Also in this playlist...
This transcript is automatically generated
-- to -- -- my next guest says this is exactly what Mitt Romney needs to get in the White House because he's gonna cut those taxes city restaurant CEO.
And advisor big backer of the former Massachusetts governor Jersey right now bomb.
-- they both have corporate tax cutting plans on the table -- Mitt Romney's might be a little bit more generous but it's the dirty little secret off.
On this sandy dead.
The real great corporations -- is markedly lower than that now I don't know how that would stacked up against.
A Japan even when they were revised their rate lower but that that the real great companies today.
Is lower than the advertiser it.
What it did it is true because you have deductions so the deductions take the rate doubt but you also have to -- and state taxes so when you compare what other countries are art are charging corporations and taxes.
To what corporations are paying if they stay in the United States or keep their business in the United States.
You do end up with a higher rate and the other difference in the United States is the us small corporation subchapter rest LLC's -- a partnership small businesses actually pay.
That the income tax rate so what the president's talking about is taking the income tax rate of 41%.
What -- do was -- increase taxes on small and mid size businesses that go through these what what are called pass through entities were they can recognize the corporate income.
As individual income so it's really a much more complicated picture in it even gets worse when you -- and -- did the fact that we don't have a territorial system.
So of corporations -- Money outside the United States which we'd like them to bring back to the United States to invest right -- -- really prohibited from doing it because they end up paying a double -- so.
It's a very complicated process and I think the president.
They -- really the president's system indicates that there -- people in the white those who either don't get this or don't understand how business works so.
But they did it -- it a big problem it begs the issue floor for Mitt Romney should become president.
How quickly to act on his across the board tax cuts that the -- -- get a minimum of 10% slash in all the rates.
That might be long term revenue generator but there is that period in -- -- -- about this before where.
You're you're you're you're losing out on our revenue before it starts kicking in in -- did you know -- editing come from that.
Starts coming in on.
How does he plan to address that because the deficits would almost certainly get worse before they get better and.
What will admit this -- -- -- plan is to create more jobs reduce debt and reduce government and the tax plan is a big part of that.
It's actually a 20% reduction in the marginal rates.
But the new -- plans and he Ernst and immediate right so so without that reckoning and in my might encourage more hiring and all it was -- -- but.
But but will there is that immediate near term on -- taking money out right.
What it -- you have a flatter fairer and simpler tax system he takes the tax rate down but you also you get rid of a lot of the deductions that.
That benefit higher income individuals so with -- -- the plan is it is a revenue neutral plan so you -- in the real reduction in the the marginal rates by 20%.
The elimination of certain deductions that a reduction in the corporate tax rate any move to the territorial system so you do things that encourage job creation reducing debt.
And -- and reducing the size of government he's got huge spending cuts which he would implement so it it's a plan that you need to implement right away.
Horrible horrible debt as you know.
We don't know when interest rates are going to go up we increase it by nearly a trillion dollars every year you don't have to be a mathematician to know this just isn't going to work so.
That -- amidst got a great system that will encourage growth encourage prosperity we need to get him in there and he needs to implement it as soon as possible.
All right any great senior again continued success the -- you restaurants you know any of us.
Filter by section