You're watching...
Freedom Fighters Liz MacDonald, Erica Payne, Anthony Randazzo on why Warren Buffett’s tax standoff with the GOP misses the mark, and how the Consume...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Billionaire investor Warren Buffett has upping the ante in its campaign to hike taxes on the nation's top earners.
Actually daring GOP lawmakers to donate their own personal wealth to help pay down the national debt.
Mr.
Buffett claims he will match every dollar they don't except for senate majority leader minority leader scares me Mitch McConnell with whom we will go three -- want.
The two exchanged barbs last summer when senator McConnell suggested.
The Berkshire Hathaway CEO -- send a check.
Instead of complaining about paying too little in taxes.
Is Buffett's suggestion going to be helpful for answers we turn to our freedom fighters Fox Business stocks editor who's been covering this story all day my colleague Elizabeth MacDonald.
Erica -- the agenda project founder and Anthony -- that's so.
Reason foundation director of economic policy how did this start and has -- serious and -- would Mitch McConnell to get get money to to challenge Warren Buffett's.
Well the first point is a New York Times opinion piece mr.
Crawford wrote was essentially saying we need a millionaire's tax which is the effectively pay 17%.
Because he's shields his -- income from taxes be -- capital gains.
Interest deductions on loans and charitable -- and deductions.
And then the GOP came packed with their own buffet rule plan essentially says if you wanna give more toward the deficit here's a line item and -- tax returns you can do that to which mr.
-- is now saying well pony up by the way of -- tax wouldn't hit him.
Because he's shields is income from tackle.
It isn't isn't it a truism that no one should pay a dollar more in taxes than they truly alone and the tax code was written to enable people to be creative.
Well I don't at.
We make it different point and I think it that we have an underfunded.
Government and Florida always been saying I'm sure you're aware because we don't raise enough money and you just come down to the fact that we haven't underfunded government.
And -- Republicans have -- over the course of this year to a group of patriotic millionaires for fiscal strength which is about 200 people hey you.
More than a million hours a year had called for higher taxes on themselves -- they keep on coming up at this.
Will write a voluntary -- That's -- Orrin hatch said that to this group of 209 -- was -- in the ads -- in my hand.
And out of our six months to cap K-Fed won't match whatever ED senator hatch -- -- he hadn't and yeah.
Yeah I think is planned for voluntary finding of the government is not.
-- Mark Anthony isn't isn't the whole concept the people would do any money the government ridiculous and the government is not gonna take -- Buffett's billions.
Or Orrin hatch is a thousands whatever the number may be and use it to pay down the debt whatever money they -- -- gonna spend.
They pulled it will they're gonna -- in the interest did the whole conversation is just evidence we're missing the whole point what's the point the point is we need to have a conversation about what are spending priorities -- a country that means having a debate about a budget -- actually passing a budget which we haven't done for nearly five years ever gonna happen at the when -- now yeah.
-- -- -- Which doesn't matter what you how you know what's.
The first -- to issue.
It didn't happen millionaires 100% he would not close the annual budget deficit -- would hardly a retainer basis pay the interest possibly.
That's it really -- -- -- I wanna -- things.
Attacks and more and first congress ratings.
But are not people -- find a job and -- yeah.
Hold on passing a bitter battle over the government's latest -- -- must attempt to -- copyright infringement on the Internet is moving from Washington.
To the Consumer Electronics Show in Las Vegas this week.
The stop online piracy act commonly known by its initials so pop -- PAE.
Would burden Internet success stories like Google and FaceBook with policing all content.
And then penalizing them for anything that slips through the cracks Consumer Electronics Association chief executive Gary Shapiro who's been on the show.
-- so worried about -- has potential to cripple innovation and entrepreneurship.
In the technology field.
That he's making his conference in Las Vegas ground zero in the debate.
They have plenty to worry about don't they -- I mean this is this is and -- actually a really really big problem we're talking about.
Penalizing a company just for -- Basically you entering a door which is the search window and saying -- I wanna find the stuff in the penalizing companies is -- -- -- president plus you can find -- this is -- goes right back to what we've talked about before which is you can't penalize people who build a road for what people do when they're driving on the.
Client in the New York Times and I accept an advertisement from somebody to sell -- house offering it for a million -- they really want -- million they're committing fraud.
Should the times have to verify the accuracy -- -- and stated get linked in the times be penalized for running that it.
Because that's what this -- is really large 2012.
Version.
Right now I agree I think that I think that this is a problematic it's -- legislation.
But it really is it's sort of inside baseball interesting thing to watch is that the fight of the titans that fight event that he passed because Chris -- Newly -- and nearly -- spotty at -- here's what will this do light here.
Will this do to costs.
If a company -- -- Little has to scrutinize the accuracy and authenticity of everything that they do -- Certain legal costs explode he would face that if you run an Internet site five years in prison for -- say ten pieces of a -- copyrighted.
Music or other bad bits of copyrighted material issue is that Internet companies already do that this -- already answer to the long arm of the govern who stops and at every turn this week this resident and placement FaceBook or YouTube launched they would have been sued into oblivion it is an open sort of the tort bar which -- a lot of money to the Democrats.
So that's the type of thing.
That could actually -- the Internet irreparably by putting the government in charge and if the government can scrutinize the accuracy of a copyright.
Could scrutinize a political opinion with which -- disagree completely changes the structure of the Internet because the the whole point is that you have free access.
Open access what Google provides is for you was a user to choose what you wanna do an axis what -- the people providing and having them step in to put basically just closes that door.
Erica who's who's behind this liberals don't want their words suppressed -- than libertarians are free marketers to who's pushing this.
It's basically the fight of two kinds of media you know -- -- -- -- media companies -- the content creators getting get paid for at their creative.
Work which as a -- or -- name but.
I think yeah.
-- -- Actually companies already take down that copyright.
Material and that would -- some DNJ -- to -- -- with court orders when they're already doing but the government want about it Elizabeth MacDonald Anthony -- dazzle Erica payments of pleasure guys thanks for joining us coming up why do.
