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Dollars in deficit reduction contained in this budget while also investing in job creation this year. they are the two key imperatives that we face. >> you're also, i understand, allowing the bush tax cuts from 2001 and 2003 to expire. stop me if i'm wrong. that tax cuts is people making over $250,000. if the successful, rich people are the ones who hire, is this the right time to tax them more? >> well, look, all we're doing is returning the margin tax rates to the rates that applied in the 1990's when the top 2% of the population did just fine and we're also, i note, providing additional tax...

Administration. now, individual income taxes as a percentage gdp have dropped from 9.7% in 2001 to 6.2% in 2010. folks, that's a 36% drop. numbers haven't been that low since world war ii. now, to be fair, many of those numbers really are low due to the economy and the recovery and the record job losses that we've seen in this country but president obama has also made a habit out of cutting taxes, just what they wanted all along. the president passed a making work pay tax cut. he extended the bush tax cuts for two years and he passed a 2% payroll tax holiday on social security. none of that ma...

Administration. now, individual income taxes as a percentage gdp have dropped from 9.7% in 2001 to 6.2% in 2010. folks, that's a 36% drop. numbers haven't been that low since world war ii. now, to be fair, many of those numbers really are low due to the economy and the recovery and the record job losses that we've seen in this country but president obama has also made a habit out of cutting taxes, just what they wanted all along. the president passed a making work pay tax cut. he extended the bush tax cuts for two years and he passed a 2% payroll tax holiday on social security. none of that ma...

Republicans over this, because they're so committed to this. the thing that makes this so interesting to me is that when they released their pledge last week and talk about the things that they would do if they had control, they said, we want to end the end of the recovery act. and half of those unobligated funds would be in something called the making work pay tax cut that we implemented that goes to the middle class, so 110 middle class families would see their taxes go up under the republican plan. and yet they're fighting fiercely to take care of millionaires and billionaires. >> you're tr...