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Rep. Bachmann on the Buffett Rule

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    Rep. Michele Bachmann, (R-Minn.), on reforming the tax code.

  • Duration 5:25
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It was calling for that is the same thing there were calling for now.

Return to basic fairness and responsibility.

Everybody doing their part.

And if it'll help convince folks.

In congress to make the right choice so we could call of the regularly and so the buffet wrote.

All right.

Seriously in this quoting Ronald Reagan of course the famous line of Ronald Reagan wanted to get rid of tax exemptions and loopholes in the likes of of those who weren't paying taxes.

Would pay some tax -- present course a big advocate all -- everyone putting skin in the game here but this president taking that to mean he would before raising.

Our taxes any taxes including those on the -- in the -- Bachmann on sort.

Superiors.

-- -- one that was not what Ronald Reagan says what -- is obviously trying to push that view.

It wasn't at all I remember -- in the 1980s and Ronald Reagan cut taxes and -- checks -- farm.

Not once but twice and we -- -- economic miracle.

The mess that Jimmy Carter and made in the -- late 1970s was rectified.

By lowering taxes and flattening the rates that's what Ronald Reagan did what what -- Obama wants to do with the so called buffer rule.

Is really a disaster it's very few people that would be impacted it will in all likelihood not deliver the revenue that he wants but what he fails to tell people.

Is that people were receiving investment income.

Already pay a 35%.

Corporate rate because the investment income is already taxed once at 35% the corporate rate.

Then you add on to that what he wants to make an additional 30% or more on top of that -- -- We're certainly -- -- Mitt Romney in the fall campaign and the president that we do not provide these and economic bonanza banks.

Years Mitt Romney's rate here's your rate is that -- -- something like that.

How would you respond to it.

Well what I would say is that if you look at people who are the top 1% of income earners.

They pay about a 30% effective tax rate if you look at people who -- the middle class.

They pay 15%.

So its double what people who -- the 1% are making.

And so there's already an increase -- Obama just isn't telling the truth he's not believable would you.

And indicate that the Republicans get around the of the Reagan notes and this is where -- think.

There there's some grounds for what.

Ronald Reagan was saying get rid of the tax loopholes and special do.

Exemptions out there that helped a select few not Dan exact is Reagan was a big advocate every once a -- on the YouTube -- not -- Jackson's country now we have.

Close to -- eligible who are not doing any federal -- -- -- So how would that registered Republicans endorse that view because if you get rid of exempts is allowances technically.

You're raising some people's taxes I mean -- -- -- taxes you should be raising but how would that go down.

Well again Barack Obama talked about fairness.

And everyone should pay something that's fair I talk to people -- -- the lowest income earners they do believe everyone should -- something.

When I was in the presidential race that's what I said everyone needs to -- something.

And I also said we need to have a flat rate a rate that is flat.

And fair for everyone but everyone needs to -- something because when half the people are paying nothing.

Then it's really easy to demand more from governments and we learned that the one paying the bill.

That's what -- to changed true tax fairness has everyone paying something.

Are you supporting that Romney now on the -- looks like the inevitable nominee.

Well I have said that I will unite behind our nominee -- this week -- -- Rick said term leave the race we still have to other candidates in the -- I will get behind our nominee but I think it's very clear that.

We as Republicans have a lot at stake we've got to make our decision.

But even more importantly as Americans.

We've got a vote for the country.

No I notice that and now we're likely got its Mitt Romney you're saying you might look like that as well but you're not ready to formally endorse of the reason.

-- I'm looking and thinking very hard about this and that you know I think it very sound that a decision will likely be made okay do you think it needs a woman on -- -- -- Well that would be after the governor -- you know that that would be up to -- we need to have the strongest possible team that we can have.

And I have no doubt that he'll make that decision so he asked you to run -- what would you do.

Oh for heaven's sakes I have no idea I'm running for my Steve in congress right now.

I have -- -- we have been fully vetted you've been -- I know they're really concerned about that.

And are not the stimulus our talent but that they -- -- today and was maybe we didn't do the vetting process as thoroughly as we sort of you've been vetted like crazy -- you've been run for president so that's not an issue.

So we're gonna give him.

Oh goodness I don't know about that you know I will tell you I've been thoroughly vetted there's no question every part but -- what I'm more concerned about right now.

Is making sure that we unite.

And that Barack Obama doesn't have a second term he's already been real Jimmy -- second term.

We need a strong optimist in -- was very Smart who knows what to do what I think we're gonna have one all right we'll congresswoman if you are so chosen this is your first stop.

Thank you very very much always good having.

It's a deal.

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