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Fmr. Treasury Secretary on Tax Reform

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    Former Treasury Secretary Paul O’Neill on the need to reform the tax system.

  • Duration 3:27
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-- Paulson wanted to bailout the banks she said that's a really crazy idea I'm using your words there at.

Do you feel vindicated -- you feel like you were proven wrong because a lot of people out there say well.

You know it's this this two billion dollars loan loss aside things have worked out okay the system is running.

You know I think we should fix the system one of the -- one of the things that's holding back our economy in the world economy as we've got a broken system.

So we've got a colossal we've broken -- what's that part of it.

The tax system is broken beyond belief.

You know if under -- what people are supposed to pay by 400 billion dollars a year and a cost -- -- 300 billion dollars to administered.

Perhaps colossal -- do put.

When you're against the bush tax cuts a lot of source at the end of the year we'll be talking about extending them are you still against them and do you think it's playing a role in our nation's fifteen trillion dollar nearly sixteen from.

-- -- -- -- -- Again we need to fix the tax system if we have a tax system.

There was response of the idea it was clear and clean and simple and easy to enforce no deductions no credit.

Basically this complicated but a progressive.

Sales tax fair value added tax.

We would create if -- -- at the -- of certainty -- would be enormously valuable to -- so.

I'm I think my concern is I think you know.

The congress does not can do any thing that President Obama could claim that he's had a victory between -- election.

So after the election we've got -- very narrow window to deal with all these norms problems.

They have been talking right now about a tax system -- response to that's kind of a question.

At what income level for an individual in the United States should they pay the first dollar just one dollars.

A federal tax.

Like you know part of the problem with the Texas right now -- a lot of people campaigning and if these were all well paid no federal income that is that my our -- -- -- Get them out if crazy what are we doing and it's not that I want to penalize low income people -- one dollar.

You know I wanted to bring something up to you when you were and office as Treasury Secretary you called for a study.

Of our nation's debt.

And you found that we were facing didn't have yet then that we're facing a 500 billion dollar deficit.

-- sound like big numbers to people back then and now it's far far bigger.

-- advocated a 66%.

Increase in income taxes cross board.

Is that the right answer.

I think I think fundamental reform of the tax system is what we need to do it needs to -- -- these be clear and an obvious to everyone no credit no deduction by unclear how many kids you have I don't care what you want.

A home mortgages that's between you and your family so no -- of action we the people should not -- anything we should use the tax -- to raise money.

Not to re distribute money.

And at the end of the day you think that congress.

Or any politician frankly has the stomach to do that kind.

But I -- I'm still looking for a politician who's willing to tell the people the truth about this kind of thing.

You know fit to demonstrate.

That they have a thought process going on their head instead of just appealing for the lowest common denominator.

That's well put.

Very well thank thank you so much for coming on today and I really appreciate that was the fastest like what we do their six minute I've ever done in my life thank you.

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