tv Forbes on FOX FOX News March 31, 2012 11:00am-11:30am EDT
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you could make money or not. >> the entire nation waiting for the supreme court to reveal its decision on the fate of the health care law. we'll not find out until june, so why is the i.r.s. going ahead with the plans to hire 4,000 agents to enforce it and spending 300 million building a system to oversee it i am david asbin. in focus with steve forbes. and elizabeth, and rick and morgan and mike. steve, does it worry you that i.r.s. is hiring agents to work on this thing? >> sure, david, it is a power grab. those agents will be there to harass us. we need fewer tax collectors and more entrepreneurs. and i.r.s. agents should be able to contribute to the economy instead of sucking the blood out of it. there is a power grab, stop
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it. >> rick, should we hire 4,000 new i.r.s. agents to enforce something that we don't know is going to be there. >> the 4,000 agents that the i.r.s. is seeking is not to enforce obama care. here's the interesting little factor. they finished doing the audit of how successful they have been with agent and every dollar we are spending in enforcement in the i.r.s.. we are getting back 4.30. 300 million is to create a system mostly to bring the tax credits that obama care would provide if they survive. >> elizabeth mcdonald. you spent covering the i.r.s.. it listed all of the new things because of the health care act specifically, that the i.r.s. agents will have to do. >> after the political caravan
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moves on and health care turns in a big pumpkin. and i talked to them for years. they don't want to administer health reform. they it is it's political hot potato. but the i.r.s. has difficult time in administering the federal tax code. it is a privacy problem for the i.r.s.. they get details on your family plan and share the details of your family plan with insurance companies and other government insurance programs. the i.r.s. does not want to be in that position to do those kinds of things. >> exactly. morgan, even the i.r.s. admits what they are to do is pry in people's lives. they say and i am quoting them now. this is different from the type of information that the i.r.s. typically deals with and some taxpayers may feel uncomfortable about sharing it with the i.r.s..
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>> uncomfortable, yeah. going back to the point emac made they don't have agents to enforce the tax code. that's why they are hiring 4500 agents. last year we saw agents laid off and the i.r.s. said they are having back logs and sending out refund check to people who filed taxes already. and that they are having a hard time collecting hundreds of billions in taxes that are owed the government. so that is -- going to help collect. >> i get tbut specifically i.r.s. put out information about what the i.r.s. agents will have to do. they will have to investigate the cost of the family health insurance playplans and if they had employered offered health plans. >> is that part? >> it is. it comes from the taxpayer advocate's itself. >> this is a theme that is recurring through the obama
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administration. growing power of big brother. if i understand rick and morgan correctly. we might as well hire 20,000 more agents because washington gets more bang for the buck. make the tax code simpler so people and companies don't have to waste so much time and money troying to figure it out. that's how you invigorate the economy. >> just for the record, morgan said that's not what i am advocatesing and rick said it is. and obama care is not dead yet. there is a 40 percent probability it will get through. president obama repeatedly assured americans that there are no new taxes surrounding the health care program. so why expand the i.r.s.? there will be more harassment of the one group that this administration just doesn't like and that is small business owners.
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they assume every small business owner is a tax cheat. >> and with health reform. we talk to the taxpayer advocate's office and the story that you got there, dave. we put it on fox business. less than half of small businesses insure their workers and so the issue is that the government defines adquate care and then the i.r.s. gets to drill in and make sure all of that is in compliance with the heth health reform law. >> as emac points out. half of the businesses in the united states don't insure their people. this gives the i.r.s. a chance to dig in the roar. >> the tax code is so complicated. they want to squeeze money they can. there is no clarity. and one dollar of enforce four
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dollar of revenue. that is like the government spending - on spinning the numbers. >> right. >> that's not spin. that's not fair. it was an audit done on themselves. >> the said they give more they do better. >> wait, wait, wait. it was a gao audit of the i.r.s.. and the i.r.s., i tell you, time and again, they have such struggles dealing with the federal tax code. and they don't like it when the congress fiddles with it every year. >> rich, i think emac hit on it. the point is, we have a humongous tax code that only the big corporations feel comfortable with. small businesses can't deal with what it is now . what the health care law does. add more to give the i.r.s. a chance to go to the bookings.
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>> it is demoralizing to maul business owners when they see general electric paying a tax rate less than the ceo's personal income tax amount and same time they are harassed by more agents. we are knocking off one-two percent potential growth and why the recovery is so poor and why unemployment is still high. >> rick unger. you are complaining about fairness. to a certain extent i agree. this makes it less fair. you have many more rules and regulations. big guys can deal with and the small guys can't. >> i was in the supreme court hearing earlier this week. and the largest group demonstrating for obama care was the small business organization. and you are assuming. -- >> oh, come on. come on. rick, you know more small businesses are against it.
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>> i don't know that at all. >> steve, we have seen poll after poll seeshowing >> most of the them are against it it is a front organization . all of this underscore and need a simple flat tax period. >> gang, that has to be it for now. >> how amazing. >> and a more immersible experience. >> the stars are back praising the primary coverage . he's back at it for the votes in wisconsin, maryland and dc kicking off before 8:00 p.m. >> neil is the only one giving you live election results. >> coming up next, 42 and 14. two numbers that might be showing a recovery is here. but do the numbers make you feel better about the economy; you decide coming up next.
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>> good morning, i am jamie colby. winning numbers. 2, four, 23, 38. 46, and megaball 23. three confirmed winners in three states. kansas, illinois and maryland and these lucky folks may be splitting more than 640 million. and nationwide, americans spent 1.5 billion. and appeal can and first papal. and they asked the cuban government to restore the good friday. and they will officially recognize the holy day next week.
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>> and just got two big signs that the economy may be in a recovery mode. 42 percent said they will be hiring in the next six months and the stock market is seeing the best quarter in 14 years. is the recovery here in >> you have to bite down hard on the bullet and accept the good news. thingings are getting better and people know it . what else the surveyed showed which i like. they are going to spend money on machinery and spending money on captital assets. can it go wrong. of course it can. sorry. >> don't be sorry. it is getting better. steve, are you convinced it is a good recovery? >> no. it is the worst since world war ii, pathetic.
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we should have had this kind of growth after the recession officially ended. we know it is holding the economy back . tsunami of new regulations come like a car increasing from 20-40 percent. and not going to win you the indy 500. >> even ben bernanke said it is not a full recovery. >> i am not sure which bullet it is that rick thinks i should be biting. if you look at the same survey a year ago, 52% of ceo's said they would hiring. 52 percent is higher than 42%. and that aside, new job growth comes from small business and that's why we have a lot of issues. lending is not flowing as freely as you want it to be. that's the issue we have to work out. >> it shows how incredible the economy is. it wants to grow, right.
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>> well, yeah, that's the history of the united states and land of entrepreneurs. and the stock market is up because publicly traded companies are doing pretty well right now and they have cash to work with. but victoria is right, small business sector is struggling and great hospillity toward the small business sector and they are not hiring. and mike tis the small and midsize companies that do hiring . most of the inventive companies. big companies are slow to the mark. but small companies, that's the spine of our economy. >> david, we are not in a recovery. the things are worse as far as the standard of live real gdp percapita has declined. there is declines in after tax income. our standard of living declined over the past year.
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and the reason why stock prices went up, the fed increased the money supply in a tremendous pace and 10 percent alone. and they are not going to put that money in bonds with low yields or bank accounts. they will put it in stocks and that's what is happening. >> john, it is simple,re we better off or worse off than a year ago with the economy? >> we are going to be better off. recessions are curing and gets bad ideas in the economy. as i see it, republicans and democrats robbed us of a big recovery when they bailed out banks and car companies that should have been allowed to go barving rupt and we have a treasure yefed devaluing the dollar and so you are not going to have the investment with the weak dollar and capitol with the interest rates to geg reagan 80s or 90s
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style boom. >> rick, are you concerned about the small and midsize companies getting squeezed. >> i thought it was interesting and wonder if it has anything to do with the fact that 93 percent of the upside has gone into the pocket of one percent it is not going into the pocket of people we need to buy products. >> wait a minute. more concerned about the 99 percent . he's controlling the ball for the past three years. >> i am not sure i understand your question. >> who is to blame that the one percent is getting stronger at the expense of the 99 percent. wouldn't that be president obama? >> no, it is one percent who is controlling how they distribute the income and why do you blame it on the president. >> only one percent of americans are in the stock market? that's what you are saying, rick. that is preposterous.
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>> no, not at all. if you look. >> i didn't misunderstand the facts. >> we know that 93 cents of every dollar is going into the pockets of the top executives. >> what? that is ridiculous. and the market cap of companies. >> that is true. >> and steve forbes. >> this is nonsense. top one percent get 23 percent of the income and pay 35 or 40 percent of the taxes. the problem is dollar is cheapened and real wage system going down. every time the dollar is weak you get a weak recovery. get the right policies and everyone will have a higher standard of living. >> victoria, are we going to grow out of the dolledrums or not? you have optimism that it is better than the last year. >> i bay area and it is like frothy times and i have a weird perspective. we always do.
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but something needs to happen to encourage small businesses to be creative to start and banks to lend to the small businesses. that goes back to the tax system and regulations . are you going to start a small now and all of the sudden, a huge health care burden. >> thank you very much. gang. >> one in million are educators and the cashing in gang . a lot of hype over getting rich from the megamillion and why do they say the lottery is poorer and not reacher. a megaflip side coming up next. ♪
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megamillion in all lotteries make americans poorer and hurt the economy as a result. >> explain. >> the lottery suck a lot of money particularly from low income people who pay in to the lottery. and the government takes its share out. and odds are minis cule you will never get a return on the buck. >> morgan it is bad for poor
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people in the economy. >> leave the lotto alone . the truth of the matter, third of the money goes to education coffers and not like a totally bad and empty investment. and in you want to talk about lotto tickets making poor people poorer. look at larger trends. scratch offs gives people hope and a buck. if you want to take care of poverty look at welfare and education reform. >> it is nice. but some people pay more than they could afford, right? >> it is an ugly system when you think about it and education, it is 30 percent is a good outcome and it can be 20 percent . a huge chunk of administrative costs and sort of in everyone's interest to make the pile large yer larger and meaning more people will sign up and buy tickets. >> do you regulate it and say
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it is legal. no. you don't. >> are they good or bad for the individuals and the economy. and we'll scratch the hype. and at the risk of sounding like fred mertwherein i love lucy. >> 176 million odds of sharing odd and joining the one percent. states are using to close the budget deficit over 103 billion. and this 20 percent go to wipe out the deficits and not education. it goes to infrastructure and government. >> are they good or bad. >> it is reverse robin. give to government and take from the poor. our education system is bad or worse than 40 or 50. fine to have the money go to -- worse stock in the great
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