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Detailed text transcripts for TV channel - FOXNEWS - 20110917:08:23:00

Happened this week, bret. 36 senators of both parties and all ideological stripes called on the so-called supercommittee, dealing with the deficit reduction to also tackle catch henceive tax reform. now, not the kind of tax reform president obama wants, which is to raise taxes on the wealthy. these starts want to cut taxes for everyone by trimming many deductions and using the savings to cult rates. liberal democrat of oregon cited tax reform under ronald reagan as a model. in 1986, we created 6.3 million new jobs. in two years. after that legislation was passed. there have been projections we could exceed it. we understand what the challenge is. that is to give up tax preferences, inefficient tax preferences on the books today. to hold down marginal rates for everybody. and if that were to happen, ....

Tax Reform , Bipartisan Supercommittee , Deficit Reduction , Catch Henceive , President Obama , Cult Rates , Liberal Democrat , Ronald Reagan , 6 3 Million , Tax Preferences ,

Detailed text transcripts for TV channel - FOXNEWS - 20110916:22:25:00

Cbo, the congressial budget office has enough time to crunch the numbers. no one thinks they can do comprehensive tax reform by then. but the 36 senators note that the super committee has sweeping powers to do what it wants. it could order another committee in congress to take that up, say in january. it does have a lot of power. former cbo director said this week that the committee has enough power to move christmas to august if it wanted to. it clearly has a lot of power. the other thing here the 36 senators were calling on the committee not just to do $1.5 trillion but to do $4 trillion. something we heard from bowle bowles-simpson as well to go big on deficit reduction you will. they promise if they do that, the senators do that and tax reform, the senators will back them up. listen. if 36 of us cross party libes the leadership has to ....

Bipartisan Supercommittee , Tax Reform , Congressial Budget Office , Deficit Reduction , Bowle Bowles Simpson , 1 5 Trillion , 4 Trillion , 5 Trillion , Cross Party Libes ,

Detailed text transcripts for TV channel - FOXNEWS - 20110916:22:38:00

This is an issue now where if there is a will there is a way. if 36 of us in the senate across party lines stick together, the leadership has to react. this is a message from a large group of senators. to the special committee. we re with you. be brave, be bold, go big. 36 senators of both parties coming out saying this super committee, the bipartisan supercommittee needs to work on comprehensive tax reform and needs to do it now. what about the chances of that and how complex the tax code is right now. bring in our panel. steve hayes, senior writer for weekly standard. kirsten powers for daily beast. welcome john stossel on the fox business network. o reilly and megyn kelly call you stossel. i ll say john. thank you. bret: what about the tax code and we hear so much about it and how complex it is. ....

Party Lines , Bipartisan Supercommittee , Special Committee , Go Big , Tax Reform , Tax Code , Steve Hayes , Weekly Standard , Daily Beast , Kirsten Powers , Bret Baier , John Stossel , The Fox Business Network , You Stossel , O Reilly , Megyn Kelly ,

Detailed text transcripts for TV channel - FOXNEWS - 20110916:22:23:00

Happened this week, bret. 36 senators of both parties and all ideological stripes called on the so-called supercommittee, dealing with the deficit reduction to also tackle catch henceive tax reform. now, not the kind of tax reform president obama wants, which is to raise taxes on the wealthy. these starts want to cut taxes for everyone by trimming many deductions and using the savings to cult rates. liberal democrat of oregon cited tax reform under ronald reagan as a model. in 1986, we created 6.3 million new jobs. in two years. after that legislation was passed. there have been projections we could exceed it. we understand what the challenge is. that is to give up tax preferences, inefficient tax preferences on the books today. to hold down marginal rates for everybody. and if that were to happen, ....

Bipartisan Supercommittee , Tax Reform , Deficit Reduction , Catch Henceive , President Obama , Cult Rates , Liberal Democrat , Ronald Reagan , 6 3 Million , Tax Preferences ,

Detailed text transcripts for TV channel - FOXNEWS - 20110916:22:24:00

Many of these three dozen senators say the economic growth would be unleashed. along with job creation. you re going to see a growth in this economy like we have never seen. it will increase revenues without increasing tax rates. you will be able to lower tax rates to historic lows if you eliminate tax expenditure and deduction. it called for tax reform and wanted to use most of the savings to lower tax rate, a little for deficit reduction. a lot of the work on this idea has already been done. many lawmakers argue the only way we ll ever get a handle on the deficit is grow to economy and generate more revenues. these three dozen senators are saying the tax reform is the way to do that. bret: it s impressive number, three dozen. but it s also pretty ambitious. does the super committee have enough time to do all of this? it is ambitious. they have to come up with the $1.5 trillion in cuts by the end of october. ....

Job Creation , Tax Reform , Tax Rate , Tax Rates , Tax Expenditure , Deficit Reduction , Bipartisan Supercommittee , Bret Baier , The End , 5 Trillion , 1 5 Trillion ,