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Can Economy Handle More Taxes?

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    Rep. John Fleming, (R-La.), on the president’s proposed $1.5 trillion in increased tax revenue.

  • Duration 5:22
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The -- the money out -- -- the class warfare as being god and the wars against every class gone are the days when the wizard of the White House is gonna magically pay everyone's bills.

Remember that.

Now his new three trillion dollar deficit reduction plan is anything but.

Who have -- -- of it -- tax increases and BS accounting measures.

And it's not just for millionaires and billionaires part of the plan calls for the repeal of the bush tax cuts for couples making more than 250 grand a year.

A lot of them are small business owners and job creators -- struggling just as bad as anyone else all except -- eccentric eccentric.

Billionaire Warren Buffett He says he's quote fine with the president slapping his name on a plan to go after millionaires for more tax money.

It's taking money from the rich to give to the poor class warfare.

And get a load of even more shadowy map from the planned a trillion dollars in savings from the drawdown of troops in Afghanistan and Iraq.

Another gimmick and born -- thirty billion dollars in savings from lower interest payments on the national debt.

Help me out here what lower interest payments are we talking about anyway joining me now represent John Fleming -- -- Yet congress and thank you for joining us and I followed my -- looking through this plan -- -- three trillion savings deficit reduction but most of it is either.

Tax increases -- and a half or savings from pulling out of Iran Iraq -- outside Iraq and Afghanistan.

There's no real.

Cost cutting -- -- spending cutting in this in this proposal no this is the president jumping in front of the parade here because that.

One trillion dollars in savings that's already on the books it's already predict by the CBO taking credit for savings are not -- to Begin with.

The 400 Napoli 58 billion dollars in cuts and -- -- 238 million dollars in additional cuts to Medicare.

On top of the 500 billion dollars that are in Obama care.

Cuts to Medicaid.

And of course taxes on everybody making 200000 and above that's gonna kill small business right and that's who exactly these people are it's not the millionaires and billionaires and and corporate jet.

Owners and fly jerseys are these are people generating bit.

60% of the new jobs created in America are are created by small businesses is absolutely.

Small businesses and I own small businesses we follow through Ellis LLC's and -- -- Flow to our personal tax returns and what we don't feed our families -- we have left over for capital which would reinvest to create jobs He take that capital way.

No more jobs here congressman it it's almost.

An insult to the American people who say we're here's three trillion dollars in spending cuts deficit reduction.

And really only about thirty billion dollars a year is actual spending cuts yes.

That's insulting I'm I mean maybe He can you know go to the podium and say don't worry we got your back in this is the middle class tax cuts have done.

But it's not this is nothing to do with his raising taxes for everybody is the same all smoke and mirrors that we experience for years remember bush won.

When He agreed to tax increases.

For spending cuts we got tax increases but we didn't get spending cuts that's what would happen if this past so what happens congressman this is class warfare clearly trying to look at the millionaires and billionaires bottom -- it's.

It's almost every American is gonna be -- by this is.

Go ahead well I was in this -- President Obama in campaign mode.

This bill or this idea it's not a -- yet.

He is DO -- dead on arrival in the house representatives so what happens here though let's talk about that a little bit there's a super to me that's that's charged with finding him.

A trillion and half in spending cuts coming up very soon in the next couple of weeks.

But He proposes three trillion.

Where does this would is -- the thirteenth member of the super committee what -- what is this what is this trying to it is influence a super committees.

Places decisions on where -- finding spending cuts I don't believe so where I think this is all about saying.

I'm doing something in the congress isn't so reelect me into when He twelfth.

We have a do nothing congress.

And of course we passed -- that would work.

We passed could cap and balance that we -- which would have cut four trillion dollars over ten years.

And the senate wouldn't take you know and so that He very importantly -- is this proposal to three trillion with the with these tax increases.

Is this nothing more than mr.

Obama saying.

-- -- -- -- I know though that Republican policies never gonna pass it's all.

I'll keep floating these bills are these ideas they'll keep turning him down and then they can come back pretty can come back it you know in November waited during the election season saying.

I tried they said no He Eric He obviously did focus groups and polling and and class warfare keeps popping up on the graph.

And that's a direction he's going first -- -- twelve campaign that's what it's his so that's what this is -- its equipment for class corporate socialism.

Take from -- re distribute take from those who create jobs who had to give to those who don't by the way.

Was a 47% of all American households.

Households don't pay any federal and that that's true in back in the eighties it was 17%.

So you see that the burden is being pushed more and more.

When the earners to producers in less and less on on others -- and what's gonna have what you think of what if this were to pass what do you think would happen to the unemployment rate.

I think it would skyrocket.

I think you would see you know businesses go out of business -- -- -- business is moving offshore.

This is absolutely poison.

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