Theyve given ground in previous budget battles. Thats one reason they are holding firm on higher taxes now. 1. 6 trillion in cuts. Where are the cuts . They are in bills that you, mr. Speaker, have voted for. Reporter and there were new calls for more tax revenue today. Warren buffett, vanguard founder john bogle, and financier george soros were among the famous names to call for a tougher estate tax. Their proposal would exempt couples with up to 4 million in assets from the estate tax. Above that level, estates would pay a 45 tax rate, rising to 50 or more on very large estates. Supporters say that would both bring in badly needed revenue and help protect our democracy. It works to reduce concentrations of economic and political power across generations, and those concentrations are antithetical to the basic premise, if you will, of the founding of our republic, which was that it was a land of opportunity. And i think that those concentrations also can play a significant role, concen
Tom good evening. Imom hudson. The fiscal cliff debate hits the floor of the u. S. House but not much progress is made. Warren buffett and others tell lawmakers to look for more money from the estate tax. Susie im susie gharib. Could another major bondbuying program be on the way . What we could hear tomorrow as Federal Reserve policymakers wrap up their twoday meeting. Tom ever wonder what goes into making those cardboard store displays . Tonight, we look at how one box company is using them to reinvent itself. Susie that and more tonight on nbr tom an agreement to ease the fiscal cliff may not be wrapped up and waiting under your tree for christmas. Senate majority leader harry reid said today it would be hard to get an agreement finished by the holiday, blaming the delay on republicans. Not surprisingly, republicans say the president hasnt gotten serious about the talks. Plenty of outside groups are offering up suggestions. And as darren gersh reports, they include Warren Buffett an
Is critically important. Will talk about what the tax code provides. But there are a couple of markers. One time and the agency rewrite the statute. I heard this morning about the 80 , 50 . That would have to be done legislatively. That cannot be done through regulation. You can stretch out the statutes. You can elaborate on the statute and filling gaps. You cant rewrite it. Thats kind of a given. Another consideration is you can change your mind. The agency mightve said yes, yes, yes. And now saying no. Its okay. Youre allowed to change her mind. You have to explain why you are changing your mind. You have to provide information that justifies the change in position. But changing minds does not disqualify any kind of regulatory action. In the third marker that i want to lay down just because you have the authority doesnt mean you have to use it. And one of the issues that is discussed continuously within the executive branch is yes, you can do it. Do you want to . What are the consequ
New inflation indicator that better measures the way consumers shift their purchases when prices rise. This is a technical adjustment that supporters of it and outside economists say is meant to make the governments estimates of inflation more accurate. Reporter that switch to a chained Consumer Price index would reduce future benefits for social security, and it would affect the way the i. R. S. Sets tax brackets, a move that would raise about 100 billion in new tax revenue over the next decade. Eventually, an average family would see its taxes rise by about 75. But tax analysts say the overall impact has to be weighed against other changes the president and Congress Plan to make. What youre also doing as part of this package is raising tax rates or at least allowing tax rates to go back where they were in the clinton years for high income people. That is quite progressive. This makes it just slightly less progressive, but on balance its not a bad package. Reporter but those tax rate
New inflation indicator that better measures the way consumers shift their purchases when prices rise. This is a technical adjustment that supporters of it and outside economists say is meant to make the governments estimates of inflation more accurate. Reporter that switch to a chained Consumer Price index would reduce future benefits for social security, and it would affect the way the i. R. S. Sets tax brackets, a move that would raise about 100 billion in new tax revenue over the next decade. Eventually, an average family would see its taxes rise by about 75. But tax analysts say the overall impact has to be weighed against other changes the president and Congress Plan to make. What youre also doing as part of this package is raising tax rates or at least allowing tax rates to go back where they were in the clinton years for high income people. That is quite progressive. This makes it just slightly less progressive, but on balance its not a bad package. Reporter but those tax rate