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You accumulate assets above $5 million you'll pay a 35% tax. finally, with regard to what the president just said about blaming the republicans and democrats, what democrats and republicans ought to be rallying around now is something you've been talking about on this show and others as well. how do you reduce the long-term debt. there are two types of debt here. one, the debt accumulated to try to get us out of this crisis that we face. and, two, the debt we're accumulating because of entitlement spending. the deficit commission laid out a very good template. that's where the next set of ener...

>> republicans are going to have to explain to the american people how making the tax cuts on the high end permanent squares with their desire to start reducing deficits and debt. i don't think that formula works. they'll have the opportunity to make the case. >> joe, he did strike a deal to make that formula work. >> le struck the deal. he's the guy who decided on the timing of the deal. mike barnicle, does somebody need to inform the president that it's not the republican whose are going to be explaining this over the next two years, it's the president of the united states who decided to cav...

Latest updates on this topic from reliable sources.

Latest updates on this topic from reliable sources.