes on the wealthy that would substantially were perhaps just left of taxes expire like they're supposed to.

On those millionaires.

We don't we can't afford 800 billion dollars going to people making a minimum one million dollars they do not need it -- that.

Those 120000.

Fairways make eight.

Million dollars a year.

Middle class people need to help why does why frame cut out the tuition tax credit for -- why does he go after and child parent turning off why does.

Can you declare anything off limits that we're saying -- -- you pull out of high interest loan mortgage desire for higher income people here.

Can you guarantee that no -- -- -- less on -- thousand I'll have a mortgage.

And in this -- that production impacted.

This -- million small businesses.

He keeps trying to make you think that it's just some movie star hedge fund guy -- -- -- centers and the small businesses make less than 250000.

Dollars a year would not you know -- Wednesday -- A million small business tax 97% of the -- it -- Texas a -- also all businesses who are the greatest job I wish I get the greatest -- yeah.

Did you find out this thing about it -- -- -- and you're going to increase.

The defense what is gonna cut the defense budget like that they're proposing a two billion dollars that's not an hour or thought about dollars and all massive.

-- -- saying the sales increase your agenda but it's not -- yes or I do so because that's another math question okay how do you get that so.

They proposed a 470 billion dollar cut to defense to begin with.

Now we have another 500 million dollar cut to defense that's lurking on the horizon.

They insisted upon that cut being in involved in the debt negotiations.

But -- -- now let's watch automatic defense cuts right side OK okay let's let's let's back no one wants that but I wanna know how you do the math and have this increased.

In just ten trillion dollar if you don't cut defense by actually -- that's what we're talking about Andy what what.

Still security issue -- asked why -- an increase.

We're gonna cut 80000 soldiers 20000 Marines.

A hundred when he cargo planes we're gonna push the joint trying -- down or -- wants them arms and one more.

If these cuts go through our navy will be the small one is it the smallest it has been since before World War I.

This invites weeks look do we believe in peace through strength you bet we do -- that means you don't impose these devastating cuts and our military.

So we're saying don't cut the military by a trillion dollars.

Not increase it by a trillion don't cut it by a trillion now.

Quickly Vice President Biden on the -- I wanna move on we don't cut it and I might add this so -- I know we don't -- -- -- the fans -- were -- this automatic -- That was part of a dead deal that they asked for and let me tell you my friend said at a press conference announcing -- -- the deal he said I'm perfect we've been looking for this moment for a long.

-- -- -- -- -- -- We -- -- partisanship for a long time and so the bipartisanship was what they voted for the automatic cuts -- defense that they didn't act.

And beyond that they asked for another -- the military sense we need a smaller -- -- army we need more special forces we need.

We don't ignore M one tanks what we need is more you some of the military no that sucks all the military that was the decision of the joint.

Chiefs of staff.

Recommended to us and agreed to by the president who went that the fact -- later.

They made the recommendation first okay let's move on -- Dennis can I didn't and I tried to move on.

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