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-- deadlocked on whether or not to raise taxes the new analysis shows wealthy families are pay some of the biggest federal tax bills in thirty years.
Brad -- -- Georgetown University professor and former deputy assistant to president George W.
And he joins us now.
It was it was surprising to see it quantified this way anytime you mean you really want to look at the numbers to see how people are feeling.
It is how it really is out there and you see the top 20% are paying their highest rates as a percentage since 1979.
What's the impact about why should we care.
What we should care because the top earners are the ones to -- our economy moving it's not Wall Street is doing well that we should be caring about it should mainstream.
And when the top 20% are paying the highest rate since 1979 as you suggest 1% are paying 37%.
The next 20%.
Are paying 25% that doesn't take into account state and local taxes so the effective rates are much higher than the federal.
Right I think it is wrong to talk about in isolation because of your tax that was only your federal tax both in a lot of cases you would feel blast but.
In the top 20% paying 71 point 8%.
Up all federal taxes.
Would be here that's at a -- they should -- -- -- the -- -- -- the money.
So that's of course where the money would come from the machine -- to be broadening our base we should have more people paying at the bottom 20% pay nothing.
Does that fit with what we should be doing not -- -- if you would say they don't have the income to -- that the -- -- -- -- -- the -- -- they can't afford -- how do you respond -- that.
I responded to that taxes in it for the middle class.
And those in higher brackets should be paying their fair share the same as -- known as the most -- New York it's fair it's equitable.
The fact is there aren't enough rich to get us out of the ditch -- -- -- so we had sixteen trillion dollars in debt if we confiscated all their wealth we wouldn't be.
Out the economic problems we have so.
The key to an economic recovery is getting more people to pay -- not just soaking the top 1% of the top 20% which we rely on to create jobs.
Getting more people to pay and then also growing the entire pot you know and I hear people Freddie Mac who is paying what in this and it reminds -- my children fighting over -- How do you grow the whole -- at this point well.
We believe Republicans in the velocity of money fury that is when you and I exchange money.
That's what -- -- creates jobs that which creates prosperity when we send our money to the government for them to spend for us on government that doesn't create the kind of -- Why why doesn't because they would say that they are creating the demand where there isn't -- that would wesun tax dollars to Washington they're creating jobs they're building roads there's no difference between them spending that money he's spending that much Hawaii is third -- quantitative late.
The mathematically as their different.
Absolutely there's a difference the government has to perpetuate itself.
We don't have.
A problem of revenue we have a problem of spending.
Government is spending too much if we conduct ourselves.
The way government did their households would be bust the fact that we don't have a five year plan -- corporations do the fact that we can't produce a budget which is required by law.
They the budget.
Amendment of 79 requires the presence deliver budget on or before February 1 you know that.
So -- the sequestration.
And in the continuing resolutions or all self inflicted wounds created by government they can't even solve the problems that we have came.
A major corporation in America that didn't have a didn't have a financial plan didn't think -- hadn't waited -- areas but they're running for the next year.
It's amazing other shareholders would go way they've been -- her clos who inspires -- right.
They -- or -- we appreciate your time.
A pit --