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Is the breaking news that senator Harry Reid is saying that he has heard and and I quote we may get something today there may already have been issued a rule.
On those who make 250000.
Dollars or more whether we will see tax cuts extended on that senator caught Kent Conrad I bring you back on that.
What does that do I'm watching the markets right now that we're pretty much holding steady up a hundred points for the death.
-- as I've said before it clearly.
Tax cuts for the middle class which in terms of the economy the single most important thing to do are going to be extended there's going to be a way found to do that.
I personally suspect that at the end of the day.
All the tax cuts are going to be extended for some period of time.
And then hopefully we're gonna move to fundamental tax reform because that's what big.
Your country really needs as part of an overall deficit reduction package.
Look we are in -- circumstances I was describing earlier -- spending.
Is the Hyatt has been in sixty years as a share of our national income revenue is the lowest it's been in sixty years as a share of our national income.
So we got -- work both sides of the equation to get our deficits and debt under control.
If we do that I believe America is going to be poised for a tremendous.
And -- then this plan it's important to stress -- capital gains to be taxed at ordinary income rates.
Corporate tax rates under one bracket vs a whole bunch of other so be about 28%.
Yet again you were able to get both Democrats and Republicans at least among the nine who -- so far said yes to go along with this.
At what you what -- your gut feeling about your votes more you just said on our air that you didn't think that we get the fourteenth that it would certainly send a message.
At what point do Americans have to really kind of wake up and understand that again as I said before it's got to hurt everybody in that it will be sort of -- -- Malcolm.
Of both serious cuts in spending but also some tinkering when it comes to taxes.
You know the let me -- -- -- on the revenue side.
What is proposed.
Is to reduce significantly the number of deductions exclusions and loopholes.
In exchange for much lower rates for every one.
Most economists say that would help with the economic growth would certainly help the economic.
Competitive position the United States the top corporate rate would be -- 35%.
-- 28% that would help our competitive position in the world that would help -- job creation.
But also we're cutting spending and a very significant way.
To get this deficit in debt under control it's absolutely -- got to be done.
We are borrowing forty cents of every dollar we spend so it's time to face up that we can do it.
I think we're gonna get a majority of this commission to support these proposals and I think that will serve as a plan going forward.
Really as an example for the rest of congress and for the administration.
Of what can be done.
Well thank you for the hard work on all of that and will be watching this so closely senator we appreciate you coming on.
You -- good to see you good to see it to senator Kent Conrad Democrat of North Dakota saying he will vote for it we.
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