Fox News
January 24, 2013

Does Obama's 2nd term agenda include annihilating the GOP?

Guests: Austan Goolsbee

This is a rush transcript from "Hannity," January 24, 2013. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: It is a speech that is being hailed as the most liberal and progressive inaugural address in decades with themes including gun control, climate change, gay marriage, immigration, President Obama's inaugural address outlined an agenda that will undoubtedly, well, be faced with severe pushback from Republicans and here is what Speaker of the House John Boehner had to say about that inauguration speech.

(BEGIN VIDEO CLIP)

REP. JOHN BOEHNER, R - OH, HOUSE SPEAKER: So we're expecting here over the next 22 months to be the focus of this administration as they attempt to annihilate the Republican Party. And let me just tell you, I do believe that is their goal, to just shove us into the dust bin of history.

(END VIDEO CLIP)

HANNITY: And joining me now to try and defend his old boss, President Obama's former economic Advisor Austan Goolsbee. You were hanging out with him on Monday, right?

AUSTAN GOOLSBEE, FORMER OBAMA ECONOMIC ADVISOR: I was.

HANNITY: Did my name come up at all?

GOOLSBEE: Only in the nicest possible way.

HANNITY: Yeah, only. All right. Have you been following the story about Phil Mickelson and Tiger Woods, I left California years ago.

GOOLSBEE: Yeah. There's California. The California tax.

HANNITY: And Phil Mickelson at every dollar he makes after pay state, local federal taxes, all those taxes, 63 cents of every dollar goes to the government. Is that a -- wait a minute, I didn't even ask the question.

GOOLSBEE: Well, that wasn't an actual true fact, the accountants have come back and said it wasn't.

HANNITY: I'll break it down for you -- all right. Let's break it down, 40 percent national tax, 13.5, that's 53.5 -- hang on. Four percent ObamaCare tax, so that's 57.5 -- hang on, and then we have FICA tax, Social Security, and then we have local tax and then we have sales tax and property tax.

GOOLSBEE: And many of those you don't add on top of each other, but the point is that's on the millionth dollar --

HANNITY: 60 cents of every dollar.

GOOLSBEE: -- not the first 300,000-400,000.

(CROSSTALK)

HANNITY: Oh, I bow down and thank almighty government.

GOOLSBEE: Nobody's paying more than 30-some percent of their income.

HANNITY: I'm paying 60 cents of every dollar I make.

GOOLSBEE: Of your millionth dollar.

HANNITY: Excuse me, you don't know how much I'm making.

GOOLSBEE: I know what the tax rates are.

HANNITY: What--

GOOLSBEE: But I have a bone to pick with you, Sean. We made a bet on the election.

HANNITY: Oh, boy.

GOOLSBEE: That you were going to take me to dinner if the president won, well, we just had the inauguration, he won, Sean and my friend Mario in Chicago, he watched your show, he told me you would never take a Democrat to dinner. He said it would never happen.

HANNITY: I will so. I said this to you a month ago. I paid off.

(CROSSTALK)

GOOLSBEE: Spending will not solve your obligation, more spending is not the answer.

HANNITY: I'm redistributing wealth.

GOOLSBEE: That is why...

HANNITY: What?

GOOLSBEE: I have come to prove that you would have dinner with me. I was only able to locate a Nathan's hot dog nugget for us, Sean, but I'm having dinner with Sean Hannity and nobody can't say I didn't have --

HANNITY: Well, show everybody the Ruth's Chris gift certificate I gave you.

GOOLSBEE: OK. That's true.

HANNITY: All right. I sent that a month ago.

GOOLSBEE: How do I know this doesn't come from some nefarious super PAC or otherwise?

HANNITY: I don't deal -- I don't know anybody in a super PAC for crying out loud. You know, you're ruining all our time.

(CROSSTALK)

GOOLSBEE: I don't know that.

HANNITY: All right. Good, we ate dinner. All right, wait a minute, so if Tiger Woods and Phil Mickelson are saying they're going to leave their states; if you have Nicolas Sarkozy is going to leave France, if you have Gerard Depardieu is going to -- hang on a second, doesn't it tell you something that this is a bad idea?

GOOLSBEE: I don't speak French so I'm not saying anything about over there. If you have a problem with the taxes in New York City, or in California, move to Chicago. We'll take you, we'd love to have you.

HANNITY: There's too much gun violence there. At 94 percent, 94 percent of people that are-- get away with their crimes, did you see that today.

GOOLSBEE: No, I didn't.

HANNITY: In Chicago. All right. But here is my question, Obama says a lot of things, I'm not going to take away your guns, he goes after our guns. He says, I'm not going to raise taxes except for the one percent. Seventy seven percent of Americans just saw their taxes go up.

GOOLSBEE: What --

HANNITY: The payroll tax.

GOOLSBEE: -- to something less than what they were under Bush.

HANNITY: They went up. The payroll tax.

GOOLSBEE: It was Obama who cut their payroll tax for two years gave working people around the country a huge tax gift -- and it went back to what it was when they started.

(CROSSTALK)

HANNITY: A gift? A gift, is that what it is if people pay less ? A gift? They keep more of their money, it's a gift.

GOOLSBEE: The gift was to ask to have the payroll tax reduced, Republicans opposed it, do you recall?

HANNITY: Can I ask you a question, give me a limit. Somebody pays, state, local, federal government, even those evil rich people because you guys like to divide everybody in America, explain, how much should people --

GOOLSBEE: I've been trying to get you to go to dinner with me, Sean, who is being divisive --

HANNITY: I gave you a Ruth's Chris card. But seriously, how much should one of those evil rich people be allowed to keep out every dollar they make.

GOOLSBEE: The millionth dollar or the first $250,000

HANNITY: Yeah, the millionth. Whatever. What's fair?

GOOLSBEE: I don't know, look, it depends what you're using the money for.

HANNITY: The president says, fair share.

GOOLSBEE: I think the fair share of back to what it was in the 1990's when the country was doing very well, that strikes me as--

HANNITY: After they pay the state, local and federal -- how much is their fair share?

GOOLSBEE: If they're asking for federal policy, we shouldn't go change --

HANNITY: You're ducking.

GOOLSBEE: I'm not. We shouldn't change the federal rate if New York City decides to raise the tax rate, that's what happened in California --

HANNITY: I'm not going to letting you leave this studio -- I'm going to throw the food at you if you don't stop --

(CROSSTALK)

GOOLSBEE: The federal rate of 40 percent -- of what it was under President Clinton. It seems totally appropriate.

HANNITY: I said, after they pay their state, local, federal, all of their taxes how much out of every dollar should they be able to keep? That's a simple question.

GOOLSBEE: It's not a simple question. I will tell you to have a 40 percent rate on the highest income, as it was in the '90s, plus the average state tax rate of I think five percent, that's, A, that's one of the lowest rates on high income people that we've had over the last 65 years, the share of income of people in the top 400 people's income getting paid to the federal government is the lowest it's been in 25 years. And it strikes me as totally appropriate and to just go back to the rates they were in the 90's.

HANNITY: And Obama is still borrowing 46 cents of every dollar, six trillion in new Obama debt.

GOOLSBEE: And so, let's balance the budget and bring the fiscal sanity by doing a balanced plan with some revenues and some cuts.

HANNITY: Great, you've already got your revenues now, it's cutting time.

GOOLSBEE: Well, you already got some cuts, let's come together and let's do this. We can do it, Sean, if you and I sat together for 20 minutes, we could come up with a plan.

HANNITY: I'd throw my dinner at you. All right, I've got to go. Good to see you. Thank you.

GOOLSBEE: All right. Good to see you again, Sean.

HANNITY: All right.

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