down the financial gauntlet to fellow republican presidential candidates and to hillary clinton. he s releasing awn precedented amount of personal financial information and trumpeting unprecedented transparency. chief political correspondent carl cameron tells us why. reporter: gop presidential frontrunner jeb bush put down a marker on trants parentsy this afternoon. making public 33 years of personal income tax returns on jeb 2016.com. 1150 pages of returns shows an average effective tax rate of 36%. before serving as florida governor from 1985-88 he lost money and paid no federal income taxes. after serving as governor his high in 2013 was $7.3 million in taxable income 2.9 in taxes paid for a 40% effective tax race. the disclosures are an effort to cast himself as an honest forthcoming accountable leader in contrast to hillary clinton whose credibility has take an hit in the polls for evading questions and using a home
the recession. with that evidences gone. air force one could be on stand by to take the president back to finish up his vacation. in washington it is still something of a mess. as far as tax rates are concerned you can fill out 1040 relatively occurred tax race are going to be unchanged. 450,000 dollars and couples who make more than 450 will see the tax rates go up. as far as the automatic spending cuts it would have especially hit the pentagon those have been delayed for at least two months. so it s something that they are going to have to tackle again. the other big problem what it does to the deficit more than 4 trillion of added debt that had a had many republicans
pelosi suggested it may. so you are against any tax race at all to create new revenue? absolutely, and what i am in favor of is all americans have their own taxes and what americans are concerned about is economists on both sides of the aisle recognize raising taxes cost jobs and why would we raise 70% on small business income which is what the threshold does which will cost tens of thousands, perhaps hundreds of thousands of jobs. with speaker boehner coming up with plan b, he s saying that this will keep people that you refer to as the job creators in this country in good step, financially in good step by raising taxes in those making over $1 million. why is there no wiggle room that you will provide the speak or this? it deals with incomes $1 million and over and that would apply to 41% of small business
the principle that keeping tax rates low and reforming the tax system is the way to grow the economy. i disagree slightly with rand paul. i am in favor of closing loopholes. i hate them. i call them termites in the tax system but we should use that money to credit a first-class world class tax system that stops exporting jobs. when the president talks about outsourcing and we are all against outsourcing, i hate to see an american job outsourced but how do we prevent that 23 we move to be the highest tax race countries in the world? we are incentivizing businesses to move out of the country. neil: well put, good to see you. guest: have a great time in los angeles. i hope my friends at fox are sit down when they hear this, it could be a shock, president obama didn t invent trillion dollar deficits he inherited them. neil: i hope this doesn t come as a shock as my friend the
point 1%, donated $4 million to charity. an active tax race of 14% over the past 20 years. never paid less than 13.66%. where does it go or is it dead now? i think it probably is a dead issue. we are go close to the campaign. i do think the romney campaign way back in the spring could have handle the tax return issue better so it wasn t so much a thrown in its side. the country is pretty politically divided and i don t think the fact that we now have all the tax information we are going to get is going to change things much. it probably wasn t going to change things much to begin w. it s the governor could have changed himself a lot of political headaches in the months of july and august. at this point this campaign is eat going to be decided by mitt romney making a successful case that things can be better and here is now i m going to do it or he s not going to get that done and the president will be able to successfully make the case if you stick with me we ll