david: moving it forward, if the g.o.p. you know after the debacle with the health care thing not passing, if they don t get a tax bill done this year, they re probably endanger in the 2018 mid-term elections and you d have a democratic house of representatives. you re not going to do better with democrats, are you? look, we re not it s not up to us who is in power. we deal with whoever is in power and we make proposals and right now we re looking at the merits or the lack thereof in this proposal and we ve come to the conclusion by the way, i should add there isn t a single small business organization in the country left, right or center to support this bill. david: i m just wondering, there are certain things, there must be something in here like the depreciation schedule or something is better. i m wondering if a little bit of progress on the tax front is
mode. you ve seen these demolition derby where all aggressive cars are slamming into each other and he s circling on the outside waiting for a number of cars to be diminished a little bit. i think what s amazing about rick santorum s efforts now, that a number of the american tax policy giants, art laffer, steve forbes, grover norquist, all of them endorsed and actually praised it. it s a 20% across the board flat tax, preserves the home interest deduction and charitable deductions item, and also gives companies the opportunity to expense everything in the first year, which means you get rid of all the complication of the depreciation schedule. so, i think that s probably what needs to be talked about more than anything. well, it s not resonating with voters out there because in the latest fox news poll, rick santorum gets an asterisk. is it time he drops out? oh, listen, we d settle for
we re talking about the deal that came out of the fiscal curve, the so-called fiscal cliff. luckily, we re not going to have to refer to it anymore so we won t have this nomenclature confusion. the tax extension part of it, david walk our audience through what tax extenders are. it just means a favor that continues. in the case of nascar these guys want to write off their investment on the stadium or road they built, not in 15 years, but 7. that means they get better cash flow immediately. right. this is advancing a depreciation schedule that can be massively lucrative. that s right. and it makes it much more lucrative. there s no extension for nascar what does the compelling public need that we have to give this nax break. it makes no sense. there are plenty of compelling needs and this is where you talk
using the tax code to make policy. using the tax code to try to benefit one company, one industry, one kind of activity. that s the broadest, most powerful argument for tax reform. you think, okay, a tax break. this is how you end up with a tax code that s just with all sorts of loopholes. without question. it s also for better or this case worse a way to try to show your constituents you re doing something. that s why we ended up with so many earmarks. but in the same way the targeted tax breaks, you increase someone s deduction. you give them a better depreciation schedule and you can go home or to the constituent and say, i m doing something. i m getting something done that will help create jobs, help investment in this kind of business or industry that s important to the state but at the end of the day you have made the code more complex, costs of compliance and when you try to reform or simplify it s a
himself supported this. but let me say this, there are so many scams out there. for instance, if you buy a private jet this year, the depreciation schedule is such that you will fly it free for three or four years. i don t think any bright person and there needs to be dramatic tax reform. i m the one who comes on this show all the time and says raise the taxes. it s not a question. warren buffett is operating within the law. the laws need to change. the tax reform needs to happen. we ll be right back with willie do you think he should pay 35% taxes? no question. news you can t use up next.