| 00:00:03 |
Brawner, Greta Wodele - Host
TO THE LAST HOUR OF THE "WASHINGTON JOURNAL" AS WE CONTINUE OUR LOOK AT THE BUSH ERA TAX CUTS ROUNDTABLE. WE ARE JOINED BY ALEX PROPOFOL AND ETHAN POLLACK....
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| 00:00:36 |
Unidentified Speaker, -
I THINK.COM DEPENDS ON WHAT THE OBJECTIVES WERE. IT IS HARD TO HAVE FORECASTED TODAY TREMENDOUSLY LARGE SURPLUSES. SOME OF THE SURPLUSES WOULD HAVE BEEN...
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| 00:01:53 |
Brawner, Greta Wodele - Host
DID IT CREATE JOBS?
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| 00:01:55 |
Brill, Alex - Research Fellow
GUEST: THE TAX POLICY ITSELF DOES NOT CREATE JOBS. EMPLOYERS CREATE JOBS. THERE WAS A RECESSION AND AT THE BUSH ADMINISTRATION IN THE BEGINNING AND ONE...
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| 00:02:37 |
Brawner, Greta Wodele - Host
DID THE BUSH TAX CUTS WORK? GUEST: THEY DID WORK IN
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| 00:02:41 |
Pollack, Ethan - Member
THE SENSE THAT THEY COST A LOT OF MONEY AND REDUCED SURPLUSES. 80% OF THE DEBT ADDED DURING THE TERM WAS THE BUSH TAX CUT. AND IF YOU LOOK EXPERTS FROM...
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| 00:04:14 |
Brawner, Greta Wodele - Host
BUSH EXTENDED THESE BUSH TAX CUTS IN 2010? GUEST: THAT IS A GOOD
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| 00:04:19 |
Pollack, Ethan - Member
QUESTION. WE HAVE TO REMEMBER THE AMOUNT OF FISCAL STIMULUS THAT HE GOT THERE. HE GOT AN EXTENSION OF THE PAYROLL TAX CUT. IT WAS VERY IMPORTANT TO...
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| 00:04:53 |
Brill, Alex - Research Fellow
GUEST: I THINK THEY SHOULD. KEEPING IN MARGINAL TAX RATE AS LOW AS POSSIBLE IS ONE THAT IS CONSISTENT WITH ECONOMIC GROWTH. I AGREE THAT THE TAX RATES...
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| 00:06:14 |
Brawner, Greta Wodele - Host
EXTEND ALL OF THE BUSH ERA TAX CUTS? GUEST: NO, I
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| 00:06:20 |
Pollack, Ethan - Member
DON'T THINK SO. WE'RE LOOKING AT THE BUSH ERA TAX CUTS, BUT ALSO THE OVERALL FISCAL CLIFF. WE ARE TRYING TO RENAME IT TO A FISCAL OBSTACLE COURSE. WE...
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| 00:07:49 |
Brawner, Greta Wodele - Host
TIMES" REPORTS THAT TOM COBURN SAID TO HIS OTHER REPUBLICAN COLLEAGUES YESTERDAY, LET'S JUST EXTEND THE TAX CUTS FOR THOSE MAKING $250,000 OR LESS NOW...
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| 00:08:22 |
Brill, Alex - Research Fellow
GUEST: THE PRESIDENT HAS SAID THE SAME THING. THERE HAS BEEN LEGISLATION AND EXTEND SOME OF THE TAX CUTS AND NOT OTHERS. I THINK THERE ARE MANY MEMBERS...
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| 00:10:03 |
Brawner, Greta Wodele - Host
TO JOE, A REPUBLICAN CARLA. CALLER: THIS
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| 00:10:10 |
CALLER, -
IS FOR ETHAN. YOU MADE A COMMENT EARLIER DEPTH THEY INHERITED THE RECORDS OF SURPLUS. THAT IS A LIE. THERE WAS A PROJECTED SURPLUS. YOU FORGET THAT GEORGE...
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| 00:10:56 |
Brawner, Greta Wodele - Host
RESPONSE. GUEST: WHEN I
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| 00:10:59 |
Pollack, Ethan - Member
WAS TALKING ABOUT SURPLUSES ARE WAS TALKING ABOUT THE EIGHT YEARS OF BILL CLINTON WHEN WE ACTUALLY DID HAVE SURPLUSES. THERE WERE ALSO THE PROJECTED...
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| 00:12:10 |
Brawner, Greta Wodele - Host
DEMOCRATIC LINE, BIRMINGHAM, ALABAMA. CALLER: MY STATEMENT
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| 00:12:16 |
CALLER, -
HAS TO DO WITH THE HOUSE OF REPRESENTATIVES AND GROVER NORQUIST. IT APPEARS THAT ALL OF OUR REPRESENTATIVES TOOK AN OATH WITH GROVER NORQUIST. AND THEY...
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| 00:13:15 |
Brill, Alex - Research Fellow
TALK IN RECENT WEEKS ABOUT THE PLEDGE. THE MAJORITY OF REPUBLICANS HAVE SIGNED THE PLEDGE, HOUSE REPUBLICANS. WE HAVE SEEN IN RECENT DAYS AND WEEKS,...
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| 00:14:30 |
Brawner, Greta Wodele - Host
LET'S GO TO MICHIGAN. CALLER:
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| 00:14:31 |
CALLER, -
THESE PEOPLE CALL YOU AND THEY ARE SO COOL, CALM, AND COLLECTED, BUT LISTEN, THE REASON I'M CALLING -- WAIT, REAL QUICK. BECAUSE YOU HAVE BEEN TALKING...
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| 00:15:51 |
Brawner, Greta Wodele - Host
HANG UP AND LISTEN TO THE ANSWER. HAVE WE BEEN ABLE TO CALCULATE JOBS BECAUSE OF THE BUSH ERA TAX CUTS? GUEST: WE HAVE REALLY GOOD
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| 00:16:03 |
Brill, Alex - Research Fellow
DATA ON JOBS. THE WINDOW ON A MONTHLY BASIS HOW MANY JOBS ARE BEING CREATED OR LOST. -- WE KNOW ON A MONTHLY BASIS HOW MANY JOBS ARE BEING CREATED OR...
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| 00:17:50 |
Brawner, Greta Wodele - Host
TO DOUG IN HOUSTON, TEXAS. A REPUBLICAN CALLER. CALLER: ETHAN
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| 00:17:57 |
CALLER, -
MADE A STATEMENT ABOUT THAT POLICY SHOULD NOT BE ENDORSED. -- BAD POLICY SHOULD NOT BE ENDORSED. THE REALITY IS, BY CONTINUING TO GIVE THE GOVERNMENT...
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| 00:18:55 |
Pollack, Ethan - Member
THERE WAS THE 47% COMMENT. MOST OF THE 47% STILL PAY PAYROLL TAXES BECAUSE THEY ARE EMPLOYED. THEY PAY STATE AND LOCAL TAXES, SALES TAXES. AND THOSE...
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| 00:20:39 |
Brawner, Greta Wodele - Host
A COMMENT. THE ATTACKS SHOULD GO ON EVERYONE. IF AMERICANS CAN SPEND $30 MILLION A WEEK AT THE MOVIES, WE CAN ABSORB THE INCREASE.
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| 00:20:51 |
Brawner, Greta Wodele - Host
HOST: GOOD MORNING, CARL. CALLER: THE
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| 00:20:56 |
CALLER, -
GENTLEMAN, ALEX, HE IS DISINGENUOUS. BUSH INHERITED MORE MONEY AND LEFT IT $1 TRILLION IN DEBT TO MR. OBAMA, OUR PRESIDENT. WE SHOULD NEVER HAVE HAD...
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| 00:21:30 |
Brill, Alex - Research Fellow
QUESTION OF WHERE THE DEFICIT CAME FROM, WHERE THE DAETZ COME FROM, FIRST, I WOULD KNOW -- AND NOTE THAT IN THE LAST FOUR YEARS WE HAVE HAD DEFICITS OF...
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| 00:23:35 |
Brawner, Greta Wodele - Host
UNDER EISENHOWER KORAN TAXES ON THE -- UNDER EISENHOWER, TAXES ON THE RICH WERE HIGHER. IN NEW JERSEY, INDEPENDENT CALLER. CALLER: PLEASE,
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| 00:23:54 |
CALLER, -
DON'T CUT ME OFF. AS PRECIOUS AS ARE THE ONLY ONE OUT OF THE FOUR OF US THAT IS PAYING FOR THIS PROGRAM -- ESPECIALLY SINCE I AM THE ONLY ONE OUT OF...
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| 00:25:13 |
Pollack, Ethan - Member
THANK THE CALLER FOR THE CALL. I THINK THAT IS A FAIR POINT. MY POINT WAS NOT NECESSARILY ABOUT CLINTON'S POLICIES ACTUALLY CAUSED THE ECONOMIC GROWTH...
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| 00:27:02 |
Brawner, Greta Wodele - Host
TWITTER, THE WRITERS AS YOUR MEMBERS COULD THE GEORGE BUSH TAX CUTS AND THAT IT'S NOT THE GOVERNMENT'S MONEY. IT BELONGS TO THE PEOPLE. CUTS WILL GIVE...
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| 00:27:22 |
CALLER, -
CALLER: THE REPUBLICANS ARE MAKING IT SOUND LIKE IT IS ALL THE DEMOCRATS FAULT. ALL THESE TAX CUTS, ALL THESE THINGS GIVEN TO PEOPLE OF ALL THE DEMOCRATS....
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| 00:28:46 |
Brill, Alex - Research Fellow
IS A GOOD DEAL OF WHAT HE SAID THAT I AGREE WITH. AS I UNDERSTOOD THE QUESTION, HE IS BLAMING THE SITUATION IN LARGE PART NOT JUST IN TERMS OF DOLLARS...
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| 00:31:15 |
Brawner, Greta Wodele - Host
ON TWITTER. HAVEN'T BUBBLES FOLLOWED MOST TAX CUTS ON THE VERY WEALTHY OVER THE PAST SEVERAL GENERATIONS? CAUSED BY MORE MONEY FOR SPECULATIVE AND INVESTMENT....
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| 00:31:32 |
Pollack, Ethan - Member
IS GENERALLY THE CASE THAT TAX CUTS TILTED TOWARD HIGHER-INCOME HOUSEHOLDS HAVE LED TO INCOME INEQUALITY. THE POINT AT WHICH WE HAVE HAD THE HIGHEST IN...
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| 00:32:25 |
Brawner, Greta Wodele - Host
COMMENT FROM A VIEWER THAT CONGRESS SHOULD WORK ON REVENUE, NOT RATES. EVERY U.S. CITIZEN PAID $10 TO OF ASSAM, THAT WOULD BE $3 BILLION IN REVENUE. --...
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| 00:32:44 |
Brill, Alex - Research Fellow
WE NEED TO THINK BROADLY ABOUT THE REVENUE ISSUE, AND AGAIN ABOUT THE DEFICIT ISSUE. REVENUES WILL BE PART OF THE SOLUTION ULTIMATELY. WE HAVE TO KEEP...
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| 00:33:47 |
Brawner, Greta Wodele - Host
RATES? WHERE DO THEY COME FROM? WHAT IS THE HISTORY? GUEST: WHY DO
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| 00:33:57 |
Brill, Alex - Research Fellow
WE HAVE TAX RATES? HOST: THE VARYING TAX
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| 00:34:02 |
Brawner, Greta Wodele - Host
RATES, 10%, 6%, UP TO 39.6%, OR WHATEVER. GUEST: IN
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| 00:34:12 |
Brill, Alex - Research Fellow
2001, THE RATE STARTED AT 15% AND WENT UP TO ABOUT 40%. WE HAVE A LONG HISTORY OF HAVING -- HAVING A PROGRESSIVE INCOME TAX SYSTEM. THERE IS A BIPARTISAN...
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| 00:35:23 |
Brawner, Greta Wodele - Host
ON THE AIR. CALLER: MY WIFE AND
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| 00:35:28 |
CALLER, -
I ARE MIDDLE-INCOME RETIRED AMERICANS. WE ARE RAPIDLY APPROACHING THAT TIME WHEN WE WILL HAVE TO TAKE MANDATORY IRA DISTRIBUTIONS. I TALKED TO ARE COUNTED...
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| 00:36:58 |
Brawner, Greta Wodele - Host
ETHAN POLLACK? GUEST: I DON'T
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| 00:37:02 |
Pollack, Ethan - Member
WANT TO BE A FINANCIAL PLANNER HERE.
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| 00:37:06 |
Brawner, Greta Wodele - Host
HOST: FOR PRESERVING WEALTH.
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| 00:37:10 |
Pollack, Ethan - Member
GUEST: RIGHT. I THINK THE CALLER WAS ACCURATE, AND I WANT TO REITERATE THAT WHEN YOU GO INTO A HIGHER TAX BRACKET, THAT ONLY APPLIES ON THE MARGINAL DOLLARS....
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| 00:39:08 |
Brawner, Greta Wodele - Host
TACOMA, WASHINGTON, INDEPENDENT CALLER. CALLER: IN REGARDS
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| 00:39:14 |
CALLER, -
TO DEVELOPING COUNTRIES, IF YOU SEE -- A DEMOCRACY IS NOT THE BEST WAY TO BRING ABOUT POSITIVE CHANGE TO DEFINE POLITICS, TO SAY THE LEAST. AND WE BEMOAN...
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| 00:40:03 |
Brawner, Greta Wodele - Host
ARE HOST: WE ARE RUNNING OUT
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| 00:40:05 |
Brawner, Greta Wodele - Host
OF TIME TO GIVE FINAL THOUGHTS AS WE CONCLUDE. WHAT DO YOU THINK IS NEXT ON THIS DEBATE? GUEST: WE ARE WEEKS AWAY
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| 00:40:14 |
Brill, Alex - Research Fellow
FROM A DEADLINE. AN IMPORTANT ONE. WHERE NOT ONLY OUR TAX POLICY IS GOING TO CHANGE BUT SIGNIFICANT SPENDING CUTS ARE SLATED TO TAKE EFFECT AS WELL....
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| 00:41:07 |
Brawner, Greta Wodele - Host
ETHAN? GUEST: I THINK I MAY BE A
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| 00:41:09 |
Pollack, Ethan - Member
LITTLE MORE HOPEFUL THAN ALEX IS. I THINK THAT THERE'S A GENERAL AGREEMENT THAT THE SEQUESTER WILL HAPPEN. REPUBLICANS AND DEMOCRATS AND THE PRESIDENT...
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| 00:42:26 |
Brawner, Greta Wodele - Host
GENTLEMEN. APPRECIATE YOUR HELPING US OUT WITH THIS CONVERSATION ABOUT THIS SO-CALLED FISCAL CLIFF. AND THE CONVERSATION CONTINUES IN WASHINGTON...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.