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Let's do you think is it -- for anyone -- pour after listening to the president hammer home his message of wanting the wealthy to pay their fair share.
Whatever that means a new report shows high income families are now paying more taxes than they have in thirty years.
We -- here to just report on that our mission on monies to challenge the story that you're very everywhere else so what -- even from here will help or hurt.
-- -- -- -- From patriotic millionaires of of American millionaires that want higher taxes on the -- -- And Curtis -- based senior policy analyst for tax policy at The Heritage Foundation -- you know to start with you expect can't help but wanna pay even higher -- is why.
I think they should pay higher taxes.
-- well it's very basic which is I think the country is facing some serious fiscal problems I think we all gonna have to contribute to solve this problem and I think it's perfectly reasonable.
That the people who've benefited the most from the system over the last.
-- -- -- -- And continue to do so contribute there at their share I'm sure you crunch the numbers -- you know that if you confiscated the wealth that all of the well.
Of the wealthiest 1% 2% even 5% wouldn't solve the property confiscated all the -- But this is the point it's not going to be any single individual thing that's gonna solve this problem it's gonna be combination of factors and I don't have any objection to spending reductions.
But I think that higher revenues how.
Have to be part of the solution and I think that the wealthy who have benefited enormously from the tax system over the last 2530 years should be contributing more.
-- idea that they are already contributing more I mean that is sort of the point of this whole segment and and a lot of the information that came out today from the tax policy institute.
Top 1% of households paying an average rate.
A 35 point 5% the top 20% pink 27 point 2% those are the highest percentages in thirty years so weak even if you bought into what Eric said.
The -- are are -- paying more so you want more on the more.
Right -- don't forget I check today.
The treasury still accepting donations -- anytime he wanna pay more feel free to go to that website and make a donation Warren Buffett can do -- as well.
Let the -- what the situation now -- reaching these all time highs for the effective tax rates because of recent tax increases obamacare in the recent says recent that's a -- tax increase.
They raise income tax rates income tax rate is the top income tax rate is -- -- it and has -- at the spencers 9086.
Raise tax on capital gains and and dividends.
I've raised reduced deductions and limited personal exemptions all -- up is driving it's driving tax is way higher than they bend area.
About question -- there is still the wealthy are already paying more what is enough for me how much more do you think that what the -- Japan will let's be clear about something to arm.
That current to be isn't really doubt the level of taxation per say it's not about tax rates it's about deductions and exemptions it's about the loopholes that litter our collude.
And make people would wildly different incomes pay wildly different amounts.
You know this average tax rate the -- faring too doesn't apply to somebody like me who gets the majority of their income from investments.
I've written in the last ten years -- never paid more than sixteen -- 17% that's -- of my income -- tactics regarding -- a lot of it is it's not present better paying income -- earned income but don't -- Clinton -- but again argue that they shouldn't do this because it -- more than I -- you saw buyers out well let's be clear it does apply to the very -- the -- point 1% to lower the rate -- close the -- -- -- that's something Republicans talk about a lot -- let's talk about lowering the -- why not just close -- -- all wind -- just close the -- we need additional income.
I think most people do think it's unfair do you do something -- -- to be -- all the policy keep the rate where it is you think that the wealthy should be I think they are like myself should pay more.
And -- let me ask you do what would be the impact on the economy we went ahead with that.
Do you think that there would be a detriment to the economy ending you know the Wall Street Journal's top 20% of earners account for 38% of all spending does that argument to you.
Mean they can afford to pay more.
Because they do 38% of the spending or does -- tell you figure 38% of the spending so we tax -- even more they might stop that spending -- helping the economy.
But the point to point out that that that taxpayer -- before does include people like you -- because it includes.
The tax you paid before when you're gay -- -- -- dividends and includes the corporate level so does includes you if we raise taxes higher.
We're gonna have we're going to slow the economy it's going to hurt middle class and low income families that everyone wants to help -- can reduce opportunities they have.
And it's gonna reduce job opportunities have been reduced wage growth that's what we fight against tax increases not because we wanna see -- lower taxes -- want -- -- -- -- taxes because it hurts for those those of us how do you buy back I had.
They -- the yet the origin of this is the observation that with the new tax were increases.
The wealthier can be paying among the highest rate they they paid since 1970 night.
We you know if you go back to 1979 and look at the thirty year period after 1979.
But the average American -- on income gain of about 32%.
Whereas the top 1% -- -- gain of a 155%.
We've seen this enormous widening of wealth from the country -- why should anybody -- spending yeah right so he's been actually surprised that we seeing this income inequality grow OK -- people like me who are making money off of money we've already we already have.
Have are paying at such a lower rate.
So what I want to hear is.
Do you think income inequality is a problem.
And if so do you think that it makes sense to tax the wealthy at a lower rate and I can't work yeah all the time we have cigar at you get the last part.
Chart I'd -- -- -- certainly agree that income inequality is a problem but I don't think that we can tax our way to solving I don't think we can take money away from -- and give it to others and -- -- -- way.
You know put if -- equality arises from many factors and its larger not a prop -- of cause of the tax code.
A what we need is we need economic growth economic well.
Elevate -- rather than most -- and equality.
It exactly -- can't really bad thanks for a spirited debate -- appreciate it so here.
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