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Can America Back Cain’s Plan to Scrap Tax Code?

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  • Description

    FBN’s market experts debate whether voters will back the candidate’s 9/9/9 plan.

  • Duration 6:05
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It's scrapping the tax code what America really needs it sure seems that America -- said.

For that we are joined by Oxford or Carl Paladino empire national chairman and CEO Doug man bitch.

And they may have a little different agreement on this although in general principles you agree but.

What do you think should we just scratched the scrap the whole tax code -- I don't think I think the tax code needs to be changed radically.

It's to come -- upstart from beginning absolutely it's too complex.

Carl.

-- Not possible.

Not gonna trust this government that we have now this congress that we have now.

To properly and and with good deliberation.

To change the rules of the game.

Can you imagine the chaos that would be created out there in the stock market and small businesses.

He just can't just change these rules.

But -- pretty chaotic to say okay we're getting rid of 90000 pages of the tax code and replacing it with two.

That doesn't sound like it would be confuse it.

Well.

It needs it needs a very delicate approach to it I'm in favor of a flat tax -- -- are getting.

To a flat -- but that's that's so word that word is a misnomer.

We have to work in that direction.

But I just can't imagine I can't change everything overnight Doug I gotta admit it is very appeal I have problems with part of Herman -- Texaco with a sales tax portion of it.

Or the consumption tax are reads like to define it.

But getting rid of the -- scrapping the current tax go with -- all of its masses is very appealing.

I I think it is in its alt you know the hardest things that we have to face in this country that things we wanna face less.

And and I think that this could be done I mean it's gonna take time it's not gonna happen from one year to the next it's gonna take some planning it should be done.

The tax code is too complex nobody knows how much.

Time and money and -- -- put together figures of how much time and money you actually spend.

In adhering to the tax code is it is every year.

We you know and and and Carl's got a big a business and I do I mean -- I learned something new about the tax code every couple months this loop holes all over the place.

I mean you know is that the fact there is.

That it needs to be dealt with -- needs to be dealt with radically.

I'm not supporting the 999 as I don't know enough about it I don't know what the analysis of it is.

But certainly there needs to be radical change to like tax -- it needs to be sent our I'll tell you one thing about it's the central where our profits simplification it needs to be simple because that will bring a huge amount of confidence back to small businessman if they know what they're facing if they know what it's -- be.

They will -- salute.

-- -- the point is now there's no way you could know even if you wanna do with 70000 pages of a while.

70000 pages which are in Green in our system right now it's there.

You just can't take that away in one stroke of the -- Carelessly.

It has to be done with a lot of awful -- forethought.

Has to be done very carefully and deliberately -- our lives and what happens or you're gonna every day -- wanted the stock market's gonna melt down because all of a sudden the people who are investing their money.

-- can't rely upon the financial state okay Soledad and that's actually good point in other words a lot of people invest their money based on a current absolutely and at home -- suddenly don't get deductions for investing in certain ways they'll pull money out and then put it in a realist staters from the you take to schedule C away from -- small investors small business.

What's He gonna deal.

And He has no idea of the consequences of that what would happen if he's anyway business started he's taking losses and nearly years.

He's he's taking depreciation and and other costs OK that a startup cost and he's right mills office and is in the early years he's using component depreciation is.

And that's your money but the money he's saving is what he's reinvesting in his business to create jobs that's a great point -- It is a good point and and I understand that we are -- net.

Part went with our institution right now but the fact of the matter is if we were paying even if we were paying taxes before all of that a call to spoke to.

That was -- up.

I mean if we were paid a 15% tax it wouldn't in the world now I will admit that we have capital and a lot of small businessmen don't have capital so it is a problem.

But but the fact is that I think -- Eastman that the biggest problem -- I get from my customers and clients are that first of all they don't there's no there's no real straight.

Knowledge of what's gonna happen next from the taxes.

From health care.

Confidence.

I think everybody agrees that both of you guys agree here tonight out there in the and I and I just think that and and I understand what cost saying that you can't.

I don't know that's gonna have that huge Farrah let me ask Karla well you say we have to do I I understand what you're saying is a lot of small businesses are counting on those depreciation is everything to get started in business and without that.

They may have a big struggle -- that we need those small businesses how long would this transfer to a simpler system take in your mind you're running for governor you must have thought about -- -- with that with a congress like we have right now.

You know concede in our lifetime that's in our lifestyle I guess I can't wait that long growth.

For all you have to examine every element of what you're doing not I'm not saying right that we can't force in some way.

The profits being made -- these corporations overseas and bring those back to the states here in.

And have that money reinvested in the states and doing other modifications and simplification to to -- called.

Does not affect of taking away the mortgage.

Tax benefit to the it's -- to be individuals out there.

Taking away their real estate tax a benefit the effect that none you've you've got to vet that out you've gotta you gotta experiment with that you have to you have to.

Carefully but we have no I don't like I would I would hope that we -- at least get to a similar level that we -- at least half of those 70000 pages of my life but I don't but I didn't think quite quickly brings up good points but but I do think with the housing market has been as it is now if you made those adjustments now.

Market may slip a little but if everybody goes to act on an even -- you might find at least the market starting to come back we've got to get to the bottom some point.

Doug man bitch Carl Paladino great discussion guys thank you very much very.

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