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Sen. Dems Plan $120B in Tax Cuts and Hikes

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  • Description

    FBN’s Liz MacDonald on the Senate Democrats’ plan to replace sequestration cuts.

  • Duration 3:27
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Take that and move on here to another fiscal deadline -- just a couple weeks away last night.

Senate Democrats announcing their plan to avoid these so called sequester their solution.

Raising taxes on the rich something we've heard before and now the Democrats must defend that position in the face of some major cuts.

That could threaten our military so -- -- on all of that somebody's been doing some reporting on it is our -- Elizabeth MacDonald and with -- here this morning morning good morning all right so what's the deal here.

So how do you think about this well I'm not sure this tax package and tax hikes.

And spending cuts that the dams that proposed last night will -- -- what do they have a week and a half Brad -- 55 Democrats in the senate right now so -- -- Uphill battle.

-- but there is a -- tax in their plan as of yesterday at face and tax on people who make a million and more about 30%.

-- so the thing is is that will this will that work and how much money would bring in.

You know the numbers are -- would only raise about seventeen days worth of government spending.

Maybe twenty days of government spending.

And the Buffett tax I think something the rich.

We're keenly organize their taxes to avoid paying higher taxes.

Also in the plan -- you're gonna see.

Removing tax breaks up or possibly oil sands oil coming in.

From Canada so you know that's an easy target because you can't move an oil well right but you -- or analyst -- project.

That you can move the rich can move their talent for their money elsewhere to avoid taxes talk about the -- taxes what about spending cuts only seeing some spending cuts and there but you know -- that they they're not enough for now 55 billion whole package is a 120.

Billion dollars so this is to basically avoid.

A buy time for ten months were and we already saw the tax hikes last summer around right of people thought all this time -- -- -- be all spending cuts but that's not right sort talking about is again the march 1 sequestration deadline.

-- this buys ten months but more about Christmas deadline forward.

But you know when you look at what they're planning that the thinking is that.

Listen CEOs -- -- -- -- taxi yields are just demand more pay for it to Canada and it.

And right center and then the other thing too is you know health reform already has a lot of -- taxes and and on investment is likely that this is what's gonna happen that we should all be prepared for a lot of just changes to adapt to these spending cuts because.

As you're saying Wall Street's gonna adapt people are at -- -- taxpayers are gonna adapt.

We're just gonna see people crawl around.

Yeah mineral rights center and then the news is breaking to and Nancy Pelosi saying well I'm gonna I'm going to have a hard time adapting.

To the sequestration cuts -- it affects our -- congress goes.

Veto -- Rupert undermines their dignity and a representative so that was the breaking news yesterday.

And I -- she wants that coming out right now at a time when she's asking for effective pay cuts for all Americans went in the form of tax hikes.

Bottom line in terms of getting something I thought Boehner also speaker Boehner was fairly aggressive in this news conference.

Yesterday seemed to say that the senate -- you guys get something done and then we'll figure it out says kind of putting the ball back in their -- -- trying to do so politically but the idea of getting something done now on the odds of it -- you see if -- we've been talking to.

Yeah people haven't talked to listen that the name of the -- now -- Republican says.

You worry pushed our backs of the mall Democrats you've already made us agree to tax hikes and that's gonna ruin their mid term possible possibly rare mid term election chances.

I'm not sure -- any more tax hikes will pass -- really need those five extra Democrats in the senate.

The Democrats do items and if she's five after Republicans in the -- to get that -- that's what check Adelson also get going to try to put this your head Donald us all.

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