court to not to do their job. >> arizona's economy was booming because of the comu immigration law. did the courts make it tougher to bring our economy back by making it easier on illegals? all that and saying von i i i he yage. >> now being shipped overseas, outrage alert that will have you seeing red. your money, your life, your show, to stay ahead of the game. "cashin' in" starts right now. >> forget about the battle over illegal immigration. did you hear about the battle brewing over the law making it illegal to cut taxes on rich americans? it's true. and someone shear says this class warfare tactic from the white house is a direct attack on what makes america great. hi, everybody, i'm cheryl casone and welcome to cashing in. i'm cashing in crew this week, wayne rodgers, jonathan hoenig, tracy tracy byrnes. john back along with mark lavine. thank you. john, let me ask you this, is the president playing class warfare with this policy. >> no doubt about it i guess he spent a youth being locked in lockers by successful people. apparently since he has been out, he has declared war on success. look, successful people is what built this country into such a great country. you listen to the populace rhetoric coming out of this administration, if you are a successful person or business you will be fined. call it taxes whatever you want. obama wants to level the playing field not like we want to make the poor itch richer. he wants to make the rich poor. it's a redistribution of wealth is all it is. >> new york daily news wrote. this the obama administration is on war footing, make that a class war footing. this is from march of this year. >> that's ridiculous. look, the current tax code already practices class warfare. put in place by republicans. if you make $100,000 a year you may 40% in total income taxes federal state and social security and all of that. if you make 100 million per year you pay 16%. right now we currently have a massive transfer of wealth from the middle class hard working stipulates to only 2% of americans who got the majority of the bush tax cuts. time to make every pay their share and that include includes the rich. >> a law that you mean basically everyone from pay as you a go rules except the rich. is that not class warfare? it's all tax warfare. 16%? what per cents are you looking at 40%. throw in state taxes. throw in the fact that many of the deductions are going away as well. the rich are carrying the brunt. the rich aren't each rich these days. $200,000 a year is not rich in certain parts of this country. no, no, mark. it's coming down on the people -- is he coming down on the people that came over from the other side of the world to come to this you great country to build companies, build businesses. the reason american is great is because we are land of opportunity that allows us to grow and keep the money we make. >> should warren buffet pay the same tax bracket as -- tax rate as the secretary. she pays far more taxes. make sure people who make hundreds of millions of dollars pay the fairer tax. >> what we are talking about jonathan this is going back to the stacks code but also to the obama administration policy. talking about going after ceos because they are all bad and able. picking jonathan on certain classes of people. >> it's their whole economic philosophy, cheryl. >> which is redistribution of wealth. go back and read the president's speeches from when he was a senator. progress tax code. always talks about the rich paying fair share whatever that is. he opposes any tax cut to people who don't need it. i will tell you, when people talk about the president as a socialist, this is what they are referring to, that notion that the nation's wealth is his wealth. to determine who gets it. who gets incentivised. who gets a stimulus. that is mind set and so anti-american. >> the issue who is wealthy of course is a different debate. let me read you something representative paul ryan told sean hannity. demoralizes successful small businesses out there. hurts people who want to become successful small business people. it hurts that tax bracket in particular. >> they will, i think that's true the whole tax code has to be revisited. you can't say blanketly that the rich are not paying their fair shares. we know the rich most of the taxes in this country. 70% of the revenue comes from rich people. you can't say that they are not paying their fair share. a. b, a much fairer tax would be some sort of a consumption tax. that takes care of everybody. you don't have to worry about whether or not somebody is being played off one against the other. thirdly, yes, the administration is always been this way. but it's not the administration so much as it's the congress of the united states who doesn't have any idea about this. >> maybe, mark, it's just politics as usual at the end of the day. it's tax the rich, and give to the poor. redistribution of wealth in this country. maybe that's just the state we are in right now as a nation. >> i would tell you it would really help the economy. you look at the giving it all to 2% all this transfer of wealth from the yiddle class to the rich. what happens? hundreds of thousands of jobs. in the birth bill clinton area middle class and got rich arer, too. always he wants to do go back to the same tax rates. >> simplistic that all democrats are good and all republicans are evil. if is flat wrong. that's wreang what's wrong is democrat. you have got to be a spit bucket character if you want to be a politician for these guys. $1.47 trillion is the deficit that president obama ran up this year. >> no, no, no. bush ran up the deficit. >> bush -- 2010. cheryl cheryl stop of it. >> and the president's belief, of course is, that the rich, whoever he wants to define who they are owe the poor. it's their responsibility. ironic to me, gentleman who talked so much about minority rights. that is okay. the smullest economy is individual. stand up for them. >> you have got to get out of the box, mark. if someone owns a really nice house? do you know what they do? they employ people and buy things for that house. >> you are wrong. >> rich people come in to mow the lawn. right, marc? that's what happens? >> rich people they don't spend it businesses are silting on wads of cash. >> because the current administration is making them go crazy. they don't know what to do with their money. >> i know, guys. again. mark, that was my point to weigh in. small businesses that is a class warfare against small business in this country. all right, guys, coming up, despite year long protests to stop government handouts, more state now pleading for even more taxpayer money. is it time to say no? plus, judge saying no to key parts of arizona's illegal immigration law. but did she just say yes to letting more illegals pour into this country to take jobs from struggling americans? we believe you're at your best when you can truly be yourself. and at holiday inn express, you always can. holiday inn express. stay you. and stay rewarded with the hit it big promotion-- earn up to $500 dollars at over 300 retailers. >> get ready for bhalout protests, new report this week showing two thirds of our state still going deep into future debt. guess who may have to dig them out of their holes? you. the taxpayer. tracy has got -- lions shares of that stimulus package should they get more. >>. no but they are gonna. 840 billion-dollar fiscal short fall for 2011 for all our states. illinois touch the list. pennsylvania, michigan, south carolina. these guys are in dire straits. they are going to come marching to d.c. with their hand out. you know what? unfortunately, we are going to give them money. we the taxpayer are going to end out bailing out states in california. willing to spend $800,000 on a city manager in bell california. he gets his money and takes it from my wallet. over a dozen governors want about 25 bmedz, -- billion dollars more on top of stimulus already spent for the states. >> that's far too little. i don't know when the lions share of 900 billion with 40 billion? give 40 billion to the states less than 5% of the stimulus package. you recall, the democrats initial badge to give more than 0 billion. republicans insisted on flashing that avmentd let's remember what caused this deficit. all right? you have got structural deficit. caused by shoveling money to the rich. wars unpaid for and things like that. recessioned caused deficits. that's caused by the fact that less people have money. they pay less in taxes and states pay more unemployment aid. as the economy gets better. the states will need less money. they need it now. they can't prince print it. only the feds. >> excess spending, mark. that's the way -- >> it worked in the 1990s. >> let me bring john layfield into this. states saying medicaid, unemployment. they say that's what sinking their buckets. john? >> that's what exactly is sinking their buckets. i guess you get your numbers out of the sports page. they are very wrong. $140 billion stimulus. actually paying them $149 billion this year. they are going to be short about 180 billion next year. you had the states right now saying they are going to have to cut 500,000 jobs. more like 1 to 2 million jobs what's going to have to be cut because of july 1st is the start of fiscal year. obama does not want that to happen before mid terms. this is politically motivating. instead of telling the states, balance your budget like you have to by law. obama is willing to break that law and say we're just going to give you money. i will borrow more from china. >> do you want to cut jobs in the middle of a recession? >> i want the states to live within their means. if they don't have the money to hire people. attack mopen from tax paying citizens and taking from people who don't need to have that job. >> wane rodgers. they have to deal with spending. two thirds of these states are still going to have short falls in 2012. many in 2013. long term deficits being projected. even 25 billion may not even make a dent if the states don't come up with their own plans. that's true. i think the feds should bail out states. most of the deficits caused by medicaid overrun. you can bail them out but got to tie strings to it everybody has to budget. teenage kids given allowance and invariably blow it. every time the states get into trouble, they have got to have some sort of a fiscal discipline to get out. now, in this case i think the feds should take help bail them out. but they should tie strings to it so that going forward they are fiscally responsible. >> wayne, you hit the nail on the head. states have amassed huge deficits. not because of the police, not because of the courts. not because of the proper functions of government. it's because of entitlement programs. that's where all this money is going. in california. illinois and california are amongst the top credits likely to default. it's not the police force that put them in a that position it was union and government and education entitlements. >> mark, needless to say. >> you are agreeing with me, correct? >> it sounds like jonathan and wayne agree. i'm kind of surprised but, yes, you both agree on that one. mark, you don't. >> it's the recession that's causing this. recession causes less taxes to come in and more money to go out. unemployment, health care and benefits causes deficits to increase. >> you know what the recession does to people's households? it makes them cut back. nobody sends money to me when i'm in a recession, mark. nobody sends money to me i cut back. the rich cuts back through. >> let's end their tax cuts. >> it doesn't work. >> states lining up. you have the prospect, cheryl, states lining up in washington with their hand out. they have a great idea how to spend the rich's money which mark is so eager to put on a plane. >> money goes to the rich people. you love deficits. >> except when you earn it. >> we can debate. this senator harry reid telling state leaders in nevada you are going to get your help. you are going to get your way. this whole argument may be for not. >> i think it probably is for not. as i said, i think the states should get it tie strings to it sooner or later in this country we have to have some sort of fiscal discipline for every level of government. the government can't just steal constantly from the populace and one day the populace is going to revolt. >> coming up, everybody, growing worries the court ruling didn't just block arizona from busting illegals. it opens the door for millions of illegals to come battle american citizens for those hard to find jobs. ♪ we created our college of business and management... after collaborating with business leaders. we wanted our curriculum to match market needs, preparing you for today's most sought-after careers. in fact, we have not one but five specialized colleges, offering you bachelor's degree programs that... are both relevant and highly marketable. devry university. discover education working at devry.edu. at pso, we set out tot your dog to discover the science in. some of nature's best ingredients. we created purina one with smartblend. new, delicious shredded morsels and crunchy bites, wi real meat, wholesome grains and antioxidants, for strong muscles, vil energy, a healthy immune system, and a real difference in your dog. purina one improved with smartblend. discover what one can do. >> hello, i'm shannon bream in washington. two democrats will face house ethics hearings and battle congressman charlie rangel facing 13 allegations. mass seen has asked for own trial. can that impact democrats in the mid terms. take a look at the latest numbers. the clean up in the gulf is entering new phase. scaling back containment. focusing now on long-term clean up. that's not welcome news to local residents who fear that bp and local government may be trying to down play the impact. is the worst of the spill over? we will go live to new orleans for the latest. big names from across the country gathered in ryan beck new york today for the wedding of chilly say wedding and chelsea. we will take you live and tell you everything you need to know. more on those and the rest of your top stories coming up at the top of the hour on america's news headquarters live from the nation's capitol. >> arizona law out. illegals in. one judge ruled basically can't enforce nation's immigration laws. new worries that more illegal also pour in looking for work. you say they'd bad news for legals to need jobs right now. >> 10% unemployment. 17% real unemployment. they want a job. and for some reason this administration is catering more to illegals than our own people. this is not arizona's problem. the federal government should be doing something about this problem and they are not because they are 100% spineless. they will not make a decision because they're worried about the latino's vote in the next election. yes this is bad for our economy. >> jonathan, do you think that more illegals will come back across the border saying hey, arizona is open for miss for us. >> you want to see countries with no illegal immigration problem. they are all terrible economies. immigrants, illegals i know we insist on calling them are job creators. >> how so? >> there is no set number of wealth that can be created. if an employer is able to hire somebody at a lower rate. that will be invested in new jobs, new wealth creation. i think what john is alluding to that cost is the cost of the entitlement states. you know what? at least the illegal is productive. the welfare mom sits on her couch watching tv all day long. >> i will tell you i'm from arizona. look, it is much easier to go down to home depot and pick up a few illegal immigrants. pay them in cash for a day's work. don't pay taxes, less money. it happens all the time and those jobs go to illegals and not to u.s. citizens. >> i'm just laughing at the fact that you know once you start a sentence with the word illegal, it's unlawful. jonathan is of the opinion that we should now let all illegals into the country. that makes them illegal. that's crazy. why not say horve has murdered people that's illegal, too. jonathan. let they create jobs? they they murderer people this so they create other jobs. they means they are getting rid of somebody who is getting a job. are you nuts? federal government to enforce a law that is on the books. if it's illegal, the federal government should enforce that law. it's as simple as that. >> jonathan. >> i draw a little bit of a distinction between somebody who wants to work at home depot or from home depot and somebody that's killed somebody, wayne. i think that's a bit of a stretch. >> i think jonathan's point is. >> why the way, the law doesn't. they does it by-sentencing. the law doesn't make that distinction, my friend. if it's illegal it's illegal. >> jonathan's point is a decent one. we keep extending unemployment benefits. we are not giving people incentive to work. whereas people from other countries are incentivise to come work here now. there is a safety issue to john's point. we have got to protect our people. people are coming in at night and killing americans. what are we doing about it? unfortunately nothing. >> let me tell you, mark, there is a fox news poll out this week. 72% surveyed say the government is not doing enough here at all. >> 81% of americans think there should be a path to civilization. pay a fine and pay back taxes. i love being on this show. i flash my constitution. i was right then and i am right now. there is only a federal solution if you don't like it tell the republicans in congress support the same bill they did in 2006. >> john layfield i will give you the last word on this. you started this off. >> not about amnesty and work permits. we have got to do something. 12 million people. 23,000 murders. incap stations. bullets fly across mexico to the united states. signs in arizona that says don't go any further. american citizens in our own country. federal government owe it to our people to secure and make our people safe. they are not doing it. >> murderers are in mexico not the united states. >> arizona. >> mark have a lascreen, thank you, sir, for coming on the show today. always good to have you. coming up. saying bone voyage to your tax money literally. u.s. bailout bucks being shipped overseas. outrage of the week. maybe of the year. . [ female announcer ] why choose betweenelicious or 100 calories? with yoplait delights, now you can finally have both. two indulgently rich layers of chocolate and raspberry yogurt... and only 100 calories. ♪ [ upbeat instrumental ] of chocolate and raspberry yogurt..[ rattling ] [ gasps ] [ rattling ] [ laughing ] [ announcer ] close enough just isn't good enough. if your car is in an accident, - [ laughing continues ] make sure it's repaired with the right replacement parts. travelers. take the scary out of life. >> time for what do i need to know? tracy byrnes. goldman sachs spent about $4.3 billion to overseas entities. hedge funds, pensions. everyone is outraged. bailout money going overseas. washington. stop handing out money without strings attached to wayne's point earlier there should be reason to give money and there was none. >> john layfield, what's you got. >> interest rates low and stay low for foreseeable future. europe, united states going to see very little growth. invest in companies with good dividends. pfizer seems to be safe and gives you good yield. >> like the pfizer, good deal. wayne rodgers. >> the economy is coming back. when the economy comes back as well as it's going, las vegas will come back. i like las vegas and lvs. i own that i like steve winds operation. >> very good. jonathan hoenig. >> international telecom sector in which i'm invested in ixp strong exposure. >> do you like the markets right now jonathan, last word? >> i like my exposures particularly in japan and livestock. some of the off of the beaten path as of late. >> all right. thanks to all of you. that is it for the cost