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Sen. Johnny Isakson, (R-Ga.), on the impact of higher taxes and ways in which you can reduce debt with changing tax rates.
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And to Warren Buffett's comments let's bring in -- senate Johnny Isaacson.
Etc.
-- from.
Republican and he is from Georgia.
Senator welcome to the program I'm sure you put out discussion.
Warren Buffett says if we raise taxes on people making more than 250000 a year or just the rich.
The middle class will feel bad what's your comment.
Well Warren Buffett can speak for billionaires but I don't think he speaks for small business America were not over 900000 small businesses.
Would see their taxes go up because the president's proposal so.
-- I have a great deal respect for Warren Buffett he's been very successful.
But he doesn't speak for small business he speaks for billionaires -- -- think he's talking down to America preferable woods -- amount -- But dozen company members -- -- pretty steamed about the idea that you tax the rich in the middle class fulfilled that seems to laws like glass wall fact.
Well it to me it -- one American against and other American and that's wrong in fact to a certain extent.
That's what's wrong with the president's approach to this he's trying to isolate a small number of Americans and punish them and say it's time we.
Punish them for being successful that's not right -- rising tide lifts all boats not -- one American against another.
Could we have you'll stand on the tax issue as we head towards this fiscal place.
Some Republicans have -- I'm gonna -- retreated a little.
And that they will look I'll allow more tax revenue from wealthy people but not raising the tax.
Right on wealthy people what you stands up.
I don't wanna raise rates on anybody because I think that compounds what's already a difficult system -- the taxes but I am for reforming our tax system.
Means testing deductions capping deductions things of that nature so you raise the base upon which the Levy is applied.
Therefore the revenues come in but not through rate increases the reform of the tax code.
Reagan and Tip O'Neill Republican and Democrat in 1986 did that when they lowered the top marginal rate.
From 70% to 28%.
But revenues went up because they cleaned up the deductions in the tax treatment.
That previously been buried in the code.
We need to revisit that do it again do you see any sign that President Obama is prepared to move a little bit towards -- -- position.
I haven't seen a sign of it and I fear that this too much politics dominating the White House right now.
The race is over the president has -- he's the leader of this country.
It's time that he sat down at a table with all of us that have been elected to represent our states and found -- solution to the problem -- announcements over the cliff.
If we do nothing about this and again that he.
Take it.
That's what he said.
That's what he's saying but that's not gonna work and that's not gonna solve the problem.
We have a macro problem not a micro problem we've got to fix entitlements.
We've got to -- spending yes we've got to fix the tax code -- got -- in -- one with another you can't just do -- -- raising the tax.
We're cutting out -- deduction you got good -- conferencing solution.
Which means you put all issues on the table you have all the players sitting at that table including the president United States of America.
Senator Johnny Isaacson Republican Georgia thanks for joining us appreciate it thanks Stuart -- so.
