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Show. >> thank you. >> sure. >> jerod, before we do anything, can you explain romney's 15% tax problem? because when i say unfairness, i want people to understand the 15% and why many of us think that's unfair. >> sure. it has to do with the source of his income. now we don't know this, but presumably and i'm sure we're right based on his statements, the fact is that the vast majority of his income must come from what economists call assets or unearned income. not from the kind of wages, the paycheck, that warren buffett's secretary makes. and we have a tax system that is hugely tilted to the ...

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About tax cuts for years but the new breed of conservatives, well, they have taken it to another level. >> congress doesn't have a revenue problem. it has a spending problem. >> we don't have a revenue or a tax problem in washington. they're already high enough. we have a spending problem. >> we don't have a revenue problem. we have a spending problem. >> okay. you hear the republican leadership there. boehner, canter, and ryan. you know what? they are completely wrong. let's go to big eddie's chart. we have charts every night. you know, what i have to do is get a republican to come up here an...

Sacrifice, there is no doubt that the american people are way ahead of the congress. republicans have been lying about tax cuts for years but the new breed of conservatives, well, they have taken it to another level. >> congress doesn't have?7ç a revenue problem. it has a spending problem. >> we don't have a revenue or a tax problem in washington. they're already high enough. we have a spending problem. >> we don't have a revenue problem. we have a spending problem. >> okay. you hear the republican leadership there. boehner, canter, and ryan. you know what? they are completely wrong. let's go...

You bring in new revenues by eliminating for instance tax breaks for oil companies? >> we don't have a tax problem. the problem is not because american is are taxed too little. the problem is because washington spends too much money. we have got to stop spending money we don't have. we are not going to go down the path of raising taxes on fema. people. we want to go after the source and that is spending. we are going to go after spending -- >> chris: you will not eliminate tax breaks for big oil and gas? >> those are the kinds of details that the ways and means committee will work on. we will ...