Democrats push new tax hikes, defense cuts
Best way to pay down debt?
- Duration 9:53
- Date Feb 9, 2013
Best way to pay down debt?
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From a Super Bowl to the super -- Hello everyone I'm Charles -- -- for Neil Cavuto in -- ravens might be champs but the city of Baltimore looking more like shops.
New report its head at the financial ruin if some of the highest taxes in the state take its social Democrat to Washington take -- Because just this week -- put them unveiled a 300 billion dollar tax hike they say will help pay down the debt.
Can America afford it.
The Ben Stein and day -- valves along with animals since he Charlie Gasparino and Gary cal -- okay Gary -- more taxes that the answer.
Yummy more taxes of course not.
Look you take money out of the economy handed to them in Washington DC.
That's inefficient ineffective.
Have every program they've ever -- is basically bankrupt it's the worst possible thing to -- And it's amazing to watch how they said you only get a raise taxes on the so called privileged few.
But everybody got up payroll tax hike.
And unfortunately we hear -- from Reid Pelosi and my president.
There -- a lot -- -- -- and it's just a bad time unemployment still at seven point 9% and we have yet the field that's things become.
You know -- and I got to tell you it's like that this is one way that they think he can fix the economy.
Taxes taxes taxes and more taxes at the.
Let's yeah I know we got that CBO report this past week seven trillion dollars in additional -- says it's.
So you factor and what that 600 billion dollars in tax hikes.
That the Democrats did already pushed through I haven't had is that really balance things.
But the point about Baltimore is interesting because.
That's where this nation could possibly be had -- you continue to raise taxes you don't cut spending and you wind up on the brink of bankruptcy that's exactly where that's idiots.
You know -- you say -- all -- -- the -- -- pay higher taxes but.
As as as the only item in your -- book on how to fix the economy -- that doesn't seem like it's gonna ever work.
Hi keep digging and it taxpayers -- terrible Larry did -- no taxes at all.
-- a favorite all we -- about a percent taxes I mean I don't again why we definitely nerves at all why did you not in Iraq beeper once again you know why are we likely to have no taxes at all.
Now we don't yet we have to have some balance out there's a balance in the budget I mean for God's sakes we're grown -- visible and people respond to balance the budget we're not -- me like small children.
Ballots obviously so were we hear a lot but this is is the only solution we every get -- I know.
And here's what I can't help interrupt the ban on this one issue.
All you have to do is look -- you have to do is look at the places.
That impose these punitive taxes Baltimore.
Look at their economies.
It's not the word lie it's a -- -- got that big New York, New York has a structural budget deficit I.
I know for a fact not why you don't you tell me as well as businesses -- leave those cities.
With all due respect businesses are leaving those states are -- saying they're flocking to California.
-- -- -- -- -- -- They are -- yeah.
It's time yeah multiple it has nothing do with taxes and all rarely certain people or businesses apartment goods that businesses are moving -- -- California because the weather's labs.
All right hold only seconds and -- Nevada -- -- and when I looked at a I don't I don't wanna -- out of that Charlie were brought have a great point particularly in this case because.
This particular proposal is punitive it is -- -- tax.
All kinds of benefits from from you know the distribution of Medicaid Medicare benefits stock option benefits.
It's just one of these things where we're going up to something that people earned an -- punitive.
Why is that -- so you have what.
I'll I'll handle as -- -- he -- bit of a great point in your opinion Charles duke college punitive.
On the technical expression is progressive and then I am not making a value judgment there's a difference between a progressive tax rate.
And a and M and an even tax rate absorbed regressive tax rate physical wins we've had in the United States -- -- for decades.
Says that when that you taxed people.
Who are get -- who are benefiting a disproportionate.
Way you don't have the liked it but that's the approach I do want to talk about Baltimore for a second.
-- we it is it is not valid to compare a city with the United States government Baltimore -- a declining city.
The population is what is the question is why and why is that didn't want it hasn't happened to date there are many reasons the United States is not in that this is why we're doing -- declining city -- -- was New York declining city -- 97 -- lottery -- why are currently bringing the total Gergen I'll give you some reasons.
Very high taxes very high crime -- and welfare state that could not be sustained that was New York in the 1970s.
That that's Baltimore now that's California and a comedy could be New York -- Charlie.
The observation you make about California simply isn't true I mean is our music our blogger Larry no.
But the budget the budget is being balanced and businesses are -- blogging.
He -- now there are.
This very day they are you can't -- I'm gonna bring you back into this because the bottom line as you can sort of try to you know nitpick you can nitpick here -- -- I don't think.
I do think Charlie is fired I did know Charlie is on the concert -- -- -- I'm nitpicking here -- look at the highest tax rates in this country and you look at were the most misery is in this country.
And you look at where the most welfare dependents are in this country.
You look at the places where the highs that levels are in this country they all seem to have one thing in common than they only have once a losing Gary and that's -- is there said he had taxes -- -- -- is Syrian state by the way Illinois and troubled the California in trouble -- city and -- municipalities.
And countries around the world -- America.
Because if -- only have one solution.
The tax people were successful forget about the disproportionate.
Analogy of it the fact of the matter is -- -- up and go to work I should make a lot more money to someone who doesn't.
But Gary today as a policy.
We understand a word balance but this goes beyond balance -- Quite and look where I'm sitting here arguing back and forth but there is a fact of life out there right now.
And it's cold sixteen trillion in debt headed towards the twenties.
And I have noose via bad debt was not created by -- it was created by a ban in Washington DC because they refuse the Bob balance their books.
For how many years.
And yet they're putting -- on our back all your experience I loved one on the offense -- Larry and one -- and.
All I am saying is the more money you take out of the economy and put over there we were inefficient and ineffective we know that for a -- The worst they -- the potential of this economy will never ever be reached and as simple as that.
How -- big budget is not balanced by while we know that it had not to North America just like -- it's not -- right now because we know all of them are -- -- -- right but date in this whole idea that taxes are the solution.
I was shocked that anybody still believes that.
Well there are a lot of -- there I mean a lot of would benefit from -- from taxes in this country you now I mean you got half the country virtually every country like every now and that's grown and they're -- you know federal income tax.
But to -- your point Adam.
I did think you can compare the United States to Baltimore used to this is a city this long been in decline although I do love Baltimore.
But this country worst suffering through this period of in the -- economic and the ladies in on and we and we're trying to sit around wondering why that has Walt.
How about the fact that as government -- percentage of our economy government spending is higher than it's been historically.
We need to get back below 20% were not and were sit -- wondering why the economy is growing so slowly it's going to be ten years out and we're going to be in worse shape.
And that it's gonna dawned on us that that's the reason why and where Livan and all of a -- nation in decline but once they.
I love you like mad but I do that's his -- ever had in this -- during World War II oh when attacks were dramatically.
-- higher than they are now.
-- -- -- -- Are not I don't know how to take credit and melody and job and are you -- -- -- got go to once I can bet I do want to say something to that because that's brought up all the time.
Have you looked at the percentage of the population that was paying that high rate.
It will be if you adjustment for -- in a -- someone making three point six million dollars now it's sort of -- parts of say hey we had high tax -- in the past.
And it worked at what level -- do you personally think Alex is it okay for the government to take 60708090%.
Of what you -- Wednesday spirit world or do even wage earners.
We're paying taxes -- the 30%.
So that was Dexter my desire for everyone so and I say -- right now I mean I -- I pay my taxes it's breathtaking how much I'd pay but I am afraid they have to be even higher we're gonna balance the budget as and Baltimore has many many other reasons.
Why it's declining.
Other than taxes as a very high crimes the but it does have the best crab cakes and.
Did that at a moment do you think Tampa beside the -- -- know what what's.
It -- be thinking -- accommodates a crab cakes and I -- both gonna take the bill lob Baltimore because.
You know what one thing we did have a -- to -- state taxes he local taxes the obamacare taxes Americans are taxed to death and that proves biggest point there's a -- in this country we saw the consumer confidence.
That means you know what the taxes aren't going to do that I'm gonna do trick.
You know we we we shout a lot but in here we we actually are getting into real disagreements in how to solve problems you know the beginning Gary said.
Every program they run meaning the government.
Is bankrupt not the FDA not the FAA game not the interstate highway system we need our government we need to figure out how to make it work -- -- to say let's.
Do away we'll we'll leave it there although I keep parent that they -- more money for the interstate highway system does.