Also in this playlist...
This transcript is automatically generated
Fifteen days eighteen days away from election today and taxes are.
Always a hot topic yesterday President Obama took to the campaign trail in New Hampshire.
And continued to hammer Mitt Romney on his tax plan.
-- -- -- Robin took another stab at trying to sell us this -- -- trillion dollar tax cut.
-- the well.
The took another slowing and he whipped.
Instead of telling -- valid paperwork.
Instead I'll let you know after the election.
-- kmart's here former official in the Clinton White House now code share.
Of the right coalition we're putting corporate tax is a sad because we know the candidates essentially agree on that -- and that makes you -- Eight but he -- cameras that show less than anything it -- -- this five trillion dollar tax cut.
And even people in his -- campaign have refuted that number.
But doesn't win voters does he think that this somehow winds ten votes talking about Mitt Romney's plan.
While I think.
The issue always in tax reform is how either pay for it if -- -- give a cut how you gonna pay for it.
The reason there's so much agreement on the corporate tax side to bring down 25%.
Is because there's a lot of corporate tax expenditures or loopholes that.
People are willing to put on the table to pay for -- when you get to the individual side it's much much more difficult.
And that five trillion number is over ten years which is one of the reasons it's so big and I think they -- the problem is that.
The loopholes or expenditures that you might use to pay for it happen to be things that Americans really like.
Like their mortgage deduction like the exemption of their health care benefits and their pension benefits from annexation.
But that's a mountain lion -- and he does not agree with that five trillion dollar non -- calls they say.
That it they would not call -- -- -- -- big adoptions and the credits that would be taken away and someone in mr.
Obama's own campaign admitted.
That if you could take away enough deductions and breaks.
To add up if you include the reduce debt and interest on that to add up to more trillion dollars so there's a once trillion dollar gap not a five trillion dollar gap.
But the reason this is so contentious and so difficult.
Is that -- get all those loopholes take care of on the individual side you would actually need to take away the mortgage tax deduction.
And Romney is not saying that and people are staying away from it because guess slot.
Americans want their mortgage tax deduction so the -- so yes theoretically you could just wipe out all of that you might come close.
To be able to lower those rates.
But even the Romney campaign is not saying were gonna get rid of the mortgage tax deduction.
Now that's something people like they would probably lose votes if they came -- and said sad that and that's -- this is.
So contentious on the individual side on the corporate side it's really interesting how much agreement -- but that's because.
The tax expenditures can pretty much paid for -- The tax cut that's not the case on the individual side.
You know there was a story out earlier this week that President Obama would Zito any deal that doesn't include tax hikes on the rich.
It's not the first time that we've heard deaths.
But Dubai debt and do you do you believe the Obama campaign thinks that's a vote getter.
On -- I think they did think it's about better I think there's a lot of anger out there -- they widening inequality that's opening up in America.
And I think yes -- it -- -- but the president has said this for many months now it's it's not the new.
And I think that he's whole being he's showing leadership he's sticking to his guns on this and he's he's drawn a line in the -- and particularly if not only in this election but.
In the post election weeks when we're up to this fiscal cliff -- -- and that I -- heavy plot targeting you think that's wise that you hold the entire country and economy hostage.
Just to tax people more who already pay the -- tax in this country.
I think as a percentage of their income they don't pay the most tax in the country and that's what the issue is the issue is.
Increase seen for those who are extremely wealthy the percentage of that of -- -- that they pay.
And bringing a little bit more revenue into -- a very very difficult budget situation Romney -- made perfectly clear that that he does not plan on giving a tax cut to the wealthy about something that the president still.
Says he wants to do.
Well -- this and this is this is where the issue of those.
Tax loopholes -- in what mr.
Romney is said is that he wants to limit the deductions.
For the most wealthy.
People and that that what is essentially allow them to give a tax cut at the top.
Not he said and -- -- stable not get a tax cut.
That you reduce their -- -- but he has said that they will notice that rates but.
Right we're right away aids but in the big time out if they pay you take away some of the deductions in the parks and say -- that is right amount attack.
That's -- -- and that -- and that's where you get very very controversial because the question is.
In these tax cuts like mortgage like the mortgage deduction like health care where people really really love those deductions.
At what point do you start taking them a way.
-- first -- like mr.
Romney these things don't mean and very much.
For somebody -- 150000.
Dollars a year they do -- very much and that's why mr.
Romney's -- such trouble on this is that -- won't specify who he's talking about when he talks about are limiting those -- -- good to say thank you -- much -- Kmart.
We -- -- thank -- it was great say thank you so I'm.
Filter by section