Also in this playlist...
This transcript is automatically generated
So now on to the Oracle of Omaha Warren Buffett changed the debate about US tax reform with his call.
For the rich to pay more now is calling for a minimum tax rates for millionaires.
I mean are you kidding me this is gonna make a dent in the deficit here to disagree with me those Christian -- -- From the policy -- -- -- so much for coming back to the show you are you are always a spirited debate partner tell me why you like.
Well -- tell -- Melissa to leave this is this is not so much about the revenue that it would raise but about the message and the principal.
That it stands for and that is that we can't in this country have a situation where people are making.
Millions of dollars and yet effectively paying lower tax rates that America's middle class families the principle of this saw.
Of this rule is actually what's most important the revenue that it raises its its importantly because it's not chump change.
But it's not in and of itself going to change our deficit conversation.
But the principle is -- -- extremely important.
What you're talking about wealthier people -- -- wealthier people or -- can't -- -- You pay higher average tax rate I mean everybody pulls out this -- that they want to look at if you look at the average tax rate of the top 1%.
It is 23%.
I mean the average tax rates for tax prayers across the board is like 11% -- -- -- paying more than double.
What most people are paying if you look across the board and all the taxes they're paying.
Well you -- and actually know if you look at all the taxes that middle class families are paying which includes also payroll taxes.
Which are not necessarily.
At the high hands when you look at state taxes you look at a tax code that is much closer together.
In the 2311 split that you mention.
But just keeping it strictly to federal income taxes we have the middle class which is it about 15%.
And what we have are some millionaires some millionaires.
Who were able to.
Pay around 15% that's about 22000 in this country.
And then we have about 15100 who pay no federal income tax at all that is really -- Originally you know that this is only gonna raise 47 billion dollars over ten years five billion dollars in the first year I mean in fact.
It if we decided to do this every year in order to pay down -- -- it would take 3200.
Years in order to pay down the debt this -- from the federal government.
For half a day -- five billion dollars or 47 billion dollars over ten years it would pay the salaries for every federal civilian employee.
For about a week and a half so I don't understand why this becomes.
So I think I do understand I mean why make this such a huge issue when it's such a tiny dollar amount to me.
It's about turning this country into war -- class warfare.
See I think the reason it's become such a big issue because if you look at this if you if you can't figure out how you make it so that millionaires.
Don't pay zero income tax are paying less than middle class.
Your tax I don't know how do you -- We would have zero income tax and I would say you know how to do that.
Melissa 15100 millionaire families paid no federal income tax in 2009.
And if you can't figure out a way to capture and their fair share for the -- -- -- you gonna fix the problems and our tax got that.
-- if you can't do this.
See you clothes on the little else.
You -- one rape or three rates for every when you make it very simple so that that's that's a loophole problem.
That's not a marginal rate problem that's not a go attack wealthy people problem -- discourage entrepreneurship.
Ending that discourage people from trying to make money get ahead and be successful I mean when -- -- -- one -- out there doing this it's about attacking wealthy people are.
And just don't think that's what America's about how.
-- Warren Buffett himself among the wealthiest there is so I don't think you can accuse him of class warfare.
And this is not just about loopholes Melissa this -- Yeah -- -- Q I think he's a mouthpiece for the White House I think he's come out.
Time and again.
To do their bidding I mean I and I think that he also lobbies the government on behalf of his investments he gets a lot out of it.
I mean I think a lot of what he does is actually incredibly -- and -- Us well Melissa what he's talking about is the fact and Warren Buffett Mitt Romney other people derive most of their income.
From capital gains which are taxed at a 15% rate.
That's not a loophole that's a statutory intent of the tax code and what you have -- is the incredible amounts lens of well good.
So it's essentially five million dollars I mean she means that if you that computers let's do away and take it off the table do this -- it five billion dollars -- -- yeah you do does not I.
I mean Washington is not -- has not made it happen.
Washington has not been able to -- it did -- -- the buffer rule would reduce the ten year deficit under president Obama's budget.
By seven tenths of 1% what you're talking about is seven tenths of 1% this argument.
Is about seven tenths of 1% white -- -- what is the congress -- and are instead of a conversation.
About controlling spending about really closing this gap we're doing something -- -- really close this gap.
I mean I just wonder why this conversation keeps coming to the four instead of one that would actually solve the problem.
Because what we're seeing -- about hitting people in this country against each other which which is which is not gonna get us anywhere.
But Melissa last year we've cut a trillion dollars in spending President Obama is proposing cutting another three trillion dollars in spending.
We have not been able to agree on one dollar of revenue increases that's the problem.
And this this rule is looking at what should be low hanging fruit.
An easy call and yet it's become a contentious issue.
It's only because it become a contentious issue.
Because they Democrats keep putting it out there as to distract from how big big gap really is and what it's gonna take to really get their -- Christian thank you so much for coming on I always appreciate you always make thank -- -- I really appreciate your time.
Filter by section