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The Steps to Reforming America’s Tax Code

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    Former Treasury Secretary Paul O’Neill on what is needed to achieve tax reform.

  • Duration 3:19
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Days away David.

Like we need to remind people know we don't we've been telling you every single day about the series of tax hikes and spending cuts that will impact all of us if Washington doesn't act before the end of the year.

Joining us now for Fox Business exclusive with the one thing -- could solve our fiscal crisis is former Treasury Secretary.

Paul O'Neill before we get to that one thing -- -- a -- -- the -- a little longer -- let's just look at where we are -- what is -- with spending.

While it started focusing on tax but let's talk about spending.

We have the stimulus in 2009 -- one 800 billion dollars to dispose -- a one time shot.

We'll take a look at what happened 2008 to 2000 Ireland's CD 800 billion dollar increase.

But -- it stays it never goes away 201020112012.

It's all that 800 billion dollars has become.

The new baseline shouldn't we start right there and say hey.

-- supposed to be one shot deal not for four years in a row.

But I agree -- let you know I've I believe in principle which doesn't have any traction in Washington these days which is this.

We the American people.

Should say enact on the idea that there we will pay for the things we want and years and probably Societe.

Right I mean that's that should be our target right so and all this conversation that's going on.

That's really on the table.

Right so.

Everybody's rushing to Simpson both -- really good after.

So Simpson Bowles we've balanced the budget.

Next time in 23 years long tunnel that that that seem like a responsible thing for an adult society.

People -- networks all over the place certain.

Lionized -- Simpson polls for what they came up with it that their efforts should be -- it certainly -- at least somebody put something together but.

Do you feel that it's overstated and that there's a much better way of doing it and -- so what's the one thing.

And here's the one thing.

-- we need a leader who tells the American people ask operational goals.

So and a cash for aspiration goals as we the people should pay for the things we want me and then.

The -- we need to do the things we do in the -- intelligent.

Efficient way possible.

So then he should turn his attention to the tax system and say here -- fact people need to know.

Right now the tax gap.

That means the money were not collecting that in theory is doing knowing that we're not collecting every year is 400 billion dollars a year.

Right the combination of fraud and incomprehensible.

Tax yeah.

400 billion a year or -- for a long time we've been doing that.

You know monetary cost us to administer as -- society the current tax system 436.

Billion dollars a year.

-- to raise two and a half trillion dollars now up 800 billion dollar seems like a huge cold to me.

In the mental power we bring to the question how do we raise the revenue we need as a society so here's another principle I think the president should say.

A pack system should be used to raise the revenue we need to pay for the things we want -- as a society.

Not for anything else like who shouldn't comment from Paul that's that they OK yeah its top tax --

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