they re paying much, much less. the capital gains rate is 15%. people are paying higher rates than that. this is already an abusive situation because the rich have gotten super rich over the last 30 years. most of america has been struggling and i think they want to double down on that kind of abusive system. i want to go back to something you were saying. i think this point gets glossed over in the talking points. today, you had governor romney, coal miner. they re paying taxes on their income. and their wages. they don t have the swiss bank accounts and capital gains to worry about, so that s one set of rules. but then as you say, the super rich, they ve got their capital gains and a whole other system in addition to income, if they have income. by which their taxes are governed. well, capital gains is part of income. it s just coming through in a different way by the rise of the value of the assets they hold, so you can put income in
run up the deficit. banks and corporate treasuries. i recommended in this book that we essentially let corporations repatriot their money with no tax if they hire more people with it if they pay the capital gains rate, they can do whatever they want to and we should take that money and infrastructure and do like other countries. most other countries let private investors and from all over the world invest in their infrastructure and just use their government funds as the base to attract a private capital. bill: right. i think that makes a lot of sense. bill: i have got to give you a hard time on the border. are you ready for hard time on the border you? took off 1993 about 4.5 million people were coming across the border. you left office 7 million people a year coming across the border. why couldn t you screw secure is it? because the economy got better. it s a long border. we had a fence you know in san diego. bill: it worked. it worked pretty well.
run up the deficit. banks and corporate treasuries. i recommended in this book that we essentially let corporations repatriot their money with no tax if they hire more people with it if they pay the capital gains rate, they can do whatever they want to and we should take that money and infrastructure and do like other countries. most other countries let private investors and from all over the world invest in their infrastructure and just use their government funds as the base to attract a private capital. bill: right. i think that makes a lot of sense. bill: i have got to give you a hard time on the border. are you ready for hard time on the border you? took off 1993 about 4.5 million people were coming across the border. you left office 7 million people a year coming across the border. why couldn t you screw secure is it? because the economy got better. it s a long border. we had a fence you know in san diego. bill: it worked. it worked pretty well.
wait i m not sure i follow your math here. he pays 13% in taxes on . martha: capital gains investments that is the money we re talking about. right. i believe, capital gains rate is not 13%, is it? martha: 13.9% is the rate buffett paid. is the rate that mitt romney paid in taxes. the capital gains rate is 20%. martha: what they re making is just on their invests. then you have to ask yourself, again, we can disagree on this and obviously we do. i just don t think, particularly so much of that is paper money that they re making by shuffling stocks around and options and rest of it. bob, the president had a deficit commission come together and put together a plan to reform the tax code. he has not touched that. and furthermore, the president took a tax rate of 20%, less than the buffett rule , our own president doesn t even apply to the buffett rule . would be good idea for the president to lead by example. he pays considerably more than mitt romney does, mitt romney give
discussion is, everybody working on your first $105,000 of your income you are paying 7 percent plus of social security and medicare payroll taxes so if you start looking and compare a guy that makes $500 million a year to someone that makes $50,000 a year, i don t turn that makes sense. neil: so, here is what we have to do, then. let s say if you accept that point of view, and that is not right, then you can bring her income tax rate down, or you can raise warren buffett s capital gains rate up. right now the long term investor like mitt romney, he is paying 15 percent about. say she is paying 28 percent, i don t know for sure but i think it is about that. should you raise that rate? the capital gains rate, to 28 percent? should you double it to make it at least comparable?