Sen. Paul: US tax rates aren't friendly to business
Kentucky senator on where negotiations stand
- Duration 4:11
- Date Dec 19, 2012
Kentucky senator on where negotiations stand
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Let's talk -- news did you hear about this a French actor feeling fried fed up with sky high taxes are -- differently.
Is fleeing because France won't stop hiking taxes on -- that massive 75%.
Top tax rate for the rich.
Well includes Hannity and -- let's just say.
It's not sitting well in fact he's going to Belgium.
And it's not just of the chocolates.
Lower tax rate so divide France.
I've read well not surprise says -- says it's it's it's going to be a scene repeated here.
It's attacks get out of whack here it's just when you're worried -- -- senator.
But you know money goes where it's welcome so you raise taxes high money -- -- -- go to other places.
In the United States you find this high tax states like Illinois and California.
Are seeing people leaving in mass exodus we have a corporate income tax here that's 35%.
There's one that's 15% in Canada.
If you have a new company want to open up where would you rather open up in a country with a 35 present income tax or fifteen.
So realistically a lot of companies don't -- at that -- I -- what you're saying it's it's certainly will never get as low as 50% for some companies maybe.
But it is a very high rate -- then it.
When the president was apparently -- about the idea of allowing corporate tax rates to bring more Republicans into a deal that would.
Pike personally -- rates.
That hasn't been discussed anymore but -- did you or would you have felt about.
We'll see the problem -- up here is everything has to be some enormous deal we can never get all the moving parts together.
And then we head towards a deadline or we lurch towards a deadline then also I'm always calm enough time to make a deal.
What I would say separate these out in the smaller pieces of the glow in the corporate income taxes an imperative.
We need to do it for this don't wait for tax reform which might take a year or may never accomplish -- lower the corporate income to actually get past that tomorrow.
All right but -- and -- -- you have to get a deal done and -- twelve days or something like that do you think you will have one.
You know I think something's gonna happen and I think it won't be good for the country but I think the president will get his way he's demanding that taxes go up.
And we will get a tax increase but I think when your economy's growing at less than 2%.
I think the tax increase -- the rate increase.
May actually bring in less revenue in May cause less economic growth.
And more unemployment so I think it'll be counterproductive and it's the absolute wrong thing to do but I think he will get his way because he stubbornly wants to raise taxes.
You know I was with you and that rotunda just a week ago senator and I think we touched on it then what is it about you guys -- generally.
Republicans or Democrats -- even facing the -- even facing what could be.
But some economists down an inevitable recession if the deal isn't done -- to do would deal what is.
I think the recession really doesn't have so much to do about the deal I think the recession has to do.
With an economy that's sluggish for many reasons were over regulated we're overtaxed.
Well but I feel under any circumstances even under the brink of war and I don't think you guys getting them.
Are there any circumstances say that again even under the brink of war the threat of war I don't think you guys been cobbled together an agreement on any.
What to raise taxes to do anything.
They are saying that we are an incompetent and the only candidate capable of doing things back you know -- I don't really want to debate the other side of that question Neil that's a tough question to argue the other side.
What I would say is we would be appear to be more competent if we actually structured it did committee work and we didn't wait for a deadline.
If we broke up the problem and a smaller pieces immigration for example.
There's at least five different immigration bills that Republicans and Democrats agree to.
But the president says no he won't support any immigration reform and Lindsay gets everything -- ones same with tax reform.
Same with Social Security reform break it up into smaller pieces must ask what we can agree to I think means testing we could agreed to.
So much -- would get hundreds of we know you know -- -- senator thank you very much.