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Florida Fox News alert for the Dow S&P 500 both soaring to new highs today all ten S -- B 500 sectors around and doesn't happen all the time.
Several -- companies blasting two all time -- But -- stocks are just cross again.
President Obama's budget -- -- measures some argue will cross the rich.
They're very folks doing the behind the so -- Buffett rule tax -- millionaires at least.
30% of their incomes so would limit -- -- and sharply.
Over million bucks tax deductions for folks making 250000.
Dollars a year also -- Retirement accounts for the wealthy dramatically terror.
21 -- -- biggest factors 32 advisors CEO Robert wolf on how the president cells that -- rob Roberts buddies.
-- -- -- All right so nice to be on same here.
I'm gonna ask you to closure arrives for thirty seconds.
No it's four point three trillion dollar reduction.
Over ten years that's where Simpson Bowles once.
OK it is two dollars of cuts for every dolls of revenues.
If I told you that I don't -- -- Well that is the math my own it's become OK it is the spending is on energy infrastructure -- -- visited with this.
Wouldn't be rich and that's the beginning of the year it was gonna -- one -- it was nice pretty 110.
Two to one that's what it is -- honor -- -- -- I I interrupted your -- -- throughout the by the energy infrastructure spending and if you look at the com the -- it's entitlement reform.
And Social Security.
And it's itemized deductions and revenues.
What let them look at celebrity and our exit of the -- are all foundation -- something what are they don't really Richard edited but I want to speak to a guy.
You an important link for this administration in an.
To factor -- role as -- -- I always for your kitchen cabinet because it goes to the president close administration.
You're a Lincoln a crucial when he needs all the friends he can get.
So Wall Street -- -- community and a Wall -- -- -- -- -- -- that I understand -- so you have to go back to a lot of your Wall Street friends Republican and Democrats say.
Not only did your rates go -- he's -- in close a lot of the loopholes and allowances and effectively.
Raise your taxes even more.
I don't they're going to be happy.
Plus I don't think that the top 2% is ringing the balance as.
This is what I wanna do no I think -- OK so when they hear they've got to do their fair share -- -- -- that -- -- a look what did we get and others I know but we have let's move away from the rhetoric and talk the fact he -- OPEC cannot help but forget that let's talk the fact -- -- -- -- settled today I think the cellular they've given -- -- and I think this to way to sell one.
You've had a ten year war that hasn't been paid for it's the first time in American history since 1776.
That war has not been -- by taxes and you -- pay more because we thought they Brady -- was enough to cover but it's not.
That's what it's not part -- okay let's not Erica that he would say -- it always on me.
Listen I'm not raise my hand to pay more taxes either but let's look at it on the -- my side you said it earlier Boehner put up 800 billion.
Okay in December of itemized deductions the overall plan is two to one you cannot say it two to one plan.
Okay is unfair now let's focus on -- okay the president proposed 600 and got to sort of be and it's tax -- side.
In the last deal he's getting another 600 billion in this deal on an excellent points nutrients accent on a four point three trillion dollar deal -- -- -- -- -- -- I'm to -- your friends I'm talking about your buddies who are gonna hear on that.
And we also know about the three point 8% Medicare surtax when they sell their pricey homes -- investments.
Panel ruled -- other taxes -- you know medical device taxes will be of the little surcharges.
And they're looking at this and saying.
And not for -- I'm not disagreeing there I think the fallen.
If we say where the spending is going.
OK on infrastructure and energy and education by the way there the first folks let's say you've got to make sure it's -- -- hire permanent however does -- don't.
Then people would say I would sign up to pay more for those plans.
If the president has entitlement on the table which he does now which you know the left is yellow and more than the right today.
How can do a lot on -- he's swapping a formula to -- -- -- itself is start your right.
But it's -- so I don't act like he's you know all of a sudden now himself to us but let's be clear here on the four point three trillion.
Two -- of it is spending cuts -- so -- Does that mean then does infection that's a great guy I talk about it's gonna say let's talk about -- -- -- -- I just wanted to say.
Is is linked to the wealthy the success of the job creators seems to be getting weaker and weaker and -- to me -- what -- -- I would tell you that that the 30% to Buffett rule.
It's the -- -- on the wealthy because a disproportionate a wealthy pay over 30%.
I'd just put this is a way to make sure that those who today you know had to be -- -- -- it did give minimum -- -- don't -- -- -- The dollars and wind up paying I don't know 25%.
We're normal said and done that day we will have to pay at a minimum 30% to avoid that right.
I think most people would say I'm OK with that I think Diaz with a -- I think the wealthy is gonna have.
Itemized hits the following three things.
It -- charity they won't be happy with that.
It hit state and local taxes which is New York California the northeast they're -- not going to be happy with that are you happy with the why -- that benefits outweigh what I -- come for you gonna listen this is what I would love to have but I'm idealistic you know let's have an up and down vote on every loophole.
Okay and see how people vote.
How tough tax -- 25%.
And if we cap loopholes it goes up but we're never gonna get that vote.
OK but that would be idealistic but I think actually this is a great starting point it's four point three trillion.
-- -- here's another -- you are so obscenely rich.
Did you won't even miss this money -- happy to -- like how much many went tens of thousands thousands of I dividend taxes -- -- -- that's an.
-- I don't have a second home.
Okay my first how to easier one did have a congress to lose it I don't think so pal but I've gotten -- the god.
Couple EU monetary policy Robert thank you very much always a pleasure Robert wolf he's a vital link on the itself watching closely meanwhile.
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