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Buffett Tax a Bust?

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    FNC’s Juan Williams discusses whether the government should enact the upper-class tax.

  • Duration 4:03
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I'm gonna call it the Buffett tax bust.

A new Associated Press analysis on a new government report on the so -- Buffett tax on million as.

Shows that it would bring in only about four billion dollars in new revenues each year and that is an upgraded number up.

That's nowhere near a tiny dent in our -- Let's bring in Fox News political analyst -- Williams I think -- agree with that to mean this is a high profile attacks on million as.

But it brings in -- four billion dollars a year that's what we pay out in interest every 405 days on our national debt so what's the point -- what's the point just.

His class warfare isn't it.

Are you mean it's politics it's politics if that's -- -- because this is that real largely symbolic action this is that proposal by Sheldon Whitehouse the Democrat from Rhode Island Stuart you know who wanted to put in place a law that would kind of enshrine in the Buffett rule -- this call which would put at 30% tax.

On anyone who made into the case of this law more than two million but actually what Obama wants is more than one million.

I'm glad we -- agree.

Because it is just pure all politics it doesn't mess policy now doesn't you cannot say -- gonna fund -- cat.

By taxing the rich.

When this particular tax brings in full billion dollars in Yemen is just pure politics and I say is -- pointless and you say.

-- it's not pointless this is the necessary run -- look we've got to engage in tax reform here everybody wants to do away with the Alternative Minimum Tax which is starting their.

Punish people who are middle income.

So everybody wants to do away with that everybody knows we need tax reform here are the Democrats laying out a marker and saying.

We are going to have to impose a requirement in terms of taxes on people who are making a lot of money in this country.

And what you're seeing as a response from people like Orrin hatch here on Capitol Hill the Republican on the top Republican on the Budget Committee.

-- to say yes but this is just purely symbolic -- not gonna bring in enough money.

To deal with the tremendous debt that we have -- -- -- it is irresponsible.

To suggest that taxing the rich will pay people all the social spending which the president wants to do it is irresponsible to site you -- have all of this on the ritual -- they won't pay they can't pay.

Let's not enough money everyday and that's what this this this analysis on the joint committee shows very clearly -- but I -- my point do you is.

It's gotta be part of a larger effort.

A larger effort that includes closing loopholes includes reforming the entire tax system going at the corporations and a different so why do you agree that provides a -- did so.

Do you agree with the Ryan plan section on on taxation what -- section rates yet just just look at the -- You look okay tax rates to 25% to a 10% and you do away with a whole slew of deductions is about what might want to -- I mean that's jarring in more revenue I gotta bring you know start.

No it's not gonna bring in enough money take care this and of course used that look at this action in isolation because he's not dealing with Social Security is not the only.

With that I don't think there's anyway guess that I think there's no way that this Sheldon Whitehouse proposals going forward there's no way the Ryan plans going forward.

Because guess what the Democrats will never play ball on Medicare and Medicaid.

What you're a Democrat.

Don't you think that they should play both ho hum -- camera especially which is the gorilla that's breaking the American bank.

Why that's look that's a week we're saying with there's politics and watching the Republicans will not -- Politics when it comes to put imposing more taxes and the Democrats -- saying OK so we're not gonna allow you.

To go forward in terms of these entitlement couple we know Stuart you and I as Americans not Republican Democrat liberal conservative.

We know this has to be done yet we have noted that we -- -- definitely have to reform the tax going to have to reform the tax code and I wanna see it pronto.

-- -- -- so I'm I'm I think we're in agreement in excuses unbelievable a couple of operating combined -- there I -- -- much water we present arms are gonna lead to real.

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