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Bulls & Bears
On Saturday, April 17, 2010, Brenda Buttner was joined by Gary B Smith, Tobin Smith, Eric Bolling, Todd Schoenberger, and Christian Dorsey.
President Obama Says to Thank Him for Tax Cuts; But What About Future Tax Hikes?
BRENDA BUTTNER: Teas Partiers teeing off after the president takes a shot at them:
(BEGIN VIDEO CLIP)
PRESIDENT BARACK OBAMA: "I've been a little amused over the last couple of days where people have been having these rallies about taxes, taxes. You'd think they would be saying, thank you!"
(END VIDEO CLIP)
BRENDA BUTTNER: The Tea Party response? "No thanks." Some now worry that the president ignoring them is a signal that major new spending and tax hikes are coming. But, are they right?
ERIC BOLLING: Brenda, tax hikes are on their way. The Bush tax cuts expiring? That's a tax hike. VAT tax, cap and trade tax… how about taxes on income investment, medical taxes, taxes are on their way. The president has to raise taxes; it's the only way he can support a $1 trillion health care plan, $1 trillion on stimulus, $100 billion on job creation every two months. What's the story? Taxes have to go up and they're on their way up now.
BRENDA BUTTNER: Why should we say thank you to the president, Christian?
CHRISTIAN DORSEY: Well, Eric wants to talk about what might happen, I'd rather talk about what has happened. And what has happened over the last year is President Obama has led a stimulus package that has created 2 million jobs, a health care bill that's going to reduce the deficit, not increase it. The president is right in addressing folks who ought to be thankful because 95 percent of Americans have received a tax cut and no American has received a tax increase under Obama. I'm just as perplexed as he is.
BRENDA BUTTNER: $13 a week, I think, Tobin?
TOBIN SMITH: Look, you know I've spoken to a lot of these Tea Partiers and they can do math. Now, here's two weird ones. Number one. Under "Obamacare" and where we're going, about 75 – 80 percent of all Americans over 18 would take more cash or services out of our federal economy or spending than put in. Number two. You talked about 95 and 5. Well, 5-10 percent of Americans are paying for the other 90 – 95 percent. So they know taxes are coming because there's 18 new taxes that came in the Obamacare bill. There's 118 new bureaucracies just in that. How do you pay for it? It's going to go to the rest of the people because the rich people are tapped out.
BRENDA BUTTNER: Gary B, are you saying thank you?
GARY B SMITH: Oh, yeah. I'm saying, thanks for nothin'! (laughter) A couple of points that Christian made, let me address. First of all, President Obama bills these as tax cuts. When most people think of tax cuts, they go to their tax form and they see their marginal rate reduced. Getting $200 in your pay check once is not a tax cut. If you ask most people, "Hey, were your taxes cut last year?" They go, "No." So that's number one. Number two, Christian can say, let's not look in the future. Well, unfortunately someone's going to have to look in the future. Just on this year's deficit alone, the Tax Foundation estimates you'd have to increase taxes by 100 percent. That is double across the board for every income bracket, not just the rich, who I'm sure Christian feels should pay, but across the board; that's just this year's deficits. Finally, the current budget will reduce deficits. I'll tell you what, let's come back in a couple of years. If you really, really believe that, we'll see without any tax hikes, which I'm certain, like Eric said, are coming and coming across the board. Everyone's going to feel it.
TODD SCHOENBERGER: Toby and Gary are both right. When you start to take a look at the numbers here and how many people are paying their fair share of taxes, the idea that a tax cut has taken place… you know, $200 in your pay check is just a gift; that's what we're looking at here. The bottom line is this president is putting us in a position right now because of his spending… also these spend-happy liberals… they're putting us in a position and now they're coming back and saying, "Hey look, we need to tax you more because if we don't, that's the end of the United States of America."
Volcanic Explosion Teeing Up a Spending Explosion Here?
BRENDA BUTTNER: More spectacular pictures from that volcano in Iceland. Now, a climate scientist is blaming global warming and warning we'll see more eruptions around the world. Gary B, you say something else is about to explode because of this?