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Making $250K or More? You're Going to Pay Uncle Sam

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  • Description

    FBN's Neil Cavuto on the the tax debate.

  • Duration 4:46
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All the bush era tax cuts set to expire and just over a month from now making ran for a tax hike.

Potentially on households making over 250000.

Dollars a year or more.

Is that rich is that rich Neil Cavuto is the senior vice president managing editor -- fox business and starts us off today on.

Markets down particularly -- of their real debate over that over the level 250.

I don't know why I know one way the other if you're in that camp whether your rates gonna go up your deductions are limited.

You're gonna -- on taxes that I -- riots and it.

-- and on and others as a prominent Democrats are talking about a rate increase.

And -- deductions I mean you ended up along with the three point 8% Medicare surtax on -- -- Individuals so when they sell an asset you know home front in excess of 250000 in profit or stop.

You could conceivably see that top rate surged ten points but so yes we're close and and on France.

You know it's a way to well -- I'm just saying.

You know they can negotiate the details only want but it's inevitable they're going up going up the only question is how much I think at the 39 point six whether it gets back to that exact rate -- Clinton.

It will get back to that -- even if they do.

The limited deductions are or what have you bit that's inevitable.

But with the spending the way it is in DC -- is it going to be held suggest that -- -- my name because again.

Do you have almost half the country you pays no federal and -- tax and.

Well I mean I've -- threat to give me and I'm and I -- so people right or left I mean when this argument a fairness and mean.

I'm not here to -- -- Romney 47 present thing he said it was an elegant so why should I adamant.

But it does raise a question that has never been -- cents.

Have -- -- get to 47%.

Not paying any federal and -- -- Was the bush tax cut oh absolutely I -- it either way it's a big part of it was Ronald Reagan and the tax reform act of 1986.

That you know we've increased deductions and write -- -- -- -- points and that is not to disparage either party but to say.

When I got out of school probably before both of you were born.

It was in the low twenties right so at the direction we're going to its.

What -- -- you know another ten years it's gonna be it in the mid fifties.

So in the argument -- so called fairness we're telling you know within the top 2% of -- 43% of all the taxes.

You know it's only -- even more.

So it's very outside I hope whatever tax reform they talk about.

Grows the tax pool if you will gets more people and I think there's more to be said when when everyone has taken -- -- And I think good news that would be a very hopeful outcome I'm just some of the noises -- heard on churn up to the.

And did you -- him from largely I'm sure because it's 2% vs 98% when you poll it.

And Rasmussen just put a number out a few minutes ago.

It's fairly popular the idea of raising taxes on the rich 53% this new poll favor.

Extending all the bush tax cuts except run for the wealthy whereas it's only 41% that it favour extending all of them.

Well I don't know about you have you ever gone out seen as a rich got the table and -- sooner rather it's got paid for drugs as you -- outlook you know is Rebecca when -- -- But I tell what what I I wouldn't do at that table I wouldn't bitch about the appetite it's the floor acknowledge my -- neo -- not on G because then what happens is.

We.

We penalize those who provide the largess for -- success not believe me I'm not.

You know one of these -- -- let me take -- cuts although by the way on Andromeda and I I -- I I hike before I just think it's it's it's is disjointed argument.

Would not get into the -- -- one thing Mitt Romney did get right although we didn't.

Maybe articulate as well as he should during the campaign it's about growing today it's not everyone having to stay connected does it mean.

The truly impoverished -- you know.

Today an exorbitant rate but that everyone has something.

So that they can say.

I'm in this game I have a right to protest.

The rules in the obligations of this game.

Without that it gets increasingly -- Thank you knew I was always appreciate it didn't mean he spent and that's our real and they didn't it was extremely -- continuing -- -- -- Global that -- put the -- with all this news about under the table and you know action in the news we don't need any in any of that they don't know very much shot 8 o'clock tonight Cavuto.

On the Fox Business Network about Joe -- on tonight periods or so they tell me so confidence UBS -- I had -- -- -- you know an affront to stay here over the resident is a point you -- it.

And -- is one -- well great thinking under the table.

Here's my hand you have that.

I think that that's a -- transition to our next exacting yet they is that side at Citi.

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