| 00:00:03 |
Slen, Peter - Host
HOST: JOINING US NOW IS KIM DIXON, A TAX POLICY CORRESPONDENT FOR REUTERS. THIS IS PART OF OUR SERIES ON THE SO-CALLED FISCAL CLIFF. TODAY WE'RE LOOKING...
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| 00:00:36 |
Dixon, Kim - Correspondent
TWO YEARS AGO AT THIS TIME. EXPIRATION OF THE BUSH-ERA TAX CUTS THAT BEGAN IN 2001 WERE SET TO EXPIRE. REPUBLICANS CONTROL THE HOUSE. PRESIDENT OBAMA...
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| 00:01:26 |
Slen, Peter - Host
WAS GOING WHERE -- THE MONEY ORIGINALLY WAS GOING WHERE? GUEST:
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| 00:01:35 |
Dixon, Kim - Correspondent
GOING TO THE SOCIAL SECURITY TRUST FUND. IT IS STILL GOING THERE. IT IS STILL GOING TO SOCIAL SECURITY. THE TREASURY IS MAKING UP THE MONEY AND STILL...
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| 00:02:03 |
Slen, Peter - Host
FUND? HOW MUCH MONEY WAS GIVEN BACK OR PUT INTO THE ECONOMY? GUEST: ABOUT $100
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| 00:02:15 |
Dixon, Kim - Correspondent
BILLION. IT IS ONLY ON THE FIRST $110,000 OF INCOME. ECONOMISTS SEE IT AS A PRETTY GOOD WAY TO STIMULATE THE ECONOMY. HOST: WHAT IS THE
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| 00:02:35 |
Slen, Peter - Host
PAYROLL TAX CUT WITH THE FISCAL CLIFF? GUEST: IT IS EXPIRING. HOST: BY LAW. GUEST: IF CONGRESS
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| 00:02:50 |
Dixon, Kim - Correspondent
DOES NOTHING, IT WILL GO BACK TO 6.2%. BOTH SIDES HAD AGREED THAT ITS USEFULNESS HAD RUN ITS COURSE AND THAT THEY SHOULD PROBABLY LET IT EXPIRE. OPPONENTS...
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| 00:03:52 |
Slen, Peter - Host
AS A TEMPORARY CUT TO BOOST THE ECONOMY. IT INCREASED TAKE-HOME PAY AN AVERAGE OF $1,000 TO $1800 PER WORKER. HERE IS A CHART FROM "MONDYEY' MAGAZINE....
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| 00:04:48 |
Slen, Peter - Host
2010, THAT'S WHAT EVERYBODY WAS PAYING. HAS BEEN PROVEN THIS WAS STIMULUS TOWARD THE ECONOMY? GUEST: I DIDN'T KNOW IT
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| 00:05:02 |
Dixon, Kim - Correspondent
WOAS PROVEN. I THINK ECONOMISTS BELIEVE IT DOES HELP BOOST THE ECONOMY A LITTLE BIT. HOST: WE WANT TO PUT
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| 00:05:15 |
Slen, Peter - Host
THE NUMBERS ON THE SCREEN IF YOU LIKE TO PARTICIPATE IN THE DISCUSSION WITH THE SO-CALLED FISCAL CLIFF AND THE PAYROLL TAX CUT SPECIFICALLY. 202-585-3880...
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| 00:06:02 |
Dixon, Kim - Correspondent
THERE WAS A TAX CREDIT WITH A SIMILAR TARGETS THAT OBAMA WAS A CHAMPION OF IN THE 2009 STIMULUS BILL. HE WANTED TO CONTINUE THAT. REPUBLICANS OPPOSE...
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| 00:06:51 |
Slen, Peter - Host
GUEST FROM REUTERS. MASSIVE DEGREE FROM COLUMBIA UNIVERSITY -- A MASTER'S DEGREE FROM COLUMBIA UNIVERSITY. WHAT OTHER TAX ISSUES MAY BE INVOLVED IN THE...
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| 00:07:13 |
Dixon, Kim - Correspondent
ISSUE OF THE INDIVIDUAL CUTS. THE DISPUTE IS WHETHER TO EXTEND THE TOP TWO TAX RATES FOR THE WEALTHIEST TAXPAYERS. THE DIVIDEND TAXES WILL EXPIRE AND...
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| 00:07:45 |
Slen, Peter - Host
A TWEET WE RECEIVED FROM JOE. GUEST: THAT IS A GOOD
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| 00:08:03 |
Dixon, Kim - Correspondent
QUESTION. THE EMPLOYER PART AND THE EMPLOYEE PART ARE 6.2%. MOST ECONOMISTS THINK THE 6.2% PAID BY THE EMPLOYER IS PASSED ON TO THE WORKER. IN REDUCED...
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| 00:08:31 |
Slen, Peter - Host
CALL HAS JUST LEFT THE LINE. WE HAVE A TWEET FROM SAVE REPUBLICAN. GUEST: THAT IS A
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| 00:08:47 |
Dixon, Kim - Correspondent
TRICKY QUESTION. I'M NOT SURE I CAN ANSWER THAT. HOST: MERIT IN PENNSYLVANIA
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| 00:08:56 |
Slen, Peter - Host
ON THE REPUBLICAN LINE -- MARY. CALLER: HI, THIS
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| 00:09:01 |
CALLER, -
IS MARY. I WAS COMMENTING ON MAY INTERVIEW WITH WARREN BUFFETT AND MATT LAUER WHERE MATT LAUER ASKED HIM ABOUT THE WEALTHIEST PAYING MORE TAXES AND STUFF....
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| 00:09:45 |
Dixon, Kim - Correspondent
I DID NOT THINK THE PRESIDENT THINKS WE SHOULD RAISE TAXES ON THE TOP TWO TAX BRACKETS FOR A MORALE BOOST. HE SAYS THEY SHOULD DO THEIR FAIR SHARE TO...
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| 00:10:08 |
CALLER, -
GOOD MORNING. IF WE COULD LOOK BACK AT THE BEGINNING OF THIS PROBLEM AND EXAMINE WHERE THIS DEBT STARTED TO ACCUMULATE. IN 1980, OUR NATIONAL DEBT WAS...
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| 00:11:09 |
Dixon, Kim - Correspondent
COMMENTS ECHO WHAT THE DEMOCRATS AND THE PRESIDENT ARE SAYING. MIDDLE CLASS WAGES HAVE BEEN STAGNANT. WAGES OF SALARIES OF THE TOP EARNERS HAVE INCREASED...
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| 00:11:34 |
Slen, Peter - Host
AFFECT THE BUDGET? GUEST: IT IS
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| 00:11:40 |
Dixon, Kim - Correspondent
ABOUT ONE UNDER BILLION DOLLARS OF COST -- $100 BILLION. HOST: DID THEY MAKE
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| 00:11:50 |
Slen, Peter - Host
ANY OF THE UP IN ADDED TAX REVENUE FROM SPENDING? GUEST: I AM NOT SURE
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| 00:11:57 |
Dixon, Kim - Correspondent
ABOUT THAT. CONGRESSIONAL BUDGET ESTIMATORS DO SAY WE TAKE AWAY THE TAX CUTS, IT WILL HAVE A SLIGHTLY RECESSIONARY IMPACT. THAT WOULD IMPLY THE TAX CUT...
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| 00:12:23 |
CALLER, -
MY CALL. I DO NOT THINK PAYROLL TAXES SHOULD BE CUT. IF WE WANT MEDICARE AND MEDICAID AND SOCIAL SECURITY, YOU HAVE TO PAY FOR IT SOMEHOW. THE TOP PEOPLE...
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| 00:13:33 |
Dixon, Kim - Correspondent
ECHOES THE CONCERN OF SOME SENIOR GROUPS AND SOME DEMOCRATS. REPUBLICANS HAVE SAID IT COULD UNDERMINE THE HEALTH OF THE SOCIAL SECURITY FUND, THE WAY...
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| 00:13:55 |
Slen, Peter - Host
GOOD MORNING. CALLER: HOW DO YOU
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| 00:14:00 |
CALLER, -
DEFEND BORROWING MORE MONEY IN A YEAR THEN COMES IN ON THE PERSONAL INCOME TAX? HOW DOES THE DANCING ROUND IN PRINTING PAPER MONEY DIFFER FROM THE FRENCH...
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| 00:15:01 |
Slen, Peter - Host
ANY COMMENT FOR THAT CALLER?
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| 00:15:06 |
Dixon, Kim - Correspondent
GUEST: TRYING TO BOOST THE ECONOMY AND AT WHEN CONCERNS OF REPUBLICANS THAT CAN BE INFLATIONARY. HOST: WE HAVE THE TWEET
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| 00:15:19 |
Slen, Peter - Host
FROM ABYSS. IF THIS GETS REINSTATED, WHERE DOES THE MONEY GO? GUEST: THE MONEY WILL GO
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| 00:15:32 |
Dixon, Kim - Correspondent
BACK TO SOCIAL SECURITY. IT SOUNDS LIKE THAT PERSON WANTED TO KNOW MORE ABOUT THE PRESIDENT'S POLICY OR PROPOSAL ON SPENDING CUTS. REPUBLICANS WANT TO...
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| 00:16:01 |
Slen, Peter - Host
ON THE INDEPENDENT LINE -- OMAHA.
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| 00:16:06 |
CALLER, -
CALLER: THANK YOU FOR TAKING MY CALL. YOUR THOUGHTS AND FEELINGS - WHAT WOULD BE YOUR ADVICE TO FIX THIS PROBLEM? GUEST: I AM NOT
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| 00:16:29 |
Dixon, Kim - Correspondent
AN ECONOMIST. I DID NOT HAVE AN OPINION ON THIS ISSUE. HOST: OUR
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| 00:16:36 |
Slen, Peter - Host
PEOPLE ON CAPITOL HILL MEETING ABOUT THE PAYROLL TAX CUT OR IS IT ROLLED INTO THE REST OF THE FISCAL CLIFF DISCUSSION? GUEST: IT IS A
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| 00:16:50 |
Dixon, Kim - Correspondent
SIDE ISSUE. IT DOES COME ACROSS THE PARTY LINES A LITTLE BIT. THE CRUX OF THE DISAGREEMENT IS WHETHER TO EXTEND THE TOP TWO TAX RATES THAT WERE CUT 12...
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| 00:17:32 |
Slen, Peter - Host
AND MEANS COMMITTEE INVOLVED IN THIS ISSUE? GUEST: NEXT
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| 00:17:39 |
Dixon, Kim - Correspondent
YEAR IF THERE IS SOME AGREEMENT BY THE END OF THE YEAR TO DO SOMETHING ABOUT THE TAX CODE. THE PRESIDENT AND REPUBLICANS SAY THEY WANT TO REFORM THE...
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| 00:18:10 |
Slen, Peter - Host
COULD THIS ISSUE TO BE TREATED SEPARATELY?
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| 00:18:13 |
Dixon, Kim - Correspondent
GUEST: NO. I THINK IT WILL BE DECIDED IN SOME KIND OF PACKAGE AT THE END OF THE YEAR. IT COULD BE A SMALL PACKAGE BUT THEY NEED TO MAKE A DECISION. HOST:...
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| 00:18:38 |
CALLER, -
THINK THE AMERICAN PEOPLE WILL GET ANYTHING UNLESS WE LET THINGS GO OVER THE FISCAL CLIFF. REPUBLICANS WILL NEVER AGREE TO ANYTHING. I THINK OBAMA NEEDS...
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| 00:18:55 |
Dixon, Kim - Correspondent
THAT IS ONE OF VIEW OF SOME LIBERALS AND SOME REPUBLICANS SAY LET'S GO OVER THE CLIFF. THEN YOU GET TO CUT TAX RATES. THAT IS EASIER POLITICALLY TO DO....
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| 00:19:51 |
Slen, Peter - Host
AUTHOR ANY STRONG ADVOCATES IN THE ADMINISTRATION WHO MAINTAIN THE PAYROLL TAX CUTS? GUEST: CHRIS VAN HOLLEN IS A
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| 00:20:03 |
Dixon, Kim - Correspondent
TOP DEMOCRAT IN THE HOUSE AND HAS BEEN VOCAL ABOUT SAYING WE SHOULD CONTINUE IT. LARRY SUMMERS SAID WE SHOULD CONTINUE IT. THE OBAMA ADMINISTRATION HAD...
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| 00:20:38 |
Slen, Peter - Host
FROM "MONEY" MAGAZINE. IF YOU MAKE $110,000, $2,200 WILL COME DOWN. WHY IS THAT THE MAGIC A NUMBER? >> THERE WAS
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| 00:21:19 |
Unidentified Speaker, -
A LIMIT TO WHICH THE TAX CUT WOULD BE IMPOSED AND THAT IS THE LIMIT NOW. SOME PEOPLE WANT TO RAISE THAT. GHOST: DAVID IN MARYLAND, HI. CALLER: THANK YOU
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| 00:21:35 |
CALLER, -
FOR TAKING MY CALL. HAVE YOU HEARD OF THE ARTICLE -- IN GREAT BRITAIN, THE WEALTHY TAXPAYERS -- I HAVE A COMMENT. I AND UNUSUAL IN THIS REGARD. I BELIEVE...
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| 00:22:34 |
Dixon, Kim - Correspondent
AWARE OF WHAT HAPPENED IN GREAT BRITAIN. INCREASED TAXES ON THE WEALTHY AND THE NUMBER OF WEALTHY MEN HAVE GONE DOWN. THAT IS A PRIMARY REPUBLICAN ARGUMENT...
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| 00:23:32 |
Slen, Peter - Host
HOLD ON AND GO OVER THE CLIFF. WE HAVE ANOTHER TWEAK HERE. -- TWEET HERE. WHY AREN'T WE TALKING ABOUT CUTTING CORPORATE ENTITLEMENTS OR TAX BREAKS? ARE...
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| 00:23:55 |
Dixon, Kim - Correspondent
MANY CORPORATE TAX BREAKS. THERE IS A COLLECTION OF TAX BREAKS EXPIRE EVERY YEAR. BOTH SIDES OF THE AISLE TO SAY THEY WANT TO REFORM THE CORPORATE TAX...
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| 00:24:51 |
Slen, Peter - Host
WERE A BETTING WOMAN, WOULD YOU SAY THAT THE PAYROLL TAX CUTS IN DECEMBER -- FROM DECEMBER 2010 AND WILL GO BACK INTO EFFECT, OR WILL EXPIRE AT THE END...
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| 00:25:20 |
Dixon, Kim - Correspondent
50/50 CHANCE. IT IS A LITTLE UNCLEAR. UP UNTIL A COUPLE MONTHS AGO, BOTH SIDES AGREED TO LET IT GO BACK TO ITS NORMAL RATE. WE WILL SEE. HOST: RYAN'S...
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| 00:25:50 |
Slen, Peter - Host
PITTSBURG, VERMONT, ON THE LINE FOR INDEPENDENTS. CALLER:
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| 00:25:56 |
CALLER, -
GROVER NORQUIST WAS MAKING A SPEECH ON C-SPAN LAST WEEK. HE HE MENTIONED THAT FOR TAXING THE RICH, THEY SHOULD TRY IN SMALLER STATES LIKE VERMONT. I DO...
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| 00:26:41 |
Dixon, Kim - Correspondent
KNOW IF YOU'VE HAD A GROVER NORQUIST ON THE SHOW -- HE IS A VERY CONTROVERSIAL FIGURE. HE HAS THIS TAXPAYER PROTECTION PLEDGE THAT WAS SET UP IN 1986...
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| 00:27:39 |
Slen, Peter - Host
C- SPAN.ORG/FISCALCLIFF, EVERYTHING THAT HAS BEEN DISCUSSED ON THE FISCAL CLIFF THAT C-SPAN HAS COVERED, INCLUDING MR. SIMPSON AND MR. BOWLES FROM YESTERDAY...
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| 00:28:16 |
CALLER, -
CALLER: A COUPLE QUESTIONS. IF YOU INCREASE THE TAXES FOR THE VERY WEALTHY -- AND FOOD FOR THOUGHT, WHY HAS THERE NOT BEEN A LOT OF GROWTH? IT HAS BEEN...
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| 00:29:17 |
Dixon, Kim - Correspondent
CALLER'S COMMENTS ISOLATE AND THE DIFFICULTY ABOUT THE TAX RATES. THE INTERNET BUBBLE IN THE 1990'S, 9/11, ALL OF THESE THINGS HAPPEN WHEN YOU RAISE...
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| 00:29:48 |
Slen, Peter - Host
THE 4% TAX IS NOT THE PROBLEM. OBAMACARE IS. DRICHARD CALLING IN FROM FLORIDA ON A REPUBLICAN LINE. CALLER: REGARDING
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| 00:30:11 |
CALLER, -
THE 2% PAYROLL TAX CUT, THE, IT WAS THE TREASURY MADE THE TRANSFER FROM THE GENERAL FUNDS. -- THE COMMENT WAS MADE THAT THE TREASURY MADE THE TRANSFER...
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| 00:31:02 |
Dixon, Kim - Correspondent
GUESS THE LAST PART OF THE QUESTION WAS TALKING ABOUT THE EMPLOYER PORTION OF THE PAYROLL TAX. AS I SAID EARLIER, MANY ECONOMISTS THINK THAT -- NOT SURE...
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| 00:31:38 |
CALLER, -
TO GENERATE SOME MONEY FOR THE GOVERNMENT AND SAME SOME MONEY FOR THE GOVERNMENT. I HAVE AN IDEA. IF SCHOOLS WERE TO PRODUCE THEIR OWN FOOD, IT WOULD...
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| 00:32:41 |
Slen, Peter - Host
OF THE ISSUES THAT REBELS FROM THE FISCAL CLIFF TALKS ABOUT A -- REGARDING THE FISCAL CLIFF TALKS ABOUT A GRAND BARGAIN. WHERE DOES THAT STAND?
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| 00:32:58 |
Dixon, Kim - Correspondent
GUEST: MANY PEOPLE SAY IT IS JUST TOO EARLY. FOR WEEKS TO SOLVE THE PROBLEM. IT DEPENDS WHO YOU ASK. SPEAKER BOEHNER HAS SAID, WE JUST NEED TO GET OVER...
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| 00:33:56 |
Slen, Peter - Host
POST" FRONT PAGE THIS MORNING SAYS THAT THE MORTGAGE DEDUCTION IS UNDER SCRUTINY AND MAY GO AWAY. HOW SERIOUS IS THAT? GUEST: I THINK
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| 00:34:10 |
Dixon, Kim - Correspondent
THAT IS A LITTLE BIT GETTING AHEAD OF THINGS. THERE ARE CERTAINLY IDEAS OUT THERE TO CURB DEDUCTIONS. THAT IS ONE OF THE REPUBLICAN IDEAS. THIS IDEA BECAME...
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| 00:35:09 |
Slen, Peter - Host
HOST: "POLITIOCO" -- "POLIT ICO" REPORTS THAT A FISCAL CLIFF DEAL IS EMERGING. GUEST: I GUESS I AM NOT
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| 00:35:24 |
Dixon, Kim - Correspondent
SURE WHAT THEY WERE REPORTING. THEY'RE SO MANY IDEAS OUT THERE. ONE OF THE REASONS PEOPLE THINK IT WILL NOT HAPPEN UNTIL THE LAST TWO WEEKS IS BECAUSE...
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| 00:35:56 |
Slen, Peter - Host
THIS DISCUSSION NEXT. COMING UP, A ROUND TABLE WITH WILLIAM MCBRIDE AND SETH HANLON. YOU CAN CONTINUE TO COLLINS. WE BELIEVE THE NUMBERS AND. WE BELIEVE...
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| 00:36:35 |
Unidentified Speaker, -
SHOW THAT THE NEW JOBLESS CLAIMS FELL FOR A SECOND WEEK IN A ROW. THIS AFTER HURRICANE CO SANDY DROVE APPLICATIONS HIGHER IN THE MONTH. REPORTS THAT...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.