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Former U.S. Comptroller David Walker on the reforms needed to the U.S. tax system.
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Talk business waste tiller for your new report showing that the government may have accidentally given away more than a million -- of taxpayer dust actually settling.
It was part of -- housing rescue that was supposed to help folks who couldn't data mortgages turns out.
Tens of thousands of people got the money.
The need to qualify for the money.
Former US comptroller general David Walker says with -- -- debt burden topping seventy trillion bucks -- neutral on all those unfunded liabilities.
We can't afford wasted time but date.
We keep doing stuff like this I did -- a dime for every dime I reported a story like this sort of a lot of times -- -- -- Well that -- the government does a very poor job of planning it has inadequate internal controls.
That is not proper oversight.
Look the government -- spending our money.
In and -- on debt.
And you know I heard you prior segment you know we really have -- society gone from an opportunity society to entitlement society.
And we need to take -- on if we want our future to be better than our pets.
You know -- done.
On this you know 47% of they know we cut taxes we all know.
The controversy it's generated and did Mitt Romney give up on the side -- -- -- -- soap -- -- of but I do want to address how we revenue -- address that when so many aren't.
-- To make those revenues.
What do we do -- -- you know.
-- as you know I'm on day fourteen of the 33 day national fiscal responsibility -- store.
Focusing on swing states and we are actually talking to Americans about reforms in a range of areas including taxes and one of the things we specifically talk about.
If you can't have 46% of Americans not paying any income taxes obviously at some level poverty -- near poverty.
They shouldn't have to -- -- cause of -- There's -- payroll tax but that's way too high at the same time we've got to figure out how to get the effective tax rate up.
For those that are that are well off.
Would have to do both of those things in order to improve the system among other things.
-- -- handle -- but by definition means that many who are not paying taxes would have to pay taxes so for them.
Taxes will go up.
Well that's right but I mean what we have to do is have a progressives took system.
But we need to be able to make sure that we've got enough revenues to pay our bills and deliver on the promises that we intend to keep.
You know you have to keep in mind that income taxes fund all or substantially all of the constitutional -- the federal government.
National defense Homeland Security federal judicial system on and on and on.
You can't have 46 to 47%.
Of -- population getting a free ride on the constitutional -- the federal government that's insanity.
But it does build in -- dates for the guys were the party that's providing -- Thomas Sowell was mentioned about out.
It helped FDR and people look back in history when he was running for reelection ID 36 the economy still sucking wind.
But you by that point he had such a large base of government be -- and and probably indebted voters.
That he could count on them and they did more than -- into reelection.
So we're well look we -- -- -- extent they turn out to be -- to get they turn out.
That's right because you have to look at likely voters -- thing is look a vast majorities people would rather.
Have more earnings would rather have a job would rather have better employment opportunities so they are paying taxes.
And the real key is who's going to be able convince the American people in the debates that they've got the better plan to improve economic growth to generate jobs in the put our financial house in order.
That's the key.
In in frankly we're not getting enough substance and solutions from either candidate on that.
And frankly we can deliver on that that 4647%.
Will go down and we get sidetracked and whose noses out of joint and -- Citi attend this -- to implement their -- They told us that that's a total waste of time yeah you're right David Walker continued success and here and your tour the former US comptroller in Denver.
