we ll talk about the jobs report i don t want to miss that. there were a cupping things i want to make sure we are clear about. capital gains are taxed at a lower rate than wages. when you earn these wages, you are paying out more in taxes. mitt romney paid 9%. it s the buffett rule. it s not a chart, but everybody i talked to said the stock market is at a new high, what do you think? the response was to burst into laughter. everybody said maybe it s good, but it sure isn t helping me. what s bad is individual investors get in at the wrong time. you have folks that panicked and pulled their money out. now, they are going saying oh, look, it s going up. it s worse than that. you have people who did it and had to spend it during the recession. one thing we lose in the
will not raise taxes anymore. the president is insisting just that. bill: just to drill down just one more point on this, what the president said over the weekend was tax rates won t change. right. bill: which, pay attention to that. that phrasing there. however, you bo after the loopholes, whether it is, interest rate deduction, whether charity deductions will stay on the table or not. do you see any of that being mixed into this current debate? yes it is, very much is in the debate but if you cut deductions, the president calls them loopholes, if you cut deductions those deductions are used primarily by upper income people. they will in the end pay a lot more money in tax. that is form of tax increase. and then you have this tax rate question. if we get the buffett rule , which the president is pushing for, that would be a change in the top tax rate as well as a closing of loopholes and deductions. bill: we ll see how they
the bills and think nine hours and 42 minutes it s going to happen? here s the deal. if there was no filibuster, we would avert the sequester. we are going to get more than 50 votes in the senate for our plan which puts in place the buffett rule and gives us enough revenue coming in to avoid the sequester. we do a few cuts agreed to to big agriculture and we put some cuts in defense, off in to the future. we have a plan to avert the sequester. they will filibuster that plan, requiring 60 votes. their plan keeps it in place. and gives bureaucrats the ability to decide where to make the cuts. but i have to tell you. let s just step back from this and take a deep breath. is this the time when we want to see 750,000 people lose their jobs? just this year. just coming out of the worst recession since the great depression. clearly, this was put in place
discussions? if he did i didn t hear it and it wouldn t make a lot of sense to me. bill: now why would that be? well, because it wouldn t, it wouldn t create a lot of jobs. you don t have to go to the cato institute or heritage foundation . bill: why do a deal if unemployment is where it is and jobs and economy was the big deal during the election? i would argue this all goes back to politics. the president started a 2012, a little over a year or less than a year ago today, now when the president introduced this buffett rule argument. and he focused on it his state of the union. carried through the first six months of 2012 and he campaigned on it through the election. he wanted to raise taxes on the wealthy and he wanted to do that i think largely to make a political argument against republicans. to pit republicans, the wealthy against the middle class, to make a class warfare argument to win the election. in effect what he has done here is bad economics but
refineries on the gulf coast. it means more affordable supplies energy and lower prices. what it means to people listening people in steel mills will get more orders. bill: make it apply. yeah, make it apply. bill: one more thing here, conversely, september 2nd rahm emanuel on meet the press talking about how president obama has to lay out agenda with clear vision over next four years otherwise he will lose. has the president done that clearly? no. other than i want to raise taxes on the top bracket to back way they were under clinton. raising taxes on small business and putting buffett rule in effect. what is the president say i ve done everything right as he told cbs in july exempt i failed to tell a story of optimism to the people. let policies of stimulus and spending and deficits work its way out over the next four years. give me four more years. policies are in place. we ll be fine, just give me time. that is not an adequate program to gain votes of