the president also talking about the buffett rule. the fact warren buffett's secretary is paying more within the tax rate than what he pays as a billionaire. but the phrase, one sided deal that hurts the folks the most vulnerable. he's not going to go for that. i thought, walk off. then go into apology about it. i know this hurts people politically and all this other stuff. people don't want to see that right now. they want to know, this is what i think, what i feel, this is how it's going to get done and how we're going to grow as a coun country. why do you think we get the apology on the back end of the statement? >> i think the president has been under fire lately and he wants to make very clear where he stands and the reason and rationale behind the decisions he's making. i agree with you, he probably should have just cut it short. he had me at shared sacrifice. >> he had you at hello. come on. >> keep asking wealthy people to sacrifice. middle and working class people have already sacrificed. their jobs, their retirement accounts.

this includes the so-called "buffett rule," named for warren buffett. the billionaire investor has argued the very rich are not taxed enough, saying people making more than $1 million a year should pay more income taxes than middle-class families. another $1 trillion in savings would come from winding down the wars in afghanistan and iraq. and the president is proposing changes to medicare, medicaid and other programs that would reduce the deficit by $580 billion. president obama says he will veto any plan that comes at the expense of ordinary americans and any plan that relies solely on spending cuts. his proposal now goes to a congressional supercommittee that has been charged with cutting at least $1.5 trillion from the deficit. it has until november 23 to reach a deal. congress must pass it by december 23, otherwise automatic cuts will take effect in january 2013. getting the measure passed in congress will be a tough fight. here's what house speaker john boehner said today about the president's plan: "pitting one group of americans against another

the so-called buffett rule is named after billionaire investor warren buffett who has complained that he's taxed at a lower rate than his employees. there is no specific tax provision connected to the buffett rule. instead, as white house advisers told me last night, consider it a guiding principle that millionaires should pay as much of their income in taxes as middle class taxpayers do. >>> moving on, if you think house speaker bane e eer boehne make it clear enough, republicans laid out yesterday any plan to go big whether it's on jobs or the debt is dead on arrival. senate republican lead mitch mcconnell slammed the president's job plan saying stimulus provisions in it are not the way to go. this is what he said on "meet the press." >> if you look at the stimulus bill, david, what did we get out of that? turtle tunnels and sin lynn dra. there's no education in the second kick of a mule. we've been there. we've done that. now he's asking us to do it again. >> then you had house budget chair paul ryan downplaying any expectations for what the super committee is going to produce. her

and here's what's coming up tonight on the big picture president obama hopes to enforce the buffett rule on the nation's wealthiest working people like warren buffett's secretary who pays about thirty six percent in federal income taxes shouldn't pay more than billionaires like buffett who last year paid about eighteen percent just how much longer will we have to listen to republicans insist if we just keep taxes insanely low on the rich and donors then the jobs fairy will one day visit america and thousands of victims of the recession took their concerns to the street wall street to be exact so will justice be served for the people screwed by the corporate bankers. you need to know this president obama gets his way than the gravy train is over for america's millionaires billionaires and transnational corporations today the president unveiled his deficit reduction plan a proposal that will slash four trillion dollars out of our nation's deficit over the next ten years and completely pay for the american jobs act that was introduced in congress last plan does this primarily by ending spec

it's called the buffett rule. and it's referring to billionaire warren buffett, who is complaining that wealthy americans pay less than their fair share in taxes. bottom line, taxes for the rich, is that fair? contributors will cain and lz weighing in on this morning. fair? >> well, i guess it is, because we have allowed the system, the tax code, to rotten things to the point where we are running out of other options. i believe the number is 20% of the population controlling 80% of the wealth. so when you look at that kind of number, you're going to have a lot of poor people. you've got to find ways to balance things out so that society can be more fair for everyone. so we are where we are now, and so yes, i do think at this point that is fair. >> will? >> you know, kyra, fair is a four-letter word. and it's a four-letter word that has a subjective meaning. to me, it means everybody pays about the same percentage. but that being said, we can all recognize there are unfairnesses in the tax code. it is unfair that a

the administration calls it the buffett rule for billionaire investor warren buffett. >> i have a lower tax rate, counting payroll taxes, than anybody in my office. >> reporter: it's a catchy moniker designed to help sell an idea, a plan that is populist at its core, although republicans call it something else entirely. >> when you pick one area of the economy and say we're going to tax those people because most people are not those people, that's class warfare. >> class warfare will simply divide this country more, will attack job creators, divide people and it doesn't grow the economy. >> reporter: opposition to tax rates for the wealthy on a par with middle class rates is tricky politics. it sounds completely sane and only fair. certainly when put in the hands of a master politician. >> if you look at the group that has had the biggest income increases and the benefit of most of the tax cuts of the previous eight years before the obama administration took office, those of us in that income group were in the best position to make a contribution to changing the debt structure of the co

the so-called "buffett rule" is a reference to billionaire warren buffett, who says his receptionist pays a higher tax rate than he does. >> i think we ought to take more out of the hydes of fellas like me. >> reporter: after a slew of credits and deduction, people in warren buffett's class can pay as little as 15% in taxes while most middle-class americans pay an average of 25%. the white house aims to change that. details have yet to be released, but republicans are already calling it a political ploy. >> class warfare, chris, may make for really good politics, but it makes for rotten economics. >> reporter: maintaining their position that spending cuts, not revenues, are the best way to reduce the deficit. >> it's a very simple equation: tax increases destroy jobs. >> reporter: most high-income earners would hardly notice the new tax, says steve bell with the bipartisan policy center. >> you're talking about 400 to 450,000 people, so you're talking about a tiny, tiny percentage of taxpayers in the country. >> so how does that help deficit reduction? >> it doesn't directly as much

the so-called buffett rule. and this because the billionaire has said -- warren buffett has said, listen, i pay a lower tax rate than my secretary. how do you politically argue against that, or would you? >> well, i just think that's a political move by the president. i think senator durbin sort of tipped his hand. how would people in ohio accept an explanation from john boehner just say no? the truth of the matter is if you raise taxes on billionaires and millionaires, it adds a de minimis amount of money to the treasury to pay off the debt. and i would assume that's what they're trying to do. i think most americans are frustrated with the tax code where 1% of taxpayers pay 40% of the taxes, the top 10% pay 70%, and i'm in the camp of the bowles-simpson gang of six attempt to flatten the tax code. ge paid no corporate tax last year, so let's do away with deductions and exemptions except for interest on your home, charitable giving with a cap. take that $1.2 trillion, buy down rates to create jobs and pay some de

people, which is 0.3%, of the 144 million who filed last year in 2010, would be affected by the buffett rule. jamie? >> jamie: a lot of people, but not probably you and me. thanks, so much. good to see you, peter. take care. >> eric: warren buffett famously said his secretary -- he pays lower taxes than his secretary and in an op-ed piece in the "new york times" last month, he revealed his 2010 federal tax bill was nearly $7 million. but, the -- went onto write, yet it sounds like a lot of money but what i paid was 17.4% of my taxable income, a lower percentage than the other 20 people in our office and their tax burdens range from 33% to 41%, and average, 36% and my friends and i have been coddled long enough by billionaire friendly congress and it is time for our government to get serious about shared sacrifice. republicans say tax hikes, though are not appropriate and will hurt an economic recovery. here's the question again, about capital gains taxeses. is the president's new plan a political move or a real solution to try and get the economy back on track? coming up, washington times co

buffett rule taken social security off the table.t's a cop out. >> it's not a cop out. it's not populist. it's the right thing to do. these republican house members have to make a decision. they took an office to protect tax loopholes and protect rights of millionaires and be in a lower tax bracket or did they take an oath to protect and defend the middle class? those are stakes right now. these republicans have to make a choice of who they are fighting for and we'll hold them accountable for that choice every single day. >> is this a political issue or an attempt to do something about jobs and fix the economy. if there's no vote for it you are establishing a political issue going into an election campaign. >> the republicans have said no to everything that we have proposed. we have to fight for the middle class. this is not a partisan issue. this is not a political strategy. this is the right thing to do. $3 trillion reduction in deficit in a fair and balanced way where we simply ask people to pay more than a million dollars to pay

. >> reporter: so the president's fix will be the "buffett rule." any american making more than a million dollars would pay at least the same percentage in taxes as the middle class. let's use buffett as an example. his secretary made $60,000 and pays 29% in taxes. buffett made $46 million, but only paid 17% in taxes, about $8 million. under the millionaire tax, if he paid that middle class tax rate of 29%, he'd owe another $5.5 million. republicans aren't buying it or buffett's argument. >> if he's feeling guilty about it, i think he should send in a check. but we don't want to stagnate this economy by raising taxes. >> the time for action is now. >> reporter: the buffett rule is just part of long term deficit reduction and tax reform plan the president will propose in a speech tomorrow. he has long contended the rich need to pay more, a populist plan, that has general support among americans. but republicans call it divisive. >> class warfare will simply divide this country more. it will attack job creators, divide people and it doesn't grow the ec

mentioned the president is proposing this millionaires' tax, calling this and referring to it as the buffett rule after warren buffett. the people who make $1 million or more a year should be paying their fair share towards taxes. the people who are lower brackets. the president will say he will veto any entitlement reforms. this is what republicans want. they want some changing to medicare and medicaid and he will say that they will be on board with none of that unless there are some tax increases. >> we're headed for a showdown, then, because a lot of republicans have signed pledges, no new taxes under any circumstance. so how will republicans get around that? >> reporter: that's the really unclear thing right now we're keeping an eye on, because republicans, as you will recall and you were referring to, carol, no tax increases during the debt ceiling. expect them to say no again here, and even democrats i've spoken to on capitol hill don't expect that any sort of tax increases will ultimately be in the package. that congress, brokers, certainly this is going to be playing out. the president ce

you daily coast as you are you state of the nation survey asked of people support or oppose the buffett rule and guess what an overwhelming seventy three percent of respondents supported the idea so where is that on your television screens today why isn't it the talk of the town the question that needs to be asked at the top of every hour you know what it's been two weeks and now you're tired of this story or i know i get it now that it's someone other than politicians or pundits that has an opinion on it you just don't care what real people think isn't half as fun as exciting as the partisanship here in d.c. what the rest of america feels that's what the mainstream media chooses to miss. now we continue our coverage of occupy wall street on our show tonight we spent a good part of the last eleven days criticizing the mainstream media for their lack of coverage or for their lack of depth in coverage once they decide to turn their glance towards the protests only after police and demonstrators clashed this past weekend but in trying to answer why this story this movement doesn't get the cover

humor when the president unveiled his deficit reduction plan two weeks ago when he suggested the buffett rule would require that anybody who makes over one million dollars pay the same percentage in taxes as those who make well below that now immediately the g.o.p. jumped all over this proposal labeling it class warfare and so the mainstream media of course played a lot it is class warfare class warfare class warfare look for that phrase quite often the whole thing is class warfare would you agree with i mean i necessarily know what really though i mean what the president is selling as you say look the opportunity they're going to have to be responsible he is saying what a lot of republicans are saying that to suggest taxing the wealthy is class warfare is it really. now i think that whether or not people believe there is a class war going on in this country is a potent question we ask it of you our viewers. we've been reporting on piece after piece of evidence to prove that yes there is a class war going on in this country that's been in fact going on it's just the rich that have been winnin

an outrage he has asked to us fix. >> buffett rule would raise taxes millionaires pay on investment incomexed at a lower rate than middle class paychecks. buffett's idea sets the stage for another epic stalemate with congress. >> if he is feeling guilty about it, send in a check. >> it will attack the job creators, divide people and it doesn't grow the economy. >> president obama won't just have to deal with the criticism from republicans this week. a new book by ron suskind describes the white house plagued by infighting, dysfunction and even sexism. the book hits the shelves tomorrow. scott goldberg, abc news, washington. >>> 6:46. this is i'll see you in court day for heads of other can and google. >> we have more on that and word of a new owner for great america in santa clara. good morning. >> good morning. this is the term awkward. two exec of google and oracle will square off in court today over the android software for smart phone. larry page and larry ellison will appear before magistrate in san jose. they have been going back and forth over patent. the fight could post the bigges

the white house wanteds to enact the buffett rule. warren buffett were the wealthiest americans receive tax breaks they don't need. republicans vow to block any tax hikes. >> class warfare will divide this country more, will attack job creators, divide people and it doesn't grow the economy. >> here's a breakdown of the president's plan. it aims to cut the deficit by $3 trillion, new taxes would generate $1.5 trillion, $1 trillion saved through the withdrawal of forces in iraq and afghanistan, and there's five 580 billion in entitlement cuts, $248 billion of which is medicare, $72 billion in medicaid. >>> it's been a tough day on wall street after the best week this months for stocks. stocks are falling as investors worry that greece won't qualify for new installment of emergency funds in time to avoid defaulting on its debt. the dow is currently down 187 points. the nasdaq is down less than 2%. it's being helped by palo pal apple. the s & p is down. >>> it's been just over a year sin the deadly san bruno pipeline explosion. tomorrow t

he's calling it the buffett rule after billionaire investor warren buffett, who has said the rich shoulday higher taxes, but this morning, the question, is this all an attempt to change the subject from the president's dropping poll numbers, as well as a potentially damaging new book that's just come out, abc's david kerley is at the white house with more on that. david, good morning. >> reporter: good morning, dan. the timing of the release of this book is not good. low poll numbers for the president, high unemployment rate, and now accusations that the white house is a hostile place for women. the white house is fighting back and women who used to work here are also fighting back and even a fellow journalist is criticizing this book. president obama's white house was rudderless according to ron suskind's new book "confidence men," and he claims it was not a pleasant place for women. quote, this place would be in court for a hostile workplace is how former communications director anita dunn is quoted. christine romer reported excluded from a meeting by then economic adviser larry summer

now they want the super committee looking at the deficit reduction measures to pass a buffett rule. >> warren buffett pays a lower tax rate than his secretary. an outrage he asked to us fix. >> it would raise taxes millionaires pay on investment income taxed at a lower rate than middle class paycheck. buffett's idea sets the stage for another epic stalemate with congress. >> he is feeling guilty. i think he should send in a check. >> class warfare will divide the country more, divide people and it doesn't grow the economy. >> president obama won't just deal with the criticism from republicans this week. a new book by ron suskein claimed the white house is plagued with even sexism and it hits the shelves tomorro tomorrow. >>> 4:46. vallejo neighbors mourn loss of a loving couple. >>> and dominique strauss-kahn talks publicly for the first time about the sexual encounter that ended his career. leading the international monetary fund. >>> a night of glitz and glamour at the emmys. we'll tell you which stars >>> welcome back. you're looking at live doppler7 h.d. it's quiet around the stat

and hike taxes $1.5 trillion, using the warren buffett rule, tax the rich. >> if we made spending cuts, many we wouldn't make if we weren't facing such large budget deficits, then it's only right we ask everyone to pay their fair share. >> reporter: the well off would go back to mid-1990's rates and lose some deductions. >> it is a modest change in revenues. if you do it sensibly through tax revenue, you'll make growth in the united states stronger. >> reporter: house speaker boehner said, no way. >> tax the rich, tax the rich. it's not going to get our economy going again. it's not going to put people back to work. >> reporter: boehner and the president almost agreed to tax hikes in july. the grand bargain. but many democrats want a grand battle. >> best manner we can -- >> reporter: the president is on the high side of public opinion. what he hasn't been able to do so far is make that work for him in congress. now he's trying to go over the heads of lawmakers and force them to go along with him. >> it's time to do what's right. >> reporter: this was step one. i'm steve handelsman, nb

. $1.5 trillion mainly on the wealthy in new taxes, referring to it as the buffett rule, named after rren buffett. he says someone should not have to pay more tacks than buffett does. >> it is wrong in the united states of america that a teacher, construction worker who earns $50,000 should pay higher tax rates than somebody pulling in $50 million. >> the new taxes would end the bush era tax cuts. the plan also calls for $580 billion in adjustments to help entitlement programs. and it takes into consideration troop withdrawals from iraq and afghanistan, which will save $1 trillion. >>> the time now, 11:11. coming up, how about this? a new ketchup packet. that's right. >> just what we've been wanting. >>> netflix is just a name. what the company is calling itself these days. >>> amusement by the 49ers oap t america, coming up next. ♪ [ ukulele strumming ] ♪ [ folksy whistling ] [ man ] quitting is a fight you can't let yourself lose. it can take many tries. but keep trying, you will beat smoking. honey, you okay? yeah, i'm fine. ♪ [ ukulele ] >>> welcome back, everybody. based on what

the hallmark of president obama's deficit cuts is the so-called buffett rule, named for billionaire warren buffett. a minimum tax rate for millionaires so they never pay a smaller portion than the middle class. >> making sure we live within our means and asking everyone to pay their fair share. >> reporter: that, plus rolling back the bush tax cuts for couples making over $250,000 and closing tax loopholes for big oil companies and corporate jets amounts to $1.5 trillion in savings, the president will say today. >> does anybody think that's a good idea other than the president? >> reporter: republicans argue tax hikes will prevent the rich from creating jobs. >> when you say we're going to tax those people, because most people are not those people, that's class warfare. >> reporter: the president will also outline over $.5 trillion in savings for medicare, medicare, and other medical programs. republicans claim seniors would eventually pay. >> that puts 15 bureaucrats in charge of rationing prices to medicare for current seniors. >> reporter: the president's plan won't raise the minimum ag

when you pull out republicans from the polling here, you have 66% for the buffett rule. 66% of republicans are with the president on this one. social conservatives are always talking about wanting to make elections values elections. what they mean is that they want the election to be about gay rights and abortion and stuff like that. turns out it is democrats this year who want this to be a values election except the values they want to talk about are things like rich people shouldn't get special treatment and bridges shouldn't be left to rot and fall down. also gas pipeline explosions, bad. it's not as catchy as guns, god and gays, but it is something. joining us now is joe, founder and owner of the blog, barefoot and progressive and staff writer at "the leo" in louisville, kentucky. thanks for being here. >> thanks for having me on, rachel. >> is it resonating in kentucky after last week's pipeline rupture and everything, is it resonating in kentucky that rand paul is holding up the pipeline safety bill here? >> well, the "ap" broke the news on tuesday and people are just now starting to

in indeed, the president named his tax notion the buffett rule after he revealed he paid a lower tax rate than many of his middle class employees. a billionaire wrote on his blog while some people might find it distasteful to pay taxes, i don't. i find it patriotic. i'm not saying the government's use of tax money is the most efficient use of our hard-earned capital. it obviously is not. in a perfect world there would be a better option. we don't live in a perfect world. we don't live in a perfect time. we live in a time where the government plays a big role in an effort to help lead us out of this great recession. that's reality. today republicans shifted their rhetoric from class warfare to trying to portray the president as a quitter at the game of government. boehner's spokesman said "divided government is difficult and at times ugly but with 9.1% unemployment and more than a year until the next election i don't think americans are going to approve of the president taking his ball and going home." joining me now is congressman jan schakowsky of illinois who served on the commissi

been reported, a big part of a plan is a tax increase for the super rich that's been dubbed the buffett ruleit's named after billionaire warren buffett who says he's embarrassed to be taxed at a rate below his secretary. the president says the tax increase is about everyone paying their fair share, but republicans say they won't stand for a tax increase for anyone regardless of their income level. they also oppose any more stimulus spending which they say is at the heart of obama's jobs plan. >>> the family of two uc berkeley graduates jailed in iran have their hopes pinned on tuesday. we'll explain this latest waiting game. >>> plus the strange case of a teenage boy who showed up in berlin with little more than a compass and a name. >>> politics may be their game but ping-pong, clearly not. we'll show you how the san francisco mayor fared on the ping-pong table today. >> wicked moves. the satellite not showing any clearing at all. we'll tell you about the record high that we tied today and you. details just ahead. these sweet honey clustery things have fiber? fiber one. almost tastes like o

. >> he's talking about the so-called buffett rule.of president obama's proposal that would increase the top tax rate to clinton era levels, not 50% as o'reilly claims. the buffett rule would raise taxes on investments to the same level as wages which, by the way, is a proposal that the overwhelming majority of americans, the folks, are for. so today on "the view," o'reilly had a different spin on the matter. >> i'm telling you the country is in trouble. we owe $14.5 trillion we can't pay back. our power is on the decline everywhere. >> what's the solution? >> the next president has to get in and demand of all of us sacrifice. we're all going to have to make sacrifices. >> the next president? why do we have to wait 14 months? time to call in heidi harris of the heidi harris radio show in las vegas, and bill press, host of the nationally syndicated bill press show. nice to have both of you with us tonight. turning to president obama, he's out there defending workers, the middle classers. here he is earlier this week. >> you know what, i

. >> reporter: the white house is calling it the buffett rule, after wealthy investor warren buffett, who says the rich are being unfairly taxed, not because rates are too high, he thinks they're too low. recently writing, my friends and i have been coddled long enough by a billionaire friendly congress. time for our government to get serious about shared sacrifice. today that stance and the president's embrace of it drew scorn from the senate's top republicans. >> if he's feeling guilty about it, send in a check. but we don't want to stagnate this economy by raising taxes. >> reporter: the economists say effective, the new tax should be part of a larger overhaul of the tax code. >> get rid of most of the exclusions and exemptions, require people to recognize income in the year they receive it. >> reporter: mr. obama's new proposal comes as the new economy continues to struggle and his approval rating drops. today, one republican came close to predicting a gop victory next november. >> this is our election to lose. president obama has done everything he knows how to do to beat himself

obama said tax reform should be guided by what he called the buffett rule, higher tax rates for millionaires, named after the billionaire investor. >> middle class families shouldn't pay higher taxes than millionaires and billionaires. that's pretty straightforward. warren buffett's secretary shouldn't pay a higher tax rate than warren buffett. >> reporter: in the latest nbc news wall street journal poll the majority of americans support increasing taxes on the wealthy, but republicans immediately declared tax hikes are dead on arrival, accusing the president of driving a political wedge in the electorate. >> i don't believe class warfare is leadership. you know, we can get into this tax the rich, tax the rich and it's not going to get our economy going again. it's not going to put people back to work. >> this is not class warfare. it's math. >> reporter: analysts say the president is making a populist pitch. >> i think the president is trying to have an ideological fight. i think he wants this to be about democrats defending and working for the little guy, the average american and republica

wants the congressional super committee looking at deficit reduction measures to pass a so-called buffett rulepays a lower tax rate than his secretary. outrage he asked to us fix. >> buffett rule would raise taxes millionaires pay on investment income taxed at a lower rate than middle class paycheck. buffet's idea set the stage for another epic stalemate with congress. >> feeling guilty about it. i think he should send in a check. class warfare will divide the country more attack job creators, divide people and it doesn't grow the economy. >> president obama won't just have to deal with the criticism from republicans this week. a new book from ron suskind describes the white house plagued by infighting dysfunction and even sexism. the book hits thes tomorrow. scott goldberg, abc news washington. >>> protesters try to take over wall street. the bloomberg business report is coming up. >> vallejo neighbors mourn the loss of a loving couple next. obstacles faced by firefighters getting a man and his wife out of their burning home. >>> dominique strauss-kahn talks publicly for the first time about

. >>> also, on monday president obama announces the buffett rule. it's a plan to raise taxes on the very wealthy. and guess who's unhappy about it? that's right. republicans. we'll drill down on the process a and the cons, straight ahead. t'chevy season of ding. and there isn a tt time for a truck, with chk rk after mark of pe doing per. ♪ go yor chevaler today. get the truck and g that list done ♪ down the hill? man: all right. we were actually thinking, maybe... we're going to hike up here, so we'll catch up with you guys. [ indistinct talking and laughter ] whew! i think it's worth it. working with a partner you can trust is always a good decision. massmutual. let our financial professionals help you reach your goals. should i bundle all my policies with nationwide insurance ? watch this. on one hand, you have your home insurance with one company. and on another hand, you have your auto with another. and on another hand, you have your life with another. but when you bundle them all together with nationwide insurance, they all work together perfec

the so-called buffett rule is named for billionaire warren buffett who says himself, it's not fair that he pays lower taxes than his secretary. >> with regard to his tax rate, if he is feeling guilty about it, i think he should send in a check. >> reporter: ahead of today's announcement, republicans were already lining up against the president's plan. they argue the proposed tax hikes will only hurt the people who create jobs. >> class war fare, chris, may make for really good politics, but it makes for rotten economics. >> reporter: instead, many conservatives are pushing for a sweeping reform of the nation's tax code. still, president obama is expected to make clear today that every american must share the burden of reining in the deficit and he will threaten to take medicare cuts off the table if the republicans don't agree to the new tax hikes. the president's plan also includes $1 trillion in savings from withdrawing troops from iraq and afghanistan. terrell, that announcement coming at 10:30 eastern time this morning from the rose garden. >> we will be watching. susan mcginnis in

it seems to me that there's not yet any specificity on how the buffett rule would be written into law. how you could write it so that a situation wouldn't occur again where warren buffett, a billionaire, would be paying a lower income tax rate than middle class employees who work for him. how would you write that into law? >> well, first of all the president has said that those tax cuts for the wealthiest americans absolutely are not going to be renewed, but i certainly introduced my own proposal, the fairness and taxation act, that would raise the rates for the highest earners starting at $1 million and ratcheting up to $1 billion. i hope the supercommittee, at least the democrats, will put that actually into legislative terms on how we can make sure that no millionaire pays a lower rate than a plumber or a schoolteacher or his secretary, or as warren buffett has said, the woman that cleans his house. >> yeah, i personally don't see any other way to write this other than just a set of new tax brackets that address the buffett level of income. you certainly couldn't write a law that s

. >> and all the talk this week was around the so-called buffett rule to raise the millionaire tax rate. but already today the white house calling that more of a guiding principle than a hard tax. regardless, the gop calls the whole thing class warfare. they're making it clear no such bill has even a chance of passing a republican-controlled house. and however you look at it, we're once again stuck with really a bogus debate. both parties trading barbs during this latest round of political pro wrestling while both parties continue to ignore the obvious barriers to job creation in a flawed tax code that incentivizes the removal of money from this country, not the investment in country, rigged trade, which does exactly the same thing, and too big to fail banks that are bigger than ever, that, by the way, also help to remove money from america. no one wants to deal with that. they just want to play rich man, poor man, old man, young man, you pick it. lots of bogus debates that are great politics that don't address our problems. peter morici, msnbc contributor, and jared bernstein, an old f

on monday, he proposed 1 1/2 trillion dollars in permanent tax hikes, including the so-called buffett rule to raise taxes on americans earning more than a million dollars a year. joining the panel this week, wall street journal columnist editorial, dan henninger, editorial board member, jason riley and assistant editor james freeman, so, james, we may be headed toward recession and may be in one. >> very slow growth. >> very slow growth. very slow jobs growth. the president wants to run presumably on the economic record, we have to. what's the strategy behind introducing this tax hike, about one and a half trillion dollars. how is that going to help? >> it's kind of mind-boggling and i think that's what investors around the world are looking at. we have a banking crisis in europe. we have the consumer in europe pulling back, the american consumer pulling back and asia's economy, india and china slowing down and his answer is increased taxes. it really, it defies political odds, i guess we're going to get to that, but on the economics, you don't see how this is a growth agenda and that's wh

media began with the president pitching his latest tax plan, citing what is now referred to as the buffett rule. so, let's start there. the media theme, judy, seems to be that the, you know, it's time to soak the rich and ask them to pay more money, but the rich do pay an awful lot of taxes. >> right, it's true. it was very interesting, the disconnect between the media and the people. the american people seem to like this speech, but boy, the media certainly didn't and some of the most stallwart liberal columnists deserted the president on this and said, you know, hey, wait a minute, this is not what we wanted, this isn't what we had signed up for. so, it was an odd week. >> jon: jim, the president, the line he keeps using about warren buffett's secretary pays less in taxes or pays a lower tax rate than warren buffett, has that been adequately investigated? >> smart alec's said let's see warren buffett's tax returns and see what he's actually paying. this is the complicated issue because a few months ago, the president said he he was going to fit in again, jobs and the pivot he's made in his pr

save $1 trillion in iraq and afghanistan, and hike taxes $1.5 trillion using the warren buffett rule. tax the rich. >> if we're going to make spending cuts, many of which we couldn't make if we weren't facing such large budget deficits, then it's only right we ask everyone to pay their fair share. >> reporter: the well off would go back to mid-1990s rates and lose some deductions. >> it is a modest change in revenues. if you do it sensibly through tax reform, you'll make growth in the united states stronger. >> reporter: house speaker boehner said no way. >> tax the rich, tax the rich. it's not going to get our economy going again. it's not going to put people back to work. >> reporter: boehner and the president almost agreed to tax hikes in july. the grand bargain. many democrats want a grand battle. this was outside the white house. outsi >> so the president's on the high side of public opinion. what he hasn't been able to do so far is make that work for him in congress. he's trying to go over the heads of lawmakers and force them to go along with him. >> it's time to do what's righ

media reports obama will call his proposal the buffett rule reference to billionaire warren buffett who has repeatedly raised a problem in the past it's designed to ensure the rich are taxed at the same rate as middle income earners contribute to reducing the country's deficit it's thought the president will publish more details on monday. then as well as cancer stricken president says he will return to cuba for a fourth and probably final round of chemotherapy hugo chavez underwent surgery in june through hoover to mark over a full details of his condition and treatment were known. to recover and promises he will run for re-election next year that's inspired wider concerns for his health . the former chief of the international monetary fund is to give his first t.v. interview since charges that he attempted to rape a new york hotel they will drop the many assaults god will appear in the french channel later on sunday being questioned by a friend of his wife about the resigned as i have had in may after his arrest but the case was closed in august because of doubts over his accuser's cr

bar was set to make americans who were in over a million dollars a year paid more tax than you buffett rule named after billionaire warren buffett who said he should pay more tax introduces a new minimum rate plan to be published monday is designed to ensure the rich contribute the same rate as lower up to now earnings from investments were taxed at lower rate meaning the richest often face lower tax. polices to u.s. hikers convicted of spying in around has been postponed until a second judge ruling on the case comes back from holiday the man's lawyer was in court again sunday trying to complete paperwork for their million dollar bail release the americans reached sentenced to eight years in prison last month after crossing into northern around that they say they crossed the border state that's. russia three e.u. energy corporations total twenty five billion dollar gas supply contract this week the nine hundred kilometers south stream pipeline will deliver russian gas directly to european households it took four years for moscow to strike the deal to construct the pipeline is it'll take abo

media reports obama will call this proposal the buffett rule reference to a billionaire warren buffett was repeatedly raised the problem in the past well it's designed to ensure the rich are taxed at the same rate as middle income earners and contribute to reducing the country's deficit it's thought the president will publish more details on monday. the release of u.s. hikers convicted of spying in iran has been postponed until the second josh ritter is from holiday on tuesday the man's lawyer says he was in court again on sunday trying to complete the paperwork on their million dollar bail deal with two american hikers are each sentence last month to eight years in prison they say they mistakenly crossed into iran while hiking in border iraq. the former international the international monetary fund chief is to give his first t.v. interview since charges that he attempted to rape a new york hotel maid or dropped so many styles gone will appear at a french channel later on sunday being questioned by a friend of his wife well the man resigned as i.m.f. head in may after his arrest and th