You're watching...
CampusWorks Chairman Eric Schoenberg argues he and other millionaires need to pay higher taxes.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Calling themselves be patriotic million as full fiscal strength.
Wants to pay higher taxes Eric shown book is a member of that group is also the chairman and all the chemicals.
Joins us this morning so -- the program.
Thank you so you want to pay a -- tax rate.
On -- income.
I certainly believe tax rates need to go up on higher income individuals OK may I ask you this -- part of the patriotic millionaires that's correct you.
A million dollars a -- I have in years past that -- do it consistently been you don't now.
So in a couple of years you are a million and a who has a quiet the million dollars worth of wealth but you don't make a million dollars but yeah yeah well there is this kind of confusion now I mean historically I think millionaire referred to somebody had more than a million dollars in wealth now it's kind of confused -- that he -- million dollars -- reading between the lines here if you don't a million dollars yeah you'll not gonna have to pay the extra taxes on a million dollars a year income.
-- well let somebody else will pay the high tax -- you want them to -- No my position is that tax rates -- to go up on incomes above 250000.
Dollars a year which is of course the issue that's currently under discussion.
And I certainly fall back -- -- okay.
Do you have what about people want me.
I've got six children seven grandchildren.
Hi -- -- world for every penny assignment and I already pay more than 50%.
The point income in taxes.
You want me and some more.
You don't think I pay my fashion.
There are a number of different issues that get involved here I think there in let's begin with the basic issue.
This country is facing a fiscal -- -- must begin with me at.
Do you think that on should paid more than 50% of my income taxes.
I think nominal incoming immigrants strong -- of depressed and suppressed I think it is perfectly reasonable for those who who have done well by the society we live and contribute to that aside more than 50%.
You can even flat.
What about people like me -- of six kids -- prison -- -- six college educations seven grandchildren.
-- let let me say you know I'd be curious about how you're paying more than 50% since that operate on and on income at the federal income tax levels 36% place in -- adding intact taxes you know guessing what -- -- say 50% fifty cents on the dollar.
I'm basically saying that federal income taxes and state income taxes add up to a net loss of fifty cents on the dollar from the -- every extra dollar that might.
I say that is on fat but you want me to pay even more.
Well I don't want you to pay more but let's go back to the issue you certainly don't actually want Mike -- trying to get you to pay higher taxes.
I I support a number of important changes in our tax policy -- one of the important ones that I support is that I don't understand why people like you who actually work for a living.
Should pay higher tax rates than people like me who -- in the majority of our income from.
Really you won't -- if -- even more for -- -- -- but I'm saying that I should be paying even more than than the difference I I and I want you to pay.
And and again to focus on each of us as individuals I think a life the most important -- -- how we supposed to take place other than as an individual.
-- you go to the White House you have this meeting with the president.
And you on not gonna pay higher taxes on but I am going to -- down on the million that you've accumulated.
You calling -- patriotic million as -- -- you million bucks is sitting on it you're living on it thank you very much indeed but you're gonna pay tax all of -- million bucks.
Why I'm going to pay more money.
On my income you are saying on Stuart Varney who came here with nothing was welfare -- -- subsidies -- off should I -- Let me ask you -- question do you support -- state taxes.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Our federal government is facing a fiscal disaster.
And it seems to me eminently reasonable -- -- most successful.
People in this country who benefited the most from the system that our government has been able to create contribute to resolving that problem we right.
