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Average tax penalty comes in at $172. >> yes. bill: is that considered higher than what we thought? >> it was thought to be $92 because that was thought to be the standard penalty. in fact, it was $92 or 2% of adjusted gross income whichever is higher. turns out percentage of income was higher. so the average tax penalty was $172 not 92. bill: youre predicting it will be higher than next year? >> yes it will be, the fine goes up, way up, i think $360. bill: we still dont know what the supreme co...

It is getting on a shorter leash here. whats being done right now, stuart, to head off this potential crisis? >> there is intense criticism of the obama administration because over the last three years they have not come up with a plan to deal with this. and treasury secretary tim geithner was out yesterday criticizing paul ryan who has come up with a plan to deal with entitlements. and secretary geithner was harshly critical of him. he went right after mr. ryan. bill: did he offer a plan? >> no...

Are fading all over again. martha: so obviously the white house looks at that bigger trend and says look, were heading in the right direction. slower than anybody wanted it be but maybe we are in sort of a different situation this time around? >> well look the trend line, as far as you know employment benefits is concerned is not going in the right direction for the white house. the trend line has reversed. it is now going up. that is not what the white house wants to see. these are very politic...

Ronald reagan cut out some loopholes. and thats what mitt romney proposes to do. the end result of ronald reagans policy was to i think double the amount of money coming into the united states treasury in a five-year period. thats what mitt romney think he can do with his proposal. if it is more than a proposal. if it is really is a proposal as opposed to a trial balloon. gregg: that is what i was going to ask. is he floating this out there to see what kind of reaction he is getting? >> yes. his...

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Give a $250,000 tax cut to people making more than 3 million a year. it is like robin hood in reverse. it is romneyhood. bill: well the romney team wasted no time on jumping on that. quote, there is only one candidate in this race who is going to raise taxes on the american people and that is barack obama. while he used taxpayer dollars to grow government and reward his donors. middle class americans seen fewer jobs, lower incomes and less hope for the future start varney. fox business network. ...

States particularly in 2012. no republican has ever won the presidency without winning the buckeye state. in 2008, president obama beat senator mccain by less than 300,000 votes in ohio. it looks to be a very close race again this time around. and weve got brand new poll this morning that shows something interesting and sad you could say that the american dream may be in a bit of trouble according to these numbers. it is a survey conducted by "the hill." it found that 47 of likely voters now bel...

That why it is entirely possible that in coming weeks we will hit that number, 400,000 new jobless claims, a very bad number to hit. bill: they call that a june swoon. well see you on fbn. thank you, start varney with us. martha has more now. martha: not only did the jobless number jump last week, the week before it was revised higher. that is the trend weve been seeing lately. look at originally reported number. every thursday we get the weekly jobless number. the number of people who walk into...

Ridiculous. i suppose they have been for a while. it is getting higher and higher and it is pretty crazy. >> weird to see the prices dip into middle america and skyrocket as you get out here to the coast. >> well find another gas station. and hit the mall. take advantage of savings. they realize people running late to work, have family issues. theyre trying to live. you stop where you stop so you dont run out of gas. >> precious disappearing resource and we need it desperately. were going to run...