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CampusWorks Chairman Eric Schoenberg on his call for America’s upper class to pay more in taxes.
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Problem we raise taxes on the people making -- -- -- 50000 dollars a year we'd bring in 87 billion to the treasury.
Right that's the number -- that's from the government itself 87 billion.
That is ten weeks' worth of interest on the federal debt it will do nothing.
It will in fact depress the motivation that wealthy people to go out and do another job well -- well maximal money in a different direction.
I I think the evidence that it's a -- and have -- on that specific issue is not there.
There is no evidence that in fact higher taxes cause you don't -- classic you don't need evidence you just need math the president is is big on saying it's just a matter math all the math is that we have one point one trillion dollar deficit.
Year after year for forty years in a row.
Because that 800 billion dollars add on in the stimulus turned out not to be one time event but a regular -- line -- so we've got this huge deficit.
Eighty billion dollars is the most the most that is going to be raised every year from raising the tax rates that's only 8%.
Of this deficit we're gonna get the other 92%.
The hit the idea that we shouldn't do something because it's not gonna solve the problem totally is ridiculous that makes it right anomalous wedding Mitt Romney that -- when Mitt Romney is going -- Whitman Mitt Romney was asked about how we're gonna solve the desk and he talked to -- reducing funding for PBS.
You know how much money goes to what -- raises the most amount of money it's not raising tax rates it's increasing growth growth in the economy and all I agree to raise tax rate but it is.
Deep crease when we have higher growth rates in the economy we had higher growth rates in the United States -- economy in the 1950s when the top marginal rate on income was 91.
You know the argument that says all we are confident that sale -- part of no don't pay that nugget if you -- well adjusted for inflation.
That cut off right now will be three point six million dollar and I would be fully in favor of it -- -- -- higher rate on people leaving tonight that level that I really have a problem with an average couple articles about you know and you inherited a certain amount of money.
You know you get two people a family struggle to its 22.
To Stewart's point and they get -- -- -- -- family business -- -- 400000 a year I don't know plumbing.
Couple of -- minutes and at the date you inherited money but you wanna punish them for their success -- I -- I I'm I'm so contemptuous of people wing organization who want to punish people who have made who have barely achieved the American dream and make it harder for their kids to achieve it did you entirely well despicable.
You inherit wealth so first of all yes I have inherited -- editor but it also made money on -- -- -- you inherited well I did what about the rest of us who strive as the -- -- -- -- -- -- -- -- -- all of also give a general matter we are hers may first of all -- really I restate my basic point.
Do you support the idea of equalizing the rates on investment income and on income that you learn from working because this is a point that made repeated blackjack why should -- guys who have worked hard pull -- -- that you just ask a question and answer -- Absolutely it's called it's called a flat tax it's something that's -- -- have been argued about for long time.
Make us all paid the same rate but our taxes and get rid of those deduct I would you're a flat tax -- that's great.
I I'd say we should equal and it -- your confusing multiple issues the issue of what the tax rate is Steve Forbes believes that we should not have anybody pay at -- income on capital gains.
Is that not correct on and on money that you've already -- on capital gains is not money -- already earned out -- and you're not making money a lot of money on all of.
I'm almost out of time but I do have a last question if you want people like me to pay higher taxes and -- People all you people want yourself by higher taxes did you bring your checkbook today.
I don't have my checkbook.
Will you run to check to the government and pay the taxes voluntary -- is -- public.
This is an art not a voluntary process that will look look what taxes -- the price we pay your wallet on the people to pay -- -- million that.
You want all the people to pay higher taxes why didn't you vaunted get what I want -- do all of us want a higher taxes I challenge you to do it.
Because this is in too -- I really beside the point you -- committee -- -- -- itself.
I -- trying to make -- you all have a -- headlines tomorrow and I should pay.
Equally you we should be prohibited contribute on you know asking why should you be able to free write a tell you what -- a free ride yeah.
Let me say are you agree -- you agree to not allow the government to do anything for you you're not gonna allow the -- police to protect you you're not gonna allow the fire department put out of fired you're not gonna let the US and -- are you get exact.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- When you are unwilling to voluntary except that you don't want these benefits the government provides are you not gonna drive on the roads that government pays for it but you're not gonna use bridges and tunnels that the government isn't we're out of -- sorry -- -- -- -- -- -- about heartbreak that's the way it is in television at the pleasure thank you come back again.
And you -- my.
