'Lowest It's Been in Decades'

" Or Obama helped your Russ is on that taxes aren't getting piled on the debate in the Senate could begin as early as Monday but today report saying that the Senate majority leader Harry Reid. Is now seriously considering -- on folks making more than 250. Thousand bucks a year my next guest -- Ed Rendell is a democratic."

" Governor of Pennsylvania. Everything up it's just going on can -- when he was on away. I'm trying to I gotta start with a shocking admission I actually agree with you on something. When you said it's premature for us to even consider -- new stimulus you've got to see how the current one rolls out. -- on your absolutely right but I also think congress some congress -- is that the lack of boots on being there and I was up like a foods are now. I'm that you did not I -- continue to run shot I show you can see the light but continue. -- well maybe a little bit a little bit but congress and drugs also right I don't think we need another stimulus that's gonna spend extra money. I think what we should do is what congress and come proposed and that's front load. And reauthorize. The federal highway transportation bill commonly known as Ice-T -- that's money we're gonna spend eventually anyway we just front load it and there's not."

" know what governor I think it's a movie once -- with all due respect my -- been powerful friend I'm telling -- It is a wasted time with these tax -- going on I'm wondering if that's the stuff that's going to inhibit. You know folks from hiring. And and just make the environment worse not better."

" Well remember -- 95% of small businesses are are going to be exempt from those tax hikes and that's where the real job creation is. Whose business is a hundred employees and down. And they are exempt even under the democratic house plan their exempt from yeah."

" Yeah above it looked like -- you know businesses pay those Medicare taxes as well and it's senator Reid you know. Goes on and and looks it seriously doing as ups the and it's of that. That the sky's the limit on then then. Not only are those individuals who might be few and far between your eyes paying it but the businesses are -- it. So they'll think twice about -- a lot of top workers I am sure in that environment."

" Well of course is doing nothing Leo also makes business is very reluctant to hire new workers because the cost of health care now is just out of control I used to statistic before but you've got to hear it again. Ten years ago on Pennsylvania family health plan for an employer -- 5500 today it costs 11500. And by 36 over 25000. Dollars. No business is going to be -- offer health care or its employees without going bust. With those type of -- so we have to do something that's the central message I wanna -- Carolina."

" Okay let's say it is something -- decent bear the cost of this. On on on individuals you know and hiking their taxes and companies and -- their taxes in the other half. Presumably finding savings which we've never seen the past but governor you're right hope springs eternal we just might. How -- going to reverse that man."

" Well first of all remember hygiene. Taxes on and people like myself and I assume you -- Would we wouldn't even be up to the tax rate that existed under Ronald Reagan. That's basically."

" Is hardly -- bragging great governor and saying you know that's like telling moment. -- you have a long way to go before your release."

" what I'm saying is that Ronald Reagan who is the conservative. In idol. Is the tax rate under Ronald Reagan's presidency was much higher on rich people than it is today."

" Yeah but it also started out much harder and he was good -- but also start -- much are used and went down. We're starting at -- is finally going up. Now I think we're starting at a level for rich people it's -- it's been in decades. And we're going up slightly and look down on -- windows and apps like you're gonna you -- you're starting so what this it's a very strong and honest about me -- Yeah that went on what's actually in asserting that step don't do that we're going from a top -- 35%. To 45 present with his health care thank -- states not Pennsylvania but understates what these -- taxes. What what we're rapidly going back to those low levels and that I I think it out and -- governor Tim -- that it sees it and then they're gonna say start up."

" And I think look there has to be balanced and you're right about that but I think you've got to keep things in context. There was great growth in the economy under tolerate right you'll concede that. And -- the tax rate was higher than it is today and even higher after the proposed increase. And you conservatives say correctly so that the economy boomed under Reagan there's no question about that then the flip side of that is from President Clinton came and he raise taxes on the rich to 2%."

" I'd say they -- all business times does he load all business right so we experienced tremendous feeling it right -- outta my -- I have it right here right I just think sometimes on the -- needed to know -- but I don't -- ring got to do something governor I got it is an accident. Tom it's good seeing you governor you look great keep that up and -- next. Thanks tips and there does and --"