to freezing point. they use paint absorbs light from car headlights to glow. fascinating. rich: i don't know. we'll see you tomorrow. "the willis report" is next. gerri: hello, everybody, i'm gerri willis. right now on "the willis report," it is the day many americans hate the most. it's tax day. it is also a day full of surprises for many tax-filers. are you one of them? good news to report on alzheimer's. you got your kid and grandkids to thank. and are you taking our cash challenge? >> i'm chris lynch. i'm 48 years old. i'm single and i want to take the all-cash challenge. gerri: more people living debt-free after ditching the plastic. we're watching out for you on "the willis report." gerri: it is the 101st federal tax day in our nation's history as we share in a

important national pastime, complaining about taxes. first some facts. irs received 100 million tax returns so far and is expected to collect a total of $3 trillion. that is up 9% from last year. there were big changes this year. big surprises for a lot of folks as well, we have pete step from the national taxpayer union, art laffer, one of the country's best known economists and former economic advisor to president ronald reagan, coauthor of the new book. and rich koppa managing director of wealth health. great to have you here. a lot of people out there, art laffer, are upset what is going about with taxes, complaints from silicon valley to new york city, a lot of people upset, mark zandi said it will only have a slight economic impact of 0.25%. a quarter of a percent of economic growth. what do you say? >> i think he's crazy. look at the total tax system,

gerri, it's a catastrophe. causing 3 1/2 trillion dollars in cost of revenues f we had a low rate, broad based flat tax did it for both business and individuals we could be the most booming economy in the world. this tax system collects too much in revenues. it is way too complicated and the way they spend the money is tragic. but other than that is is really great. gerri: what about the laugher curve? doesn't it play in here? couldn't they collect more if they reduces tax less? >> oh, sure. if we dropped the corfor exampld instead of corporate profits which is what we should do, drop the rate to 1 1/2%, 2% and have it on value added basis and the corporations sector, business sector would just go crazy and collecting a lot more revenues. gerri: pete, you're up my friend. chris rock tweeting today, you don't pay taxes. they take taxes. that is how angry people are. tell me, doesn't it feel like confiscation at this point with

taxes rising across the board? >> well absolutely. and for the top 1% of course the congressional budget office is saying they will be paying the highest overall federal tax burden since 1997. 34% including payroll and income taxes. and the act of taking costs money too over and above actually paying. we estimate $224 billion worth of lost time, out-of-pocket expenses on software. that's a dead weight loss on the economy. a cost to comply that we shouldn't have to bear. gerri: well, it costs comply right out of your own pocket. even if you're just doing software, you typically pay. so, rich, to you, here's the kind of tax bill we're looking at for the 1%, top 1% of earners. $525,000 over that. that is the average tax bill. it is up more than 36,000. are your clients angry?

>> you know, i think no one's ever happy to pay the tax but i think we've done a good job counseling them throughout the year honestly. this is stuff we know about for a while. tax rate going up for highest earners. cap gain taxes increasing. obamacare tax on medicare, .9% to 3.% investment income. this is stuff we're talking about. gerri: you managed their expectations. >> expectations have to be managed. you have to manage not only expectations of clients but the bill, the bill due today has to be managed so there are not these surprises out there that many people are finding. >> i've been saying four months once people got to april 15th, really saw what was going on, there would be a lot of shock and awe. art laffer we're hearing that from places like silicon valley where there were lots of tax implications because of stocks and selling stocks. you know, fox news asked folks, what bothers you most about paying taxes and what did they say? 35% said, the government doesn't spend my money well. i don't like the way they spend

my money. do you agree? >> i totally agree. you tax people who are rich and give the money to people who are poor you're going to get lots and lots of poor people and no rich people. the dream, gerri, in this world has been to make the poor rich, not make the rich poorer. what we've done is counter intuitive. paying people not to work for tooks and work they are shocked why employment rates are so low in this country. it's a tragic mistake we're making on these taxes. gerri: pete, when we were doing research on likely impact of this rise in taxes, particularly on people who are well to do, let me tell you in new york city, your taxes go up and earning 200,000 as single taxpayer, 250,000 married filing jointly you don't particularly feel wealthy. >> certainly not. gerri: and pete, to you, these people, they're going to be paying about 50% of their income in taxes. that means one out of every $2 they collect in income suppose

right out the door to uncle sam. people are not happy about that. >> close to that amount and people vote with their feet and their dollars, when you take a look where folks are moving, they're moving to lower-taxed jurisdictions, ones that either have no income taxes at all or very low ones. and they're basically going south and west. until they get close to california, and they avoid that entirely. >> gerri? gerri: yes? >> this is perfect play in my book documents exactly what he is saying. he is exactly correct. and we document what states they are going from, what states they're growing to, rich and poor, which ones are moving. amazing how correct the other guests are on this. that's what my book, with other three coauthors is exactly about in on next schuss detail. gerri: obnoxious detail. i need a signed copy my friend. >> you got it. i'll even send it as a gift to you, gerri right away.

gerri: people on wall street like to talk about the dumb money, right? people are not very smart. what you're saying art, what i like about your book, you're saying hey, people are super smart. they make decisions on basis of tax policy. they go where they don't have to pay as much. >> i personally moved from california to nashville, tennessee, personally on taxes, taxes alone was the motive for doing that. i love california but i don't love paying those people all that money and then watching how they just squander the money. it is just disgusting. gerri: there are nice people in tennessee. that is good place to go. >> they are great people. >> i want to point out. we really didn't get a chance into this deeply, obama tax hikes, how many? 137 this year alone. 137. this year. it gets worse next year. the beat goes on. pete, art, thanks for coming on. really appreciate your time today. >> my pleasure. gerri: good stuff. good information. rich will stick around to answer the most commonly-asked tax questions. if you have them tonight he will be there for you.

now we want to know what you think. here is our question tonight. are your tax dollars, are they well-spent? are they wasted? log on to gerriwillis.com. vote on the right-hand side of the screen. i will share results at end of tonight's show. still to come this hour, we have a new participant taking "the willis report" cash challenge. you know the cash challenge, right? we're telling people to get rid of credit cards for cash only. we'll hear update from other participants. our tax day coverage, irs refusing to answer questions, right. they're not picking up the telephone. rich cop pa is coming back in the b block to answer those questions for you. stay with us. ♪ all stations come over to mission a for a final go.

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gerri: rich koppa, managing director of wealth health and he comes back with us now to answer some of your most common tax questions. rich, welcome back. good to have you here. i know a lot of people get stung who are self-employed, have their own business, right? >> yes. gerri: they get audited because, you know not as easy to file when you have your own stuff, right? when you're not getting something from an employer. you're not getting forms from

them. what do you tell them to do to avoid getting audited? >> i think one of the most important things for small businesses to make sure their deductions are not being overzealously taken. i think the biggest thing i see, people want to filter every time of die introduction possible through the business. whether it is their car or meals or entertainment. gerri: right. >> their vacations. there are strict rules about this. they need to be reasonable and necessary in ordinary cores of bubusiness. gerrrri:i: beeing too aggressiv. >> aggressive, overzealous that will catch you up. you look at type of profit you have, type of deducts you have, it is simple equation. gerri: less than 1% of the folks will get audited because the irs doesn't have manpower to do it. >> that's right. gerri: another big question i'm hearing from people is obamacare. we talked about the taxes that came into play because of obamacare. >> right. gerri: we haven't talked about the reporting side of this. is this something i have to worry about in this year's tax filing? >> so for today, no, think about 2013 return, no. but for 2014 that is something

we want to understand. if you don't have health care coverage that qualifies under the obama care rules, then you will be subject to penalty and that penalty, where the individual shared responsibility is, they're calling it -- gerri: what a name that is. that is so orwellian. like out of a different world. >> we need to have that reported on our tax return and that could be really a fine. the other piece is the premium tax credits. so those are credits people potentially could qualify for when getting their insurance on the health care market place. they can -- gerri: subsidy. >> it is a subsidy. take it immediately have it paid to the insurance company which reduces the premium, or, they could pay the ream yum throughout the year. when they file the tax return in 2015 they will justify that credit on their tax return and if in fact they should have gotten less, they will have to owe the government. gerri: this is mostly a 2015 thing, so not a lot to worry about here. >> right. gerri: let me take you on. mom and dad, they're paying for college education. we talk to these folks all the time. >> yeah. gerri: they have such a financial burden.

there is deduction out there for people who are paying loans for little johnny, right? >> depends how you're paying for college. if it's a student loan and parent is on that loan, in their name they can take the deduction for that, interest deduction. gerri: up to 2500 bucks. >> right. another way for some people that may not qualify for student loan or thinking strategically they might want to take home equity loan or home equity line of credit on house. you can take up to $100,000 deduct interest rates. with interest as low as they are and taxpayer for johnny's school and pay for interest deduction. gerri: isn't that scary though? don't you put your house at risk if you can't manage payments. >> you do some do agree. otherwise for people that can afford that that is way to do that. if you're taking something from assets portfolio, that is something less for. >> people are thinking about this very issue. i can't get my taxes done. what do i do, a, if i can't get the forms filled out and i'm really nervous about a? and b, what if i can't pay?

>> well, here's the thing if you can't get forms today file an extension. form 4868. gives you an automatic extension through october 15th. you have to pay estimated tax liability with the pension. if you can't pay it all, pay something. if you can't pay anything, get your numbers in. subject for interest and penalties. go for a stiff drink afterwards. gerri: i was a young person i was in that session. here is my first installment of three. here is what the payment schedule looks like. i met it. no issues. never even heard from them. >> do what you can. but bottom line is, putting your head in the sand and doing nothing is not the answer. gerri: 4868. >> the key to that i always say, file to extend doesn't mean you could extend the payment. gerri: include a check. got to have a check with 486. >> absolutely. gerri: thanks for coming on. always good to have you here. >> thanks, gerri. gerri: from taxes to the stock market.

don't let resume' from landing a sweet job. tony bashar a he have seen him on the show before. he will be here friday. you want to get your resume' fixed? he is a smart, smart guy. he will give you tips, tell you what to do better. email your resume's at gerriwillis.com. maybe tony will review yours. we hope so. still to come, one congressman shares his mission to get more answers on the gm recall. good news of alzheimer's, the risk of getting it could be declining, going down. we have surprising reasons behind the drop coming up. my dad has aor afib.brillation, he has the most common kind... ...it's not caused by a heart valve problem. dad, it says your afib puts you at 5 times greater risk of a stroke. that's why i take my warfarin every day. but it looks like maybe we should ask your doctor about praxa. in a clinical trial, pradaxa® (dabigatran etexilate mesylate)... ...was proven superior to warfarin

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gerri: two big new studies shining a lot on the alzheimer's disease you've got to hear that. the fatal brain disorder robs people of their memory and cognition. there is good news. the risks of getting that disease may be going down. how do you limit your risk? we have a attending physician at winthrop university hospital and joins me with details. what are they finding? >> this is big study, gerri. this is from the "new england journal of medicine." gerri: they are respected. >> there are, but there are debatable publications they see sometimes, what they're showing the risk of alzheimer's is going down of the population is getting older and we know is die associated with old age. it is a form of dementia, the commonest form of dementia was described over 100 years ago by a german psychiatrist calleddals himmer. >> that is how it got named. what my understanding people are lowering blood pressure with

medications and reducing incidents of alzheimer's. how does that work? >> the way it works, gerri, your blood supply to the brain is one factor associated with functioning of the brain. so as we get older, the arteries in the brain and heart and all over the body tend to fire up and risk factors -- gerri: you said fir up. furry. what do you mean the furry up. >> the arteries get furried up. the diameter of blood vessels get smaller and smaller. gerri: and smaller and smaller. >> risk factors for that are things like smoking, diabetes, high blood pressure, high cholesterol. gerri: we're taking care of some of those things with medications. is that helping alzheimer's? >> it is certainly helping to a degree. we're far better controlling blood pressure than we were 20, 30 years ago. we're paying much more attention to cholesterol. many patients are taking blood thinners which have been shown to have some effects on improving blood flow.

so we are addressing risk factors. gerri: that helps. here's the bad news though for women out there. i believe something like 2/3 of the folks who get alzheimer's are women. is that because we live longer? >> it is one of the factors but also, gerri, there is protein, abnormal protein associated with getting alzheimer's. women are much more likely to carry this abnormal protein. what is quite interesting, the research that is coming out, with alzheimer's shown there may be some interaction with hormone levels, wees throw again levels. which may explain why women are much more prone to alzheimer's. it may be interacting with abnormal protein. it is not good news. maybe if you're on with the anchors that stimulate you mentally, that has been shown to improve your risk of not getting the disease. gerri: that is what we meant when we he teased this, maybe kids and grandkids will help you but keep you mentally alert. what kinds of advice do you have for people out there, who may worry about getting alzheimer's.

i have alzheimer's in my family. viewers have it. what can you tell people about it? >> there are modifiable risk factors. smoking is a big risk factor getting alzheimer's and other diseases. maybe sure blood pressure is well-controlled. talk to your doctor about that. if you're diabetic, diabetic control. american tall exercise, mental stimulation. gerri: will you make me do crossword puz smells. >> not crossword puz es. other things, playing a musical instrument or learning a second language in life, reading can stimulate the mine, gerri. gerri: make you work hard. dr. cheatham, thanks for coming on. i'm glad to hear there is good news on the alzheimer's front. >> that's great. thank you. gerri: "willis report smacks down, social security stops collecting old debt. you will have to hear about that. another person ready to take on the cashing challenge. he will share his story with us how he is going credit card-free. right there he is and how you can do it too.

stay with us. ♪

gerri: it is week three of "the willis report" cash challenge. we've been following two couples on their quest to live on cash alone with no credit cards, none, no plastic. we'll hear live from our first cash challenge participant moments from now. let's look at a video update of our second couple, dan and elaine seal. they started just last week. listen to this. >> well it is one week into the cash challenge and i have my checkbook in hand here. a couple of interesting things happened this week. one day into the challenge i had a tooth break and had to go to the dentist. so i did find out that by paying with cash i saved 5%. on my bill. the other thing i did find out though that was with taxes, i tried to file electronically for

state taxes this year and they require a credit card to pay that fee. so, i am doing all my taxes, by hand, sending them in by mail, certified mail. >> so this is the way i track our spending. i use an excel spreadsheet and track all the different categories. when we get the cash, put them in envelopes. i take the envelope for whatever gas money i need and groceries put it in here and this goes into my purse so i don't spend money on something i shouldn't. >> we go a play at school. we could have purchased tickets online. so we have our cash. >> everything else seems to be going pretty well. i've paying cash this whole week and it has been going smoothly. >> great sufficient. who would have thought you save money at dentist by using cash. you're doing a great job. keep up the good work. we'll update you on the progress as weeks go on. i want to bring back our first

cash challenge participant and his lovely wife caitlin shut off town on business but you decided to talk to us. how is it going, week number two? >> it is going quite awesome i would have to say. week two feels like we're really hitting our groove. it wasn't really that hard week one but week two we're really flowing through it and enjoying the whole cash aspect of it. gerri: are you getting any discounts? are you saving any money? >> we have found just one place here in town, i did a little research on line, found out one gas station, safeway here in colorado springs, offers a discount for cash. we decided to head over there one night when our fuel tank was getting on empty there. we found out we were saving 14 cents a gallon when we paid with cash. that was pretty exciting for us. gerri: that's great news. that's great news. caitlin is not here tonight but she did send a video. we get to show that. here's caitlin. >> hey, fox, it's caitlin. i have been noticing something

on this cash challenge that i wanted to share with you and that is, is that my gas tank is never full. it is driving me crazy. you can't, it is so hard to gauge with cash how much gas you need and, it is not one of those things that i'm growing to sit and really calculate. i would rather do other thing with my time. so i'm just kind of winging it and paying cash when i can and, getting gas in the tank but, man, this never full stuff, kind of halfway empty the whole time, never filled up, it just feels like you go through your tank so much faster. gerri: wow. i can relate to that i always want the full tank. i understand what she is talking about. that would be tough. but, you got to tell me, is it, how is this going for your marriage? i mean because money is one of those things that couples fight about? >> it's going quite well. it has brought the communication factor to the forefront. we really knuckled down and just decided to really talk about the

challenge of what it means and what is going to take to really get through this challenge. we're doing quite well. and i would say, i love it. and i would say my wife would say the same thing. i think we're just to the next level in that communication. our finances and, no really arguments or just, been very peaceful and you think just staying on top where we are, and being out in the open with our cash, like we have to be, i've been really good for us. gerri: you told our producer, and i thought this was really telling, when you have credit cards it is easier to hide information because nobody sees the bill until the end of the month. but what it is cash you have to be really clear what is going on or else you run out of it, right, steven? >> absolutely. with the cash, we decided that, for the week ahead, just think about how much cash we'll need for certain items. there can be those that come up unexpectedly, but, gas and groceries and this kind of claim to plan that ahead and go get cash beforehand so that we have

it. it works out quite well doing it that way. gerri: steven, thanks for coming on. please tell caitlin we missed her but we know she will be back. >> you got it. thank you, gerri. gerri: i want to introduce to you a brand-spanking new cash challenge participant. he tweeted us saying this, look at this, great news, i'm doing the all-cash challenge and love it. thanks for the suggestion. love your show. joining me from washington, d.c. is chris lynch. chris, welcome to the show. look at you. you're awesome. >> gerri, hi, how are you? gerri: how are you. >> normally watching you at this time and so cool sitting here in d.c. being on the show. thanks for having me. gerri: great to have you on the show. you're already cash challenged. >> yes. gerri: you're already in the middle of this. what's it like. >> you know it has been interesting. before i would use a lot of debit and credit for different situations. when all of that, all of the security breaches took place i started thinking, maybe it is time to go back to cash like i did when i was in high school and college and early part of my

career in '80s and '90s. when you issued the challenge that really motivated me to do that i started a little bit in march. i got really serious about it in april. it has really been well. it has been a fun adjustment. cash is king. it is great to have it and keeps you responsible. gerri: keeps you responsible but sometimes, you know, you need more of it. have you run into any challenges so far? is there anything, you know, just a details of managing this day-to-day? >> yes. sometimes if you underestimate the amount of money that you should keep with you may have to go to the atm and get more out. that means if you're not near one, like atm where my bank is, i have to go to another atm and might incur some fees that way. or, sometimes, people that have been using a lot of cash, they run out of change to give back so there is one time, i remember gave a guy, i'm like, dude, i'm trying to help you out. he is like, well i'm out of change. okay, here is my debit. i felt like i was cheatings on you a little bit. sorry. gerri: you know, it is interesting because, you know i've been playing along too.

what you find that people running cash registers look at you, what do you mean cash? we don't know about cash. >> oh, yeah, it is also fun to make jokes. i went up to someone, you take cash, right? she looked at me kind of funny and i'm look, okay. gerri: still legal tender here in the u.s. of a. >> absolutely. gerri: tell me what your goals are. you seem pretty committed to this. you must have something in your mind's eye you're going for. >> i'm taking a vacation this summer to las vegas. i really want to take cash and save towards that but also i warrant to get into the habit of spending only, what i budgeted. so when you use cash, once you're out, you're out. i'm forcing myself to do that with expenses. also, i have like what i call a feel-good fund. if i come under budget i can save that money, whether, 2, 3, 5, 10, whatever dollars and put that towards, i love electronics. so i'm, you know, totally into buying toys. but that is something that keeps you motivated. it also keeps me responsible.

i love the discipline of that because, again, using cash, once you're out, you're out. gerri: you have an interesting personal story because as i understand it, you've written a book on diabetes and it is -- >> yes. gerri: for you it is all about having control of yourself and you life. >> yes. gerri: and your resources. it all kind of fits together. we're showing your book right now. >> thank you. gerri: tell me, your ultimate sort of personal goal here with all of these things? >> you know, my goal with all of this, is discipline. if you, one of the things i love about your show and fox and what you do, you teach a lot of good habits. this is really goodies minute that allows to you budget yourself in a different way, but use a different vehicle. when cash really forces me to stay on target. and that way i can stay honest with what i'm trying to spend each day and also what i'm trying to accomplish as far as a goal. i would say my goals would be, to have a good retirement down the road. find ways of taking some of the extra money i have and maybe

diverse that that into invests and that type of situation. but goal is really be safer so that when these breaches come in, i'm prepared for them. whereas before i kind of reacted to it. now having cash as a backup, it is kind after way of life. kind of like i talk in my book of pillars, peace, love, joy, happiness. i want to add peace, love, joy, and add financial responsibility. gerri: financial responsibility i hear you. that appeals to me the idea of having control over yourself, your resources, what you own, what you owe. makes a lot of sense. chris, thanks for coming on. you will come back. we'll have you back to talk more about this. >> absolutely. i'll be back. gerri: thank you so much. >> have a good day. gerri: thank you, chris. do you want to take our cash challenge. we're looking for more people who want to share their experiences going all-cash. go to gerriwillis.com. send me an email there or tweet me @gerriwillisfbn. if you haven't noticed i'm a big tweeter. pony up, we want to hear from you.

coming up how the epa is messing with our fragile housing market. gm ceo mary barra making first public comments since her capitol hill grilling. one congressman has more questions over the gm recall. there he is right there. ♪ ...work with equity experts... who work with regional experts... that's when expertise happens. mfs. because there is no expertise without collaboration. but i didn't always watch out for myself. with so much noise about health care, i tuned it all out. with unitedhealthcare, i get information that matters... my individual health profile, not random statistics.

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gerri: ge bow -- gm's ceo mary barra announced further plans to improve safety with the progress report highlighting their bright spots. of jordan and now chairman of the oversight investigation subcommittee michael burgess. good to see you again. we have had you on many times. but first of all, what the ceo had to say. >> it is fair to said much of the progress we have made in the last two months have but -- have been

overshadowed by the intensity of the rico coverage. but in fact, there has been good news to report today i would like to announce the creation of the of global product integrity organization a new way to develop vehicles to provide the highest level of safety safety, quality and customer service to ensure a situation like the ignition switch recall does not happen again. gerri: you take a very serious look. what do you make of these comments? >> to the extent she is forthcoming i welcome that you will recall at the committee hearing she said she had the matter under investigation in the issue welcome back and we can explore those facts with her but to their credit they made a lot of information to the committee and staff and i am grateful for that.

nhtsa has not been hit quite is forthcoming. there has been a discrepancy they devaluate crashes early on and there seems there was logical questions but yet you encounter the same problems in 2010 and 2011. why did it take so long to recognize there was a pattern? gerri: a lot of people have ignored the involvement of nhtsa and one thing that we focused on this show that the committee brought out was an e-mail to mary barra about the steering columns she made it clear she did not know about the problem but this e-mail put that into question. this was highly controversial.

>> of course it does stipulate the steering problem and ignition problem at that point were thought to be separate issues though not necessarily so that she'd about the steering problem in 2011 but the ignition problem but that has asked -- has to be asked there are two engineers now on paid leave they have serious questions to be in serb why did they change apart without the number so what made harder to go back to do retrospectives cahow analysis and one brodeur i cannot make up a business case for replacing the commission so now that is very serious in the event with the number of deaths there have been. gerri: that took a lot of people's breath away that it was just a business decision specifically that dollars and cents but what is the

first step going forward? >> there is some follow up work trying to get some answers from that nhtsa had not know if you watched the hearing on the house side but the acting administrator was clipping to dismiss the. in thin she did say she had a full-fledged investigation :one of her own per car home she shares the results with the committee because it is very important gerri: congressman good to have you on the show. thank you. is a regulation rampage crowding the house? rinaldi discuss why home builder confidence shakes the market. >> we hear the same thing

that we heard before that builders cannot get financing, and added of construction workers but did you dig deeper you find the real reason sentiment is down what the epa has been up to the proposed a new rule with the engineers that changed the of word tributary. what does that mean? by classification of how what plans are classified. we spoke with the president and ceo of chp so what does this mean? >> trying to expand the definition even a landowner could be subject to laws and regulations governing navigable waters of the united states it is ridiculous and it is not right. >> to address thousand permits every year and the cost to go from 23 and up through $300,000 per permit

this is not trying to build on lake michigan but are your own form they will say because you have a pedal that you cannot build there and stop the process. gerri: i am not surprised this is the direction of the epa has been on. but did they get out of this ? >> this is about extreme environmentalist with their influence over the epa in particular trying to stop all development everywhere in the country and clearly it is an overstep of the legislative intent and well beyond what any regulatory agencies have tried to impose before with this arena spinet this is the obama us at regulation this has gone to the supreme court twice of the clean water act instead of

following the supreme court the obama administration and the epa said no. we will change the language so what happens to housing prices of their permits processed jumps? try to get the epa got out to our development to give you the go-ahead to build? they are very nervous there is a big fight to right now. gerri: thank you for your reporting. coming up later we hope to expose how the social security administration would punish one generation for their parents the stakes now they backpedal and we have the details. ♪ i know a thing about an ira ♪ and i got the tools ♪ to do it my way ♪ i got a lock on equities ♪ that's why i'm type e ♪

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gerri: a big win for taxpayers last week we called out the federal government for an outrageous practice seizing people's tax return for decades old debt. >> one sentence instead dead of night slipped into a farm bill that said the government could pursue you for decades if you owe $700 on a student loan debt or social security disability payments that your parents incurred they can go after you? there is something inherently unfair you know when people are short to pay bills that but for the change that is what the government is doing.

gerri: now the highly articulate john fund is back. we are doing a victory lap but they thought this was of a possibility where they backtracking? >> congress was screaming at them. gerri: they collected $55 million from 400,000 people and the debts for $740 million but looking up the story i think some of that was made up. >> we don't know. most of the records are incomplete or fragmentary a lot would get the runaround baby the debt was legitimate but who could be certain? gerri: to remembers and the

people did not even have memory of the money arriving >> 184 parents died 1964 ian g. gut social security payments as a child. gerri: what they try this again? had been going on for some time to make it was slipped in 2008 into the farm bill they have been doing this the last two or three years only when people started to sue the government thht it made front-page news now they have recoiled and said we did not intended to do that. gerri: have you seen anything this egregious? people had no knowledge of these debts and for under so the government comes the social security administration comes you want to comply. the irs can do anything.

>> there is a question of balance. if you overpaid taxes or send them to much money you have to correct that between four and six years they will keep its other vice. so if they want to hold that maybe it is legitimate like student loan that we forgot about they should at least give you the chance to recover money that you have overpaid if the service was not provided. gerri: is seen as the government is looking in the cushions and under the palos >> now they try to collect the money after 20 years in nevada? clearly there is a deficit the government needs more money so forget about the rules and procedures just handed over. >> by prescription is to have a better economy without doing anything.

>> rising tide lifts all boats. gerri: we will be back with the answer to the question of the day are your tax dollars will spent or are they wasted? in the united states means advanced technology. we learned that technology allows us to be craft oriented. no one's losing their job. there's no beer robot that has suddenly chased them out. the technology is actually creating new jobs. siemens designed and built the right tools and resources to get the job done.

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here is some of your emails on steve ratner proposing to have the government forced young people to save for retirement. gerri: thank you. we love to hear from you. go to gerriwillis.com believe it or not the one defers anniversary of the federal income-tax. the pain just keeps getting deeper it was just 400 pages when it launched now 73,000 pages. the standard deduction is 1,400 but in today's dollars it would be worth $93,000

the top tax bracket is 39.6% it was 7%. doesn't that sound so much better? that is my $0.2. thank you for joining us. we will see you tomorrow. >> finished paying your taxes is get ready to pay for more because you will not believe this but liberals are seriously talking about a wealth tax and guess where they got that idea? the french. the french. the dice a more? our top story tonight. welcome everybody i am neil cavuto. something that will get you fried. a scheme hatched by a french economist that the rich pay more. >> they will not change by magic