WWL>Topics>>12-10 12:35pm Garland speaks to Pat Garofalo about fixing the deficit

12-10 12:35pm Garland speaks to Pat Garofalo about fixing the deficit

Dec 10, 2012|

Garland speaks to Pat Garofalo, Economic Policy Editor for ThinkProgress.org at the Center for American Progress Action Fund about fixing the deficit.

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Automatically Generated Transcript (may not be 100% accurate)

-- -- -- -- -- -- -- -- The deadline and I call it. And I can't -- that the school -- moment for us -- a home. Breathing joyous light does something pretty uninteresting a real clear politics. The powerball players sure 587. Plus million dollars. -- usually powerball pill whatever and ordered to finance current -- encouragement. The federal government went up to get that drug -- 6570. -- Now the one thing they'll learn this is written Bob in a gentleman from the Cato Institute to institute a libertarian and -- won -- them. Over the last seven years here. -- you're liberal or you go to certain places -- learned. You're dogma repeated back to new and same thing with conservatives and and today's media it's very difficult. To determine. The judge a book to try to -- -- we keep looking intact. Tune in order to help us we just got through I talked into the George Mason university of very conservative. Organization pretty Morgan organization. We're turning more to liberal sought to talk to -- durable. Economic policy -- -- progress -- or. At the Center for American Progress Action Fund have welcomed this show. -- Appreciate so I'm very much -- did you -- article a read it and New York -- 01 of the quote. Liberal publications. We're talking about the protecting the average 250000. Dollars and over the what they say. And those families have actually movie no reason to worry. A look at the president's plan shows a large majority of families. Making up to 300000. Dollars -- well as hundreds of thousands of them was would be even larger incomes would pay. No taxes. And higher marginal rate. You agree. That's absolutely right if you look at and president's plan. And top tax bracket doesn't actually start at thirty -- I wish -- want to return to 39 point 6%. And actually start -- -- well north of 300 microchip 35400000. Dollars depending on your can -- circumstance. Remember when we're talking marginal tax rates he or that rate is only apply it on income in academic. The amount we're talking about that your candidate make 250001. Dollars. And that cut -- -- -- -- 150000 dollars you only pay the highest rate on that last dollar and you -- a lower rates on the corresponding income below that. All this ink being billed about the fiscal Lipton oh let's -- tax the rich didn't exactly correct is that. It ended in the sense that you really can't get cute these sort of revenue targets that we need didn't do it without getting some. Revenue from high income taxpayers but when -- and I -- the bulk of that is going to come from people who were up in me. Million plus strange when when you look at that particular 250000. Cut off people who are right at the cut offline. Aren't going to be mean anything barely higher taxes have their taxes go up at all we're really talking about people at a much higher end. And I think it kind of brings up up to sort of goofy aspect of our tax code. And that we want to people who make 250000. Which is -- and content they didn't obviously a very well paid professionally or make it go to the dependability here. You're not in the same -- implement it making a million in 3000005000010. Million aren't buffet style billions of dollars. And yet we want them altogether for tax purposes. And mature -- them as -- if the Republicans were to greet the president -- courted man and I and I think that's where. -- -- through incorporated returned to the Clinton Era a period of 39 point 6%. Do additional revenue would only be about a quarter of the one -- trillion. The President Obama want to collect over the next engineers which is the fiscal -- time. Now be about half. A -- 800 billion cobra ball wouldn't say they're willing to raise. So were no really not talking about something that solves the problem. Well you learn that the felt part of the problem is no room. There's no one's saying that is going to solve the whole problem there's simply not enough cash anywhere but has any one thing do you actually get really frustrated when I hear. People say oh this doesn't solve the problems that we shouldn't do it under that logic we should never do anything because they're definitely not team that's solve the whole problem. The -- and several pieces and. Looking at the math there's really no way to get there without generating. More revenue and right now the economic circumstances mean that you're basically have to get revenue from high income taxpayers because that's where you're going to -- it'll -- economic. Damage -- him at any given how important agreed together from them because that's part of the puzzle it's -- and -- the public do proposal. It's silly I mean. 41 45%. Is it to Barrera. -- you pay your bill Medicare Medicaid. And social security and were were not even talking about Iran. Well I think we are talking about it if -- if we weren't talking about it and the deal would be done. Well. And I'd ever -- programs it's ailments we're gonna cut it. -- mean if you look at the affordable care actually -- its 700 something billion out of Medicare and that's all didn't providers that's a waste in the system. Com and being Democrats -- come back saying they wanted Dell model and take a look at a little more out of their Republican content they want to take 600 billion in and yet unspecified cuts and Medicare I think it's. Part of the discussion certainly. Thrive fractional parts of the very -- RA if you're little and bring -- more liberal losers who went through think and out there David in Baton Rouge walking the show your room. -- I'm always a pleasure to talk to you good to Burbank. It's one of the things that bothers me is their corporation that this chi chi. At lobbyist. So that they plan that they absolutely no income back then we're speak in about. They're rich. And we most of the corporations in America that we believe that could be from our fact you know tax break and that's too bad. I think we should be impacting all company you know that. We should be repealing. -- but the people that they're -- and I think we're kindred raised more money. Group because the fact that and we have great group -- that I will look back but ripped out but it won't he make it all month that they're able to make when we're. -- -- -- the -- and respond but don't you run into the and then we start complaining that appear Richard taken their -- -- money in their corporation so the country it's. Yeah. -- I've I had to pick the colored spot on if you just look at where we are in terms of corporate taxes right now actually wrote a piece about this morning. Corporate profits right now aren't all time high since we started keeping records about corporate profits they've never been hired an architect. Corporate tax revenue is not quite an all time lows but it's really really level. There's so much taxable -- there's so much junk in the corporate tax code there's so much just outright tax dodging through the use of tax havens. Plunking money in Bermuda. And that. Protection it has just fallen off a cliff and into the data you know fifteen to twenty year problem. Half a century ago even into the sixties you're collecting about. Somewhere between four and 6% of GDP in and the other corporate income taxes now it's one and a half percent of GDP. I understand we're all -- right now we're -- ambles off just in Luxembourg all. They're sunk two billion. Dollars -- multi national. That brought to call themselves now and according to the guardian newspaper live in London. It fulfills their corporate obligations as shareholders. To maximize your return and -- broken in the loss. Again don't they just broadened to Luxembourg where Robert. And get to play there's smaller taxes. And I agree with you that you don't want to beaten. That's not -- the corporations at fault for following did you detect blood actually get to go back -- it takes escape attack on. Okay -- I don't -- Colombia's he's talking about it. That happens to Cuba for 1997. A little gimmick that Amazon told which is known and known intact and -- and check the box. -- weren't allowed to do it so they would have owed to the US government's 700 million dollars more on that -- billion. But 1997 they put in this provision called check the box which makes it makes income. Because able freedom moving come to a place like Luxembourg and -- 700 million dollars that the door. I agree with you that the corporations should follow the law but the larger kind of silly and stupid and they should be -- -- -- And good lord debris writing them -- Right back we'll continue -- conversation. Is either -- Syrian. Truly serious about coach Houston. Come by about governor -- 170 million more replies. Are thinking about -- later in the but -- change -- I always get these. -- -- Yeah. It was shorter times. The problem is 47%. Of Americans paying the tax on all Americans they usually do their pressure doctors who beat Ferrer. -- -- -- -- -- -- -- -- -- -- -- -- -- The economic go polls you know interpret -- progress dog or a pat tell me of this -- wrong would do something. -- income pole its -- little or nothing. They troop pay no federal taxes the income to acted but they do appear ranger other taxes. Like federal payroll taxes streets -- factors local property taxes. We don't have protection being held shall -- incomes. Below. -- 5000 no it was paid less in 2000 didn't. The decline is resulted true friends congressman. Caught. Federal taxation -- every income level. Over the last thirty years in the meantime state and local taxes. Increase for most Americans. Those taxes. Generally take a larger share of income for those who make less. So that increases. Offset more and more of the federal savings. At lower levels of income but warned Joseph -- read -- wrong. Mean they're not only paying taxes -- paying more than they usually. Patient was beaten pitch perfect spot on its own over the last several decades. Content both parties has been kind of concerted effort to reduce. The tax burden across the board but even even -- -- more so in the if you look at the eightieth minute on lower income. People would really expand the earned income tax credit we've expanded child tax credit. However that oftentimes gets upset at the state level I think the blanket -- -- didn't. Including taxes. Property taxes married things like that neither authenticate to kind of you know take it from one and -- the other. When you look at the system as a whole the entire American tech system federal and state and local. It's aggressive but -- to barely win. There's too little too hard road rumored to put to bed. All right here's my next question are reducing -- different. Publications. Melbourne. President Obama's proposed fiscal -- Does not reduce spending at all when you when you throw everything in the news talking about cutting or adding to whatever. Talking about six trillion dollars in national debt over the next ten years twenty torn. When you looked at the Republican. Their plans would increase taxes about 800 billion dollars over ten years and what they would end up cutting. Is five point 27 trillion but 20/20 two -- sounds like it would be different ways they go have a neither one seems to be very serious about cutting spending and are reading this wrong. You're not reading it wrong and looking at to have like you know -- numbers are exactly correct it's. He -- to remember when looking at the amount of money that is going to be cut over and -- looking at it over a certain number of years. And that you have to factor inflation and all that a lot of what they're trying to do is just kind of lower the growth rate not in actual dollars below the growth rate which it. After awhile will get you to a sustainable level and the economy starts to grow at a catches up today that pitted spending level. The other thing to remember I think is really important is that. Know we still have a pretty weak economy it's recovering but it's not recovered all that has been for doing too much too fast according to economists across the board. It's actually going to munition itself in the foot because you're gonna end up throwing more people out of -- economy is going to get weaker tax revenues -- gonna fall. If you look at the example of Europe they tried to duties to really quick austerity package is not a lot of spending. I think kind of addressed our debt and that'll boost the economy and it hasn't work and actually the debt has gotten worse there's a big danger in doing too much to this -- During introducing John -- complicated could timed and thank goodness and get people like you won't give us better understand and appreciate the time -- great holiday. Anytime you cable and pat Garofalo economic policy Dillinger prevent congress from Oregon. At the Center for American Progress Action Fund won't try to do one half -- conservative things -- some extra power to liberals think that actually. We try to give you information and make up your -- -- -- concept.