tax. the reid plan would impose a huge new death tax on family farms and businesses next year. under current law, businesses and farms are exempted from the death tax on the first $5 million of the value of an estate. values above this amount are taxed a top rate of 35%. well, i believe we ought to completely eliminate the death tax and i've introduced legislation with 37 of my colleagues to do so. but the current death tax treatment exempts the large majority of family farms and businesses from the tax. the reid plan, however, would allow the death tax to revert to the provisions in effect before 2001. this means that under the reid plan, family farms and businesses will face a top death tax rate of 55% on estates above $1 million in value. this is a massive death tax increase on tens of thousands of small businesses and family farms across america. in fact, according to the joint committee on taxation, the reid plan will increase the number of estates subject to the death tax in 2013 fro

not a new tax, nor does a tax on retailers. it is time not to eliminate government sanctioned competitive advantage so many have over your hometown businesses. it is time to end the winners and losers in the retail community. it is time to treat all retail as this is the same. i believe congress has the ability to balance appropriately to simplification comes to sovereignty and tax members inequity. i encourage u2 make that decision and act now. thank you. >> gentlemen, we try to work within a five-minute rule possible. when the bread line appears, that says to you you won't be kill. mr. kuttner, you're next in line. >> had been forewarned. i'd be very interested in innovation and buying and selling. i prepare to report in this area. >> both of my closer. >> the future market place and some other issues that come up in thinking that the origin base versus the destination days that i'd be appreciative of this hearing. >> without objection. >> thank you. i'm reminded today of the chair the council of economic advisers in the john

our tax system is broken. half the country pays no income tax, and the rich pay as a percentage of their income less than the middle class does. we have a tax system that needs an entire overhaul and we've got a lot of interest to pay on the debt that we've accumulated. which is why, at least for the moment, you can't have a tax cut. but what president obama wants to do is extend a tax cut that you've actually been living with for about a decade. see, back during the final years of the clinton administration, the u.s. had a budget surplus. in the year 2000, the federal government took in $236 billion more than it spent. and the presidential election that year, then-texas governor george w. bush running against al gore pledged to give that money back to the taxpayers. >> we don't believe the surplus is the government's money. we know the surplus is the people's money and we're going to send some of that money back to the people who pay their bills. >> and send it back he did. when he became president, through t

not a new tax, nor does a tax on retailers. it is time not to eliminate government sanctioned competitive advantage so many have over your hometown businesses. it is time to end the winners and losers in the retail community. it is time to treat all retail as this is the same. i believe congress has the ability to balance appropriately to simplification comes to sovereignty and tax members inequity. i encourage u2 make that decision and act now. thank you. >> gentlemen, we try to work within a five-minute rule possible. when the bread line appears, that says to you you won't be kill. mr. kuttner, you're next in line. >> had been forewarned. i'd be very interested in innovation and buying and selling. i prepare to report in this area. >> both of my closer. >> the future market place and some other issues that come up in thinking that the origin base versus the destination days that i'd be appreciative of this hearing. >> without objection. >> thank you. i'm reminded today of the chair the council of economic advisers in the john

they have been paying income taxes, sales tax, property tax. they have been paying taxes all the way along. so it's not like they're just handing this stuff on to the next generation without paying tax, because they're not paying that death tax. they have been paying taxes on it all their lives. and not just one or two taxes. multiple taxes. so this property is taxed their entire life. they worked their entire life to pay those taxes. and then they face a death tax that would force them to sell the business? that's not right. and you know what? that's not right if it's a farm or ranch or, frankly, any other kind of small business in this country, because this country is about small business. that's the backbone. small business is the backbone of our economy. it is the backbone of this country. and that's exactly what we're dealing with. that's why we've put forward an option and we encourage our colleagues to support an option that will continue the current tax rates, that will not raise tax rates. and then we work on extending those current ta

that's to raise everyone's taxes. >> he's raising the taxes like crazy. we need freedom. >> good to have you with us, folks. thanks for watching. mitt romney spoke to the naacp convention in houston, texas today. he delivered a speech short on specifics and long on tepid generalities. >> some may wonder why a republican would campaign in the african-american community and address the naacp. i hope to address every american of every race, creed, and sexual orientation. from the poorest to the richest and everyone in between. >> romney was greeted with polite applause throughout the speech, and even got some encouraging organ music. >> i can't promise you that i'll agree on every issue, but i do promise that your hospitality to me today will be returned. we will know one another. and we will work to common purpose. >> the audience gave romney their attention and a fair hearing. at the end of the speech, the crowd respectfully offered a standing ovation to the candidate. the attendees gave him some credit for showing up. unlike the previous president, george

tax. we are particularly mindful of businesses with relatively low payroll but sell a lot of products. including personal services. these are the industries with the lowest gross receipts rates. it is taxed at 0.75%, moving to 0.175%, in excess of $25 million. that business will pay at all four tiers. supervisor chu: if you have a business with gross receipts levels, do they pay on the first $7 million? so that it is progressive? >> yes, it is progressive in that way. scheduled the information industry, by a technology, clean technology, including services. their rates start at 1.25% and rise. scheduled to is the lease information, the accommodation, and arts and recreations that are not nonprofit. their rates start at 0.3% up to $1 million, and 5.4%, $25 million and above. there are slight differences indicated between the proposals on the rates for schedule 3. those are the only rate differences. schedule 4 is subject to tax. they are not covered by the payroll and gross receipts tax and

these tax cuts are ruinous for the economy. >> we have stats on just how much the tax cuts cost. if you extend them for one year, for those making $250,000, households making $250,000 or less, it's $150 billion added to the deficit. it's $850 billion if you extend them for all earners. the question is again, is there going to be a day when these are allowed to expire, when the idea of an impermanent tax cut seems to be political kryptonite? or the idea of ending a tax cut and whatever expires. >> yeah, i think that that's up for grabs. i do think this is a very, very smart pivot, though, off the jobs situation. getting out in front of this issue now is crucial, because we've all heard about this fiscal cliff we're moving towards tend at the end of the and tax cuts are part of that, the fact we have to raise the debt ceiling again. once that conspires, economists say that could shave 1% off of growth, if we don't have an extension, if we don't come to consensus about raising the deficit ceiling. i think the president is right to get out in front of it. >> eric, i love asking you a

, amt, alternative minimum tax, there's corporate tax rate, different deductions in tax credits having in college and go up into the formula for the middle-class families and what the president and the others like to say and others like to say, if you don't keep it in place, couples making less $250,000 or less, if you don't keep them in place, they are going to see a tax increase, and this is something that you won't like to have in a fragile economy. and it is also what is rich in america, $250,000 or something higher like nancy pelosi says, and some people say $1 million is higher in some of the high tax states to talk about raising the taxes on the wealthy and republicans talk about what it means for the small business owners, but what it means for everyone, wolf, if we don't handle the temporary taxes, taxes for almost h everyone will go up if congress does not do something at a time when the economic recovery is fraj ji gid we are not seeing the economy produce jobs. tax breaks are very difficult to take back. they really are, especially when you give tax breaks to the middle-cla

i paid $22 just in taxes so everyone pays taxes. everyone will pay income -- don't pay income taxes because everybody doesn't make enough. so having enough to live off of. at one time in this countries are let's face it, people was paying 70%, 80% taxes. we were in two years for almost 10 years and gave everybody a tax cut. that's the reason we're in the problem that we're in right now today. he has to extend those taxes, those tax cuts, because the congress held those tax -- held the unemployment insurance benefits, held them hostage two years ago. that's my comment. thank you. host: joseph on twitter says president obama is fighting to save the middle class. conservatives and republicans are worrying about the rich. tallahassee, florida, donald, democrats' line. welcome to "washington journal." caller: thank you. i agree with the person 100% -- can you hear he? host: yes, we can. caller: i agree with the 100%.ent but what we got to understand, we're dealing with a mentality that they had throughout civil war when the poor whites w

tax" at an 6, 2012. item 12. 9 voters an: "ordinance amending the business and tax regulations code to: 1) enact a new article ordinance) to impose a gross receipts tax and an administrative office tax on persons engaging in business activities in san francisco; 2) amend article 12-a business payroll expense tax rates based on the amount of gross receipts tax collected under article 12-a-1 (gross amend article 12 (business registration ordinance) to establish business registration fees based on gross receipts and amend the current business approximately $40 million in amend article 12-a (payroll sunset date to the surplus (e credit; and 5) amend article 6 (common administrative provisions) to establish requirements for filing a tax return under article 12-a-1 (gross receipts tax ordinance), establish filing payroll expense tax. supervisor much. please call item 13 and 14, though they are not exactly connected. >> item 13. hearing to consider the proposed initiative ordinance to be submitted by four or mo

tax code.his is the way privileged people like mitt romney and others receive their income, called a carried interest. many would argue is just like ordinary income, a salary earned by anyone else and should earn the toptop tax rates, but inste, it is taxed at a very low rate of 15%. mitt romney's tax rate is a little bit lower than that. for various other reasons, he deductions and other income as well. but it is not totoo far off 15%. >> let's play a clip of reporter ryan gramm on msnbc send the deficit romney opposes is called in part -- cost in part by dodging taxes. >> one reason we do not have that money is so many rich people can afford sophisticated accountants who can hide the money in offshore tax havens and then hire lobbyists who then write loopholes into the tax code and now it wants to run for president, complaining about the deficit and saying the tax code is too complicated. at some point, if you have to say, wait a minute? what you talking about? the tax code shapeow does what

the people a tax hike? if we can't have it it all, we'll allow a tax hike to take place. >> is the president ready to go to the mat over this? is he willing to let the bottom income tax rates of the 98% go up in order to not raise rates on the top percents. that's the other people and he and robert gibbs have been very clear they're not held hostage this time. they're willing to go to the mat this time whereas the last negotiation, i don't think they were willing to and instead they used it as a bargaining chip to get other things they wanted. >> it's different from the last one. what i hear from some democratic senators and now even from some republican senators something they will not say publicly, they're willing and, in fact, some believe they need to go off the cliff on january 1st. they need to allow the tax rates to expire, have every rate go up including the bottom rate to go up in order to then on january 2nd put real pressure on congress including republicans in congress to pass some kind of adjus

republicans, tax cutters. democrats, taxes up. republicans, taxes down. so right, that's what we know, right? wrong. republicans do want to cut taxes on rich people. that much is fully true, and democrats want to raise taxes on rich people. that is at least mostly true, and i say mostly for reasons i'll explain in a moment. but when we're talking about poor people, the positions reverse. democrats want to cut taxes on poor people. and republicans at the moment want to raise them. and even the rich people thing isn't so simple because you could argue that democrats and republicans both want to cut taxes on rich people, at least when it comes to their specific plans for how to deal with the bush tax cuts. now, before we get into this, i got to be honest with you. it's going to get a little weird. you know how in physics light can be both a particle and a wave? see, we have a cool little physics illustration. in washington, a particularly tax policy change can be both a tax hike and a tax cut. at the same time. crazy, right? the reason for this is a little c

tax. there were 7500 out of 96,000 registered businesses. many do not pay the tax because they are sole proprietors, which the city does not consider payroll, regardless of how much they bring in. several businesses, about 30,000, are exempt. i mentioned the other8 that the city has added, including constitutional exemptions for banks, insurers, and certain trucking companies. the net effect takes into account the situation where less than 10% of these businesses pay the tax. san francisco is the only city in california bases its entire revenue on this tax. to the extent that it creates issues are around economic impact, equity, instability, we are the only city and state to experience that. f?2 large cities in the state in california, and the gross receipts tax is one of the largest. it was on this basis that the comptroller's office recommended in its report the replacement of the payroll expense tax with a gross receipts tax. both were ordinance to receive the report before you for key

rate on the federal level it's state it's local it's sales tax it's property tax it's business taxes we have the highest corporate tax in the world and you are chasing people away one of the biggest democratic contributors in america is denise rich and she was the friend of the clintons and she just renounced her american citizenship if obama is reelected i will make this prediction you will see americans in droves record numbers leaving the united states of america and renouncing their citizenship the taxes are too high we are offshoring jobs because the taxes and the rules and the regulations on our growing resistance military wing what we need to do is we need to offshore barack obama let's send them to russia. good hunter jumper. oh give it a break these lovely red meat this is a lovely red meat talking points that you know invoke the wrath of people by lying that we are paying high taxes taxes actually the lowest of the second was the have been since records start not be fair over fifty years democratic republic was never. even use the lowest they've ever been only eighteen perc

tax increase. >> world war ii, we expanded the income tax. at the time it was a very -- a tamm that only applied to high income earners. after world war ii we expanded it to all americans. that would be the largest tax increase in american history. >> say self-insurer must buy insurance? or pay a tax? >> yes. >> clover, south carolina. you're on, sir, go ahead. >> caller: about the insurance. how come it's going up so high? >> that's the trillion dollar question, why are insurance costs going so high? i think a lot of economists point at the deduction for employer provided health care, and we don't have a lot of price signals in the health care market. you see the doctor, you don't ask the doctor how much does it cost, someone else is paying for it. but yet your employer provided coverage or va or medicare or medicaid. we're not asking questions like that. and there are possible reforms we could embark upon to try to encourage people from doing that. encouraging health savings accounts, for instance. but the -- that's not the direction this b

it is as simple as a tax gets. it is a flat tax on payrolls. is not without its v)u complex than the gross receiptsl tax. the growth will create more administrative burden for taxpayers to pay. it is one of the cons of the shift. this is the prairie -- primary conn. -- con. that is in terms of folks available to provide counselor -- counseling to taxpayers aren't -- and also after the fact. that is because we have more pairs and those that are paying and more complex tax. the measure and mission are increased administrative costs in the formula that you see in the legislation. those costs had no more of an increment of to% of the tax collected. our conversations is a phase i and their implementation. it seemed to indicate that the costs will be between $3 million to $6 million would be the current working estimates. that is envisioned in the former was and the net revenue numbers we're talking about. that is a high-level summary. while the gross receipts tax is certainly more complex and challenging for the city to administer and taxpayers to p

-- taxes and to tax reform?letter from the associated builders and contractors, which i won't read it because i have it -- i have been referring to it in my remarks today. madam president, i ask unanimous consent that a letter from the associated builders and contractors, dated july 25, 2012, be placed in the record at this point. the presiding officer: without objection. mr. hatch: i thank you, madam president. look, i yearn for the day when we can see both sides come together and work together and work together in the best interests of the country. we know that this presidential election is close. we know that they are virtually in a tie right now. let that play itself out, but let's do what is right here. let's not hammer small business. let's not have the biggest tax increase in history. let's not put this country into -- into a recession and maybe even a depression. it was irresponsible in my eyes for any democrat or any republican to say that if you don't give us what we want, we're going to just go into -

because taking tax money from citizens is a big deal of anybody they have your tax bill go up and it doesn't matter what income bracket you fall in people are concerned when the government says i want more of your money so it sounds like what you're saying is that. we all agree that we need to pay for the comments the disagreement is two is in two pieces one are we doing a good job of administering the collins and you know i remember senator proxmire as golden fleece award there are people who call that out and say you know yes or no and then the other is where the comments begin or now and mike where do you see the comments beginning then to the united states where i mean i think it's you know the german here vince was talking about taxes money being spent and efficiently you know if you look at g.e. paying a negative forty five percent tax rate so obviously negative negative there is they're getting their forty five percent of the you know they're getting the i'm feeling but back to the paying is effectively a negative forty five percent tax rate general electric the largest corpor

tax, say it. tax. tax.t is why they tie themselves into pretzel knots all week because that is the one place where the republican party has been incredibly consistent and discipline. >> and would act accordingly that is grover norquist tax pledge is the major pillar of the republican party. it also, realistically, happens to be the biggest obstacle to doing anything about any of our serious problems. >> here's the "wall street journal" attacking, went on chuck todd's program to say, you know, it's penalty. because you wanted to preserve him, romney from being attacked to raising taxes. "wall street journal" said he's managing to turn the only possible silver lining in chief justice john robert' obamacare -- the campaign looks confused in addition to being politically dumb." here's rush limbaugh, this is rush limbaugh running with the critique of obamacare in quotation marks as a big increase. >> what we have been told by the chief justice of the supreme court and four liberals on the court, obamacare is jus

the american opportunity tax credit, the expanded child tax credit and the earned income tax credit. our proposal would extend these tax cuts as well. so under our plan, the middle class will be secure in the knowledge that their taxes aren't going to go up over the next five months while we all debate the fiscal cliff and all the things we have to do to prevent our deficit from growing. this should be priority number one, to secure the middle class while we have this debate. i want to focus for a moment on a glare difg between our -- glaring difference between our plan and the republican plan. we all know how hard it is to pay for college. we all know how important a college degree is. study after study after study has shown if you get a college degree, you'll make more income. you'll have a better life. some of the recent studies show you even live longer. having a college degree is so important to memorials. to ever american families. and yet at the same time the cost of college is rising. whether you go to a private school, a religious school, or a public university, the cost is

-- taxes and to tax reform? let me just read a letter from the associated builders and contractors, which i won't read it because i have it -- i have been referring to it in my remarks today. madam president, i ask unanimous consent that a letter from the associated builders and contractors, dated july 25, 2012, be placed in the record at this point. the presiding officer: without objection. mr. hatch: i thank you, madam president. look, i yearn for the day when we can see both sides come together and work together and work together in the best interests of the country. we know that this presidential election is close. we know that they are virtually in a tie right now. let that play itself out, but let's do what is right here. let's not hammer small business. let's not have the biggest tax increase in history. let's not put this country into -- into a recession and maybe even a depression. it was irresponsible in my eyes for any democrat or any republican to say that if you don't give us what we want, we're goi

immediate tax increases. rote troe active tax increases. or, because new jersey's constitution is the most powerful governorship constitutionally in america, george will calls new jersey's governor america's caesar, i really like that -- a lot -- i can act by executive order and essentially impaneled the funds by executive order equal to the amount of cuts necessary. for those who have watched me the last 2 1/2 years closely, vaguely, if you believe i picked option one you did not earn your invitation here this morning. you need to leave. there's no chance i was picking option one. i selected option two. sat down and went through 2,400 lines of the state budget, and found $2.2 billion in cuts, and made those cuts by executive order. went to the state legislature and presented them in a joint session speech. and after i was done, the speech essentially -- the speech was about 40 minutes long, given time constraints, i boil it down to about 15 seconds. i went up there and said, listen, you left me with a huge problem. i needed to fix it. you

the middle tax tax cut is the hostage this time. he said he learned this lesson during the dent ceiling debate last year. we did learn this, it's a hostage that's worth ransoming and it focused the congress on something that must be done. this is why the obama camp is pushing the tax message right now and it's really a brilliant move. in a campaign memo two weeks ago, the white house adviser explains why this was a fight to win. if republicans want to talk about taxes, we're happy to have that debate. they'll rax taxes on middle class families to give millionaires and billionaires a $250,000 tax cut. recent analysis proves this to be true, for example, if you're a person who makes between $50,000 and $100,000 a year, listen up. your taxes will go up nearly $4,500 under the republican plan to offset the tax cuts for the wealthiest americans. that's how they want to play the game. the big question tonight, is whether democrats will follow the president's lead. this is where the president of the united states needs every democrat out o

tax. do you think that system is fair to consumers? >> which system? the one in this bill? >> the status quo right now that many people aren't paying the use tax. >> i think consumers can go out there and specifically try to avoid paying the sales tax based on the government inequity that found the books and i think it disadvantages local businesses who are required to pay -- to collect a sales tax or not those who are remote. >> would it also disadvantage consumers that perhaps are technologically sophisticated or don't even have a computer or access to internet in their home? >> it creates a memorable playing field. >> thank you. you also spoke in your testimony to a point that technology currently exists to collect sales tax. is that correct? >> yes. >> eight companies currently have the tech ologies to collect vat tax. to have a sense of what it costs to have that technology in order to do that? >> it depends on the company and how you handle it. i've met with a number of small busines

tax. the reid plan would impose a huge new death tax on family farms and businesses next year. under current law, businesses and farms are exempted from the death tax on the first $5 million of the value of an estate. values above this amount are taxed a top rate of 35%. well, i believe we ought to completely eliminate the death tax and i've introduced legislation with 37 of my colleagues to do so. but the current death tax treatment exempts the large majority of family farms and businesses from the tax. the reid plan, however, would allow the death tax to revert to the provisions in effect before 2001. this means that under the reid plan, family farms and businesses will face a top death tax rate of 55% on estates above $1 million in value. this is a massive death tax increase on tens of thousands of small businesses and family farms across america. in fact, according to the joint committee on taxation, the reid plan will increase the number of estates subject to the death tax in 2013 fro

we have state and city income taxes that are way up and tolls are up and sales taxs and sintaxes. and be prepared maybe we ought to stay in california. who among us thinkings is it is not true. it is a correlation . and why do we have more. i wish it were true and doesn't seem to be. mark pointed out that labor costs played a major role. but there is something that plays a important role. consumer demand. you can have nothing but money in the bank . you will not spend it on jobs if people are not buying your product. that's where we solve the problem. >> john, is there a connection between tax rates and jobs? >> yeah, this one is so basic . there are no companies and jobs without investment and if you want to increase investment, you take less out from individuals that are working. and if you want to boost job creation through the tax code, you have to reduce price of work and investment on those most able to kill jobs. this will kill rick. the vital few in society that invest and create the jobs. >> steve, there is no known study connecting job growth with lower tax rates, what d

i always say when it comes to taxes, one man's tax cut is another man's tax increase. that's the message we will see play out. >> that's exactly where the divide is. this was the president just about an hour ago in the east wing of the white house. excuse me. east room of the white house. >> we should all agree to extend the tax cuts for the middle class. let's agree to do what we agree on. the fate of the tax cut for the wealthiest americans will be decided by the outcome of the next election. my opponent will fight to keep them in place. i will fight to end them. but that argument shouldn't threaten you. >> obviously that was the east room, not the east wing of the white house. the romney campaign put out a statement saying president obama's response to even more bad economic news is a massive tax increase. it just proves again that the president doesn't have a clue how to get america working again and help the middle class. chris, that's exactly what you were pointing out. one man's tax cut is another man's tax increase. >> you know, we're back to square one in some

income, sales tax, property tax. you name it, we got it. >> if we find your state to be a great place to recruit. >> and many have been doing just that. [laughter] >> thank you, mr. chairman. i keep wondering when my friend from california is an export himself from california. so, mr. kuttner, listening to your testimony before i heard mr. delbianco, i was tempted to think that maybe innovation is taking the place so rapidly that you would not need the $1 million exemption or the $100,000 exemption that this bill does because you could just pull up and app and you'd be doing pretty simply. isn't that right? >> the technology will reduce the cost over time. as to where it goes, that is another question for you over time. >> mr. henchmahaslam, this is ad panel because mr. kuttner doesn't seem to have a dog in this fight either way. >> we sat in the right order. [laughter] >> it seems that he could go the right way if you simplified the tax. you're not saying this a bad idea, you're just saying it would be a lot simpler

call it what you will, the estate tax or the death tax, but in the end, it is a tax that is antismall business and antijob creation and antiwage increase. we are in the midst of another senate floor show, pursuing legislation that will give the president and his allies campaign talking points but will do nothing, absolutely nothing to spur economic growth and job creation. meanwhile, the senate has failed to take action on estate tax reform. this is beyond irresponsible. i have been a long-time proponent of repealing the death tax. not only is it double taxation and a deterrent to savings but it also sucks up capitol hill i- sucks up capital in the marketplace. this is capital that could be used to hire more workers or expand small businesses or any business for that matter. this is a basic economic concept that seems lost on our current president, president obama. during last year's deficit reduction talks, president obama argued on behalf of tax increases, saying -- quote -- "i do not want and i will not accept a deal in which i am asked to do nothing. in fact, i'm able to keep hund

as a tax economist, i realize that tax rates matter. very high tax rates tepid to deter employment and how much people want are willing to work. one of the thins we've seen is because of these various problems is you have marginal tax rates that regularly reach 40% for low in people and can in certain situations go up as high as 80% or even 100% if you take into account the various state and local programs. no one really designed the programs to be this way. to quote a former treasury secretary just like the tax system we should have a welfare system that looks like it was designed on purpose. every program was designed well and it was put in by well meaning people. but when you have 12 or 13 different programs at the federal level, the state level and sometimes at the local and regional level these things act to create tremendous disincentives. i know i'm preaching to the choir. this is something to appealed to a number of people many the committee. that's why you have duncan smith to talk about what they're doing in the united kingdom

it's tax deductible. if you lay off americans, hell, you get a tax break. to bring jobs home act would change all of that. it would end the tax break for moving jobs overseas. instead, you get a 20% tax credit for bringing them back to america. right now, we're actually paying companies to lay off americans and leave the united states. and look at what it costs this country. over the past decade, the biggest companies have cut their work forces by almost three billion workers, but they have hired 2.4 million overseas. laid off americans are rallying to change the tax law. workers from washington to georgia to maine are asking their senators to bring the jobs home. >> all of our jobs are going overseas and we need to bring them back to the united states so that our grandchildren and their children will have jobs in the future instead of sending them overseas. >> those doing well in america ought to do right by america. >> walking out of here when we didn't need to was a crime. >> our government is allowing them to go away. they're paying them to go away. >>

we talk about taxe ands. richard rubin has the first question. >> president obama made his case for extending the tax cuts scheduled to expire at the end of the year. republicans agree we should extend the tax cuts for 98% of people. you want 100. let's do what we agree on and fight about what we disagree on later. what is wrong with that approach? >> it creates far more uncertainty for the economy. we have a struggling economy. here we are three years after recession, and we have the worst recovered, 10-10 since world war ii. this will create more uncertainty. secondly, it does the solve the problem. i guess that is the key point. it will not be good for the economy to fight over this. secondly, it is not serious about deficit reduction. but the spending levels we can double everywhere these taxes. so i really think we ought to agree on extending these cuts or at least stopping the tax increases and making a serious commitment, a guaranteed upper down vote on a fundamental task of reform next year so we can

the tax increase, let's call it a tax if you want to call it a tax.call it a tax, that increase is 33% less than the 1982 tax increase that ronald reagan passed. going back to the point about -- if you don't like what i'm saying and don't like the fact that you are making up facts, then hear me out. >> excuse me. what facts did i make up exactly? hold on. what facts did i make up exactly? what fact did i make up exactly? >> don't be so catty. >> i'm looking at the supreme court decision. they say it's constitutional under the taxing power. the irs -- what is the irs in charge of? penalties? commerce? >> it's not the largest tax increase in the history of the united states. >> it's a darn hefty one. >> oh my. i can understand -- i can understand -- i'm trying to stick to a serious point and i would really appreciate not being interrupted. i would appreciate not being interrupted. if you want to go back -- >> let me intervene. >> you're in a bad mood tonight, my friend. >> let me intervene. >> my word. >> i think both sides are exposed by this. barack o

mitt romney releasing his tax returns or mitt romney's tax policies?day lives, mitt romney's tax policy is the most important thing to look at. voters, if they are voting in their own economic self interest, i think, will want to look at what the tax proposals mitt romney is doing versus what mompom would do to allow corporations have a lower tax returns on materials made overseas, that is an incentive for companies to move jobs overseas. that will not help the average voter. >> yeah. i think they are interested in both and i hope they learn about what the two sides' do for their personal interests. thank you for joining me inside the war room via skype. congrats on your new radio show. up next you will wants to see and here how the obama campaign is turning mitt romney's tune against him. relax, relax, relax. look at me, look at me. we have a big, big hour and the i.q. will go way up. how are you ever going to solve the problem if you don't look at all of the pieces? >>tv and radio talk show host stephanie miller rounds out current's morning news bloc