the moral issue is where the most dollars. we re talking about getting the most money from people that pay 18%, their real tax rate is 18%. if you raise my rate 5% that s only $50,000. if you take away my loophole you probably get $150,000. that s the difference. it s more taxes. one thing feels good. let s do away with bush cuts and get taxes up 240% for the top. that makes you feel good. the reality is warren buffett will still pay 18%. but you ll feel good about it. we repeal the bush tax cuts. the small owners making 250,000 will get hit. weren t you for at one point a tax on millionaires? the wealthy i am foreclosing i am for millionaires and billionaires paying more of their fair share in taxes. you do not do that by raising the top rate. if you raise the top rapist without closing the loopholes
we go back a long way. i was there that morning and do i have a specific recollection of your saying that? actually i kind of do. but you didn t mean it. eugene you said it with irony. eugene stay with us. coming up next david gregory and in a few minutes we ll talk to mad money s jim cramer about the big rally at the stock market. first we go to bill karins with a check on the forecast. we haven t had a snowstorm in october like this one that s predicted. maybe it will bust and be all rain. right now it looks like cold enough for snow. the area highlighted in purple, those are winter storm watches. we ll be expecting snow. enough to shovel. enough to bring down tree limbs. this is the snowfall projection. once you get away from the coast that s when we ll get most of the snow. big cities like new york, philly
then all you re doing is hammering people that can t afford a fleet of accountants. i don t understand what you re getting at here, mika. feel good about yourself. raise the top tax rate and warren buffett continues to pay 18% and the rich keep getting richer. not me. you create jobs for tax lawyers and accountants. right. when you just raise the marginal rate because you ll have people trying to figure out again how to game the system. why not take on the system. you hear people saying tax rates for 75% when eisenhower was president. guess what? the rich weren t paying 75% when eisenhower was president. you close the loopholes. as john meacham said, the rich have lobbied for more a quarter of a century and when you close those loopholes then you start getting more money from billionaires. it s just that simple. it s step. reality in this country in 30 years the lowest income earners,
not for the whole impeachment thing that he could create a new party in 1976 that john conley would run. conley was going to be the nominee. nixon had a man crush on him. he thought taking a southern democrat like conley you could create a socially fiscally conservative moderate like conley. you look at the front of politico today they are talking about how the party structure, you ve fwakt, they had 150 year monopoly on american politics are now being challenged and being blown apart and far less relevant today than they were before because in the past what did you need big parties for? one organization. two, money. exactly. the super bowl it s trumps the money. the organization can be done online. these two parties that were created 200 years ago to help people organize over a vast
territory are just not relevant any more. something has to give. to john s point. i believe most of the world is purple and most of the world is just, you know, a little shade off center to the right, more conservative socially moderate. where is that represented? let s put that picture from new york magazine the front cover in context now. it s an old picture of mitt romney, money is coming out of his pockets. that s when he was starting out ba northwestern capital. they call him the 1% economy is the title. as ceo of bane capital mitt romney was one of the principal artifac architects of the modern economy. it s created the economic world we live in with vast sums of money at the top of the labor pyramid. these bana capital guys were agents of the shareholder value revolution.