presidential debate, proposing a flat tax. scrapping the 3 million words of the current tax code starting over with something simpler. a flat tax. a flat tax has one big problem. if you tax everyone at the same rate, people who make less get hit harder and pay more than the current system. the flat tax was popularized by steve forbes during his two presidential runs, but he actually exempted families of four making less than $36,000. bold ideas are something we challenge on this show for a better america. let s see whether the flat tax is bold and smart or bold and bad. jim bianco is president of bianco researchers. you took the time to run the numbers and make sense of it. bottom line, instead of the politics of it, if you exempt people earning under a certain amount, what s the magic rate for everyone else to raise the same amount of revenue under a flat tax as we do right now? if you exempt everybody under $36,000, you will exclude 38 or 39% of all taxpayers. 61, 62%
do with what we re talking about? go ahead, dana. dana: what is interesting is today on the floor of the senate, u.s. majority leader of the senate harry reid said the public sector is suffering more than the private sector. this is obvious they re sledding all the jobs. now we get this today. not only that the federal government has 170,000 employees, the average salary is $126,000. this is where the anger starts to come in. occupy wall street should take their show on the road. bob: talk about leaders, minority leader, mitch mcconnell is so full of stuff i can t believe it. he attacks obama for being on the road with his bus, on his jobs tour in the meantime, he says that he is politicizing the whole jobs issue. he says my only job is defeat barack obama for a second term. dana: he didn t say that
and choose the right plan for you. more and more folks are trying out snapshot from progressive. a totally different way to save on car insurance. the better you drive, the more you can save. no wonder snapshot s catching on. plug into the savings you deserve, with snapshot from progressive. and we re still waiting for the president and first lady in hampton, virginia. the introductions going on right now. we will have that for you when it starts. day three of his jobs tour. in the meantime, here s a look at other stories people are talking about right now. social security recipients are getting a raise. benefits for more than 60
welcome back. of course, that s president obama today out selling his jobs plan to america. he started out in jamestown, north carolina. then as you can see on the map he made his way into virginia where he s speaking today at a high school in emporia. he addressed critics who say his jobs tour is a political stunt. let s listen to the president. some people asked me yesterday, why i was visiting republican areas of north carolina. i said, well, first of all, it s because i just like north carolina. second of all, i m not the democratic president or republican president, i m the president. and third of all, i don t care if you re republican or a democrat, because we re all americans. well, bob shrum is a democratic strategist and ron reagan is a political commentator and author of my father at 100.
hello, everyone. i m erin burnett. out front, taxes, presidential candidate rick perry on the heels of last night s approximately debate proposing a flat tax. scrapping the three million words of the current tax code starting over with something simpler. a flat tax. a flat tax has one big problem. if you tax everyone at the same rate, people who make less get hit harder and pay more than the current system. the flat tax was popularized by steve forbes during his two presidential runs and exempted families of four making less than $36,000. bold ideas are something we challenge on this show for a better america. let s see whether the flat tax is bold and smart or bold and bad. jim, you took the time to run the numbers and make sense of it. bottom line, instead of the politics of it. if you exempt people earning under a certain amount, what s the magic rate for everyone else to raise the same amount of revenue under a flat tax as we do right now? you exempt everybody und