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>>neil: and that removes a lofts the game eggs and budgetary gains and tax credits and write offs, and it would not be as low as it appears. >>guest: an economist a while ago came out with an estimate that said the republican budget would for 2012 would cost 1.7 million jobs in adecision to ending medicare so --. >>neil: why do you decimating and ending medicare? if you provide people with an alternative to asystem that bleeds money and gives them an obligation to choose, and they can stay in medicare why is it the knee-jerk reaction. >>guest: it is the fact that it would be a transfer of insu...

Jobs. >> and the economy, too, by the way. all of these things we can talk about. so since we're talking about chapter two right now, what do you think has the inside track at the moment in terms of all those plans that are out there? >> well, you would assume the white house would lean heavily on its own debt commission. a guy like dick durbin, a progressive democrat from illinois, and a guy like tom coburn, both endorsed it. if you already have the makings of a bipartisan deal and this dealt with tax reform, had a few simplifying the tabs code but also getting rid of some loopholes and some ...

Order so they make sure they take advantage and file their extension. >> something i know you know a lot about is it's been a tough economy and a rough couple of years for lots of folks and many people unemployed. they started up their own business in order to get income from somewhere. what about those folks? >> starting a business is a great idea. you can protect your assets and save on taxes. buying a company or incorporating an llc. you can save on taxes and decrease the rate of your tax rate. and the risk of audit. so your risk of audit goes down from about 2.7 on average to 0.3% when you...

Why not raise taxes on higher income people? why talk about closing loopholes on corporations? >> i think history has -- i do believe loopholes should be closed. there has been a big story in the past several days about ge paying no taxes. let's close the loopholes. what happened is -- >> those are legal loopholes that the ge, which is part owner of nbc universal, took advantage of the loopholes in the tax law because of write-offs for losses that they incurred. >> they do need to be closed. but, their ceo is sitting, you know, he works with the obama administration. they did it legally. let's...

Broken. the problems are identified, job creation and spending, consumer spending. let's kick-start this and move it back in the right direction. >> neil: patrick, i'm sure you iware that the president has a small business bill on the table, i think it's a $30 billion measure to offer credits and write-offs to guys like you. who do you think of that? >> i tell you what, neil. when you're not making money and you haven't made any money for a couple of years, tax credits really are the last thing you are thinking about. as far as credits to be able to get to borrow money is virtually impossible ...