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Michael Linden of the Center for American Progress on the president’s efforts to raise taxes on America’s wealthy in his latest budget plan.
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In today's money counts segment President Obama set -- releases 2013 budget plan next week and it's expected he will call for tax hikes.
And -- so called wealthy amounting to one and a half trillion dollars over ten years and he knows.
It's a non starter in congress it's clearly an election year campaign strategy.
So well doubling down on the class warfare theme really help him or the country let's bring in Michael.
Director for tax and budget policy -- the Center for American Progress.
I want to tell you.
Attacks -- -- strategy that -- would sign on to Michael this is gonna surprise you shark you I'm I'm I'm ready -- very -- from the Wall Street Journal about a week ago it says with all the tax breaks corporate rate the corporate tax rate is the lowest.
In forty years the average corporate tax rate you know how much it is.
12%.
12%.
And that's because of all the crony capitalism that President Obama.
Has brought into the country all these little tax breaks his friends that GM is friends -- G all of those companies are paying practically no taxes why don't we tax them more.
Yeah well I mean we should have a reform of the corporate code that you know as they say broadens the base and lowers the rate that's.
Absolutely where we should go I know that people in the White House the people on the hill have been thinking about it and working on it.
You know the proof that the detail all our I don't know it about right I can't pass a campus over that's always -- this.
So we're talking about the Bowles Simpson commission basically which ads get rid of all these special tax breaks that only the big guys can can get because I have the fancy lawyers.
And the lobbyists and bring down the rate and get rid of all the I went beyond that a 100% the president empowered the commission that said that and then he ignored the report why doesn't -- to -- -- for us.
Let me just let's just be clear here that the amount of revenue the president's gonna -- for in the -- in the budget.
Next Monday is is less than what is in the Simpson Bowles proposal it's less than one was in the game I think -- -- I think I think -- should be more I think that these corporations are paying.
Two little.
That is -- -- brought out -- cut its current rate from 35% write down of that 12%.
Or even a little higher maybe 15%.
Which is more than a dozen corporations -- -- work -- quite that way I mean I think that's in a perfect world -- quite worked that way.
What you what you have is a lot of companies were doing in -- shifting were placing all of their profits in Ireland -- Bermuda or what have you.
And it's difficult to get after that in a way that is that is -- don't know -- not -- it's very simple to get after that yeah it's the same way to get after all the money that individuals.
Are leaving in the Cayman house you lower that tax rate that's exactly what happened in 1983.
When the tax cuts kicked into the Reagan administration tax rates were lower dramatically and money came flowing back into the United States the same thing would happen now.
-- I mean that's just you know stick absolutely true -- it's absolutely historically true Michael.
Look that they that the joint committee on tax and others have studied this and it's it is very difficult to.
Bring down that rate and broaden the base in a way that is going to be politically viable I agree with you that it -- there are some major loopholes.
That companies are driving huge truckloads of cash through and we need to closed lower in -- that would get people to bring -- that's how many got these trillions of dollars available it is important countries right now how many trillions -- like five isn't it or more well I figure or -- -- little -- -- well I don't think so that the corporate tax.
You income tax is only a small part.
Of the overall tax system and there are equally big loopholes -- income tax on the individual income tax side that are only benefiting people the very top.
And we need to do something about those as well -- -- -- has a very reasonable proposal for that OK Michael knew you were a bit of a younger generation -- love the word sweet every everybody mergers and says oh that's week.
I'll tell you some and -- week.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- That's that is how they're getting low rates not by hiding tons of money in the and I are gonna regardless -- -- you made their get me to kill side here but you know what her -- -- to the grateful ought to set the hardest thing to see is that which is right before your rise someday I'm gonna get you to see that Michael ended.
My good friend inside the -- thank you very much.
