Also in this playlist...
This transcript is automatically generated
So welcome back what do you President Obama and govern a governor Romney have to say about taxes it confusing is -- me let's take a listen to them.
From a from last week.
The only way to meet governor Romney's pledge of not reducing the deficit or -- or not.
Adding to the deficit.
Is by burdening middle class families the average middle class family would -- would pay about 2000 dollars more.
I will not under any circumstances raise taxes on middle income families -- -- lower taxes of middle income families now you cite a study.
There's six other studies that looked at the study you describe -- say it's completely wrong.
He had no wonder I'm convinced.
RA let's say into the tax expert Stacy lake thank you for coming on again thanks very to have you OK makes sense of all -- Okay I think what we have here is two competing theories ideological theories.
Right you have the president into is fundamentally opposed.
To these so called bush tax cuts which were really.
And tax incentive -- in 2001.
Way to get -- -- the recession that's correct and also to lower.
People's marginal tax rates that's the last the amount to tax you pay on the last dollar earned from.
It also and you have more money in your pocket that's correct and on the economy consumer spending 70% of the economy it also and this -- conspicuously quiet from the administration eight got rid of these so called marriage tax penalty.
It allowed you to accelerate certain child care credits.
And it gave for preferred rate too long term capital gains and dividends which a lot of people are.
Our dependence on.
But -- says we dynamics ride he would like to ideally bring in more tax dollars ostensibly to.
Fund various programs perhaps even pay down the deficit.
Significant issue between the -- is how they approach.
The Internal Revenue Service right now estimates there's approximately twenty million small businesses what they define.
As small businesses in the United States.
Of the president says his proposal.
Will only cause an increase of taxes between.
Three in 10% of us.
The problem is is up to 10% of the twenty million small businesses was seen increasing taxes right the problem is.
Those are the employers.
In that large group you have many people who are.
Sole practitioners individual's right they're not hiring anyone.
-- -- tax season is coming along.
If you have to pay more in tax -- that's less money that you can pay me your system successfully right or alternatively I will now be forced to raise rates.
And you may be so inclined to have your taxes prepared elsewhere do them yourself it's not.
Right only so much money to go around.
The real issue here is that between the three and -- 10% to what have you they employ over sixty million Americans.
And if the money is not there they will not grow.
They will not be able to put more people long perhaps they will leaving caught.
Employees and we can't help that we need to get out of this economic crisis sounds to me you're voting for Mitt Romney.
Well yeah but I'm looking that strictly as an economic decision.
But you're convincing me that it would make sense to lower taxes from an individual's response businesses absolutely.
What about those really rich Americans in the one person that they deserve to get expect.
Well I think so and I will tell you why and that may sound on its face unpopular.
There is a law of misleading information being bandied about about the wealthy people making money with money and taking advantage.
The fact of the matter is wealthy people invest in businesses.
Various start ups they really are the rain makers and they keep the system.
Moving on any more comfortable to -- that it's like the former lung couldn't make it the -- needed the speculator got you okay and that's that's as I see it.
But then you know you -- alone Eva Longoria girl who slipped further is needed a tax break but -- -- -- Hollywood actress she doesn't.
Again and I you know I really had a difficult time following the thread she was trying to we've I'm not entirely sure but I don't want to.
Take a swipe at her that -- been understood the real they -- here.
You know the monies that are being invested by these wealthy people they've already been taxed and if they inherited the money.
Well I mean to tell you of the estate taxes very significant -- can talk about that could this is a big help for a lot of people what is the estate tax now -- what could happen next year.
Based on his -- OK it is scheduled to go up mightily in other words after this year it will now be.
The first million dollars would be exempt.
And then you would pay the estate tax depending on the size of the state.
-- -- issue -- comes in a lot of cases what's included in the estate.
-- what we are hearing.
Is a lot of fancy full.
Accounting methods and such.
I would have to say that a lot of the arguments that are being positive from particularly from people who want these tax increases.
War of the sunset of the so called bush tax.
Not breaks they are giving us -- very fast solutions to potentially complex.
Problems gotcha thank you so much for making sense of -- seated -- Outlook call up your website now -- -- for doing that fair tax authorities chatting and their taxes the only -- attacks that can bring business and manufacturing back to the United States --
Filter by section