martha: a lot of the loopholes you just referenced would be gone. if those are gone you are going to generate revenue into the tax stream. i think that is something if you take away the loopholes i think that is something that people could relate to and wouldn t mind hearing more about. you said it perfectly, martha. that is exactly right. that s what we did with the 86 tax act we dropped the highest rate from 50% to 28%, got rid of all these deductions, exclusions, exemptions and loopholes. martha: which makes those people pay more taxes. because we got people off the unemployment roles on to the tax roles, onto growth, output and employment. it worked beautifully and the democrats supported us. joe biden voted with us. chris dodd voted with us. chuck schumer voted with us. barbara boxer voted with us. these people know, if you want to tell the truth about obama he knows. he would never run his family
you have an effective tax rate of 30%. and this is one of the big ways that private equity works when we talk about tax arbitrage is literally, you re moving things from one column of the accounting ledger to the other from a place where they get taxed heavily to a tax subsidy. it is constructed. it is an artifact of a tax stream. it would be like you went to indiana, bought a truck full of cigarettes, drove them to new york and sold them. you can make a neat profit because cigarettes are taxed in new york much more. it s not like you re doing some amazing thing in the adam smith sense of the market of innovation. people selling cigarettes and buying cigarettes in low tech
democrats would have a brand new tax stream to squeeze out more revenue and mitoo and you might start at 9 percent but some say it would go to 19 percent quickly under a democratic congress. right? one point that a lot of people are missing when they say it s going to hurt poor people, because let s focus on that, that s one of the biggest complaints in herman s plan. don t forget, bill, this plan as herman cain said it, it blows up the whole tax system and completes it over, and one of the things it blows up is the payroll tax which as you know, every worker, you and i and every person in america, whether you re earn $200,000 or $20,000 a year, you re paying that on essentially a 15 percent tax. herman cain gets rid that and his point is, i think there s a lot of truth to that, if you get rid of that payroll tax, you re easing the burden on low income people, not increasing it. bill: and in that accepts, is it a wash math mat in that sense is it a wash
unless the city can come up with a $55 million payment. i m joined by octaveius jones. thank you for having me. thank you for having me. you were the only one to vote against starting the school year while supporters show it is needed to show the school board won t tolerate funding delays from the city council. why did you vote the way you did? the move was necessary because we are looking at a city council in arrears that has unpaid dollars to fund the schools. to start the schools without an assured tax stream or revenue stream would have been imprudent for us to start school and have to shut it down in september or october, because of lack of funding or payment plan for the city for those funds in arrears. help us understand how it got to this in the first place. why did the memphis school systems system in this city find
green. the beautiful 10,000 lakes of minneapolis, a few examples of the tough decision government leaders need to make. the schools in memphis, tennessee finds themselves in a similar predicament. they decided to delay the start of the school year indefinitely unless the city can come up with a $55 million payment. i m joined by octaveius jones. thank you for having me. thank you for having me. you were the only one to vote against starting the school year while supporters show it is needed to show the school board won t tolerate funding delays from the city council. why did you vote the way you did? the move was necessary because we are looking at a city council in arrears that has unpaid dollars to fund the schools. to start the schools without an assured tax stream or revenue stream would have been imprudent for us to start school and have