this loophole, it's a loophole. he could say, i would close it. what is he left with, though. he already got the benefit from it. >> he doesn't want to be talking about himself. that's true for any candidate with any kind of background. it would be, you know, every candidate comes with these problems. and bill clinton had problems. he didn't spend a lot of time reminding people what his problems were, apologizing for his problems. he moved on and said, let me tell you what i'll do for you. one of my favorite political stories. karen hughes tells this, walking down the beach, seeing one of the planes carrying an advertising slogan. it said, jill, come back, i'm miserable without you, jack. bad slogan, too much about you, not enough about her. >> jill, i love you, you're amazing, jack. but it's going to be raised. it's going to be raised anyway. i agree with david in theory, but in practice, barack obama is clearly going to raise this one way or another, particularly since romney seems so uncomfortable in talking about his own wealth. right? so we have to have -- he has to have

first, we should close the freight rail loophole in our buy america laws. the industrial might of this nation was built on american railroads made from american steel. as we update and improve that freight rail system, it is only right that those bridges and tracks continue to be made in america. this summer, construction of a

this particular loophole, it's a loophole, so he could say i would close it. now, of course then, so say he does that. what's he left with? he's already got the benefit from it. >> he does not want to be talking about himself. it would be every candidate comes with these problems. and bill clinton had problems. bill clinton did not -- bill clinton did not spend a lot of time reminding people of his problems, apologizing. he moved on and said let me tell you what i will do for you. one of my favorite stories, karen hughes tells this. walking down the beach seeing one of those planes. the slogan said jill, come back, i am miserable without you, jack. that slogan, jack, too much about you. not enough about her. >> jill, i love you, you're amazing, jack. >> but it's going to be raised any way. i agree with david in theory, but in practice, barack obama is clearly going to raise this one where another since romney seems so uncomfortable in talking about his own wealth, right? so, he has to have a plan ready and say okay, let's make the case for reform. i didn't bre

this particular loophole, it's a loophole, so he could say i would close it. now, of course then, so say he does that. what's he left with? he's already got the benefit from it. >> he does not want to be talking about himself. it would be every candidate comes with these problems. and bill clinton had problems. bill clinton did not -- bill clinton did not spend a lot of time reminding people of his problems, apologizing. he moved on and said let me tell you what i will do for you. one of my favorite stories, karen hughes tells this. walking down the beach seeing one of those planes. the slogan said jill, come back, i am miserable without you, jack. that slogan, jack, too much about you. not enough about her. >> jill, i love you, you're amazing, jack. >> but it's going to be raised any way. i agree with david in theory, but in practice, barack obama is clearly going to raise this one where another since romney seems so uncomfortable in talking about his own wealth, right? so, he has to have a plan ready and say okay, let's make the case for reform. i didn't bre

in that time it's gotten more and more complicated aided more loopholes, how complexities.hat's not what is good for business. a lot of what the president wants to do is sweep away everything that isn't helping our economy cut the rate. that's what we need to do for the american economy and he doesn't want to wait. he wants to start that conversation right away. secretary geithner is going to have the leaders of the congressional tax writer committees the democrats and the republicans, hopefully meeting him next week wondering how to drive this forward. we know this is a long, complicated discussion. it's a very involved problems, that's why we want to make sure that we continue to drive that process forward. >> you sound very realistic. one of the reasons why of course, there will be a human cry, mitt romney said as much in his conversation this morning is that you'll be closing some loopholes. can you give people an example of a couple of the loopholes that you will close in order to pay for the lowering of the rate overall? >> sure. take for example a manufacturing compa

those are not closing loopholes. those are new taxes.'d like to simply begin with a clean slate and begin with the lowest rate that we can achieve revenue neutrality with and then force each deduction or credit to be voted on individually. so make rates lower, make the system fairer and simpler. secondly week have got to take on entitlements. we've got to raise the retirement age on social security, we've got to change the index we use for social security from wages to prices, we've got to ask higher income people to be willing to take less. and in medicare we have got to have co-payments and deductions based on income to provide incentives for people to be cost conscious. >> you are the author -- paul vorker said that caused the banks to take undue risk and caused the financial meltdown. as one of the authors of that bill, what's your response? >> it's not true. i can tell you in one sentence what caused the financial crisis. we lent a lot of people a lot of money that they couldn't or wouldn't pay back. we force banks to maybe subprime

cut loopholes act. this bill, similar to the legislation that i've introduced in the past few congresses, would close this loophole. under our bill, corporations would no longer be allowed to claim tax deductions for options that are larger than the expense that they report to their shareholders and the people considering buying their stock. it would also subject stock options to the same $1 million cap on deductions for skaoufp compensation that now -- executive compensation that now applies to other forms of compensation. at the same time, and this is important to know, madam president, it would -- our bill would leave unchanged the way the law applies to individuals who receive stock options. and it would leave unchanged incentive stock options that are used often by start-up companies. we would not affect that. the stock option loophole should have been closed long before mr. zuckerberg's extraordinarily lucrative options became public. but surely the case of facebook illustrates to the senate, to t

is now to set this all up one of the loopholes in this volcker rule comes in the form of a market making provision let's remember market making for a second here's lloyd blankfein talking about it when charlie rose asked him if goldman investment advisors had ever bought securities from the firm sold them to clients and then bet against those same securities and no blankfein is pregnant pause. i have to explain you see this is this is a problem as a market maker we are making buying and selling a thousand times a minute. probably that's what i that's what i. probably we're just market makers now another one of the provisions has to do with hedge funds a volcker rule supposed to make it so banks can't own had funds let's remember why ok here are some headlines from the financial crisis days b.n.p. perry freezes funds as loan losses royal markets these were their investment funds and here's another one bear stearns hedge funds wiped out so bear had to pump more than a billion dollars into those hedge funds and they ended up going bankrupt now the problem of course is there are exceptions t

remove the loopholes, it's revenue neutral.he plan has very little chance of passing congress this year, but that's not the year. it's an election year, sort of subdues the republican rhetoric and shows that the president can reform corporate taxes. we'll have more on this story later from the white house. but by all measures it has been a good month for the president because as you can see, it starts to pay dividends with voters. the new associated press poll has president obama getting 50% of the national vote against any republican candidate. this is really really good over 50%. also trending up today though, smiling is mitt romney. he appears to have righted his ship in the up coming g.o.p. primaries. giving credence to the phrase that money can fix anything. he looks to be catching up to santorum in michigan and then take a look at this. new poll out of arizona. nbc news poll has got romney opening up a 16-point lead against santorum in arizona. recent polling suggesting that santorum was closing the gap but that may no lo

michael finney looks into restrictions and loopholes to keep from you cashing in.

loopholes, anything that's a loophole is fine with them, as long as it lowers taxes. but once the loophole gets put in, you cannot ever take it out again because that's a tax increase. i think this is just ludicrous. >> jon: and the rhetoric is so competing, there's this rhetoric of we have a terrible debt and deficit problem in this country. it is unmessengerrable. unmanageable. it has put our children and grandchildren's children into slavery. they will be starring in the indiana jones movie. and, yet, the tax bite in this country is the lowest it's been, especially for the upper income groups, since the 1950s. >> that's exactly correct. taxes as awe share of the g.d.p., have not been-- are at the loeft they've been in my lift, and, obviously, i'm not such a young guy. >> jon: stop it! stop it! ( laughter ) you say that to get anything done, the democrats will need to gain courage and the republicans will need to gain the ability to compromise. besides from being the worst plot of a "wizard of oz" spin-off that i've ever heard, what is the like hood-- likelihood tha

holding this to sell or sell you same the same trads to same standard that's the problem just a loophole. her gun show. but they have to. go have a. way to let me get. to it i. thought i. heard it right. there are all right automatic round all the drivers. right when i. read all. right we're going to have a. girl i know you. know. that they have never seen anything. like you. and i met her. this entire transaction that we just recorded braid broke no law federal or state law this is why i want to do isp has to show these simple transactions and say this is something that's perfectly legal if for countless shot i think we are like most americans who didn't have much involvement with gun violence and never to share lives and we weren't really involved in the issue or didn't know all of the facts i knew that there were a lot of deaths the newspaper it should beat it and that many were cheated to guns but i didn't really realize how big the problem was i to my son was sitting in french class in a small college town and he actually four kinds. that makes it to me makes it any could be anyone

let's shut that loophole. second, we should close the segmentation loophole. this loophole allows projects to be split into little pieces in order to bypass the requirement for american-made materials. the bay bridge in california was split into nine separate projects instead of just one bridge project so that federal funds and therefore buy america provisions would only apply to two out of the nine projects. this allowed the bulk of the bridge to be built with chinese steel and chinese workers. with american tax dollars. that's a mistake. even republican members of the house know that that's a mistake. they have put forward an amendment to close this loophole. let's close this loophole as well on the senate side. in addition to closing these two loopholes, we need to star treken the bike and pedestrian provisions in this bill. bike and pedestrian systems are essential components in an integrated transportation system, reducing congestion, reducing pollution in a highly cost-effective manner. with gas prices on the rise, many families are looking for increased

that he proposes to close is a loophole that really subsidizes the offshoring of jobs.urse multinational companies are going to locate where they think they can maximize their return. they are not making decisions out of loyalty, they are making decisions out of the bottom line but if they are rewarded for moving jobs offshore that's not a good strategy. >> i think the idea of when a business makes a decision about where to locate part of their employment base they shouldn't look at the tax code and say, oh, good i get a break by moving them out of the united states. you know that the president not only stepped up and helped save the auto industry but also is encouraging insourcing. i'm sick of things that i consume being made in china, let's have them made in america. >> my last comment, major is that every governor and every major is doing everything they can to lure businesses to their particular area. mitt romney did it when he was governor of massachusetts and in his role he picked sectors. he picked winners that he thought were consistent with the strength of mass

the gun show loophole is one of the simplest steps we can search for to improve the safety of guns falling into the wrong hands. so this is going to be a top primarily about the epidemiology of violence the prevention of violence some research that's been done you all know that my area of expertise in general is what happens upstream in that chain of events that brings people to the emergency department having been exposed to it i decided this was something that needs to be quantified it's a story that needs to be told. the whole report will deal with what i see is the problematic aspects of what goes on it controls how guns are bought and sold anonymously how they're bought sold illegally what kind of weapons are bought and sold so many aspects of the relationship between gun shows see an extreme right wing politics neo nazi ism video confederacy. one of the things that i've been able to document is a straw purchase that is illegal everywhere and here's how it works let's say that i'm prohibited from owning guns i'm a felon but you are not i'm going to hire you to buy a gun for me from a

he closes a few legitimate loopholes in this plan, but he opens a lot of new loopholes. he has special new loopholes for manufacturing, green cars, for business wages and that sort of stuff. and some of the loopholes he would close such as reducing depreciation reductions are not loopholes at all. in fact, reducing depreciation are anti-competitive. the average corporate rate amongst all the major industrial companies is only 25%. our rate with state tax on top is 40%. so we need to lower the rate a lot more than the president is doing today. but i do think his lower rate is a step in the right direction. i'm glad they're talking about corporate tax reform. but there are items here i don't like. i'll give you one more, he tries to penalize the foreign operations of u.s. corporations. that is not sensible policy. the foreign operations of u.s. companies like general electric benefit the u.s. economy. they don't hurt the u.s. economy. so i think the idea of going after big multinationals is really wrong-headed. >> address that point, seth, if you don't mind. as i understan

this is not a loophole that at&t just identified. publicly used structures have been identified since they were first adopted from the [unintelligible] the commission and under appeal the board -- under the adopted policies, this is exactly where we have told providers to locate. i can provide more if you would like. in conclusion, considering the city's existing laws and guidelines, the commission found that this project should be approved. the commission believes that they met the criteria outlined in the planning code and act to approve the authorization. the board must now review the evidence and make your own determination. staff is available. >> hi have a couple of other questions. i visited the school several times and it seems to be not open to the public. it has a number of facilities that are invoked and printed materials, and i am not sure if it is technically a library as well. in considering a preference, i know that we have had hospitals before us. you mentioned the publicly used structures like schools and hospitals ar

this is not a loophole that at&t just identified. publicly used structures have been identified since they were first adopted from the [unintelligible] the commission and under appeal the board -- under the adopted policies, this is exactly where we have told providers to locate. i can provide more if you would like. in conclusion, considering the city's existing laws and guidelines, the commission found that this project should be approved. the commission believes that they met the criteria outlined in the planning code and act to approve the authorization. the board must now review the evidence and make your own determination.

the only tax loophole is what section one fifty two which allows the illegal aliens to claim dependents in mexico ok david thank you thank you for. coming up tonight on the rest of the show the u.n. releases a startling report on the world's population growth what do they say is needed to keep us from wiping out the planet and ourselves also the effects of the foreclosure crisis often go over looked at one particular group of americans and see who they are and who have really been hurt the most and new was able to squirm his way out of his open marriage g.m. the latest obstacle facing him for a lot more challenging. will be the. science technology innovation hall believes developments from around russia we've got the future covered. critic three. months free. free. free. free book your videos for your media projects free media. screwed our planet in a new report just published the united nations is warning that rapid population growth which will likely see the number of humans living on the planet explode to nine billion by two thousand and forty will condemn billions more to a life of

the only tax loophole is what section one fifty two which allows the illegal aliens to claim dependents in mexico ok david thank you you thank. coming up tonight on the rest of the show the u.n. releases a startling report on the world's population growth what do they say is needed to keep us from wiping out the planet and ourselves also the effects of the foreclosure crisis often go over looked at one particular group of americans and see who they are and who have really been hurt the most and no one is able to squirm his way out of his open marriage jam or the latest obstacle facing him for a lot more challenging. let's not forget that we had an apartheid regime right here in the us. i think rocket bombing is beatable and one well. we have a government says they're going to keep you safe get ready because you give them your freedoms. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realized everything you thought you knew you don't know i'm sorry welcome to the big picture. who'

loopholes, we need to cut out loopholes so everyone has a fair shot eight.oopholes are only achieved by companies with huge, huge budgets to figure out loopholes. i would say trimming those but lowering the tax rate is going to resolve it. new start-up, innovations. the bigger the employees are those that start with under five employees. we were five eight months ago. we have 28 now. they have jobs. loopholes hurt us because we don't golg after those. yeah, thing cleaning that out, lowering the tax rate ultimately is going to impact the economy over the next 24, 36 months the most. >> john, if you're a policy maker and you say, look, thank always talk a good game, i would want to know in reality how easy it is to effect any kind of policy that really makes a difference that level of the economy. >> it's very difficult. there are measures to encourage savings, efficiency in government and loopholes to close tax. they're there every year but we always seem to have bigger problems on all fronts at the end of it. thing in britain we will see some measurements, i

we proposed closing loopholes for economic growth. there's a bipartisan consensus that the best way is to lower tax rates by closing loopholes and doing the entitlement reforms in a gradual way. the president's plan does the opposite. he's got massive tax hikes and massive debt increases that threatens the economic security, and his budget hollowed out our national defense and that threatens our national security. >> i would like to respond to that. >> we are for the bipartisan consensus and the president is not. >> paul is talking about tax reform, but not the way the bipartisan commissions have. we all want tax reform, and it's just the republicans don't want one penny of tax reform to go towards deficit reduction. if you don't do that, it means you have to cut deeply into critical investments in the national infrastructure and education and we don't need to ask the middle income and seniors to bare the entitle burden. that's what it's about, whether you want a balanced approach. it's not when but how to reduce the deficit. >> on "m

and here's where a loophole comes in. in theory, cross roads gps could give 49% of its 33 million to its super pac boss, american cross roads. and then never disclose the donors. never. we've been talking about this inappropriately loophole available to any super pac for weeks. goes like this. a donor gives to the non-profit a.r.m. non-profit a.r.m. usually gives that to the super pac. now, president obama's super pac has a charitable a.r.m., too, and we're told romney's can set one up any time. forcing donors to testify to close the loophole. all the way through and thanks so much to both of you for being with us. we found a lot out today about who likes who. what stood out to you? >> first of all, a campaign finance reform is supposed to limit the influence anyone can have on election. it is clearly failed. i think it's a very diverse group of people. very, very wealthy. most of these people are billionaires. they've been involved in politics, often republican politics, for years and years. >> you had some that had give

and here's where a loophole comes in. in theory, cross roads gps could give 49% of its 33 million to its super pac boss, american cross roads. and then never disclose the donors. never. we've been talking about this inappropriately loophole available to any super pac for weeks. goes like this. a donor gives to the non-profit a.r.m. noprofit a.r.m. usually gives that to the super pac. now, president obama's super pac has a charitable a.r.m., too, and we're told romney's can set one up any time. forcing donors to testify to close the loophole. all the way through and thanks so much to both of you for being with us. we found a lot out today about who likes who. what stood out to you? >> first of all, a campaign finance reform is supposed to limit the influence anyone can have on election. it is clearly failed. i think it's a very diverse group of people. very, very wealthy. most of these people are billionair billionaires. they've been involved in politics, often republican politics, for years and years. >> you had some that

the base, closing a lot of loopholes. and because of that, we can start to get a feel for some of the winners and losers sector by sector here starting with the winners. the administration putting out a set of numbers just today showing who would benefit under this sector by sector. again, the construction industry now pays a 31% effective rate. they would benefit. wholesale and retail trade at 31% effective rate today, they would benefit by going down to 28%. and services at 29%, they would benefit. but, of course, for every winner there are going to be some losers here. we have some of those as well. sector by sector, utilities at 14%. they would see a bump up. mining at 18% would see a bump up. leasing and transportation and warehousing would all see a bump up in their effective rates. tyler. >> eamon, thank you very much. is president obama's plan good or bad for business anded economy? joining me now seth and chris edwards, director of tax policy studies at the kato institute.

i'll tell you congress is genius at getting through loopholes. >> mr. chairman, i appreciate you saying that. i wrote the gang of six enforcement mechanism on my pad here, because i would love to see the president endorse that much of the work we have done here. >> i would say that that gang of six proposal, the strength of it was good enforcement and one of the things we know if you pass a sequester that requires a $1 trillion reduction and you waltz into the congress less than a year later and propose to eviscerate it, it does not give confidence in anything we ever do would be followed through. i know what you're suggesting. but you have other cuts and i know you have other tax increases but you have walked away from those cuts and replaced them with fundamentally tax increases as the senator just said. >> well, i don't think we have seen a specific proposal to -- as to how achieve the 1.2 trillion that is anything other than the sequester itself, which is bad policy. i think we could all agree that's bad policy. what we're proposing here is to repla

it shows how the type of loophole could work in practice. as to whether it's going to be shut down, i don't see any political will on capitol hill for any type of significant campaign finance reform, none that would be in effect in time to influence the types of money flooding into the 2012 presidential election. >> thanks very much to both of you. we appreciate it. i think the bottom line is why americans are so frustrated with congress. this is something that just makes so nens and perhaps should change. >> next, what to make of reports that iran is planning an attack on u.s. soil. peter king is out front next. >>> then, who strangled the woman in michigan found dead in the back of her mercedes. her husband speaks for the first time tonight. >>> and will congress get its act together, close the loophole and make a deal on the pay roll tax? we have a new word to introduce for you in washington. all energy development comes with some risk, but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protect