we got carried interest loopholes. we got tax haven loopholes. folks, this isn't the crowd and the place to go into more detail unless you're dying to know but not only should we restore that upper bracket tax rate at about 39% to what it was before president bush's tax cuts, which will go more than halfway in the deficit reduction that we need, but we also should close these loopholes and i believe eventually the republicans are going to have to choose. are they going to continue to defend tax breaks, tax loopholes that mainly benefit our upper income folks and if you look at yesterday's figures about net worth, the only group in this country whose net worth has gone up is the wealthiest 10%. the rest of this country, median income has gone down in terms of net worth. so there is fairness here, there's a necessity that we have additional revenue. there's not only precedent, there's overwhelming precedent. with every president who's tried deficit reduction, that there be a significant component of additional revenue. so i think we are going to fi

they're automatic loopholes. if you have a high rate, it pushes companies to really bend the law to move their profits offshore in fancy ways with fancy financial accounting. if we lowered our rate, that money would come back to the united states. you know, you mentioned the difference between tech and energy companies. it is the tech companies that are probably the best at this automatic loophole stuff. apple and microsoft, for example, are great at legally moving their profits offshore because, of course, their profits are very mobile in the global economy. intellectual property is very mobile. so these companies move their intellectual property offshore in legal ways. we can only get that money back if we lower our corporate tax rate. i think that's the most important thing for us to do. >> let me mention a couple of things. bankruptcy we talked about, as well. i am astounded at the number of times we talk about the gm bailout as the governor mentioned here as well. that was a bankruptcy process. it was just t

i kept hearing about this london loophole. from what i heard you answering to representative maloney, that there is no london loophole. it wasn't due to any regulations or lack of regulations in london. yet, when i talked to -- not to you but a number of other financial institutions. i'm from new york also. i talked to them. and they tell me that if we put certain regulations in place, they'll leave new york and go to london because they'll have less regulations in london. so i don't understand if, you know -- isn't there some kind of loophole in london that other institutions, maybe not jpmorgan chase, but they say that if we put these regulations in place, they will leave new york and take these jobs, that's what they tell me, to london. why is that if there's no london loophole? >> our problem has nothing to do with, as far as i know, any loophole in london. it could happen in new york. that's a separate issue. if a u.s. company calls up jpmorgan and says, make me a bid on interest rates swap and we can't give them the best

it is a loophole. we can close it. a huge amount of money in one loophole. we have been carried interest global. not only should we restore that the upper bracket tax rate at about 39% to what it was before president bush's tax cut, which will go more than halfway in the deposition reduction that we need, but we also should close these loopholes. i believe eventually republicans are going to have to choose, are they want to continue to defend tax breaks, tax loopholes that mainly benefit our upper income folks? if you looked at yesterday's figures, about the net worth, the only group in this country whose net worth has gone up is the wealthiest 10%. the rest of this country, median income, has gone down in terms of net worth. so there is fairness here. there is a necessity that we have additional revenue. there's not only proceed and, there's overwhelming proceed and. with every president who has tried to upset reduction, that there be a significant component of additional revenue. t, there's not only preceden there is overwhelming dec precedent. the overwhe

their proposed reducing the threshold to the states loophole-ridden standards. supervisor campos mentioned, in 2009, the commission proposed reducing the spending, exempting membership communications, and some more. the board of supervisors unanimously projected that. finally, the amendments along with some other provisions gut disclosure for groups engaged in election communications, restoring the loophole notoriously used in past elections. it eliminates disclaimers for independent advertisements and robocalls. as a whole, the legislation is written against the public interest. thank you. >> good afternoon. i am from district 1. i am a student of history, in particular, american democracy. i want to remind everyone about the remark by james madison. "if men were angels, no government would be necessary." and the remark about democracy being the worst form of government except for all the others by winston churchill. in this case, the ethics commission is trying to gut the regulations we have in place to govern campaign donations and disclosure. looking at this

it is a loophole. we can close it. a huge amount of money in just one loophole. this is not probably the place to go into more detail unless you are dying to know, but not only do we choose to restore that upper bracket of tax rates at about 39%, and what it was before the bush tax cuts, which will go more than halfway in the deficit reduction that we need, but we also should close the loopholes. i believe eventually the republicans are going to have to choose, are they going to continue to defend tax breaks, tax loopholes, that mainly benefit our upper income folks. the only group in this country whose net worth has gone up has been the wealthiest 10%. the rest of this country, median income has gone down in terms of net worth. so there is a necessity that we have additional revenue. there is overwhelming precedent, with every president who has tried deficit reduction that there be a significant component of additional revenue. so i think we are going to find a way out and avoid sequestration, in my judgment, because the overwhelming number of congressmen and wo

>> what i want to do is lower rates, and close loopholes, so i want to use those loopholes to reallyrogrowth tax agenda going in this country. not to off set what may be coming, the $1.2 trillion in the coming years. that would not be a good approach, but if we can get a overall tax overall, we know that with our budget it's 1 million jobs in the first year, that's the direction we need to go getting a progrowth jobs creating economy back in the united states. >> as you well know, senator mccain was hoping to use those loophole closures this year to try to save enough money so there can be fewer cuts in defense spending which is part of the fiscal cliff we're talking about. you don't think that will happen though? >> i think the best thing we can do is a growing economy and more importantly to families and businesses, but that's not giving us the long term growth and reform that we need going forward. it would solve the problem for a year or so, but not the long-term problems we have been ignoring for far too long. >> i hate when both sides of the aisle say we have to simplify the ta

is there a willingness to close those loopholes?l tell you, as an american who applies the alternative minimum tax to my taxes, i don't get credit for those, because i end up paying the alternative minimum tax. there are plenty of americans who are making under $200,000 for example who are paying anyway. it's the upper americans, it's the americans making $1 million or more, who are actually finding ways to effectively bring down their tax rate. so yeah, i would say let's eliminate some of those loopholes. >> all right, well, congresswoman sanchez, thanks so much. >>> still "outfront," breaking news, a turkish plane shot down and the country that has now admitted to it tonight could surprise you. plus, an unbelievable thing happened in the jerry sandusky trial. his defense attorney told reporters how he'd react if his client was found not guilty. it was an amazing moment. in your car. now count the number of buttons on your tablet. isn't it time the automobile advanced? introducing cue in the all-new cadillac xts. the simplicity of

. >> are you also open to a system where by eliminating loopholes, some people would ending up paying more in taxes after the reform than they do before? >> yes. and what we need is a flatter, simpler, fairer tax system. >> why isn't that enough? why can't you guys do a deal if they're saying that on one side? why can't you do a deal? >> erin, if what they're talking about is really a change in the tax code in a way recommended like bipartisan groups and simpson-bowles which not just simplifies it by reducing the rate and expanding the base but would also generate real new revenue which would be matched by cuts, certainly we could do something. i would welcome those senators actually -- >> hold on, because obviously you're what saying there, you got to the heart of it. what do you mean if you say if i cut the rate and eliminate loopholes, a lot of people in this country, and i'm talking about the wealthy, will pay more. you're saying that's not enough. you want additional new revenue? >> no, i'm saying if you cut the rate and broaden the base in a way that generates additional revenue

i can discharge you but there are always loopholes. instead of our kids.that something you'd consider doing? did waves it ever happened has some from abroad and totally. you can give it away. so and it has the same launch, they give away on top of its $1 salary. our consular cretonne they're fine if that 80 months after the pass a law they will appeal it. about 100 staff slobby to amend the loss to create specific guidelines for the rear box instead of banning the sale altogether. state senator lewis walker says she considers sponsoring the legislation. if, breaking the law the steps could face a fine of a thousand dollars a place but police in san francisco and los angeles are already saying is that and that will be difficult if not impossible to enforce. degrees that secretive. >>> the sheraton san thank you. two brothers are being called heroes to nice the u.s. ski pregnant woman was trapped inside an overturned car. it happened today and west capitol expressway near rosenbaum avenue in san as a reporter kid stuff explains how could be the start of a ca

why is that if there is no london loophole? >> it has nothing to do with any loophole. it could happen in new york. that is a separate issue. if a u.s. company calls a j.p. morgan and says making a bid on a straight swap and we cannot give them the best deal and they will get the best deal out of deutsche bank in europe, that is where they will go the rules that the transaction level about margin, reporting and the requirements may enable the to bank to make a better deal. two things will happen -- caterpillar or the big company will get less beds and it will not be good for american company and the business will move to another bank overseas. you would see some, i don't know the headcount numbers, some firms if they can put some people overseas to to the business in foreign subsidiaries with the same company they were doing it with in the u.s. if a u.s. bank cannot do the business at all, at all, because the rules are written so broadly, then we will lose a lot of business and a lot of jobs here and they will not move to london. i assure you, that will one day be in si

>>neil: does that include getting rid of allowantses and closing loopholes?st: there is in wiggle room. no tax increase. no, getting rid of deductions and credits and reducing rates so that it is revenue neutral, lower rates, bradening base, that is fine. that is tax reform. >>neil: what if they close the loopholes now and address the serious reform next year? >>guest: well, that's the trap that harry reid and obama want. they want --. >>neil: all the guys yes-or-no? >>guest: if you eliminate deductions and credits and let the appropriators spend the money, two things go wrong, you spend all the money and the problem is spending too much already. and, two, so next year, when we go to do tax reform, how do you reduce the rates if the base, the tax deductions and credits have already been spent? >>neil: so, grover, what do you get from the democrats, saying, whatever you save, closing the loopholes and tax breaks go to deficit reduction immediately and would grover norquist be okay with that? >>guest: deficit reduction means he spends it. he is not talking abou

such as the stock option tax loophole, the carried interest loophole which allows hedge fund managers to treat as capital gains income which everybody else has to treat as ordinary income. he needs to address the questions of revenue loopholes and he also, if he wants to increase defense spending, he's got to say well, if he doesn't go for revenue, where's he going to cut. and not be allowed to get away with some answer like he will go for efficiency and cutting waste. >> do you have a response? >> i think maybe taking it just in a slightly different direction, the question was kind of a voluntary person wants to do this, the reality is that one thing that we have been as a nation perfect at is we have never guessed when and where we will be in the next conflict. the question here that worries you is, is that conflict coming before we can get through some adjustment to the economy to start to rebuild ourselves. then i think the statements and the comments of the senator are appropriate in that if we are in fact entered into another conflict here in the near future, will we and how wil

that's why we came here last friday from loopholes that could let californians 9 on the delicacy he even after the end begins. at help. bay area brothers rushing to the rescue the weapon used to save pregnant woman. the mayor was the way when hearing for san francisco as embattled share of came to an abrupt halt. good evening can is off tonight. but this weekend could mark the final time foodies case for a broad and california the measure banning the fatty duck livers from state menus is set to go into effect on sunday. but as sheridan reports the food fight isn't over just yes. did police mellon vice indiana some people are calling it fought to get in and many restaurants like the one you see here are flooded with customers to nice glove come december the last rites. the last supper. did ways so that's why we came here. other restaurants are treating eating foie gras fever. chef paso serve more than 203 lows this week. five times more than usual. the waste at on a 150 customers must swap up a special room in one day driving a business by a very. did ways and pallia chef dan schroeder ra

you know, you've got $1.1 trillion in loopholes for 2014. that means if you close loopholes, you get a lot more money. >> you know, the proposal i put on the table would have allowed us to take some of the -- to reduce the value of the deductions and write off some loopholes use that to lower marginal rates, but use some of it to reduce the size of our deficit. i also proposed other sources of revenue. i happen to think that it's ridiculous that we fully subsidize medicare benefits for very wealthy americans. why don't we ask them to pay a little more for their medicare benefits? i think we should. >> but this is a crucial question. you're going to close loopholes, you're saying you use some of the money to lower marginal tax rates. the question is, how much. tell me you're not on the side that you have this religion where it has to be revenue-neutral. any money you get from closing loopholes you're going to put into lowering rates. you don't believe in this revenue-neutral thing, do you? >> well, that would be much better for our economy, a

they're not paying the loophole for the real estate transfer tax. we can close that loophole. minimize foreclosures, and bring more revenue to the city and county of san francisco. we're also looking at changing the business tax as well and moving from apparel tax. i want to make sure that as we're doing that, that we are growing supply revenue for the city. taxing the highest, most profitable businesses at a higher rate to bring money to the city so we can perform the services we need to perform here in this part of san francisco. i want to thank you for being here. i want to work with you in advance in the district. thank you very much. [applause] >> just a second, i get across -- a chance to make closing remarks. i just want to say thank you for being a partner and investing your time in the neighborhood and investing your time in the meeting today. i think one of the key takeaways is you cannot pick apples with your back to the tree. thank you. >> kids with special needs have access to a venture on may 5. over 25 businesses and nonprofit organizations build the music conco

let's get rid of some of the loopholes that some of these banks have been using to crash our economy this is insane j.p. morgan chase c.e.o. jamie dimon it went up to the hill for a second day of of our elected officials say may i kiss your butt sir please in this case it was the house financial services committee the day before he was the son of republican chairman spencer baucus who calls j.p. morgan his second largest donor in his political career refused to even ask mr diamond to testify under oath so that he could be held for perjury should the day come. and then after this after this incredible. you know almost french kissing session the republicans voted to slash funding for wall street regulators of the commodity futures. trading commission the it is the f.t.c. . why do republicans want the banks to use to crash our economy it's so it sounds so if you're going to say slash the budget slat a budget of these they cut one hundred twenty million dollars out of president obama's request i mean they're basically going to prevent them from hiring the regulators to enforce dodd frank

why is that if there's no london loophole?lems -- nothing to do with -- as far as i know, loopholes or -- >> we'll take a quick break once again and head back to capitol hill and listen to more testimony of jamie dimon. >> if a u.s. company -- if you made a list of countries from around the world... ...with the best math scores. ...the united states would be on that list. in 25th place. let's raise academic standards across the nation. let's get back to the head of the class. let's solve this. so i test... a lot. do you test with this? freestyle lite test strips? i don't see... beep! wow! that didn't take much blood. yeah, and the unique zipwik tab targets the blood and pulls it in. so easy. yep. freestyle lite needs just a third the blood of onetouch ultra. really? so testing is one less thing i have to worry about today. great. call or click today and get strips and a meter free. test easy. mcallen, texas. in here, heavy rental equipment in the middle of nowhere, is always headed somewhere. to give it a sense of direction, a

you can see which is the biggest loophole. it is not contracts. in addition, while we further the contractors from making contributions, we do not prohibit them from bundling contributions from others or serving on a fund-raising group to get money. these are all loopholes that have been closed by los angeles but have not been addressed here in san francisco. i have a lot more i would like to leave you with some notes on some of the other issues, but i direct your attention to the fact that everything we have in our ethics commission is in english only. yet, our audience is not english only. if you go into the los angeles ethics commission, there's a drop down where you can get it in chinese or spanish or a number of other languages. even when we have a hearing on a violation that involves a community that is modeling will, they do not have a translator that stands up and speaks. supervisor campos: i woul

the corporate tax whole is not be legislated loophole. there are automatic loopholes. if you have a higher rate, it pushes companies to bend the law, to move their profits offshore in fancy ways with fancy financial accounting. if we lower our rates, that money would come back to the united states. you mentioned the difference between technology companies and energy companies. apple and microsoft are great at legally moving their profits offshore because their profits are mobile in the global economy. intellectual property is mobile. these companies move their intellectual property of shore. we can only get their money back if we lower our corporate tax rate. >> let me mention a couple of things. i understand the number of times we talked about the general motors bailout -- that was a bankruptcy process. it was controlled by the federal government with a lot of new bankruptcy rules. american airlines is currently going through bankruptcy. there is this perception that if gm went through bankruptcy, we would not have automobile dealers and manufacturing because it would