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Committee come up with tax reform and the president can't even after he had his bipartisan commission in place for two years. this is what the buffet rule would do and would not do. without the buffet rule, $1.2 trillion from the buffet rule would be $30 billion so over 10 years, it comes out to $47 billion in terms of money into the counters which is like a nickel. >> so, you know, if the buffet rule were instituted, how many days would it cover the deficit over those 10 years? 17 days. >> and i come back to my original -- >> 17 days. >> argument which is people will figure out loopholes. it ...

Entice fog them. however, when dealing with, as james mentioned, the big picture of $15.6 trillion in debt, republicans are saying listen, you should close loophole, we should expand the tax base, and there should be giant tax reform, much like we saw in the simpson-bowles proposal or others. so whether -- who wins out right now, if you look at those numbers, the white house is seeing an advantage in the politics. rick: welcome home, bret, cavment bret on "special report" on fox. jenna: you mentioned the buffet rule is being taken up by the senate but also on capitol hill is this hearing in co...

That make $200 million, the buffet rule as presented today to the senate will be raising the tax rate for all those who make over $2 million. that as proposed by -- by senator sheldon whitehouse of rhode island sosh so that's goio be on the docket. what will it do? >> that's a good question because it's not going to pass. i bet you folks here on the couch a dollar that it will not pass. there are members of the president's own party who are not united behind this but the president has been very effective going across the country and around the world talking about fairness and things like that....

Rule. some of you know i prosecute pose something called the buffet rule. i was with warren buffet couple days ago. you might have heard of this but warren buffet is paying a lower tax rate than his secretary. >> president obama so-called buffet rule is this. million naivr ought to pay the fair share in taxes. fair share according to the president is for anyone making over 1 million bucks to pay at least 30 percent. but is the president just training to divide working class americans from rich? ceo of pacific capitol peter ship. good to have you back. >> thanks for having me on. >> president m...

>> he would have been fired. >> let's talk a little bit about what's going on on capitol hill today. it sounds like the senate is going to bring up the so-called buffet rule where people making -- and this particular version, they're going to vote on, people making more than $2 million so it would impact you. would pay a minimum of 30%. why is the president pushing this so hard? you know, originally, they said this is going to reduce the deficit. now we know it's not going to really reduce the deficit. >> it's very, very little money involved and a lot of people think the money raised will be ...