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Income tax. what is being put on the table here is a national sales tax. that's what a value added tax is. >> greta: it is a tax on every change in value of a product pushed on. >> if you bought a $300 iphone under 20% added value tack the cost might be $360. this major tax it hits the middle class. in addition to state sales taxes. a lot of states have hired 6, 8, some 10%. if you have 18 or 20% value added tax you are talking about 25% sales tax at the cash register every time you buy food, groceries, diapers, school supplies, just about anything would be taxed. >> greta: paul volcker saying...

Energy-efficient standards. >> thank you. thank you, take your seats. it is good to be back in georgia. it is good to be back in georgia, although where's the sun guys? i was looking forward to -- >> fired up. >> i'm still fired up, but we're still getting a lot of snow in washington, d.c., so i was looking forward to maybe 60, 70 degrees, but i guess i'll take 50. i want to, first of all, just make some acknowledgements of some wonderful leaders who are here. first of all, i want to thank president kathy love and the entire savannah community for their hospitality. i want to thank your govern...

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Rnc and some hired hands that seemed a little washington insider to me. but i have to say, i was really impressed with the scope of this report. it is big. as reince said, we don't have one problem so we don't have one solution. it touches a number of issues. and does wade into policies in some points, even though that's not generally the purview of the rnc. my biggest fear was that the rnc and the gop and the romney campaign had been so insulated over the past year of sort of refusing to see the writing on the wall. and it seems to me there are some serious acknowledgements in here. i'm just ...

There is new revenue from changes to the tax code. so that's where we stand right now. president obama, as you see, i guess just taking the podium there and going to talk about this deficit issue. thomas. >> kristen welker live for us at the white house. let's go straight to president obama who's speaking at the town hall at the university of maryland. >> thank you. i'll tell michelle you said so. it is wonderful to be back in maryland. i hope everybody is -- [ cheering ] i hope everybody is keeping cool, staying hydrated. it is great to be back here in college park. i have a few acknowledgeme...