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Corporate Tax Overhaul as Part of Debt Deal

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    Rep. Loretta Sanchez, (D-Calif.), weighs in on fiscal cliff talks.

  • Duration 4:17
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A new development in the fiscal cliff talks the White House telling Republicans it could include an overall of the corporate tax cut it.

Is part of the grand bargain deal to reduce the deficit with reaction was bring -- congresswoman Loretta -- doesn't Democrat.

From the beautiful state of California often wish I was there congress doing good to see it.

Are you on board with this I guess it's a -- big what made it.

Well I don't have to see the actual DL and it's moving -- says.

Before I make a decision on things but certainly I always thought that if we could we would put and corporate tax rates they're not just individual rates and so will save well see if they precedents and speaker Boehner can come up with the -- in second place.

If speaker Boehner believes he has enough votes in the House of Representatives to have a majority of -- people.

Vote for an men.

You know maybe some Democrats to come along with that and we are able to pass something that would then -- -- to this and it taking it out.

We've heard from senator Harry Reid once again and he seems to date if the Democrats don't get the tax increases on wealthy America is that is will -- -- go over the cliff.

Come the end of the year and we're awfully close upon my dad are you comfortable with that do you think that will happen the tax rates.

Even in the short run will go up for every American.

Well remember that congress always has the ability to this asset and he -- a tax rates and make them retroactively.

I've -- January 1 so even if we.

Went through December 31 and these rates went away.

And doubt everybody's taxes increase the honest play some more than Mathers.

We could as a congress go back and try to do pieces.

Of that to bring some of those rates down for some people and I believe that's what my Republican -- so really the most afraid up.

-- that once you lose something one Q what she loses tax cuts at the end of the here.

He will be harder to bring back some tax cuts and those tax that will cut tax cuts that would come back.

Would be mostly for the lower and middle income people so I'm the biggest leveraged.

That they have right now that the Republicans have right now if this December 31 state and their quickly running out of time.

And I -- it's been thrown out there and I'll just want to know would you be comfortable with it.

You raise tax rates on the wealthiest Americans just not back to be Clinton Era levels -- 39 point 6% -- in the top tax rate in this country.

Do you go off but not as far as -- as far as they used to -- would you be comparable with the deal that had that end.

Again it's how much.

How much in total blue rays and how much spending cuts to make.

Certainly I believe that there need to be spending cuts by the way just not on.

Get out of this the domestic side of things education science technology.

That the Republicans have.

-- -- -- -- -- -- Also some of the defense -- need to -- cut at this point.

And so we will need to look and see how much.

That is -- certainly all of us are worried about 810% across the board.

Asset -- frustration situation might see gas.

But some cuts have to be made in all directions.

And revenues need to be increased if that's -- A higher rate on the wealthy but on not as much to thank you to the end of the Clinton years we have to see how much that -- if it means getting rid of -- -- deductions on an individual income tax our corporate tax -- -- -- to -- what those -- and how much revenue that -- on the -- I know -- assurance on -- California I just know it.

President yeah.

You know what I get to go home every weekend and I love being held march county is a great place kid growing up in -- to live there are two represented but this tell you that people.

Back home -- how serious this is they wanted to get this job done and I'm willing to stay here -- I have to even through Christmas.

To get the job done and I think.

Along with the rest my colleagues.

You know we will get took place where we can get this job done represented thank you representative Loretta Sanchez from California take care.

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