HAVE BEEN FOCUSING ON DIFFERENT PARTS OF THE FISCAL CLIFF DISCUSSION. TODAY WE'RE LOOKING AT TAX EXTENDERS FOR BUSINESSES AND INDIVIDUALS. JOINING US...

TEMPORARY? GUEST: A LOT OF PEOPLE SAY

LOOK AT SOME OF THESE. THESE ARE SOME OF THE TAX EXTENDERS AND THE COST OF CONTINUING THE TAX BREAKS THROUGH 2013. HOST: SOME

IDEA. THEY HAVE BECOME A CASE STUDY IN WHAT SOME PEOPLE THINK IS WRONG WITH THE TAX CODE. IF THERE ARE LOOPHOLES THAT CAN BE CLAIMED TO LOVE GOD AND THEIR...

TWO. IT ACTUALLY EXPIRED THIS YEAR AND NOW THEY ARE TALKING ABOUT EXTENDING IT RETROACTIVELY FOR THIS YEAR AND FOR NEXT YEAR. HOW MUCH SENSE DOES IT...

LIKE A COST LESS. SOMETHING LIKE $14 BILLION. IT WOULD BE MULTIPLE TIMES MORE IF THEY WERE PLANNING TO EXTEND IT FOR 10 YEARS. I WOULD WRITE, "THE $1...

SO. THE AMT USER GOES IN THE TAX EXTENDER BILL AND A BILL WAS PASSED THIS YEAR, THE FINANCE COMMITTEE PASSED IT, NOT THE SENATE. IT INCLUDED THE AMT PATCH....

KIND OF AN AFTERTHOUGHT AT THIS POINT. OFTEN ALL THESE ARE EXTENDED FOR A YEAR OR TWO AT A TIME. THEY TALK ABOUT MAKING THE LIST SHORTER. IF THEY NEED...

GO ANY BIG FISCAL COMPROMISE. TAX EXTENDERS OR IN THE FINANCIAL BELAU. THEY USUALLY GET SNUCK TO THE BIG BILLS. THE SENATE FINANCE COMMITTEE PASSED A...

THE WHITE HOUSE HAS PROPOSED EXTENDING THEM, BASICALLY A WHOLE BATCH OF THEM. WHEN WE DO TAX REFORM, WE NEED TO GET RID OF SOME OF THESE. HOST: SAM GOLDFARB

THEM ARE FOR BUSINESSES. I DO NOT KNOW IF I WANT TO DESCRIBE THEM AS CORPORATE WELFARE. THERE IS THE RESEARCH AND DEVELOPMENT TAX CREDITS. MOTORSPORTS...

SURE WHO IS RESPONSIBLE FOR THAT PROVISION ORIGINALLY. IT IS NOT VERY EXPENSIVE. IT ACTUALLY DOES NOT IMPACT THE BUDGET THAT MUCH. SOME PEOPLE SAY THINGS...

LAW IS NOT CORRECT. THE PROVISION THEY GET TO DEDUCT THEIR PROPERTY OVER 15 YEARS INSTEAD OF 39 YEARS. THEY SAY THE ADDED NINE YEARS IS UNREALISTIC....

FIVE YEARS. HOST: HOW MUCH DO

MUCH. I TALK TO PEOPLE WITH LAW DEGREES AND THEY PROBABLY KNOW A LOT ABOUT ONE PART OF THE TAX CODE. THERE ARE A FEW PEOPLE I KNOW WITH ENCYCLOPEDIC...

THE GAP BETWEEN THE TAX PEOPLE AND THE GENERAL PUBLIC. HOST: YOU SAY YOU

IS THOUSANDS OF PAGES LONG. I THINK I KNOW ENOUGH TO SAY IT IS LONG FOR A REASON. THE WORLD IS VERY COMPLEX AND THEREFORE THE TAX CODE HAS TO BE COMPLEX....

MY CALL. I THINK THE GOVERNMENT IS SO CORRUPT. THERE IS SOME MUCH FRAUD GOING ON, LIKE THE MEDICARE PROGRAM. THE DOCTORS AND THE INSURANCE COMPANY --...

MY LIFE. HOST: WE APPRECIATE YOU

IS A TIME WHEN PEOPLE IN CONGRESS ARE TALKING MORE SERIOUSLY ABOUT REDUCING THE DEFICIT AND GETTING RID OF FRAUD. THE CALLER WAS TALKING ABOUT -- WHETHER...

GUEST: SO THEY ARE DELAYING THE PAIN AND WILL COME BACK. THAT HAS OCCURRED WITH THE DOC FIX. BACK IN THE 1990'S, THEY REDUCE PAYMENTS TO DOCTORS THROUGH...

CALLER: HELLO. I HAVE TWO QUESTIONS TO ASK. THE EXPENSE IT COST THEM TO MOVE OVERSEAS? CAN THAT BE USED AS A DEDUCTIBLE? OUR REPRESENTATIVES ARE PART...

HOST: THOMAS IN WINTER PARK, FLORIDA.

IF WE ELIMINATED THE HOLDING PERIOD -- AND YOU TALK ABOUT MARK TO MARKET TAXATION? HOST: I YOU STILL ON THE

CAPITAL ASSET ISSUE HAS BEEN DEALT WITH ALMOST 30 TIMES. WHENEVER THE GOVERNMENT HAS DECIDED IT NEEDS MORE MONEY, IT WOULD REDUCE THE HOLDING PERIOD...

GO BACK TO THE WORDING OF THE 16TH AMENDMENT AND ELIMINATE EVERY SINGLE DEDUCTIONS AND EXEMPTIONS AND ADHERE TO THE WORDING OF THE 16TH AMENDMENT, CONGRESS...

TALKED ABOUT A GRAND SCHEME AND BIG PLAN. IT IS DECEMBER 6 TODAY. GUEST: THEY ARE STILL

FROM MARYLAND ON THE DEMOCRAT LINE. CALLER: I

FORGET WHAT I WAS SAYING BEFORE ABOUT THE 15-YEAR RECOVERY PERIOD VERSUS 39 YEARS. YOU CAN DEDUCT EVERYTHING IN THE FIRST YEAR. IT IS VALUABLE TO BUSINESSES....

TIME TO TALK ABOUT THIS WIDE PERCEPTION THAT THE TAX CODE IS UNFAIR AND RIDDLED WITH LOOPHOLES AND WORKING FOR OTHER PEOPLE, BUT NOT FOR ME, NOT FOR...

KNOW IF I CAN EXPLAIN IT IN DETAIL. IT IS A TAX THAT IS APPLIED NOT JUST ON THE FINAL SALE. THE PERSON IS RIGHT THAT ALMOST EVERY COUNTRY HAS A VAT TAX...

AS OF YESTERDAY THAT THEY ARE VERY CLOSE. [LAUGHTER] HOST:

WHO MATTER ARE STILL THERE. THE AIDES TO BOEHNER AND OBAMA ARE STILL THERE. THERE ARE TIMES THE THOUGH EVEN THIS WEEK THAT IT WILL GET FRUSTRATED AND...

DO NOT KNOW IF REPUBLICANS HAVE GONE ABOVE $800. THE QUESTION WILL BE, WILL OBAMA BE ABLE TO GET ABOVE $800. ONCE YOU START TALKING ABOUT THE $1 TRILLION...

AND MEANS CHAIRMAN, THEY'RE KEEPING IN TOUCH. THEIR STAFF ARE VERY INVOLVED, BECAUSE THEY'RE THE GUYS WHO KNOW ALL ABOUT TAXES. THEY ARE DEFINITELY...

GOOD MORNING. LINE FOR DEMOCRATS. CALLER: OUR ECONOMY

GOOD POINT. YOU JUST MADE THE CONNECTION BETWEEN THE TAXES WE PAY AND WHEN WE GET IN RETURN. ONE THING BUT A LOT OF PEOPLE TALK ABOUT IS THAT IN THIS...

ALL DEDUCTIONS, A LOT PEOPLE WOULD NOT NECESSARILY HAVE TO SEE THEIR TAXES GO UP IF YOU ALSO LOWER TAX RATES AND YOU CAN MAKE A SIMPLER TAX CODE. A LOT...

TO QUIT WORRYING ABOUT THE TAXES AND GO WELL FOR REFORM. I KNOW IT LATER IN KANSAS WHO HAS THREE KIDS -- A LADY HERE IN KANSAS WHO HAS THREE KIDS. ALL...

WHAT HAPPENED TO THE FINANCIAL TRANSACTION TAX? GUEST: IT IS

LINE. CALLER: WHY DO YOU

TO THE EARLIER QUESTION, DO THEY LIVE UP TO THE DEFICIT-REDUCTION LAW'S THE PAST. IT IS TRUE THEY SOMETIMES PASS SPENDING CUTS AND THEN REVERSE THEM....

TAX BREAKS USUALLY DIRECTED TO THE SMALL TYPE OF BUSINESS. HOST: THE

I HAVE A QUESTION FOR MR. GOLDFARB. I HAVE NOT HEARD ANYONE ADDRESS THIS SO FAR ON YOUR SHOW, AND THAT IS THE PROPOSITION OF LETTING THE FISCAL CLIFF...

BECAUSE THE EXECUTIVE BRANCH, THE PRESIDENT, WHOEVER IT IS, WOULD HAVE THE ABILITY TO ADJUST THE TAX EFFECTIVELY FOR ANYONE WHO FALLS BELOW THE CLINTONS'...

GUEST: THE PROPONENTS OF A FLAT TAX SAY IT IS SIMPLE AND FAIR, AND CRITICS POINT OUT THAT IT IS NOT FAIR FOR LOW INCOME PEOPLE TO BE PAYING AT THE SAME...

GUEST: THERE IS A BETTER ARGUMENT WITH DIVIDENDS, THOSE PROFITS ARE DISTRIBUTED TO SHAREHOLDERS AND THE TEXT AGAIN. THAT IS DOUBLE TAXED. CAPITAL GAINS...

TO NOT PAY TAX BECAUSE I HAVE NOT MADE A LOT OF MONEY. UNLIKE PEOPLE, A BUSINESS CAN HAVE A LOSS FOR A YEAR AND THEN THEY'RE NOT GOING TO BE TAXED....

1 QUESTION, MADE A COMMENT, SAYING THE WORLD IS COMPLEX AND THE TAX CODE IS COMPLEX. WHERE DID YOU GET THAT? GUEST:

FOLLOWUP? GUEST:CALLER:

GUEST: YES. CALLER: DON'T EVER

TO MAKE A DISTINCTION BETWEEN THAT THERE ARE A LOT OF THESE SPECIAL GIVEAWAYS IN THE TAX CODE. A LOT OF THEM. THERE MIGHT NOT BE THE GREATEST JUSTIFICATION...

SUPPORTERS HAVE THERE BEEN IN THE POLLS? IF YOU'RE NOT PAYING FEDERAL INCOME TAX, YOU CAN SAY YOU CANNOT VOTE, BUT THEY NEED TO REVISIT THIS ISSUE. THE...

WOULD YOU COMPARE THE CURRENT TALKS TO JULY 2011 AND THE DEBT LIMIT, FISCAL CLIFF, SEQUESTRATION -- GUEST: THE DEBT

YOU WRITTEN ONE OF THE, IF WE GO OVER THE CLIFF, THIS IS WHAT HAPPENS-TYPE ARTICLE?

LAST WORD WITH SAM GOLDFARB. CALLER: I CALLED

NOT SURE I CAN SPEAK YOUR SPECIFIC PROBLEM. IT IS TRUE THAT YOU SHOULD GET THE BEST FINANCIAL ADVICE THAT YOU CAN GET. THE FEDERAL AND STATE LAWS CAN...

BEEN TALKING WITH SAM GOLDFARB FROM CQ ROLL CALL. THANK YOU VERY MUCH. OPEN PHONES. IF YOU LIKE TO HAVE A COMMENT ABOUT ANYTHING WE DISCUSSED THIS MORNING,...