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Detailed text transcripts for TV channel - FOXNEWS - 20120719:13:15:00

bill: americans now weighing in on the tax cut debate dominating washington and the campaign trail and the markets as well. new for example polling shows this, 72% of you say it s a bad idea to raise rates on anyone during a an economic downturn. back in 2010 president obama agreed to a two-year extension of the bush-era tax rates. he proposes allowing rates to go up for those that make $250,000 a year. that would raise $85 billion per year for the government. a little bit of context. the federal deficit an estimated $1.2 trillion. people making more than $250,000 a year pay 44% of all income taxes. kevin mccarthy, republican from california, house majority whip. sir, good morning to you. good morning. bill: there was a vote yesterday, 414-2 in the house that would encourage the white house to show it hands on what it proposes about the looming cuts that are coming up at the end of

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