but larry summers has a great point.es for every audit hour devoted to the taxpayers, that is $500,000 that could be collected. we need to put more money into collecting revenue and taxes from the highest income levels. made: one of the points is, aside from putting more money in, we are earning less, spending less on audits. why did that come about, when did that come about? steven: there was a philosophical shift when the republicans took congress 15 years ago. they wanted the government out of our lives, and they cut dramatically the irs budget. then they conducted a series of forts demonizing the irs the so-called -- the exempt organizations situation in which it was alleged the irs is going after conservative-leaning exempt organizations, so they cut it even further, beat up the irs further. not surprisingly, the irs has been a lot less aggressive. i think that accounts for a large amount of the decline. but there is now bipartisan agreement that the irs needs more resources and the country needs more revenue that c

even liberal media outlets are chiming in the "washington post" featuring an op-ed by larry summers of former treasury secretary under president clinton and tyler quote warns plan to finance medicare for all pushes into dangerous uncharted territory. in "the news york times" obama economic advisers steve bradner writing quote the worn way is the wrong way for big government plans with damaged rather than improve our economy so robert wolf what happens if she does become the democratic nominee? >> i just want to preempt to people like larry and steve i said that how many months ago with you that i was not for medicare for all. david: you contributed to candidates. >> i did not contribute to ms. warren at this time. this is not surprising. larry summers and ratner and people like myself with police health care is a right that we believe in extending the public option to keeping private insurance. that was the essence of obamacare. we thought people should take obamacare and expand from there. and i think this is not a winning policy to run on especially in middle america and if you saw y

everybody's level of wealth. >> joining us now for his reaction is former treasury secretary, larry summerswho is out with an op-ed this week, advocating for strengthening tax compliance thanks for being with us today what is your thought on the wealth tax and what are you proposing in this op-ed that would be a better solution >> look, i think the place we should start is by collecting the taxes that are owed under current law, but not collected that will be some $7 trillion over the next ten years. we can't get all of them, we can't get most of them, we can't get half of them, but i submit that we can get 15% of them. and that's $1 trillion over the next ten years and i think that's where the tax debate ought to begin. it's not where it ought to end there's a lot we can do else to increase progressivity we need important reforms in the capital gains area, so that capital gains don't entirely escape taxation when they're passed in the context of estates or when they're transferred to charity we've got abuses in the corporate area, particularly involving foreign income we've got the continu

that's layerly summers, the -- the larry summers, the clinton treasury secretary. particularly, it would discourage hiring particular i had of low-skilled workers and a sharp market decline. so, in order to take away employer-sponsored insurance from 180 million americans, democrats want to kill jobs and bring the economy to a screeching halt. look, i would implore my friends across the aisle to put aside this destructive socialism and join us in the current work that needs doing right now for the american people. we have a landmark trade agreement that needs passing. we have u.s. armed forces that need funding. we're just waiting on our democratic colleagues to show up. the presiding officer: morning business is closed. the senate will proceed to executive session to resume consideration of the following nomination, which the clerk will report. the clerk: nomination, the judiciary, david austin tapp of kentucky to be a judge of the united states court of federal claims. mr. mcconnell: i suggest the absence of a quorum. the presiding officer: the clerk will call th

people like larry summers say he thinks it is a foolish idea, a distraction.re other ways to get the money that are more effective and constitutional. i think he is missing the point, honestly. of things thate have to change from a tax standpoint. this is just one of the things. we are on bloomberg tv. i have said i don't think might bloomberg should run on the sea is willing to embrace the will tax. fundamentallyhing wrong here in terms of how we are splitting of money in the society. unjust, undemocratic, and not sustainable. i think the democratic party has to own it. who ever wants to be the standardbearer for the democratic party, particularly someone who has had great success and has a ton of money, i think he has to embrace it, or he cannot represent the party. david: i don't want this to be of a particular individual, but the merits of the wealth tax. you have a different approach from elizabeth warren, bernie sanders. you start lower, your rate is not as high. give us your analysis. doubledzabeth warren her rate in an attempt to show how she could pay

larry summers will be coming up at 3:00 eastern time >>> here is taste of some of the other stories thatollowing today. shares of slack falling 10% after microsoft announced its rival to slack reached 20 million active daily users microsoft is pulling farther head of slack who as of october has 12 million users slack is down about 19%. >> we talked about this on rapid fire last hour and i was of the opinion this seems much ado about very little in the short term both companies can grow these users but leslie pickerfield is like there's a zero sum game to all of this. mic mic microsoft has positioned its teams as a bunding th inin inlet much more affordable for its customers where as slack you're paying for the one item. there's a value proposition that microsoft seems to be willing. >> i was wondering about that very thing that that might make sense to an enterprise customer like a business so say we already buy this microsoft suite. >> this is one business where bundling is okay >>> yogurt sales are in a multi-year slump peeking of 9 billion a year they are expected to fall to $8.2 bill

larry summers, he's got new analysis outs with an academic colleague. the top 1% of taxpayers over there on your side of the pond will likely avoid around 5 tl s $5 trillion of taxes in the next decade. that 1% responsible for 70% of tax under reporting, guys. >> thank you, willem, great seeing you. >>> coming up next, we're going to get the "axios" treatment on the morning's top stories. a lot of ground to cover over the next three hours, leading up to our special coverage of today's impeachment hearings. the key testimony from yesterday's impeachment hearings as we look ahead to this morning's highly anticipated testimony from ambassador gordon sondland. we're also gearing up for tonight's democratic debate from atlanta. top democratic lawmaker stacey abrams joining us. also helping us get through this day, the "new york times" peter baker and "washington post." a jam packed session, we'll be right back. l be right back ♪ everybody needs somebody... ♪ ♪ find everything you need for the kids this holiday, with low prices and free shipping on millions o

paul: larry summers. >> trump campaigned against that. that's the dichotomy that's interesting.umbers are stronger than i think anyone thought. that would seem to auger higher growth. it's hard to square the kind of anemic growth with this growth in jobs the way they're doing. maybe if we do get the new nafta deal passed and we do get the trade deal with china, maybe we get back to boosting the growth. because trump's going to campaign on jobs, right. he's going to say democrats are talking about -- i produce real jobs. we have record low unemployment for african americans, latinos, women, that's what he's going to campaign on. the pit ay is he's missing somef the growth argument. under his years the median income for an american family grew by $5,000. that's because of the high growth. you hope he could make that argument. paul: kim, my argument for the reason for the slowdown has been that it was -- that it's particularly in manufacturing, related to trade. it has created business uncertainty that reduced the investment that the business sector is making and the business inves

amazingly, 20 something% of americans think larry summers was the first treasury secreta secretary. 10% of american college graduates think that judge judy is a member of the united states supreme court which is not the case. [laughter] a survey was done recently are there any naturalized americans in the audience today? let me explain how you take a citizenship test and live in the country for five years is 100 questions come in the past 60 you are a citizen. 91% of the people that take the test as they the same test was given by a woodrow wilson foundation to the citizens who are native born in all 50 states and 49 out of 50 states a majority of the nativeborn who took the test failed. only one state vermont did they pass which shows you people do not really know as much about history and so forth and they don't know as much about history you run into the problem that if you don't know as much about history or your past you might be likely to repeat the mistakes in the past. one of the things i have been trying to do is to educate people about more and this led to what we are going to

he's not alone look, larry summers steve who did turnaround for obama and bill who is with the brookingfter warren, in fact, in "the wall street journal" this morning called warren's plan to fund medicare for all the longest suicide note in recorded history. i mean, these people are all going -- it was a ridiculous plan you know makes her look either she's astoundingly ignorant or she's a liar that's number one. and she's clearly math mathically inept. she does a hand wave and after the fact a 50 plan for everything else not not pay for it here's what joe biden says you don't put everybody into an unaccountable government run health care system. when colorado and vermont we jected it, is it is this tide turning are people saying enough with the socialist front runners like warren they want to destroy what's good about america what made had america great, and you know, the socialist are about envy about jealousy about we're going to take what you have because this has unfair and you know socialist basically make everybody victims loirtly. >> warren got overconfident, and she actually is

amazingly, 20% of americans think larry summers was the first treasury secretary. 10% of american college graduates think judge judy is a member of the supreme court which is not the case. a survey, any naturalized americans in his audience? if you're a naturalized american you take a citizenship test, you live in this country for 5 years and then take a test. the test is 100 questions, you pass 60 of them your naturalized american citizen and get sworn in. 91% of people that take the test today past, the same test was given by woodrow wilson foundation to the citizens who are native born in all 50 states recently. in 49 of 50 states a majority of nativeborn americans who took the test failed. only one state, vermont, past, which shows you people don't know as much about history and so forth and they don't know much about history, you run into the problem that if you don't know as much about history or about your past you might be likely to repeat the mistakes of the past. one thing i do is educate people a little more about history, do this through my philanthropy, and the library of con

>> larry summers thinks raising the capital gains tax raises revenue, so foo by on him.er that the left brings -- something that the left brings out all the time. they tried this in the '80s. if you have a tax code that requires more and more all the time, there's something wrong with your tax code. taxes should be reduced so that they're simple to pay and easy to deal with, not try and get more and more police. there's something wrong with your laws if you need too many police. stuart: okay. let me -- i've got to move on. >> yeah. stuart: listen to this. pope francis, he says that the greed of some is causing the poverty of many. your take, please? >> greed is when you want what somebody else has earned and somebody else did. that's a what the tax and spenders are, that's the party of greed. people who are defending the income and the wealth that they and their families create are not greedy, they're just being honest that we ought to be clear that when you want somebody else's money, you are greedy. something you didn't earn. stuart: grover, you get straight to the poi

quoting jason furman and larry summers in some of the analysis done by the berkeley professors that workth tax and you pushed back on their methodology and their conclusions, right >> i think it's a shame because i think taxes on high income households are lower than they used to be they are lower than they should be but their analysis exaggerated quite a lot. made a lot of assumptions that no serious economist would make. >> do you think it was the right thing for the "new york times" to publish it as a fact in the op-ed pages? >> i think it's a tricky issue you have a lot of economists -- >> its made its way into the jargon now that it's a fact that the 400 richest americans pay less than the bottom it's a fact but not a fact >> we have a progressive tax system i think we should make it even more progressive and i think it's a shame thisanalysis distracted from where we should be going >> is her -- is her plan the waem tax wi-- wealth tax with te two cents. >> key with fill in loopholes. we can tax capital gains to death and we should give serious consideration to mark to market taxati

you know what we just did we allowed her because of leon cooperman larry summers stooefr ratner willt hits late night tv, mainstream yood, y media the way independents will go. >> can't go more than 24 hours in terms of ignoring this whole medicare for all, means -- less health care in europe that is what we have he to emphasize they control costs by rationing what you get, you wait you don't get it in england pointing out you need kidney dialysis, they let you die. >> bernie sanders. >> medicare for all is is medicare for no one. >> bernie sanders hitting her on tax there will be middle class taxpire pete joe biden toughest on her more than republicans all week bashing it as you know, you know, this math doesn't work as you know mall arc or something. >> taking away your health care that is what o bottom line. >> an important point in europe, you can wait for a year, and before you want to get that mri or whatever it is the are bureaucratics making decisions for you -- >> you want with washington politicians like elizabethize determining who gets health care who he do you want manag

let's get where, for example, at a recent forum here in washington, larry summers, who is a democraticothers the only way you can even think about covering this massive spending program which would deny 180 million people their own insurance, okay, the only way is for deep, heavy, onerous middle class tax increases. let's be very clear. it is the middle class who would have to pay the extra $100 billion or more to finance this kind of socialist government takeover of health care. it would have a catastrophic effect on the economy and all these numbers that we're seeing, all these numbers, on incomes per household, on wage increases, on jobs, all these numbers would literally evaporate and by the by, so would the stock market. stuart: okay. we haven't talked much about china trade recently. it's receded from the front burner. but the communist party in beijing just wrapped up a four-day meeting and they want to strengthen sovereignty, they want to strengthen xi jinping's leadership position, they want to increase supervision over the economy and governance of companies in china. they ha

larry beal has the highlights. >> good morning, everyone. deangelo russell almost signed with minnesota in past summer.still want him but for a warrior and scored a career high 52 against the t-wolf. s so spark were ready for the show was so was oh d-lo after missing three dames with the ankle injury. 12 points in the first quarter. 17 at the half. war berry ariers 20 of 20 at the line final seconds third quarter. d-low from the logo splash. ice in the vinces. dubs by 6. 30 seconds level. russwell a career high 45 warriors by 4 and the snarl says it all. warriors defense need a stop. one stop in the final minutes could not get it. andrew wigans gliding in for 2 of the 40. tide at 1 oh 110. d-lows missed late. russell keeps going in oover tim. finish was career high 52 but wigans answers pull up dagger 3. jordan bell, remember him, providing the chest bump there. warriors fall 125-119 in o.t. in okc tonight. >>> the biggest game at levi in years. 8-0 niners hosting seahawks monday night 5:00 p.m. kickoff here on abc 7. the question is whether george kittle will be playing in if it or merely watching. he

larry beil has the highlights in this morning's sports. >> good morning, everybody. deangelo russell almost signed with minnesota the past summer.a 52 against the t-wolves sparky ready for the show is so was l-lo amp missing three games. 12 points in the first quarter. 17 at the half. warriors 20 of 20 at the line in the first half. final seconds third quarter. d-lo from the logo. and splash process! 31 after there three. highs in the veins. dubs by six. 30 seconds left russell with a career high 45. warriors by four and the snarl says it all. warrior defense need a stop one stop in the final minutes couldn't get it. gliding in for two of the 40 fied at 110. missed a late shove shot over-the-. russell keeps going. in ot. makes it look effortless. makes it a 1-point game. finished with the career high 52. but wigans answers pull up dagger 3. former warrior jordan bell remember him, providing the chest bump. warriors fall 125.119 o it they're in okc font tonight. the big gaming in levi stadium in years. 8-09ers. hoefrting seahawks 5:00 p.m. kickoff here on abc 7. the question whether george kittle is playing or watching. kittle di

larry beil has the highlights in this morning's sports. >> good morning everybody. deangelo russell rm signed with minnesota in past summer.ant him but for now a warrior and scored a career high 52. sparky the ready for the show so was d-lo after missing three games with the ankle injury. scored 12 in the first quarter. 17 at the half. warriors to of 20 at the line in the first half fine seconds third quarter d-lo from the logo and splash! . 31 after three. ice in the veins. 30 seconds left. russell with a career high 45. warriors by 4. and the snarl says it all. warriors defense just need a stop. one stop in the final minutes could not get it. andrew wigans gliding in for 2 of the 40 tide at 110. d-low missed late. over time. russell keeps going. oh makes it look effortless. a one-point game finish was a career high 52 but wigans answer pull-up dagger 3. jordan bell, remember him, providing the chest bump there. warriors fall 125-119 in ot in okc tonight. it's the big game at levi stadium in years. 8-0 niners hosting seahawks monday night 5:00 p.m. kick-off on abc 7. te question is whether george kittle will play in it or

its case first, argued in court by larry steinmetz, and he began not with sex but with that other less titillating root of all evil -- money. the jury heard from summerhat chanin didn't have any. >> with respect to miss starbuck's financial situation, how would you define that? >> dire. >> reporter: do you know whether or not miss starbuck had been receiving any child support or spousal maintenance from mr. starbuck during that period? >> she had told me she did not. >> reporter: clay owed more than $9,000 in back child support. eliminate the ex and his financial obligations would die with her, thus a money motive said the prosecution. and then they brought it up -- sex. or rather chanin's love life, not the sex life that the defense had in mind but the romantic kind that sometimes produces jealousy, the other age-old motive for murder. >> miss starbuck now a single woman dating other men, much to chagrin and dismay of the defendant clay starbuck. >> reporter: chanin's newfound romantic freedom enraged clay. said the prosecution. one of the couple's friends testified that clay seemed unnaturally obsessed with his ex-wife's personal life. >> he basica