republicans because of the impasse on taxes. at first the republicans refused to raise any revenue at all. then they said we ll agree to raise a small amount of revenue but only in return for making all of the bush tax cuts permanent at a cost are $4 trillion, lowering tax rates for wealthy people even below the bush levels, paying more that by closing a bunch of loopholes. what that would have meant is that the two opportunities for a revenue contribution to a big deficit reduction package, the bush high end tax rates and closing loopholes would both be gone for the next decade for a paltry amount of revenue. the alternative path is what the bowles/simpson commission laid out, what the bipartisan senate gang of six laid out, that had revenue increases about eight times the most the republicans offered in the super committee. what was striking to me, matt, was that the democratic offers in the super committee were to the right. to the republican side of both
right within the context of serious tax reform right now. the simpson commission proposed three personal rates, 8, 14, 23 and a corporate rate of 26. paul: right. riffland 15% person, 27% corporate and 6.5% sales tax and this is where any serious tax reform is going to occur, it s in the discussion of these issues and we ll just have to work through whether we ll end up with a sales tax or not. i was just saying the other reason herman cain is going to be taken seriously, you know what you re getting philosophically, if you look at old film clips on mitt romney from the 90s and 2000 s, conservative, pro-abortion, global warming stuff, gun control he s moved off the positions now and go back and google herman cain and bill clinton and see his legendary clash with the former president over health care costs and his philosophy hasn t changed. and if you propose a
right within the context of serious tax reform right now. the simpson commission proposed three personal rates, 8, 14, 23 and a corporate rate of 26. paul: right. riffland 15% person, 27% corporate and 6.5% sales tax and this is where any serious tax reform is going to occur, it s in the discussion of these issues and we ll just have to work through whether we ll end up with a sales tax or not. i was just saying the other reason herman cain is going to be taken seriously, you know what you re getting philosophically, if you look at old film clips on mitt romney from the 90s and 2000 s, conservative, pro-abortion, global warming stuff, gun control he s moved off the positions now and go back and google herman cain and bill clinton and see his legendary clash with the former president over health care costs and his philosophy hasn t changed. and if you propose a
a letter from the republican leaders of the house and senate to the federal refuse serve board instructing them not to take any action to lower interest rates in the next two days? that is as one former commissioner said, outrageous, and indefensible. do you believe that that is do you believe that is an attempt by the republicans to manipulate the federal reserve in some way? why else would come on, why else would they send the letter? they are trying to put political pressure on them not to lower interest rates. when i go home to illinois, the businesses i meet are struggling to borrow money, to expand their businesses and hire people, lower interest rates will help them. homeowners who are facing the restructuring of their mortgages would welcome lower interest rates. and none w the republican leade say despite this, despite the unemployment, the federal reserve board should do nothing. that is the republican answer to our weak economy, and it s not one that s going to play
and i am sorry about the delay. let me ask you quickly, if you don t cut social security medicare or medicaid, and you figure out a way to get $2.5 trillion in cuts elsewhere, well that s kind of troubling, because that sounds like it s coming from discretionary spending? what is wrong with doing something responsible in entitlemen entitlements? i think we ought to do something in entitlements. we ought to create a commission to study all three of the entitlements, medicare, and medicaid, and i thought the president had a commission. doesn t the president have a commission? no. that commission was to study deficit and debt. if you are talking about the