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Rep. Darrell Issa, (R-Calif.), on the potential impact on businesses if the estate tax rate were raised.
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Us by the way there is something -- guaranteed and lives.
Than just death and taxes.
It's it's taxes.
After deaths are and a lot more on factors a move afoot by -- -- billionaires followed led by an eclectic group that includes bill gates' father.
And very chairman of vanguard funds that John -- -- saying you know now is the time to increase the estate tax.
And the lower the level which he kicks in well they're gonna get their way because of 45%.
The level which -- would kick in would drop dramatically so at about a million bucks you are gonna start seeing that -- B -- and a lot of these guys are saying.
Make delivered even lower and make the rate even higher.
Starlight says it is a joining me right now the congressman extraordinary you heard -- Since -- on my goodness there we know how likely is this well I think there's only so many self paving billionaires.
The they really still -- against this -- -- I don't know where they're guilt came from perhaps we could look at look Mort very clearly and how they made their money.
The estate tax is one of those taxes that.
Is always easy prey but let's think about who pays it.
The family farmer whose land is worth twenty million dollars even if it only makes 300000 dollars a year.
The next generation doesn't form they sell it off so the idea that that you're not hurting anyone when you look at at least.
In -- businesses.
Is missing the point of the the very family businesses that are under attack with these -- -- It may be a moot point I -- I think this incident occurred just on long term but I think this is.
One of the -- surprising grenades in these talks that job.
That could go up even more than its stance to fill up.
And and whoa these gentlemen stated it's gonna raise a lot of money you'll -- it could -- running explains.
Well I mean first of all ages are raising money start killing the success of businesses he can't pass them on your -- they can't -- enough to do it.
On top of that quite frankly there's a fairness issue if you really want to take the deduction down to zero go ahead.
Have every once a state open to attacks and what you discover horses the Americans don't really believe in this tax they just believe they won't pay and and that's been one of the successes of this -- -- -- think it would traded because right now it's its exit fight it -- individual would -- seven million for couple.
It would revert to watch.
Reverts to one million.
And of course we have these people have their way to go lower and but maybe it -- because maybe the problem we're having here in Washington.
He is the problem that we're not all in the together we're deciding how to raise forty billion dollars -- of 2% of America when in fact we have a trillion dollar deficit.
We're talking about not being able to make any meaningful cuts just the opposite the president wants to have a stimulus.
At a time in which we have a trillion dollar deficit and he saying we have to have a tax increase on 2%.
The real solution to this the one that I think speaker Boehner is working hard for is were all in this together.
Were all being taxed too little or we're spending too much -- combination of the two and if we're gonna do it it's gotta be a 100% solutions unit where -- had so little.
I believe that in some cases there -- taxes that in fact could be different I'll speak only for myself.
When we went from the 20% of the 15%.
On capital gains it didn't change my consideration on capital gains.
I'm happy to have the 15%.
-- quite frankly my decision and investment wouldn't change very much between the 15 in the morning.
I loved so -- -- that the investment related taxes that go.
This plan.
I believe there's a lot of the income related to its site -- I believe in the Laffer Curve I believe that in fact -- zero tax you get no revenue.
And a 100% tax you get no productivity.
And what you're trying to find is what the maximum revenue to government is including the maximum economic.
Growth but you would -- open -- Speaker Boehner.
Offering these 800 billion in revenues however that's going to be sorted out.
He doesn't want rate hikes but it might not be great -- he wants the limit on deductions -- us that sort of thing.
Would either be fine with you -- -- to limit the deductions we -- rates alone.
-- we have a lot of hidden things in the tax code.
I can take a building and put a new roof on it as long as they stay under certain level in -- -- incorporate other the Democrats and that's a non started them it's gotta be rates are busted you sell well.
I think it's gotta be -- I think they all have to be on the table but again.
Rates are question if you raise the -- -- -- lower economic activity do we lower the ability for the person.
Who works for a company which warning employees.
Who realizes that if you don't find a way around it but what is a little worse than that.
They may lower the number of employees because they can't afford the growth that they may otherwise out running won't make a part time but is your sense that we're gonna have -- deal.
We're now.
You know I I wanna be an optimist I wanna believe that the president doesn't want to hurt this country that at the end of the day he'll take a reasonable.
Combination.
That gets -- part way down the road.
With the prompt a legitimate promise that will keep working on it because it is a trillion dollar problem it won't be fixed with a forty million dollars -- maybe it's.
This stability over the cliff and and circumspect.
Well if you want to have 538 billion dollars worth -- tax increases.
There's one thing good about it until at least were all there together and then we can have a discussion it does take care of half of the that the deficit.
Let's understand it also is a shock to an awful lot of people whose tax planning and whose life planning -- -- that two or three or four.
Thousand dollars that they did not paying in taxes but at least and I say it one last time at least we'd all be in -- together.
And we could have the discussion Republicans -- everyone was on the Titanic that didn't work out so well.
You know ultimately united we stand divided we fall I believe that Americans should be united to take care of a trillion dollar deficit.
And the solution should be about all of us -- -- that.
-- everything thank you very very much because of one of the more powerful figures -- here in Washington we'll have a big big -- decide ultimately whether we do get to that frankly we're not mark.
