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We can't do both. we can't afford it. some people go around and they say, well, the president is engaging in class warfare. that's not class warfare. that's common sense. that's common sense. >> common sense, john feehery to tax the rich a little more? >> i think -- >> tax rates are -- >> what is common sense is to have real tax reform to get rid of all -- >> we had a pretty good progressive tax system under clinton. we had a booming. 39% top rate. >> we should shrink the rates. we need more people paying taxes but we need a fair tax where you get rid of all the loopholeses. >> if that would w...

release your income tax so the people can see how you made your money. >> we know why releasing is so hard for mitt. rom nay pays a tax rate closer to 15%, and part of the reason why it's a loophole. not only legal, but pretty standard, but it doesn't feel fair and square. here's the bottom line. he was the founder and partner in bain capital. when you're a partner in a private equity firm, you get a cut of the profits you make. usually, 20%. now, stay with me because what happens here adds up to tens of billions of dollars in lost tax revenue for america. say my buddy, will, you've ...

happened in that tax return. let's go "outfront." good evening. i'm erin burnett, "outfront" tonight, mitt's taxes. now, romney is caving in to the mounting pressure. >> i think both president obama and hillary clinton released their taxes in 2008. just strikes me that governor romney ought to step and follow the same procedure. >> i don't know what my effective rate of tax is, but i'm fairly confidence it's a lot higher than 15%. >> mitt, we need for you to release your income tax so the people can see how you made your money. >> we know why releasing is so hard for mitt. rom nay pa...

Going to take the pain, who is going to pay the bill in the future. that question is completely unresolved and it's going to go on and on through all the details about the numbers here, numbers there, statistics, that fundamental question of how are you going to allocate pay. >> let's raise taxes on the rich, democrats say. taxes go up to 45.7% for the top rate in, what, 2013, i believe it is. there's already a tax increase built into the health care bill. but people don't know that. yeah, they do. they know what the deal is. all this talk about we've got to raise taxes. >> the top rate goes f...

he is due to speak this hour, site of the 1910 address by roosevelt. you're looking at the live picture of the podium where the president will speak. the sticking point with republicans is how to pay for them. you'll hear the president live at 1:55 eastern time right here on cnn. overseas the pressure on the eu eurozone is growing, ahead of another summit, standard and porr's is threatening to down grade the credit ratings, including france and germany that now plan to call for enforcement caps on deficits. greek bonds are already junk. gop presidential front-runner mitt romney h...