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-- thanks lot Peter.
Our exciting -- been quite a few twists and turns over deficit reduction this year and each time there's new proposal on the table.
Gotten great perspective from my mcinnis the president -- -- committee for a responsible federal budget.
We're pleased to welcome my back to -- out.
Hi there my are a so most of the buzzes over the -- tax on people and small business earning more than a million dollars a year when you think about it.
While this is going to be one of the hot button issues it's gonna get a whole lot of debate.
I think it makes sense to think about how you can capture revenues in a way that our fair.
I think given growing income and equality there's a real arguments being made for making sure people who have done the best are paying more.
But you also want to do -- considering.
How to raise taxes and -- -- in a way that don't harm the economy and that's the risk here that's going to be attention between having people pay more.
And hurting the economy and making those changes and we want to see the specifics.
Which we haven't yet to figure out how that -- play out specifics meeting you've got to see some kind of an exemption for small businesses un incorporated business is it taken revenues of over a million dollars -- here because this is just a job creator job.
Killer excuse me.
Anyway you look at it.
I certainly think about how small businesses are treated -- very important.
Thinking about how much this tax would be it beat we don't know the specifics of what the rate would be.
What will be applied to exactly and when it would kick in because right now we're still coming out of the recession.
Higher taxes across the board or something that we want to be little cautious about.
Whereas down the -- -- an economy strong again things may be handled differently but job creation right now is very important so the small business component.
Component of this is something we want to understand a lot better you -- -- you know that we're coming out of a recession perhaps keeping back into one some might argue.
The components of the plan today require spending on the jobs portion of the plan in the first year.
Followed by tax reduction measure savings center.
In a bounce and a lot of it is banking on economic growth I mean that's got to be a long -- if you ask a lot of economists right now.
Well the way to the White House put out their plan they are -- most of the numbers based on their own economic assumptions those that come out of the Office of Management and Budget.
If you use the numbers from the Congressional Budget Office which generally we think of as more impartial.
The whole fiscal situation looks a little bit worse there is a likelihood that in the economy's gonna continue to turn down.
I think what that actually -- -- we need a plan.
That's a bigger so this this White House has put out a plan that sort of -- keeping with this new thing we're hearing these new calls to go big.
Have the super committee come up with a planets much larger than what it's charged with.
But if you peel back the layers that some gimmicks -- this plan it's not as big as it looks at first blush -- I would say the argument that over ten years.
We need to save a whole lot more are more than the White House is talking about.
Certainly more than the super committee is charged with.
And we didn't think about a lot of additional savings measures that we can put in a package right I -- and the White House is actually boasting an eighteen percentage improvement.
18% debt to GDP improvement over the duration of this planning to your point we need a lot more so.
What are some -- gimmicks are finding and what else I mean is it more revenue is it more.
Cost cutting what needs to be done to tete a balanced budget and is that possible in our generation.
Well let me just say the first biggest gimmick that really has me concerned is at accounting over a trillion dollars in savings from the draw down of the wars and that's a policy that's -- place and frankly last time -- put a budget out a framework out this spring.
They did -- those savings they put them in their starting point assumptions.
Now they're trying to count on the savings and that's a gimmick we've been worried about warning about I'm disappointed to see that it's in our budget.
In terms of additional savings one thing that's notably absent from nests and a lot of other -- these days Social Security reform.
We know that we need to make changes to social security and the sooner we do it the better it is for participants across the board.
And we continue to punt on that but in order to get this plant to be big enough we're gonna need to do more on health.
We're gonna need to do more discretionary -- -- in smart ways.
Certainly think about Social Security I think they have a significant chunk of the savings coming from revenues what you wanna make sure that that comes from.
Tax reform that would actually help grow the economy.
Not tax hikes that could hurt the economy there's a different way doing that and the White House to its credit recognizes that in its budget that what -- -- put some very sound principles.
About how to do do good tax reform that -- didn't fill in the details partly covered a lot of ground this afternoon Miami -- many thanks to you as always yes this plan calls for 320 billion in savings in Medicare and Medicaid.
With that finding wasteful spending in harmonious payments but He -- how without spending even more lots today investigate here.
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