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Think after you work your whole life they can steal 40% more of it? >> well, partly because the government has to continually be fed. if there was ever a reason for tax reform, it is not just this one but this whole month, when everybody is working feverishly to pay their taxes, the date this year was april 18th everybody works from january 1st to april 18th all of that money up until then goes to the government and then you get to keep the rest of the money that you're earning. i think tax reform is the answer and so is economic growth. that's the most important thing. the more growth we have...

Stockton, california did the same thing. and both are part of a growing trend of municipalities filing bankruptcy under crippling debt. charles payne actually sees it as a good thing. explain. >> it the worst case scenario, but it's a good thing, the only way to break up a lot of obligations by both sides of the aisle and you can't base pensions off people retiring at 50, double dipping, and you think you're going to make 8% a year. i mean, all of it was completely outlandish and now-- >> now they're abrogating the contracts. >> there's no choice. some of these towns have no police and telling...

Latest updates on this topic from reliable sources.

Latest updates on this topic from reliable sources.