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InterMedia Partners Managing Director Leo Hindery on Obama’s plan to extend the tax cuts only for those who make less than $250,000.
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President Obama calling for an extension of the bush tax cuts today but only for families making less than 250000.
Dollars a year.
Here's what the president had to say.
I'm not proposing anything radical here.
I just believe that anybody making over 250000 dollars a year.
Should go back to the income tax rates were paying under Bill Clinton.
Back when our economy created nearly 43 million new jobs.
The biggest budget surplus in history.
And plenty of millionaires to -- One of them is here right now.
Who says the super wealthy should pay more more than they already are Leo Hendry is managing -- intermediate partners joining us.
In -- first on Fox Business interview with.
Listen year a self made guy made a lot of money in your time -- no problem paying more at a time when you hear.
The other side say wait a minute wait a minute it's the wealthy -- the job creators you tax them and they'll stop creating jobs what do you say to that well.
I think what we have to do is is reminder cells where there is common views -- and in both parties believe.
In cutting the taxes are keeping the bush tax cuts alive.
For the under 250000.
-- who were really talking about those women and -- as a family who -- -- more than 250000.
And in that there's this false premise that those of us who have means however we got that that we create jobs -- we don't -- Very few of us are in a position -- -- actually create jobs we've we work hard for sure.
But this premise that -- that our wealth is gonna be the driver this economy is false.
Also false is this premise that trickling down our wealth is something that we do naturally to the benefit of the economy.
After seven years of bush tax cuts for the extremely wealthy I promise what little we were gonna trickle down has been trickled down.
That everybody believes that this economy is in great distress still.
And so -- debt I think there's common view as they said that the people in the middle class deserve that the bush tax cuts continue at least for another year.
See with this economy does in terms -- kicking itself.
Back to something that's more normal.
But but people like myself after seven years of tax cuts.
Simply don't need it it's time that we've we put our shoulder to the we'll all of us.
And -- the group that has -- most benefited by these tax breaks has been extremely wealthy.
I -- once in an earlier show is at the end of my career.
I'm paying a lesser rate of tax personally.
And I did at the beginning of my career.
And that's by manipulation of the system is set up to -- me and a handful of other people.
And we take advantage of it to the two that complete detriment of the middle class.
But -- do you really believe that if you make these tax adjustments tax the wealthy more.
That you can have as the president just said under Bill Clinton you're gonna have a budget surplus you gonna create all these jobs I mean do you really bite out of debt.
I think that this continues to be a time great sacrifice for the entire nation.
We saw jobs report on Friday that brought great distressed all of us -- 28 million women and men in real terms are unemployed.
And if they don't see that -- cooperating all pushing to turn this economy around.
And then they're not gonna do what they have to do to help us get there.
And that you're not going to balance the budget offer this tax break one way or another on the extremely wealthy.
But you can't -- twenty million women -- to sit out there unemployed.
And believe the Leo Hendry and other wealthy people are aren't doing their share well.
As you said of the tax cuts have been in place for many years now and we're still -- -- the job creation so it's a little amusing to -- who keep hearing over and over again but the wealthy create attack that the jobs but.
Leo I have to push -- this.
You know you -- let's just say for heavily yes network you've worked in Telecom etc.
you you have the money to create that and that hired job that hire people.
Wasn't my personal wealth that they created the jobs -- I Chris I I earned wealth from job creation but for my work.
Can't -- I would have done exactly the same amount -- work -- much less compensation.
That did this reality that half of the nation in half of the nation's income is now resides in less than 10% of the wage earners.
Is morally unacceptable but what's the answer apparently you know -- how -- really create -- well.
-- you and I know how to create jobs would we put the middle class back to work whenever the middle class is vibrant and doing well.
This nation prospers at every level -- how does that happen -- sounds great.
Well we have a congress that's doesn't -- -- work with each other -- -- so -- did three things that.
We think there's commonality on is that a national infrastructure bank which -- and I've talked about a great length.
We know on every road -- right on as -- nation every airport we.
We exit from.
There were behind the rest of the world.
We also know that we have about seven or eight million young people who can't find the proverbial first job.
Which there -- programs that we've tried in the past well to bring that group of people back to work and we have -- go after China trade reform.
-- something again the governor Romney and President Obama seemed to be in agreement on the details we'll work out but we know how to create the millions of jobs we need.
This won't do that this is a palliative fix for the extremely wealthy who had seven years about more than the value of a good life.
We'll -- -- tax -- more thank you very high -- -- joining us with your first advocacy thank you.
