'It's Going to Hurt'

" who doesn't want tax relief these days Barack Obama insists he will help them middle class by cutting taxes and 95%. Of Americans. But what is his definition of attacks that after almost a third of Americans already did not hey. Federal income tax some critics say apologist do you tax code if this -- government handouts as tax cuts will -- Roth. Joins me now try to sort this all out he's the director of government affairs for the club for growth negotiating. Thanks ramming it Obama -- 95%. Promise let's begin with that that means only 5% -- claims we'll see a tax increase. I double check that with the nonpartisan tax policy center which says that's not true. They say -- full 20%. Of households will see their taxes go up who's telling the truth here."

" Well -- are actually Obama wants to raise taxes across different spectrum who wants to raise income taxes for everyone making over 250000. Dollars. But one thing that I think of voters need to pay very very close attention to. -- he wants raise taxes on capital gains so that means everyone with a 401K. And IRA. Or any other kind of brokerage account where you hold equities. You're -- the value of those accounts are going to go -- hundred million Americans isn't it -- that's more than half."

" Half of all households yes all right now on another group called the tax foundation Independent. Estimates that under Obama's plan 44% of all tax filers will not pay any tax at all. And those folks are actually going to get a check from the government is that accurate -- is that essentially welfare."

" That is accurate and that's what he's talking about when he say that 95% of all Americans will pay -- taxes. Basically. All of these different credits of these offering for mortgages or four. Child care or for college these are refundable tax credits so. People who don't pay income taxes will then receive a check you'll be a welfare check from the federal government. So you're taking more people off of tax rolls. And -- create a system where there are more more Paul's who are voting to take money from Peter so eventually it's just going to -- ourselves we're going to be in real trouble."

" Yeah I got a calculator out this morning 1% of taxpayers under Obama's plan 1%. Would pay more federal taxes in the bottom 80%. Come buying which is pretty amazing. I'll look with a bomb let's planned increases for both income and Social Security taxes on top of Medicare tax property tax state tax local tax. People Andy in the top marginal. Tax rate will pay off. I think close to 60%. Of -- come 60%. Of that government depending upon where they live is that true."

" Yes it's breathtaking as to how bad he wants to punish the very people that are providing capital and our markets right now these are the people. Did you know build factories and create jobs you don't want to smother them. Under you know just oppressive tax rates the last thing you want to do is that. When we have financial crisis in the late 1920s. Wing duo now the mistakes not to make we know that you should raise taxes. After. A big drop in the stock market it and that's what's going on right now so why would we want to do that again."

" Let's put up that graphic that we just had -- second ago on the and I want you to try to explain it I don't know if you have -- monitor you can see it. Right here you see at the lower left hand side of the screen 25000 dollar income 45065. It graduates. All the way to 125. Obama is the Blue Line. That's how much people would. Page above. The Green Line which is the current tax law and we're talking here about you know the average. Husband and wife with a couple with kids so is so even people at the low end are going to see taxes go right."

" Right I mean his tax policies just pure lunacy the way he's created all these sticky -- tax credits. The way it works is that they phase out the more you make so your marginal income tax rate goes up higher higher. Even if you're making Hamas amount of money for a household of two income -- so. Yeah people need to be very very worried about how Obama is going to affect your taxes. For middle class people. High income people everybody it's going to hurt and it's going to her -- by the way that graphic courtesy of the American enterprise institute which did all of those. Calculations seen on that graph. And -- thanks very much for being with us thanks for having me."