You're watching...
Selig & Associates’ David Selig on why better accounting standards and reforming the tax code would be more helpful for the government than incr...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
The Obama administration continues to push to raise taxes on millionaires and billionaires.
Tax hikes especially part of -- Obama's new jobs plant.
When it's revealed sometime after Labor Day.
Joining me now David ceiling -- -- & Associates specializing in tax strategy millionaires and billionaires David oil will maybe a few 100000 -- we also included in the mix.
Absolutely.
I think the president's rhetoric to make millionaires and billionaires.
Pay their fair share is really empty noise.
The fact of the matter is what we need these the government to return to generally accepted accounting principles.
And suspend our money wisely.
Become -- stewards of our money.
Without a plan.
All the money they receive -- just be wasted.
There's really very little accountability and throwing money at the problem is no solution.
I hate it when the government or anybody else for that matter tries to say you're rich you're poor you're middle class.
All but you know warm but that He has rich we know that it is though is a gray area a -- he's a billionaire but can you He says look we can pay more taxes.
But to the small business that it makes 40500000.
Dollars -- all that money back in the triangle business.
Is it fair for the government to say you're in the same boat.
As a billionaire or even a millionaire I don't think you can compare the two.
It is not fair and so I read mr.
Buffett's op Ed piece and unfortunately.
He sounded somewhat befuddled.
I think that's probably why the president disagreeing with them because it is a very.
Foggy notion of what to do you -- you take a small business are medium size business.
They aren't just squeaking by given the economy.
Patents to keep their employees need and pay there with holdings is very difficult.
Once they get -- frequently the Internal Revenue Service challenges expenses when they do they backed it out and name.
Appears is that the ring com is much larger than and actually is -- very expensive for them to defend right.
Nobody knows you mentioned generally accepted accounting principles all of tax -- it's about that -- What can we do to shrink that down what can we do to simplify this to make it more fair for everybody.
It -- the millionaires and billionaires maybe aren't paid as much taxes as they should.
Let's -- and paying the taxes but let's it was sort of simplify this whole thing can be done.
-- first of all the millionaires and billionaires are paying a lot more taxes than the regular every -- people it's a fallacious equation.
To say of billionaire only pays 17%.
Of their income.
Whereas a carpenter pays 31%.
There's a lot more money we're talking about that's coming and additionally the internal revenue code actually works.
We don't want to necessarily simplify -- so everybody can understand that.
Imagine if you needed to understand -- surgery before you had a tumor removed.
This is coming -- an accountant and I can tell so they dumbed down that that that credit and now we all understand that but we all fail.
Would a flat tax He can't something be done where you have a flat tax.
And then maybe some sort of of that or it could a consumption tax on top of that to where let's just everybody -- 1% -- everybody pay 15% of income.
And then you can't consumption tax excluding food or -- concluding clothing -- excluding education could you do events well the.
Proponents of the -- attacks always are conspicuously silent on the corporate side of the house so we wouldn't solved that particular little problem.
Additionally it's a -- solution to a complex ratio.
Particularly if the government -- not gonna get its arms around that spending leave it wouldn't matter how much money is rolling in like for instance let's say Warren Buffett gave his entire fortune.
To the government right now you'd have no reason to believe that money would be spent wisely and no reason to believe they -- account for single dollar and after one year.
You know Christina Romer actually.
You know a former chairman of mr.
Obama's council on economic -- Even said herself and increasing taxes by 1% of GDP for -- deficit reduction services will lead to a 3% reduction.
In GDP to your points.
David you know you you reduce the increase taxes -- hiring come.
And actually reduces economic activity and -- and -- -- Dave it's really good to see as -- equipment and check of those TV commercial by the way if you had for David -- locally also.
