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Fall. let's start with personal income tax. starting january 1st, who will be affected. >> everybody. >> ainsley: and how much will taxes go up. we're looking at the full screen right here. >> sure. >> ainsley: break this down for us. >> the 10% rate, the low heest rate goes up to 15, so there's a 50% increase. and in tax rate of lowest income americans, the top rate up from 35 to almost 40%. >> ainsley: if you pay taxes, your taxes are going up regardless. >> every american and for many people if you don't pay taxes, they take away the marriage protection against the marriage penalty. >> ains...

>> mr. chairman. >> that's an example. >> back in, they're still back in there. >> back in because people screamed. >> in part because of the wars and military spending. mitt romney wants to double down on bush era military spending. if we are running around fighting foreign wars, you can't say you're closing the deficit. that part of the budget has to be open to cuts. that's why we have something called the cliff that we're heading for end of the year. >> you know, that wonderful person talking there, joy-ann reed is the same brain i have. you're better at it. you're better saying it than i a...

>> if romney proposes those cuts, shouldn't he begin that conversation? >> so should the president. the president can't run around talking about spending this money and not tell us where it is going to come from. quite frankly, the rich are going to pay for the spending he wants to do. >> barack obama, you can argue with his policies all you want, ain't running as a guy giving stuff away. >> are you kidding me? >> chris, one of the things left out. >> i get it. he cuts opportunity scholarship for poor kids in district of columbia? >> mr. chairman. >> that's an example. >> back in, they're stil...

Not getting that break like under bush. seems to me he wants to tell you the benes, i am not telling you the cost. >> all dessert, no broccoli. chairman steele did a great job sliding in there talking about small business owners. 3% of small business owners are s corporations taxed more than 250,000 a year, hitting like the chicago tribune when you talk about people paying more taxes. the problem with romney is as you said, chris, everybody knows where the money is. there are finite number of loopholes, tax breaks on health care plans and tax breaks on mortgage interest. everyone knows what th...

Cuts for the wealthy, burdens on the middle class, you have to show with some specificity how they're not going to -- >> to add to it, you said the president, although he keeps tax relief from bush tax cuts for people below 50, he will have more revenue by people above 250. >> that's a significant portion of the middle class, small business owners. >> he is saying there will be pain. >> then you can't tell the middle class they're not going to feel the pain, they'll feel the pain. >> have to pay the old tax rate, not getting that break like under bush. seems to me he wants to tell you the bene...