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Can a Compromise Be Reached on Taxes, Spending Cuts?

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    Sen. Mike Lee, (R-Utah), on efforts to reach a deal to avoid the fiscal cliff.

  • Duration 4:53
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This transcript is automatically generated

The -- -- various banks.

-- -- -- the president is willing to compromise with Republicans as Peter just said what are Republicans willing to compromise on we got to ask.

Republican senator Mike Lee and you -- -- I'm sorry I'm so skeptical I'm not alone 15% of Americans don't think we're gonna reach a deal.

Where do you feel about this right now.

You know it's really difficult to predict at this point I don't think anyone wants to go off the -- Perhaps except the president made his actions recently suggested he might want -- not only allow us to go there.

But perhaps push us off as manifested last week by the president's decision to brought drop kick speaker containers.

Offer his sees tentative proposal before read in reviewing it.

Without even offering so much as a counterproposal -- And so it's difficult to predict at this point -- we don't want that to happen.

And Americans don't deserve to have their taxes -- you -- Do you feel a little bit left out of the conversation -- -- it seems to me that conversation -- -- from senate Democrats.

And then the house Republicans -- -- -- senate Republicans seem to begin -- in the shop.

Well here.

That's certainly isn't an ideal method of developing -- policy behind closed doors today with just a few people involved.

And it is troubling I think it's troubling to a lot of my constituents.

What do you think about what Republican senator quarter said yesterday.

It's and and actually we have a sound that we should take a listen but he thinks that taxes should go up -- -- -- listen.

A lot of people are putting forth a theory and I actually think it has merit where you go letting -- the president the 2%.

Increase that he's talking about the right increase on the top 2%.

In all the sudden shift goes back to entitlements.

So what do you think of that so you know what it's almost like -- it will give you the 2% -- you gotta give us the entitlements that just never seems to work.

Five I respectful of it quite strongly disagree with that approach I don't think we gotta be raising taxes right now and the reason we say that is.

Not because we're worried about the rich were worried about what tax increases on the rich will do two hardworking Americans people were living paycheck to paycheck.

Those are the people who -- among the 700000.

Who will lose their jobs even if we raise taxes only in the top 2%.

What are you willing to -- on men at.

Any is there anything that you're willing to come to the middle on.

Well I think we can't come to the middle in the way that senator Dick Durbin the Democrat from Illinois and just a few months ago that we ought to extend the current rates.

Perhaps here so that we can come to the table and undertake a comprehensive tax reform effort one that's designed to.

Reform and simplify our existing -- Buddy Holly era tax code that occupies tens of thousands of pages that nobody's ever read.

Now because it is is one big book of favors these days cannot tell you there's a lot of things other than this that are on the line for so many Americans.

In particular that AMT patch the Alternative Minimum Tax patch that could potentially affect.

33 million taxpayers we haven't heard a word about that has there been discussion of that or any the other Extenders like the R&D credit.

The higher education credits both are on the table two they're all set to expire.

Yes and it goes and countless other tax issues are are on the table and they're set to expire.

And those are things that are going to hurt hard working Americans so again we've got to stay focused on the fact.

That this is not about worrying about that the -- this is about protecting hardworking Americans who stands at.

Two to face job losses and diminish wages at these tax increases take effect.

The problem with pushing it all off another year -- it for at least for a lot of people at home is this is what we seem to be really good -- We can kick the can down the road like you know Pelé we are the best at this.

But we got a fiscal -- conversation coming up again in June and then a year from now if we do extends.

Really having this conversation all over again when does it get done.

Well.

I'm not talking about kicking the can -- as it relates to spending but I am with respect to -- it.

And -- -- they are different and indeed it does relate to the fact that we've got a tax code that so bloated so distorted so complex.

That it produces a very inconsistent revenue stream.

Eighteen half percent of GDP is what it produces on average that's historical average and remains relatively constant.

Regardless of whether your top rate is at 70% as it was three decades ago or 35% as it is now.

What we want what we need is a tax -- that produces a more steady stable stream of eighteen and half percent -- or something somewhere in that neighborhood put something stable and consistent get.

Given the -- system we've got now yeah.

Enacted -- the book and start all over again I think it is just so -- right now to even tackle.

Before I let you -- senator are we going over the cliff.

It's it's too early to tell -- I can't make that prediction I've learned not to make such predictions in this town it only gets in trouble.

He's only 21 days if it can't be too early senator thank you for taking the -- have you with us that's there thank.

You.

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