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And -- take exact day now just days away and good riddance.
American spending more than sixty billion hours and thirty billion dollars to file their taxes each year.
Now the president's new budget is content to close a few loopholes but some -- say we need to -- the entire massive tax.
To finally kick our economy into overdrive.
Everyone I'm Tracy -- -- Brenda Buttner -- Bulls and Bears this week.
We didn't yankees' -- Robinson Nick Jonas Max Ferris and John Layfield with -- -- welcome miles so Don.
Time to scrap the tax code altogether and will that really helped jumpstart this economy.
Yes it will help jumpstart this economy are we have over 72000.
Plus pages right now -- -- because we have had decade after decade a politician.
Given favors the different people and we cannot simply put more band aids -- what we know they've put 101000 more pages -- -- 171000 pages.
It already cost Americans 34 billion dollars a year.
In compliance right now where -- -- store closes forest revenues to GDP -- fifteen to 16%.
-- -- -- and eighteen the only way to get there fairly is they're completely overhaul this antiquated horribly ball system.
Jonas I am with him 100% but tell me -- get to the lobbyists the special interest groups.
All the other people out there that are marching out to get political favors done for their constituents.
Those points are are true except that we -- you can't get to point a to point B very healing those special group's armed groups like homeowners and people of kids got.
And people do want the -- -- an Irish are there will mix taxes complicated is all these variety of deductions -- -- in phase out all but that's the that's the complexity and to remove them especially in the short run.
Would probably destroy the economy eventually I'll go watch noticed until now but just just take the home mortgage deduction -- -- -- going next you to simplify the tax -- which again in the walls a good idea.
Would lead to a 2030 that's -- -- it really shows.
Now what he's saying still -- complained -- a Vatican here but what about that earned income tax credit.
40% of Americans don't pay taxes were -- and we overwhelm the system their -- well.
You don't -- right and that's actually the biggest problem of our system.
Bring you you can't have our society.
And worked 20% of people a sense -- pay all of the taxes were 50% pay literally zero.
But we're sharing all this stuff you know this well first everything else.
This idea you know that would be able to get -- here are the lobbyists in a tax attorneys and I'm sorry if that's what we're not a business to keep these guys.
-- and multi million dollar mansions and they can afford not to do that.
It's not bad that 40% don't pay I understand these are low income people but it's not ever -- should pay something.
Well everybody does -- something Tracey whether it be state and local taxes you can't just look at the federal tax system is the only way that people buy into the system.
There are a variety of ways in our current tax system at the federal level.
Favors wealthy and high earners disproportionately.
Quite unfairly it is ridiculous.
That you have someone's home.
Being subsidize more they happen to be high -- com.
That their retirement is subsidized more if they happen be high income but -- terrible president.
-- that I -- you have to be higher income.
It's a -- a political favors anyway you look at it and it's getting bigger by the second and really right now the best you've been doing that is.
The rode out the window I don't know how you fix Sydney 2000 pages.
-- I'm with you not only is -- a book a political paper it's the way of government.
Kind of passively telling us what to do what not to do you know we talked about the federal government -- -- Better to our home -- not own a home better to be married with kids and not be an -- with its.
All might be true -- not be good things.
But it's not for the government to this site.
I think Steve Forbes how to write a few years ago if that if that if the whole.
-- IRS form was on the back of a postcard.
God bless -- Obama could ever get that done I would turn right around and say he's the greatest president's and Abraham Lincoln this would be any.
His moon landing for crime -- -- of -- did that I'd say join the -- greatest thing possible.
-- tomorrow -- right now get rid of the special and that's get rid of the 34 billion dollars were spent in preparing taxes get rid of all those lobbies.
Let's cut to the chase.
So is -- -- way to do it -- But in a lot of states most of them have essentially a flat patch and their more in the -- -- until recently in the hose than the other federal governments -- just having a flat tax.
Doesn't magically -- in fact.
The tax code is complicated not because of the brackets going up -- because of the deductions.
And credits that's what adds to confusion you can do your taxes on a postcard with fifteen marginal brackets because you just plug -- a table and you have your tax -- it's because -- got stooges adjustable but only to a certain level.
Cast so afraid and they go out there everybody and again it's not that we we definitely have mandated this thing over the years -- many complicated but you'd -- get out of it particularly short period time -- have to be like phased out over ten or fifteen years and now be even more complicated.
Tell us that that is the idea Miller's part of the that the flat tax idea is it does -- these -- -- what it does do what a flat tax cut that we've seen it yet.
Estonia with CNET -- we've -- -- -- countries that they've gone country that I have a hard time raising targets a new look but we we we do too but what it really does is give certainty to small business people like me and who say look at now that I actually know that -- dollars lobbying our dollar I would I would invest again.
Well you back here to -- small business owner to right it's a certainty that will help this economy again.
Yeah absolutely look at look at paid the highest corporate tax for the world is people like me it's a small business owner you know why because I can't afford to bite politician system operated prisons point.
I can't afford to hire lobbyists that the big tech companies are paying in the high teens your small companies your medium size companies.
Can't buy all these -- -- -- DC because they can't afford it therefore they're the ones that get stuck with this cap.
That's what we need entire overall -- -- -- this flat tax worked it worked in Russia because -- actually enforce the tax relief and after he implemented it we -- -- same thing here.
But look at more talk and tax code we got a top corporate tax Tim Gary B.
We have big corporate tax issues as well so much money parked overseas because of our owners system.
Tracy and the other thing that we have is get it kind of gets back to my point.
It's the government then picking winners and -- Losers all it's okay for you know some industries are getting doctrine but let's -- demonize the oil and gas industry let's give deductions -- -- in the green area.
But not -- in the other -- like guy.
I'll auto manufacturing.
So what what I don't understand is why is that the government's role and they -- -- it through the tax code they need this stuff.
Back and say look if we need certain about a revenues agreed to by congress the -- -- -- -- that is charge -- a flat rate whether it's individuals or corporations.
Haven't -- -- deduction here or there but I'm.
All in favor making everything simplified as Toby said I think pointed out that it's clear what you need to do to get richer more grow your corporation today yet again and then you hit it down there the government is not just -- -- winners and losers -- body and re election -- what they're doing that's.
-- -- -- Christian I gotta put you back into this -- I'm telling you stand on this you think that that wealthy get a lot of freebies so to speak but I think you know lower income people do -- so wouldn't it be best to just.
Take them all out of the picture and put everyone on a level playing field.
Was and I agree that the tax code needs to be massively overhauled in simplified but the answer is not a flat flat tax.
Which -- worsens our existing inequality that's not the answer the answer is to really have people recognize that government is in the business of spending a lot of money.
Not through the budget where it should be but through tax expenditures words hidden and people need to get.
Upset about that issue is not how.
How has that we say yeah.
-- -- -- what are the tax system and somehow your concept of equality out of that come together.
We'll see a flat tax Gary the whale -- a total vote the way it would work is someone who is high end -- would pay the same taxes as someone who's well -- I haven't.
Likely disproportionate impact -- -- well I think.
I think that that -- I have been proposed have had a few different rates will at least two or three Jonas I want to give you the last word here about.
That that point is true anybody in the bottom 90% of the income distribution is gonna see a tax increase rate flat tax because the -- edit and that also goes all the products and removing deductions just more in proportion the bottom 90% of the country they will also see a tax increase of these -- to -- -- the tax god.
Are gonna lead to the average middle persons he attacks increased -- for moving their deductions are going a flat tax just be aware of that situation and what that would do to demand in the economy.
He inequities in the tax code are the reason that our president just paid in eighteen point 4% effective tax rate right last year so go figure -- what about his opponent -- look well.
It's around the word it's everybody right you guys that was great.
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