>> guest: the tax rate is exactly the same as the state sales tax. it varies -- the total rate varies because we have in california a destination tax, so it depends on where the product is actually delivered, and there are other, other transit taxes and bradley burns taxes that are included in the overall rates. >> host: jerome horton is chairman of the california state board of equalization. thank you for giving us an update on what's happening in california. now, we want to introduce you to a couple more folks. first, steve delbianco of a group called net choice, and joe crosby with the retail leaders association. mr. delbianco, what is your group, and what's its position when it comes to this internet sales tax. >> guest: net choice is a coalition of e-commerce companies and online platforms. if you had the authors of our constitution in here today, they'd have said they were really worried 225 years ago about the colonies erecting tariffs and trade barriers to protect their own businesses, so article i in the u.s. constitution says that the state

a tax cut for millionaires. a tax cut for millionaires. next april, david cameron will be writing a check for £40,000 to each and every millionaire in britain. not just for one year. but each and every year. that is more than the average person earns in a whole year. at the same time as they're imposing a tax on pensioners next april. friends, we, the labour party, the country knows it is wrong. it is wrong what they're doing. it shows their priorities. and here's the worse part. david cameron isn't just writing the checks. he is receiving one. he's going to be getting the millionaire's tax cut. [applause] so next week maybe mr. cameron can tell us how much is he awarding himself in a tax cut? how much is that tax cut he is awarding himself? for a job, i guess he thinks is a job well done. how many of his other cabinet colleagues have checks in the post from the millionaire's tax cut? and how can he justify this unfairness in britain 2012. and of course let's not forget this tax cut wouldn't be happening without nick clegg and the liberal

it's also a progressive tax, unlike the current flat tax it's a tax that exempts small businesses that have revenues of less than a million dollars but it also increases taxes for our most successful and our largest businesses. then the last thing i will mention, it is a tax that will help to recoup the revenues that we lost 10 years ago to make sure we have money for affordable housing, for muni, public safetying and public health . >> starchild, why do you think we should vote against this proposition? >> i agree with everything supervisor chiu said about payroll tax. if this measure were revenue neutral, if it were substituting a gross receipts tax for a tax on payroll, the libertarian party would have supported it. but unfortunately some people at city hall got greedy and so the measure is actually a 25.8 million dollars a year tax increase. during a recetion, people are suffering, many people unemployed, many people in san francisco are earning minimum wage, thousands of course on our streets. it's the wrong time to be raising taxes on businesses because the largest employers, of

we've had -- the tax, the church tax, we had the [inaudible] tax, we the grammy tax, panic at the pump. we had dinner, we country surface with rebekah brookes. [laughter] [laughter] he said the text remember? lol. [laughter] now what do we have? the minister murdoch becoming the minister for the national whole service. we have an international development secretary. she says she doesn't believe in international development. [laughter] again, e with have a party chairman who writes books about how to beat the recession under a false name. [laughter] i'm not making it up. i'm really not making it up. i have to say, if i was chairman of the conservative party, i would have a false name too. there it is. [applause] but here's my farted one, of course, -- my favorite one of all. he made an appointment in order to resign but david cameron was too competent to know that he wanted to resign. he's still in the government. they are so useless, they can't even resign properly. it's up to us. let he say to you, one tbhaition it another way of avoiding the difficult decisions. it's a way of making

calling a tax on g.d.p. . well it's rather simple really if you have ten thousand units of production in an economy and ten thousand units of credit or currency and the government comes along and says ok we're going to deficit spend so we're going to put another thousand units into there then the value of all of the units of credit in currency that currently exists go down by that amount so this is exactly identical from a functional standpoint as if the i.r.s. man showed up on down your door. and so give me ten percent of everything you have . unfortunately that would be very unpopular if you were to turn around and tell the american public oh guess what your taxes are not going up ten percent of what you currently pay they're going up by ten percent of your income and the tax on everything that you produce as a company is going up by ten percent of your production and yet that is essentially what's been going on now for the last four years and so when we look at why we haven't seen job growth and economic re

. >> guest: the tax rate isle and the same as the state sales tax. because we have in california a destination tax so depends on where the product is actually delivered and there are other transit taxes that are included in the overall rate. >> jerome orton is jeremy of the california state board of equalization. now, we want to introduce you to a couple more folks talking about this issue. first, steve, of a group called net choice. and joe crosby with the retail industry leaders association. gentlemen, m del bianco, what's your group and what is its position when it comes to the sales tax? >> we're a coalition of ecommerce companies and online platforms. our position is similar to what you hear. you do a lot of book author interviews, and if you had the authors of the constitution, they would say they were worry bed the colonies erecting tariffs and trade beyers so the article in the constitution cities states can't expect interstate commerce, only congress can. and it's in keeping with the constitutional provision. california is simply saying if y

of all of that money going to the super wealthy. >> so, are promises of massive tax hikes, taxing the jobs market? hi, everyone, i'm brenda buttner, this is bulls and bears, here they are, bulls and bears this week, gary b smith, tobin smith, jonas max ferris, along with julian epstein and larry, talk about future tax hikes, holding back a jobs recovery? >> that's right, that's right, brenda. well, you know, certainly for consumers that are work being that have 401(k) plans they may be feeling more confident these days, but their employers don't share the optimism. they're worried what's ahead and what's ahead are future tax increases, for small business owners still, these are people that own delis and dry cleaners and pave your driveways, not fat cats and million fairs and billionaires, they're average work people and concerned about the environment. and national independent business owners a record number of people. a bad time to start a business and a bad time to hire people. and that's not going to inspire jobs in this country, which is exactly what we need right now. >> okay, cl

level with us about his tax plan which gives the wealthy huge new tax breaks? if we can't trust him here, how could we ever trust him here? >> the romney campaign has taken issue of course with what the obama campaign uses which is a tax policy center analysis. in that ad that draws on the -- to argue that mitt romney's tax plan depends on a $5 trillion tax cut that's not paid for. the conclusion they drew is the only way you offset those tax cuts over ten years, after handcuffing yourself on the pledges that romney has made to reduce tax rates across the board by 20% eliminating the alternative minimum tax and erasing the federal estate tax is to eliminate deductions that will inevitably touch the middle class. the romney folks say the obama campaign and tax policy center created a strawman. the problem is the romney campaign hasn't created their own and responded with any detail on how they would do it. it becomes impossible at least politically once you account for the pledge handcuffs that romney has made. while the president didn't fully acknowledge he cam

[video clip] >> my tax plan has lowered taxes for 98% of families, but i also lowered taxes for smallusinesses 18 times. what i want to do is continue the tax rates, the tax cuts we put into place for small businesses and families, but i have said for incomes over $250,000 per year that we should go back to the rates we had when bill clinton was president creating 23 million new jobs and creating more millionaires to boot. we can not only reduce the deficit, encourage job growth through small businesses that we're able to make the investments that are necessary in indication our energy. host: president obama wednesday night at the first debate. alan viard. guest: there are a few things i would take issue with. the bush tax cut to expire for the high income levels and we would be going back to the rate prevailed under president clinton. that is not quite right. there will be a new tax called the unearned medicare income tax will impose an extra 3.8% on interest, dividends, and capital gains. that will be 3.8% higher than clinton tax rates. there will also be a medicare tax will increas

idea of taxing people's income and taxing people's consumption. so only so if somebody spends in your in your opinion if somebody spends one hundred percent of what they earn which is probably eighty or ninety percent of americans certainly all of the working poor the middle class if they spend one hundred percent of what they are in one hundred percent of their income is taxed but if they are new millions of dollars a year and you know they spend just a couple hundred thousand dollars a year on their lifestyle they put the rest of it in a checking account someplace or you know offshore sweats swiss bank account they don't pay any income tax and they don't pay any tax on that money it seems crazy well yeah you structure it so that people at a certain income threshold get a credit so they don't wind up paying anything i think you can structure a consumption tax so that the wealthy actually pay more than they do right now if what you want to do is play class warfare i don't think that people who are making twenty thousand got last year should pay we

and so scratch the average republican today, and he'll say, "tax cuts, tax cuts, tax cuts." >> cut taxesting taxes. >> make the tax cuts permanent. >> it's rank demagoguery. we should call it for what it is. if these people were all put into a room on penalty of death to come up with how much they could cut, they couldn't come up with $50 billion when the problem is $1.3 trillion. so to stand before the public and rub raw this anti-tax sentiment, the republican party, as much as it pains me to say this, should be ashamed of themselves. >> this from ronald reagan's old budget director, architect of the largest tax cut in american history? but he doesn't let the democrats off the hook. he says he cringes when he hears the president say things like this. >> i believe we ought to make the tax cuts for the middle class permanent. >> we have now got both parties essentially telling a big lie, with a capital "b" and a capital "l," to the public, and that is that we can have all this government, 24% of g.d.p., this huge entitlement program, all of the bailouts, and yet we don't have to tax ourse

federal income tax federal payroll tax state income tax state sales tax state property tax, gasoline tax. it added up to well over 50% of what they earned. and your plan is to take the tax rate on successful sphauz small businesses from 35% to 40%. the national federation of independent businesses says that will cost 700,000 jobs. i don't want to cost jobs! my priority is jobs. and so what i do is i bring down the tax rates lower deductions and exemptions. the same idea behind bowles simpson, by the way. get the rates down, lower deductions and exemptions to create more jobs because there's nothing better for getting us to a balanced budget than having more people working earning more money paying more taxes. that's by far the most effective and efficient way to get this budget balanced. >> jim you may want to move on to another topic but i would just say this to the american people. if you believe we can cut taxes by $5 trillion and add $2 trillion in additional spending that the military is not asking for, $7 trillion just to give you a sense over ten years, that's more than our en

they were not taxes of the last four years they are taxes of the future. you have had massive regulation in the last four years and executive orders coming out of the federal government and viserating the congressional man date and letting the bureaucracy run the country and you have lists of them down here of over 900 executive orders and where they are abdicating the responsibility of congress and legislature and giving it to the burrcrats to run the country. it is outrageous. >> what i thought was so interesting about vice-president biden's comments 24 hours before the presidential. but setting up the middle class is effected and that is what mitt romney said middle class is suffer it has been the last four years. >> the economy is suffering under the government intervention. we often times don't think of regulations as being a tax. it is a tax not only on wealth creation but individual freedom and take the credit card act that was regulation and pass , a few years ago and had hoped to help the middle class . it made credit more expensive and difficult

tax rate, they are taxed at lower tax rate. but those top 3% employee half the -- those are the businesses that employ one-quarter of all the workers in america. your plan is to take that tax rate from 38% to 40%. federal income tax, federal payroll tax, state income tax, state sales tax, gasoline tax, it adds up to 50% oo what they earn. your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of businesses has said that will cost 700,000 jobs. i don't want to cost jobs.+ my priority is jobs. what i'd do is bring down the tax rate, lower deductions and exemptions, the same idea behind bowles-simpson, by the way. get the breaks down, lower deductions and exemptions, to create more jobs. there is nothing better for+ getting us to a balanced budget and having more people working, earning more money, pay more taxes. that is by far the most effective and efficient way to get this budget balanced. >> you mmy want to move on to another topic, but i would just say to the american people

as long as we take that portion of the tax increase off the table, the other tax increases, no sweat,l not hurt the economy. >> you just described barack obama's view of the economy. but -- >> i think i did it fairly. >> but one of the big problems is that people who are these so-called rich people are people who use their excess capital to employ other people. so, it will impact the job creation in the country. the other thing that seems like he really doesn't understand is that, first of all, 200,000 didn't an individual earning 200,000 is not -- whenever he talk about the millionaires and billionaires. >> two earning couples and a lot of high cost states don't feel rich. >> that's the middle class family, and a lot of people own stocks in their pension accounts so those people are very middle class people and they're going to get hit with the taxes. >> the important point to stress, dan, is unless congress acts and the president signs it, whether the president is mitt romney or barack obama, these tax increases are going to take place. so something has to give or we all jump off th

>> the tax rate is exactly the same as the state's sales tax. the total rate varies because we have in california, a december nation tax, so it depends on where it's delivered and there are other taxes that are included in the overall rate. >> jerome horton is chairman of the california state board of equalization. thank you for giving us an update on what is happening in california. now we want to introduce you to a couple more folks talking about this issue. first, steve delbianco of a group called net choice and joe crosby with the retail industry leaders association. gentlemen, what is your group and what's his position when it comes to this internet sales tax? >> net choice is an online platform. our position is similar to what you might here. you do a lot of big author interviews. if you had the authors of our constitution in here talking, they would say they were really worried 225 years ago about the colonies having trade barriers to protect their businesses. the states can't regulate interstate commerce, only congress can. so our positi

this is a tax in itself -- the economy tax. gasoline prices have doubled under the president, electric rates are up, food prices are up, health-care costs have gone up by $2,500 per family. the question is how to get them going again. it is energy and trade. the right kind of training programs. the president mentioned those ideas. education. it is key. it is the future of our economy. we have 47 training programs. they are reporting to eight agencies. we have to get those dollars back to the states and to the workers so they can create pathways into training they need for jobs that will help them. taxation. we should bring the tax rates down. for corporations and individuals. for us not to lose revenue, i lowered deductions and credits and intentions so we keep taking in the same money when you account for growth. energy is critical. the president pointed out that production of oil and gas in the u.s. is up but not due to his policies -- in spite of his policies. all of the increase in natural gas and oil has happened on privat

the income on payroll taxes stops at $110,000. >> it's a flat tax. >> it's actually a regressive tax.you earn $500,000, you're not paying any payroll tax. it's ridiculous. >> assessing something you can't hardly assess, but this is when they all come back after the election, what in the hell is going to happen? how do you read it right now? what are the leaders saying? >> it all comes down to the presidential election, every party is waiting to see what happens and no one really knows, it's going to take real leadership. if anything's going to get done, it's going to be mitch mcconnell. >> this president's going to go over the fiscal cliff. >> what's going on? big tax cuts? big tax -- >> coming up next, my pal steve meister. are you expecting just as an ordinary person who writes the occasional column and follows the politics, do you think we're going have a big smacking huge tax hike after the election, do you think the so-called tax cliff we're all going to fall into it? >> we're at this fiscal cliff, obama is going to engage in this class warfare his entire four years and he has se

my tax plan. number 2, i will not reduce the share of high-paid income individuals. i know it's a popular thing to say with a lot of people, but it is just not the case. vifive boys. i am used to people saying something that is not always true and keep repeating it and hoping i will believe it. but that is not the case. all right? i will not reduce the taxes paid by high-income americans. number 3, i will not under any circumstances raise taxes on middle-income families. i will lower taxes on middle-income families. you cite a study. six other studies look at the study you describe and say it's wrong. i saw a study that said today you are going to raise taxes $3- to $4,000 on middle-income families. throw the studies out there. the bottom line is, i want to bring the rates down, at the same time, lower deductions and exemptions and credits and so forth so we keep getting the revenue we need. you thinks, why lower the rates? and the reason is because small business pays that individualerate. 54% of

according to the tax policy center, last year the bush tax cuts increased after -- after tax incomes for people making over $1 million by an average of 6.2%. that's about $129 a household but for those with incomes between $40,000 and $50,000 the increase was 2.2%. over time, our tax code has wydened the nation's wealth gap. reversing this trend ought to be a top goal of tax reform. at a minimum we certainly should not make the tax code any less progressive than it would be if the high income tax cuts expired. but in 1986 approach -- sorry, in 1986 style approach that promises upfront rate cuts to the wealthy is almost guaranteed to give middle income earners the short end of the stick. the reason is in order to raise enough money to both reduce rates and cut the deficit you would need to slash deductions and credits on a far greater scale than we did in 1986. middle income earners would not be spared. and because middle income earners so rely on these expenditures, the cost of losing them would likely exceed the benefit they received from a lower great. multiple experts verified tha

tax rate, they're taxed at a lower rate. the businesses in the last 3% of businesses happen to employ half -- half of all people that work in small business. they employ one-quarter of all workers in america, and you want to take their tax rate from 35% to 40%. i talked to a guy with a very small business, he's in the electronics business in st. louis. he has four employees. he said he and his son calculated how much they pay in taxes, federal income tax, federal payroll tax, state sales tax, state property tax, gasoline tax, it added up to well over 50% of what they earned. and your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of independent businesses says that will cost 700,000 jobs. i don't want to cost jobs. my priority is jobs. and so what i do, i bring down the tax rates, lower deductions and exemptions, the same idea by behind bowles-simpson, by the way, get the rates down, lower exemptions and create jobs. there's nothing better to get us to a balanced budget t

taxes and payroll taxes. but it's a product of the size of the government that they have consumption taxes. >> i have a slightly different answer which is i don't think the current center of gravity and the debate in washington is the consumption tax but leads to other reforms on the international side that are intended to make us more competitive, namely they would have been to word a territorial tax system. >> i think there is a question over here. >> with the rate coalition my question is a little bit of a follow-up on the first to. kristin roberts asked the first representative panel schwartz and roskam what you see and i think some of the answers were touched on. given the fact that the u.s. has the highest corporate income tax among the oecd countries, do you think there is, as representatives schwartz and roskam seem to indicate a common ground found on the corporate tax reform? >> i think both parties would like to cut the corporate rates. the extent is open to question. i think both parties actually

the -- there is a 4.8% tax, an additional 0.9% on your medicare tax. when does that, if you combine it, it is almost 5% increase without reversing of the bush tax cut. >> it is a substantial tax increase. >> for people like us with substantial incomes. >> i am the tax cut. the part of that i would endorse is the increase in the medicare tax. it is on pleasant and it is unpalatable. that is step one. >> what will the average person pay for their medicare tax a month for how long and when to get the 0.9% added? >> it is a good question. >> is added after one to $25,000? >> i think it is added after $200,000, or $250,000. i am not sure. right now, the medicare taxes 1.45% on all of your salary income. it would go to 2.35%. >> both sides talk about the $750 billion savings. [laughter] who is right? >> we had both become incredibly frustrated. it has to do with the way this is talked about in washington. it has nothing to do with what real people talk about with real money in their lives. the current projection is medicare spending would increase by hundred

federal tax, state tax, state income tax gasoline tax, it added up to well over 50% of what they earned. and your plan is to take the tax rate successful small businesses from 35% to 40%. that will cost jobs. my priority is jobs so what i do is bring down the tax rates, lower deductions and exemptions. create more jobs because there's nothing better for getting us to an balanced budget than having more people working, earning more money, paying more taxes, that's by far the more efficient way to get this balanced. >> obama: jim, i would just say this to the american people if you believe we can cut taxes by $5 trillion and add $2 trillion in additional spending that the military is not asking for -- $7 trillion just to give you a sense over ten year's that's more than our entire defense budget and you think that by closing loop holes and deductions for the well to do somehow you will not end up picking up the tab, then governor romney's plan may work for you, but i think math common sense and our history shows us that's not a recipe for job growth. we have tried this -- we have tried bo

you might want to look at the bush tax cuts.hey expire in the end of the year and at the same time hundred worth of spending cuts come n part of the sequestitration cuts that you heard about. i want to put that in perspective. they are slowing into growth spend all is said and done, you will have much more going to government than you do today than in dollar terms. all that hits the fan at the same time you have tax hikes and capitol gains and etscet raand all hitting the fan at the same time. that is a big story. you know and not worried about it or you don't know and the main stream media left you in the dust. and pat buchan an is paying close attention and we always whistle past the grave yards. they say don't worry about it one of the days it may not happen. thelma and lowis may go over the cliff. >> that was a horrible movie. you say that it is more real and possible than we think. >> i think so. let's take the hypothis that barack obama. tax cuts for the millionaires and billionaires will go up to a million dollars. i don'

another tax cut.ow how this and spirit $16 trillion in home equity and evaporated. -- how this ends. $16 trillion in home equity evaporated. the american people will not go back. folks, crowd: four more years! you have to ask yourself. both of these guys are decent man. you have to ask about with a push the return of these economic and tax policies from the bush administration? i have come to one conclusion. the only one i can figure out is about their attitude about america and their attitude about half the american people. you heard his insulting comments that 47% of the american people are -- here's the part that bothers me. when he said they are not willing to take responsibility for the allies. these people are our neighbors. he is talking about my parents when they were alive. the people i grew up with. the people here in lynchburg. they include seniors to afford their whole lives to pay for a social security. and did not pay taxes on that. nor should they pay taxes on that. we're talking about

federal income tax, federal payroll tax, state income tax, state sales tax, state property tax, gasolineell over 50% of what they earned. your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of independent businesses has said that will cost 700,000 jobs. i don't want to cost jobs. my priority is jobs. so what i do is i bring down the tax rates, lower deductions and exemptions, the same idea behind bowles-simpson, by the way. lower the exemptions to create more jobs because there's nothing better for getting us to a balanced budget than having more people working, earning more money, paying more taxes. that's by far the most effective and efficient way to get this budget balanced. >> jim, you may want to move on to another topic, but i would just say this to the american people. if you believe that we can cut taxes by $5 trillion and add $2 trillion in additional spending that the military is not asking for, $7 trillion, just to give you a sense over ten years, that's more than our entire defense budget, and you think that by closing lo

i'm editor of the tax blog, tax blocks, and we're here to discuss taxes and the fiscal cliff. washington lives in sue perlatives. everything that happens here is the biggest, the worst, or the most important. how many times, for instance, have you been told that some politician is about to give the speech of his life until he gives the next speech? the taxmeggedon has the potential to be a watershed in fiscal policy. it's true. it could be another way to kick the can down the road, but it could be a tipping point to end a decade of fiscal gridlock. yesterday, the tax policy center released a new study on the cliff, and we'll talk in details, but to summarize, it found tax increases due to occur at the end of 2012, if they last for all of 2013, would raise taxes by $500 billion. the average household would pay $3500 more if this year's rules are in place. cbo says these tax hikes and hundredings of billions of dollars in discretionary spending cuts drives the economy back in recession and cost 2 million jobs. on the other hand, it also goes a long way in reducing the budget def