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Sen. John Barrasso, (R-Wyo.), on the Senate defeating the Buffett Rule in a procedural vote and why a comprehensive reform of the tax system is needed...
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Tonight the Obama tax hikes sidelined and us senate vote 51 to 45.
It needed sixty votes to advance.
My next guest oppose the tax joining us now senator John Brosseau he's the -- chair of the senate Republican policy committee and the senate western -- senator great to have you with us.
Thanks Lou I -- we have been calling this now the Buffett rule since Buffett.
Himself says this tax had nothing to do with the -- -- what he called war.
And it's not a rule it's -- tax.
Yet that's what everybody styled events and accepted the language but rejected.
The the measure when it came to a vote -- Well it -- tonight it's -- this tax is really a distraction the president is trying to.
Distract Americans from his very poor record on jobs in the economy.
And and really that's what the president is trying to do is try to take people's.
Minds off of the fact that the economy is still it in in rough shape that.
Many Americans think that the country is heading in the wrong direction and then he's -- traveling around the country proposing this for the last couple of weeks.
When you and I know the math doesn't work down -- the president initially said that this was something that to stabilize the debt and the deficit.
And now when you actually look at the amount of money would raise you'd have to do this every year for the next 250 years just to pay -- for last year's deficit alone.
It's it's.
It's crazy to me just I mean just -- -- to even think about it.
In any meaningful way because -- with a measure itself as you say is so insignificant.
What is not insignificant is the -- of the adjusted.
The tax.
In the AMT.
Which you would take them somewhere around we've we've figure 800 to one and I mean -- of this government estimate here and I understand the reason for but it's wide.
800.
Billion dollars to over -- perhaps as much as a trillion and a half dollars over ten years.
Nothing is happening there yet.
Half of the folks affected our middle income.
Taxpayers.
Why can't there be some interest in fixing the AMT.
-- the president doesn't seem to be very interest in actually fixing anything well as speech you want -- -- this is this is not about politics it's about math.
But -- you and I know this is all about politics and the president says it's about.
Fairness -- he has a very distorted view of of fairness and he thinks of equal outcome I think about equal opportunity.
For Americans and and and earned success -- -- rather than.
Learned dependence but we we have a president whose idea fairness is giving money to his his donors.
You have favorite.
Renewable energy.
Solar panel plant that went bankrupt hundreds of millions of dollars of American taxpayer money he thinks it's fair.
To say no to the keystone XL pipeline -- -- thousands and thousands of jobs that it would create so I think this president is a very distorted view of fairness.
What is the most important Republican initiative.
For job creation in restoring prosperity of the country and I'm talking about whether it be that of governor Romney where there'd be emanating from the senator of the house.
Well people want certainty before people actually go ahead and invest their their their money and hire people who -- -- -- We see this in the unknown expenses of the health care law whether it's gonna be found unconstitutional I believe it's unconstitutional -- the Supreme Court is gonna rule.
They want some some certainty in terms of taxation not additional threats by the president to continue to raise taxes and you know he's not gonna deal with the debt or deficit what is gonna do was spend that money those are the source of things people want certainty -- and that.
-- you mountain the avalanche of regulations.
Coming out of this administration are hurting our businesses you know as you say that senator are you surprised at the Wall Street Journal report.
The governor Romney started talking about eliminating.
I'll forward a certain class of taxpayer at least on deductions.
-- second home mortgages.
State income tax.
The effect which of course is to raise taxes.
I endorse senator I endorsed governor Romney I support him I wanna see what the specific proposal is -- you eliminate a lot of above loopholes and and deductions and can actually lower.
The tax rates at the same time I think that's much better just to be that the economy stimulated and another.
Government to hand out do you think that should occur incrementally are sure to be a matter of a comprehensive reform of the tax system.
I think we need a comprehensive reform of the tax.
System and Ronald Reagan did that we need to do that again it's been over 25 years.
Senator always good to have you with us -- thanks so much for having me.
