Page 7 - Tax Problem News Today

Alas i was disappointed and i did not. jon: campaigning for office the first time around he was complaining about the $9 trillion of debt we had at that point and saying it was un-american and the wrong thing to leave to our children and grandchildren. now were at 16 trillion. when is this thing going turn around? >> thats right. we need it to turn around. it was on that very basis then senator obama voted against an effort to raise the debt limit. we need to turn it around. the way we turn it a...

Jon: we just had senate majority leader read making some remarks from the microphone, perhaps ill get to word from the control room in just a bit as to what he had to say. hes already peeled off the microphone, i guess hes done, mike, making his opening remarks. so what about the house side? is that where the ball lies right now? or just exactly what is the state of play here? >> reporter: they essentially said late last week, you know what let the senate go first, let the senate take action. th...

What are you hearing at this moment? is there progress at this time? >> well, we are hearing that there has been progress between vice president biden and senate minority leader mitch mcconnell. still we are nearly 12 hours from the cliff. we dont have a bill. there has actually been a stunning lack of urgency on cant toll hill. on the default showdown, the government shut down there was more urgency. here there just isnt that urgency, maybe because the markets havent been the roller coaster we ...

Tremendous patriotism and it will be -- >> did you hear that lieutenant colonel representative say we dont have a tax problem, we dont have a revenue problem, its a spending problem? this doesnt address the problem in washington. thats the problem. >> again, once we band together, companies and citizens, were listen, we need additional receipts, period. thats a known. its going to happen for a period of time through -- >> youre a business guy. were run out of time.j3 if you take in money but sp...

To cost you. we can do that. the president can step up and say hey, i dont want to go over the cliff. harry reid can come back from hawaii and actually go back to work. we can make that happen. we dont have to raise tacks on anyone. but what we know what we have to do is actually focus on the problem. and i think most americans are starting to understand, washington is trying to convince us that theyre not taxing enough. everybody knows $1.3 trillion deficit is not a tax problem. >> congressman,...

Was happening in that meeting. maybe they were -- >> steve: they were slow walking. >> gretchen: no doubt. are we any further along down the path now that were to thursday with regard to the fiscal cliff? well get to that in a little bit. >> steve: were not. boehner and obama are still miles apart, even though they had a series of rapid favors and counteroffers. mr. boehner is still upset that the president refuses to budge on his insistence on fax rates fort top -- tax rates fort top people. be...

Run up $7 trillion in deficits. hes averaged a deficit of 9% of gdp. george bush was 2% to 3% of gdp. so, you know, i think the discussion is is it really a tax problem or a tax and a spending problem? if we agree it is spending, lets start to talk about some of the spending. >> where will the compromise come, though? is there room to compromise on the tax percentage, or if you do the sliding scale and move it from the 250,000 benchmark to 500,000 income earnings benchmark. >> i think the discus...

Of the tea party, at least in the senate, and they were stunned yesterday when he decided to resign. hes now going to be president of the heritage foundation, which is a conservative think tank in washington. one thing is for sure action hell make more money in the new job. not sure that has anything to do with why he decided to make the change. i think it caught some people by surprise because he was sort of this leading voice amongst the more conservative part of the republican party. >> steve...

Jay carny revealed yesterday. gretchen just said it is not a tax problem it is the way they waste our money. jay carny said deficit reduction is not the goal. are you kidding? here he is. >> deficit reduction is not the goal here. the reason to get our fiscal house in order and the reason to pass a deficit reduction package that is balanced and allows for economic growth is to put our economy on a sustainable fiscal path which again, in itself produces positive economic benefits and revenues are...

Rates. theres other ways to get revenue that honestly are more economically productive in the long term. having said that, again, i think you might be better served to do this in pieces. first, we disagree with the democrats on a lot of things but we dont disagree about the 98% of the american people. we dont think their taxes should go up. to me since thats a point of agreement and doesnt affect either sides negotiating position on the other issues we ought to remove it from the table. make sur...