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Who will win tax rate battle?

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    All-Star panel weighs in

  • Duration 4:27
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They being the fiscal cliff you hear that in the line in the sand already tax rates.

Revenues.

We hear the words the buzz words so can Democrats be happy with closing loopholes and not raising the top tax rates.

Can Republicans be happy if the cuts are not significant entitlement reform.

Before the end of the year.

Well at the numbers and I did -- have to add up so it's gonna depend on what what kind of numbers you're looking if enough deductions are eliminated and capped.

And you find enough revenue perhaps you can you can you do it.

-- -- Cut well people are speaking very generally as I'm sure you noticed now -- that's amazing and governor Romney did that he really didn't yeah virtuous thing is people are being very I'm generic about this because -- still what they wanted to right now speak past each other.

And and say we're willing to cooperate and we are willing to compromise and then they doubled our position in the same sentence.

Because it's and it's a starting point for negotiations or you don't bring your end point to that to them to the negotiation so.

We're gonna hear this and as that and -- there is not going to be any movement -- -- after Thanksgiving but we -- See what you hear from Republicans -- no.

Movement on rates but -- they're willing to find revenue and other places where Democrats have not time is offer what they would put in exchange.

For this sequester cuts on the table.

Why haven't heard anything about that they might think taxing millionaires.

Is gonna get -- there but it doesn't sound like -- -- across the board cuts including defense cuts that many lawmakers have real problems.

Both sides.

In contradiction to one of my colleagues.

I think Republicans have to -- on something that is on rates liberals are congenital unable to understand.

Additionally raising rates and raising revenues and Republicans have to stand him because they give an auto racing -- world.

It'll be a -- here for just a millionaire here.

And remember how the Alternative.

Minimum Tax starting late sixties it was aimed -- 600 millionaires.

And now it gets.

Tens of millions of people and it's in its net.

So I think they've got to hold the line.

Obama has a mandate but the Republicans who have the largest success in 2010 the largest.

A gain of seats since the late forties.

Also have a mandate and I think that is to hold the line on rates it makes no sense at all to raise rates which will retired economic.

Growth when you can eliminate deductions.

Which are unfair and inefficient.

Okay -- you got a lot of ink for something you said on FOX News Sunday yesterday and we had to go back to the archives.

Just to pull up.

Something else and we want to play both things back to back.

Administration's go to raise taxes.

On those who pay the majority of taxes in this country on the wealthy and -- those who take did it -- dividends and interest income.

To -- capital gains -- -- That is what the stupidest things you could do.

In the middle of the deep depression where it was pulling back -- -- wants to invest let's have a serious debate don't scream in level one person says you know what it -- -- the countries we raise taxes.

A little bit -- millionaires I really what -- I don't think I don't really understand what are Republicans don't take Obama's offer.

-- freeze taxes for everyone below sort of the 2000.

All right.

-- -- So they're 22 separate points -- that bush tax rates expire December 31 rates are going up for everyone.

If nothing happens.

If you think Republicans -- a showdown.

I'm preserving all the cart -- bush tax rates against the president just reelected gain seats in the senate and house and just raising rates on millionaires.

Well good luck I -- not present policy outcome I don't think it's winnable.

I think at the end Republicans were okay the question for me is -- cave right now get out of the way 4% to a three year if you -- -- -- -- Blu-ray -- like from millionaires.

Get it out of the way so we can fight about tax reform solidified about the big deal it has to happen next year.

Or Republicans indicator on December 20 ninth and I think secondly as an actual -- matter.

What with a -- -- this year's -- of economic growth the last thirty years in the 8386.

Under Reagan.

Over the top marginal tax or 50% honestly 35 to 35% by itself is not gonna cripple the economy.

It's press and Obama's proposal he ran on it let him implemented if things slowdown it's his fault.

And that's fine with me and I hope things don't slow down so we get real tax reports when -- thirteen -- -- -- -- -- -- -- right now.

On the expiring bush tax cuts is a mistake a -- in the archive tape for you next -- -- except for the panelists stay.

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