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don�*t forget this year is already been the biggest tax rise year since at least 1993. we�*ve had enormous tax rises announce this year, the national insurance site, the big corporation and income tax hikes announced back in march. i�*d be quite surprising if there�*s any doubt doing nothing else is going to be a big tax ours you did mention the student loan issue, it is possible to the point of which student loans are supposed to be repaid comes down. it went up just three or so years ago, we�*ve could have a sort of reverse policy and that would clearly make graduates somewhat worse off particularly as it will probably be applied to people who have already graduated. i don�*t think we get to see any increases in taxes or fuel or domestic energy. as ever, alcohol taxation could go either way. i wonder if we could take a step back and i wonder if you could paint
so much of that on the national health service, he hasn�*t actually gotten off a lot left for everything else come wednesday in terms of everyday people we are going to be keeping our eye on vat on energy bill, alcohol tax, capital gains, tax rates, student loan thresholds and minimum wage rise as well as pension. and minimum wage rise as well as ension. ~ :, , :, :, :, pension. who is going to lose out, or who is likely _ pension. who is going to lose out, or who is likely to _ pension. who is going to lose out, or who is likely to lose _ pension. who is going to lose out, or who is likely to lose out - pension. who is going to lose out, or who is likely to lose out on - or who is likely to lose out on wednesday? there�*s a lot of pressure on the chancellor, isn�*t there? i on the chancellor, isn't there? i don't think there will be any big don�*t think there will be any big losers. don�*t forget this year is already been the biggest sacrifice year since at least 1993. we�*ve had enormous tax rises announce this year, the national insurance site, the big corporation and income tax hikes announced back in march. it be you be quite surprising if there�*s any doubt doing nothing else is going to be a big tax ours you didn�*t mention the student loan issue, it is possible to the point of which student loans are supposed to be repaid comes down. it went up
for the infrastructure package, are we going to see that happen for those everyday americans where how much they pay at the pump really matters? >> the last time they raised the federal gas tax was in 1993 and it actually set off pretty much a revolt at the ball lot back. the republicans ran against it, bill clinton's gas tax hike with income tax hikes on the wealthy, the largest tax increase in world history the republican revolution of 1994 no president has touched it since then. it is interesting to hear him float this. the bigger question of infrastructure has hung there since the election that's the one where you can see there being buy inn from democrats. when you look at a republican president who won with traditional democratic voters in pennsylvania, michigan, wisconsin, you know the states and places, that's the one that they've been waiting for him to move on. is he going to do it with an import tax, with the gas tax he's saying now. some way he can come up with financing this. there are actually democrats there you could see who would be open to this.
extent pyre in ten years. not extending part of the bush tax cuts is not raising the taxes. >> we actually raised the deficit by not getting rid of -- but still, looking at the sort of congress casting votes, the politics of this stuff is that in the public's eye counted as he got more revenue. now the case is we need more revenue and we're looking not at income tax hikes as much as the deductions in the loopholes we're talking about in exchange for the safety net cuts. >> here's the problem with that. two things. number one, per capita adjusted for inflation, the federal government is taking in a third less money than it was in 2000. the bush tax cuts did not deliver what they promised. incomes didn't go up for everybody. we're not better off. we have big deficit. complete failure there. the second is this enormous explosion of incomes at the top. you've probably seen my chart. $59 after 45 years for the bottom 90% average increased income, $18 million for the 1%
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the payroll tax will expire january 1st. the markets might get unstable for a couple of days. the income tax hikes won't go into effect for a few days. the difference between this week and next week are two things. if you wake a week or two, you'll have a more liberal senate, you'll have the democrats in the house. you have the set of the bush tax cuts expiring. if you're on the republican side and you are terrified of the primary challenges, you're voting for a tax cut next year and next week. today you're voting for a tax increase. that sequence seems to matter for the republicans. to me, things line up in favor of waiting. >> you have to sort of die to be reborn and everybody can be a political reset. >> and i want to go to morning money, ben. cornaki saying something that's basic, that's so true that people forget. which isn't like oh, they start over afterwards. a lot of people at home feel, why can't they ever get anything done. the truth is, the incentives are difference because you have a
republicans hate that? >>neil: the president has indicated on the debt ceiling deal, the republicans say it is off the table, is it such, now, that, also, off the table are any adjustments in allowance or write offs in deductions, while not income tax hikes, per se, they are tax hikes. so, on the grounds with the family conservative types saying don't bend, do do. >> i think on the economic grounds. we chatted this before air. the tax break. you are such a regular passenger, of course, but -- that was a joke, a joke for the audience. seriously, you defended
more spending cuts than revenue raise. in the past it has been 1:1 and the simpson and bowles put 3:1 but--. >>neil: but the income tax hikes out from the white house? they are in the happening? and removing subjectscies and the like, they are in? >>guest: i want us to go to a consumption tax. each of our economic competitors use a consumption tax. you have reported on your show, the truth, that this is a consumption-based committee. more than 75 percent of our economic activity is in consumption and we are the only industrialized country that does not use the consumption tax and that is why we are the greatest debtor nation and just in our lifetime we used to be the largest creditor nation.
corporate liabilities further why don't they get that back up before they pick on people whose average wage, with benefits $75,000 is among the lowest of any job requirement graduate degree? >> emac, we have teachers breaking the law by walking out. democratic legislators running to other states so they don't have to foot on this. there's a lot of nincompoops in this whole thing. >> raising taxes by 24 last year, government union workers lobbied for tax spending and increase, property tax hikes, sales tax, income tax hikes to cover their compensation for pension plans that bernie madoff got arrested for, promising 8 to 10% a year. nobody can expect that any more. you can't expect every year annual stock returns of 8 to 10%, quentin you know that is not reasonable.