The Ed Show | November 16, 2012
>>> show." the fiscal cliff negotiations began and a key e point is asking the wealthiest americans to pay a little more. the group went to washington this week to say tax us, we can take it. this deal shouldn't be done on the backs of the elderly and disabled. it's important to protect medicare. if the current trend continues, employers will cover less than 10% of retirees health care costs by the year 2031 . the figure used to be as high as 50%. so when someone retireses, it's not like the company is going to be there with health care coverage for you. it's going to be less than 10% by that year i just said. that's a big problem. that's why we have to protect it. let's turn to nick hanauer who went to washington, d.c. yesterday to call for higher tax on wealthy americans and tara dowdell is with us. great to have both of you with us.
>> thank you for having us.
>> what kind of impact can you have on lawmakers? you have quite a group put together. wealthy americans who said, look at my finances, this is what we have to do. what kind of impact can you have?
>> i think it's important to make the argument to these lawmakers that not only are we willing to be taxed more, but more particularly, that the prosperity of the country depends on us being taxed more. this fiscal cliff issue and the campaign itself was an argument between two competing ideas about where prosperity and jobs come from. the republican trickle-down idea if you pour money into somebody like me like an ingredient jobs will pop out of us like donuts or the alternative, which is middle out economics, in a capitalist economy it comes from informsing in the middle class . when the middle class thrives, so do business people like me. that argument needs to be made. it's not that we want to pay more taxes because we love the country. we have a huge stake in the middle class . the better they do, the better we'll do and that's why high tax rates for wealthy people are correlated with high rates of growth.
>> tara , the politics of this shs the president has on the table a proposal. let's do the deal for 98% of americans right now. doesn't that arm republicans with the talking points to be able to go back home and say to 98% of you, i didn't raise your taxes. why won't they take that deal.
>> republicans are being ob sta nant as they have always been. the bottom line here is that the democrats we have all the cards to play. the republicans don't have the cards to play. so the democrats need to stand firm on this and not give into anymore obstructionism. we don't have a rich people aren't rich enough problem in this country. we have a working poor people who are no longer working problem and the middle class is shrinking problem. the democrats need to pound home the message because those policies we propose are the policies that resinate. what the president is doing is taking to take the message public and he needs to continue to do that th because we have to be careful. they are saying they are going to work with democrats, but their track record hasn't been a good one.
>> listening to mitch mcconnell wasn't very encouraging. let's talk about the bush tax cuts at the moment. almost $1 trillion is saved over ten years. $42 billion in the first year alone. here's a healthy sum. that's a healthy sum. is that really where we have to go? should we go further than the old rates?
>> absolutely. i think it's good that the rate is going to go up. but we have to eliminate the interest deduction that's an abomination in our tax code . the 15% rate that private equity people like myself get. we have to let dividends go back up to the same rate that working people pay on taxes. the unearned income is a problem that's equally prenishs and robs the treasury of important funds. people think the republicans are afraid that the economy will be harmed when tax rates go up on the rich. it's the opposite of the truth. they are terrified that when tax rates go up on the rich, it's not going to harm the economy. and 30 years of ridiculous orthodox si are going to go down the drain.
>> i want to play this sound byte by mitch mcconnell today.
>> i can say on the part of my members that we fully understand that you can't save the country until you have entitlement programs that fit the demographics of the changing america in the coming years. we're prepared to put revenue on the table, provided we fix the real problem.
>> so tara , senator mcconnell is angling for a fight amongst democrats over entitlements. is it going to work?
>> he hopes it will work. i don't think it will work this time. the bottom line here is that the public has made their choice in this election and president obama was very clear throughout this election. he's been clear that he didn't want to continue the bush tax cuts for the top income earners. so the one thing i want to see more democrats do is those of us who are, you know, not in congress, we need to be out there pushing too. because last anytime what happened shs the president got elected and everyone acted like he was going to be a magician and he could rule and do all these things. we need the public to push back and let them know that we are not going to stand for this anymore. people have to sacrifice.
>> there's no political off season is what i'm hearing. great to have you with us tonight. thanks so much.
>>> there's a lot more coming up in the next half hour. stay right with us.
>>> president obama wins, will you move forward with the health care exchange?
>> we will work for the best interests in the state.
>> governor scott walker announced a hands-off approach to obama care. the nation's john nichols will tell us why it's good news for wisconsinit wisconsinit wisconsinnitis.
>> we'll take a look at his reasons. i'll tell you what's behind the fake fiscal cliff at the u.s. postal service . greg bell is here with the latest. [ male announcer ] can a car be built around a state of mind? announcing the all-new 2013 malibu from chevrolet. with a remarkable new interior featuring the available chevrolet mylink infotainment system. this is where sophisticated styling begins. and where it ends? that's up to you. it's here -- the greatest