huh
now the president offers gets criticized by wall street millionaires and billionaires
for not being sufficiently pro-business
meaning they won't even lower taxes and less regulation
so much for coming some surprised the way open a letter from a group of millionaires
who've been said it is something that the president
extend their bush tax cuts miserable twelve very wealthy americans that's president not
to extend their cuts but rather let the next five anyone making a million bucks or more
everyone from hedge fund managers to the co-founder ben jerry's ice cream signed a letter which
reads quote
we have done very well over the last several years now during our nation's moment of need
where people are to do our fair share we dole need more tax cuts
which american billionaires did not sign the letter
well the fifty percent of house and senate members who are
you guessed it
millionaire
compare that to the gentle u_s_ population were fewer than one percent are millionaires
so those guys inside out of course but these guys do
junk as soon as the founder of the test for our company
the president review
and that is the list of salmon
n_c_o_ before and corporation
and chairman of the fund a group
they both signed a letter to the president
it's a great pleasure to have you guys here and it's a very brave thing ad that you did
which is fantastic jumps out with you
whitewater why do you want to get taxed more
i think i A
the wealthy have done really well for the past decade in fact they're the only perfect
done really well five
everybody's got to take your fair share of this for a combat both tax
increases in spending cuts in purchasing world willing to step up
guinness how do you think it makes a good business because the republicans will say
hey you know what
uh... you guys the job creators we need to get you more money so you hire more people
is is that some poor or
or does that uh... the texas with a few different just not true dropped just it's a spurious
argument
uh... particularly if you're a chef threshold for the two fifty administration
and many democrats are supporting
to the million dollars a chuck schumer's recommended as a as a different benchmark
you get that in time
corner a_t_m_ personal and confidential so when business is that a million dollars in
a box
have suggested through four percent
in their personal income tax rates doesn't have any material impact on their deceit and
how they operate their business
this frankly
nonsense edge on you know that i mean v uncertainty i don't want to make money is like that can't
figure out what my tax relief
i mean i i own a small business suits our online eric schoen
then we had to do fairly well i'd never thought oh my god i'm not going to make money until
the lower my taxes have as ever cross your guy's mind funny changing around the tax code
is not a good thing here again
make change slowly and and and leave it alone whenever possible but
the fact is the bush tax cuts were unnecessary work asking for homepage and started saying
they're financially but there
you've got sent out
in this and possibly this hurt your guys spirit in everybody's the long-term prospects
if the deficit is so out of lack any native through tax cuts for millionaires that is
so much deficit here at night here at the heart of the issue questions what's in the
national interest
anything could beginning the process of thinking about paying our bills as a country which
is what this does people talk about seven hundred billion over ten years
honestly at this point
that the fiscal place we are right now
it's bigger than around the area to it's material but it's certainly not the full solution
and back in when you put it in context were thirty years ago we were paying eighty three
percent effective tax rate if we lived in new york eighty three percent
ninety one percent back in the fifties
reagan restructure taxes went down into the uh... mid-thirties or ever was
and uh...
uh... another three or four percent now if it's in the national interest
if he capital markets around the world we have suppressed interest rates right now because
of specific governmental actions but we're not gonna love this robert people are going
to charge us more up for the money we need to borrow as the country can do better op
running industry i can do better in my business if the country's going down the tubes the
fact that i say three percent of my personal income is not gonna certainly not gonna be
helpful to me and i'm manufacturing disappeared as well as they have a 'cause that's really
feel like bill clinton respects by a little bit after
reagan and george h w bush
but the economy boomed so much that that there is made more money was a reason for that
here is my marginal tax rate from i think thirty six to thirty nine percent
cost me personally several hundred thousand dollars a year i'm not quite in my college
category
uh... dot
my cost of capital
when wall street decided the government was thinking about paying its bills dropped at
the time three hundred basis points at three percent your viewers and over the nineties
i was carrying get three four five hundred eight hundred million dollars
so the reduced cost of capital in my business and you spread that across the whole economy
business won't lower cost of capital now we're in a different place today
but fundamentally
if if uh... if we begin to do things that are responsible than the country is going
to do better business if you do better industry's going to do better i'm convinced that and
looked it proves it according to the identically erased twenty two million jobs created
candidate bush years less than a million jobs created that huge differences dot let me ask
you read this you know i think it has a small business owner
if my personal income tax are high
i'm actually motivated but do you see you guys on bigger business aslo nasser
on motivated attack she keep the money in my business as a posting it out
and then paying a higher personal income tax but it might actually lower personal income
taxes
a motivated to take the money out
t_e_c_ what i'm saying does that does that factor into your question at all so does the
having higher taxes personal income tax
actually new to keep more money in your business
it may well i mean the fact is when you lower taxes i do is bid up the cost of b_m_w_'s
right after the uh...
the smart thing to do is investing only paying taxes on the profit and so hiding further
investment is just everybody's benefit minute ends up being a long-term gain anyway sorry
patches don't buy that any jobs you can get lost value with a small increase to the wealthy
look then let's talk about the other guys 'cause there's a lot of millionaires on the
other side of this issue we're spending a lot of political money
to make sure that they get their guys in office to cut their taxes right act i mean you guys
think your patriotic duty to pay your fair share are they being unpatriotic
it was a bit
uh... i i'm not gonna i'm not going to cast aspersions on anyone else's motives
uh... i think that
uh... and there are meritorious it people can have an argument on any side shit
but what's where i think they are misguided
is the fiscal situation at the country faces
and to suggest that somehow
we're going to be able to uh... get back into some reasonable balance without any sacrifice
uh... it it just doesn't make any sense and so
we have to we have to determine whether we want to pursue our short term self-interest
or do we want to pursue the long-term best interests of the nation as a whole on the
theory that we and our children and our grandchildren can continue to do well in this country and
find a way to prosper and that's where we are so they have their point of view but i
mean i could not disagree with the more i think it's uh... frankly uh... shortsighted
and um... just uh... incorrect
junk and it's a great conversation two guys who are
literally millionaire saying
we need to raise the taxes for the good of the country in a good economy and and it's
a it's a brave argument make really appreciate your joining us credibility all right thank
you