2012-10-15
2012-10-23
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's starting at 7:00 p.m. eastern here on espn. >> well the issue of an internet sales tax has reared up again and in fact the u.s. congress and many states are looking at this issue and that's our topic this week on "the communicators." we want to start off by talking with the chairman of the california state board of equal ligse jerome horton. mr. horton, california has recently changed how it managed or its taxation policies when it comes to the internet, hasn't it? >> yes, peter, it has. it broadened the definition of what is taxable in california to include online retailers who meet certain criteria. >> now, said you broadened. how was it before and now who is included? >> prior to the law, the sales tax didn't apply to companies that had affiliates and worked through various different groups here in the state of california. the law broadened the definition of who actually qualities to include those individuals. so now online retailers who have affiliates in the state of california, who also have some form of brick and mortar either directly or indirectly working through other groups and

proposition e the city requires businesses it pay a flat 1.5 percent tax on payroll cost for work performed in the city. small businesses with less than 250,000 dollars in payroll costs are exempt from the tax. proposition e would create a new city business tax based on gross receipts rather than payroll costs. under the new system, the tax on payroll cost would be eliminated or reduced. businesses with gross receipts of less than 1 million dollars annually will be exempt from the gross receipts tax. the gross receipts tax rate would vary depending on the type of business and its annual gross receipts from its activity in the city. certain businesses that have their headquarters or administrative offices in san francisco that operate primarily in other locations would pay the gross receipts tax based on payroll costs. proposition e would require the city to phase in the gross receipts tax and phase out the tax on payroll costs over a 5 year period beginning in 2014. if the gross receipts tax revenue exceeds the revenue the city would have received under the tax on the payroll costs, the

be revenue neutral, even as we talk more about corporate taxes. we would like to see the corporate rate come down and eliminate some of the special provisions. democrats have already committed and i have already voted for and are already engaged in $1 trillion in cuts over the next 10 years and another $1.2 trillion in sequester to come off with deficit reduction and grow the economy. we now need our partners in that, the republicans, to agree. it is not possible to get deficit reduction and meet our obligations without it. it is a partnership we have not had yet. our choices do matter. our parties are that we start by recognizing the way to strengthen and grow the middle class, that we have to protect seniors with social and security and medicare, and we have to grow the economy in the long term, and that we should do no harm to the short-term economic growth as we are still coming out of a very deep, broad, traveling recession. -- trouble in recession. to ensure economic competitiveness, we understand that we have to ensure a school- skilled work force. we have to have infrastructure in te

with all its red tape and regulations and taxes and union work rules that increase the cost of housing. that would be a better way to get affordable housing, not bringing back this redevelopment agency with its legacy of driving african americans out of the fillmore and they had slated more than half the bay area for redevelopment before they were shut down. >> anything you'd like to add, peter? >> there's a number of assertions from my opponent that are based in a misunderstanding how affordable housing works in san francisco in this particular measure. unfortunately there's not enough time to tackle all of them, but i want to make clear this is not subsidizing middle income home owners. this is going to go primarily for low and very low householders in san francisco. that has always been the programmatic focus because you can leverage funding. we live in a high income market and that is exactly why we have an affordable sector in this city. when it comes it recreating redevelopment, that's a fallacy. it's about recognizing that redevelopment allowed a certain portion of money to

ahead. >> there's been a lot of talk about the fiscal cliff. the automatic spending cuts, the tax increases unless congress finds an alternative way to reduce the deficit. here we are before the election. what are the odds that you think you will find a way out of this mess? as opposed to going over the cliff? >> their decent odds. we will avoid a part of the fiscal cliff. and let me explain. with respect to the sequester part, the automatic, across-the- board cuts that take place on defense and non-defense, i think there's a good chance we could come up with something for a good period of time. there's a reasonable chance we can do that. when it comes to the tax issue, i think it is a potentially different story. we have been quick. and president obama has been clear. we want it to extend middle- class tax relief, months ago. republicans have taken the position that unless you extend a bonus tax break for wealthier individuals, then nobody gets a tax cut extension. and if republicans and here to that position, it is very likely they would then be taking us over the cliff. the key

want to go on the tax code. we agree that the corporate tax code is complex, that we give tax deductions that are no longer necessary, that can go way which would then lower the rate or should be using some other way that incentivizes the future, economic competitiveness that you need and that you want. if we can get there, we can't get there if there's this notion that they consider revenues for future economic growth. we consider revenues both actual dollars coming into the government and economic growth. and without those dollars to meet our obligations, even as we cut government, and we have, even as we look for cost containment everywhere, and we have, that we ask we do still have some responsibilities to each other and to our economic competitiveness in the future. >> so there is a great divide here. it is not new. is something we've been talking about for well more than a year, two years at this point. but there's some dangerous undertones. these things have become defining issues for both parties. the democrats raising taxes on the wealthy has in some ways become a def

proposition a is a temporary 8-year, $79 parcel tax on properties in san francisco. and that money would go directly to supporting city college of san francisco. city college is the largest work force training center in san francisco. we train students. we also help students learn english as a second language and then of course one of our primary missions is to help students, particularly low income and underserved students, move on to 4 year institutions. we serve nearly 100,000 students in san francisco and are a tremendous resource, we think, for san francisco. the last couple years the state budget cuts we faced, $53 million in the last 3 years alone, have really made it a challenge for us to keep our doors open for san francisco students and this proposition a would make a tremendous difference in addressing our fiscal problems right now. >> understood. thank you. starchild, can you present some of the thoughts around the opposition? >> sure. we all believe in people getting an education and having those opportunities be affordable and accessible to them, but city college's financ

it off, pay your taxes, go into a roth i.r.a., bonus yourself out early, buy your capital equipment this year, get 100% expensing, postpone your costs till next year, take your revenues this year. i mean, i know some companies that are bonussing all of their family employees, the owners, not going to take income next year. there are lots and lots of ways. we have lots of evidence how that happened in 2010 to 2011. >> right. >> also when reagan did it the other way, it was a huge difference. 1981 to 1982 was zero real growth. my guess is, paul, that this year has been inflated way beyond what it should be. it's not meade evenin mediocre,s terrifying. my guess, i'm wrong a lot, but if we go into 2013, i'll see us drop off substantially. >> the obama administration economic official a couple weeks ago, he said, look, this tax argument really doesn't work. if you just raise taxes on capital gains, dividends, on the higher incomes, that's going to have almost a negligible impact on the economy. the big one that really matters is on the middle class and president obama wants to extend tho

the payroll tax will apply. regardless of what happens, speaker boehner or will be in a top spot. especially if obama does win. some republicans say we should always have tax increases. others like tom cole say if obama wins -- it is going to be a problem for speaker boehner. remember, banner and the president seemed so close to having a grand bargain. a lot of those ideas will go back on the table. including raising the eligibility age. >> do in the talks but kicked back up between the speaker and the president? >> yes. whether there is a deal or not, it is going to be a harry reid, john boehner, president obama conversation. barring the outcome of the election. but it will have to cut some deals. because the rest of them will be so divided there will not be able to do anything. speaker boehner are is going to have to except the split. there is no way he can get them all to vote for a deal. >> mitch mcconnell could be in the middle. >> what is governor romney wins the presidency than a? >> i think if he wins, they do call the whole thing off. it is very hard to argue that he does not deserv

picked up on what romney said in the debate when president obama was talking about tax breaks for moving overseas. mitt romney said he needed to get a new accountant. like the man needs another tax break. that is all i got today. thank you for taking my call. guest: that was one of my favorite parts of the first debate. romney is not good at the jocular line. he was in michigan when he observed the trees are the right height. it was bizarre. i think he was kidding and tried to make small talk. that nerdiness has turned out to cut in his favor a bit. the line about needing a new account month was an occasion when it worked. host: i was going to ask charles if he has thought about what obama has come over the last four years. the attorney general was questioned. he was questioned with lies. you have not said anything about his lies and the attorney general. what is going on with the thought? guest: the botched gun run into mexico is a fascinating issue. literally people have died and been killed with these guns moved across the border in hopes of tracking down these gunrunners. host: opera

with maria to discuss everything from the looming fiscal cliff to how high taxes could be heading around the world. that's all ahead on the "closing bell." son bought from us online today. so, i'm happy. sales go up... i'm happy. it went out today... i'm happy. what if she's not home? (together) she won't be happy. use ups! she can get a text alert, reroute... even reschedule her package. it's ups my choice. are you happy? i'm happy. i'm happy. i'm happy. i'm happy. i'm happy. happy. happy. happy. happy. (together) happy. i love logistics. extra curricular activities help provide a sense of identity and a path to success. joining the soccer team. getting help with math. going to prom. i want to learn to swim. it's hard to feel normal, when you can't do the normal things. to help, sleep train is collecting donations for the extra activities that, for most kids, are a normal part of growing up. not everyone can be a foster parent... but anyone can help a foster child. >>> welcome back. 12 million jobs in four years. in is among the promises mitt romney is making along the campaign trail, h

, going way up. >> buses, subways, tolls, extra taxes. there is inflation. it does take money out of people's pockets. >> the government is not manipulating the data. it doesn't need to. seniors, you're not key to peanut butter and medicine. throw in the kitchen sink and ipad. you seniors are getting too much out of your social security benefits. >> all right. that's got to be the last word. >>> a new buyout plan of public workers is ramping up. is it going to bring the burden on taxpayers down? >>> first, forget the fiscal cliff. why the healthcare law might have you putting the cork back into that bubbly this new year. that's coming up next. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yar

do a rock launch page. molly, let's chat with you. there was a city hearing about applying hotel tax to your rentals. tell us about what happened. >> last wednesday, the tax collector called a hearing to discuss the applicability of the transient occupancy tax to short-term rentals and operators. we were concerned about this tax and its applicability to airbnb and our community. they showed up in great numbers at the hearing. our main concern is that we vote regularly to increase our own taxes. i do not think any of us are completely opposed to taxes. our concern is the tax code was written in 1961, long before the sharing economy existed, the internet, and the new thing we call airbnb. something that was written for corporate hotels and guests should not be applied to something that is entirely new, to permanent residents of san francisco who are occasionally renting out a couch or bedroom to a visitor, with whom the form great lasting friendships quite often. we announced that the entire city family take time to think about whether the existing laws should apply to the new activity

another round of tax cuts for the very wealthy at the expense of the middle class. republicans take over the senate want to do away with things that the department of education to which department of education to which it funded our schools in connecticut. this is the republican party linda mcmahon would empower and she was elected to the united states senate. many of those issues, she holds the same position as they do. i'm proud of the fact that i've reached out across the aisle as a member of congress, that i started a group called the center aisle caucus, group of republicans working together to find areas to two parties can come together. i'm proud of i'm proud of taking on a president when i think you saw, calling for a budget that cuts spending a greater rate than he was willing to concede he hasn't been strong enough in protecting their manufacturers. i'm certainly willing to call a party and president when i think is wrong. but i watched in washington is the republican party and a tea party that does not have connecticut's interests at heart, one that under mcmahon would be the

is, 20% across the board tax cut, but what romney's doing now is that the president could earn on rom hi he he he doesn't have a tax plan, romney wants to point out out to the voters. >> obama does have a tax plan, he wants to raise taxes on small business owners, raise taxes on business and raise taxes on entrepreneurs and raise taxes. >> the obama job plan is sitting in congress, it's inactive, nothing's happening on that front, the president's just going to let these tax cuts expire, so this really comes down to the ideological choice for voters as an alternative or is it more of the same. >> obama -- even if he loses, he wants to raise tax rates on the upper income and he's willing to let all taxes go up north to get that. now mitt romney is a leader. mitt romney is a deal maker. do you think romney will say you're going to foster a recession with your attitude on this fiscal cliff? >> look at the attitude on the campaign trail, romney has a debt clock behind him, he's with boehner all the time, he wants to talk about the debt. >> i don't want to talk about debt, i want to talk ab

will see middle income people in this country facing $4,000 more in taxes. when i become president of the united states, i will lower taxes for the middle-class and on small businesses who need a real break. he made it clear as well in the last couple debates that he is reelected, we will have obama care including $716 billion of cuts to medicare. i hope you know what that means. doctors are saying that half the doctors in america are saying they will not take additional medicare patients because of that. think about that if you're thinking about retiring. that is what is cut in medicare means. why did he take that money out of medicare? to pay for obama care. i will repeal for obama care, replace it, and put that $716 billion to work. [applause] then there was his jobs plan or lack of a jobs plan. he just keeps on saying what he said before. we need a stimulus and need to hire more government workers. there's nothing wrong with working in the government but hiring government workers does not get the private sector growing. raising taxes is another part of his plan and picking winn

to whack americans come january 1st. lots of faxes and -- taxes and fees will smack us as well. you say this could hold back a full recovery. how 0 so? there. >> these taxes are real, scheduled to go in effect after the election. they really hit seniors mos you talk about who is dependent on medical devices, the tax on those companies wi go up and theyass that along to consumers. you're going tsee increased prices in medical devices. niors are dependent on medical devices. we're putting a -- changing how much you can take- dedt from taxes on medical expenses. you'll be able to dedu less. >> flexible spending accounts. i has to do with flexible spending and tax deductions. they get hit too. these areeal sneaky taxes that we don't need to see right now. certainly not in this srt of fragile stage of semi recovery. >> rick, i talked to small business people a guy who owns 40 appleby's has three projects on hold because he's not going to be able to pay for full-time employees. it's cutting back on the ability to expand business. >> i'm not sure owning 40 applebys counts as a small business.

, tolls, extra taxes. there is inflation. it does take money out of people's pockets. >> the government is not manipupulating the data. it doesn't need to. seniors, you're not key to peanut butter and medicine. throw in the kitchen snk and ipad. you seniors are getting too much out of your social security benefits. >> all right. th's got to be the last word. >>> a new buyout plan of pubc workers is ramping up. is it going to bring the buen on taxpayers down? >>> first, forget the fiscal cliff. whthe healthcare law might have you putting the cork ba into that bubbly this new year. that's coming up next. there are patients who will question, y does my mouth feel dryer than i remember it to be? there are more people taking mormedication, so we see people suffering from dry mouth more so. we may see more cavities, bad breath, oral irritation. a dry mouth sufferer doesn't have to suffer. i would recommend biotene. the enzymes in biotene products help supplement enzys that are naturally in saliva. biotene helps moisten those areas that have become dry. those that are suffering can certainly b

, one that we're very proud of is the midmarket payroll tax initiatives. that is to make san francisco much more attracttive to entrepreneurial companies and renovate a blighted area. we're particularly proud of this kind of public-private partnership to move the city forward. now join me in welcoming the city's first asian american mayor and i'm very proud to say a member of the lee tribe, the 43rd mayor of san francisco, ed lee. (applause). >> thank you, judy, very much for that introduction. good morning, everyone. >> good morning. >> it's great to be here at the san francisco chamber and of course the center for economic development here, your breakfast for 2012, it's my pleasure to be here. i walked in as ed from wells fargo was talking and i just wanted to make sure you knew, i am eternally grateful it the chamber, to wells fargo for helping me create 5,200 jobs for our kids. that's a wonderful accomplishment. i've been your mayor for almost two years now and everybody is coming up to me and asking, are you enjoying it? you know, some of the politics in the city it's hard to

are similar to mitt romney's. that's because they both support rich mill nares get tax breaks while middle class taxes go up. or if you're on medicare note my opponent's plan is exactly the same as mitt romney's because they will change medicare into a voucher system and that will end up costing our seniors a lot more money. or you may be asking yourself why don't we create jobs and get our economy going? note my republican opponent has joined with the national republican party to oppose president obama's jobs plan to create 2 million jobs. or you may be asking yourself a larger question what is the best senate for highway hawaii? a senate tied to a republican agenda opposing president obama or a senate committed to middle class values and the right priorities. >> governor lingle your turn now. why are you running for the united states senate? >> i'm run ling for the same reason i wanted to represent molakai when i was 27 years old. on the counsel making life better for seniors meant fix it is drinking fountain and installing ceiling fans. as mayor it meant capping taxes so people could af

bankrupt, we invested and it has come surging back. we change our tax code to give incentives to companies in the u.s. and we help them and small businesses export in new markets. we have to make sure we have the best education system in the world. the fact you are going to college is great but i want everyone to have an education. we've worked hard to give student loans and we need to retrain for the jobs out there and for the future. we have to control our own energy. not only oil and natural gas, but make sure we are building the energy source of the future. not just next year, but 20 years from now. so we invest in solar and biofuels. energy-efficient cars. asking the wealthy to pay more so we cnan invest in education like yours. and let's use the moenney we've spent on war the last decade on funding. and your future will be bright and america as well. >> mr. romney, what can you do? we look at a situation where 40% of the unemployed are unemployed for four years or more. what about the long-term unemployed who need a job now. >> you have 23 million people needing a job, who have been

to happen not if they get elected. and a mandate with that to get serious tax reform done in a bipartisan budget blueprint. ryan is sketchy only the details but could get washington moving the first sign that the republican ticket has talked about what they will do before coming to power, putting pressure on a lame duck session of congress. to read the political tea leaves and brew a budget deal that would avoid the financial panic we spelled out in washington this weekend. ahead of tomorrow's debate, yours truly may have just saved member as we know it. enough about me on to the ideas talked about because of me, on the makings of the deals to derail a disaster. what do you make of what obviously is a confident republican ticket planning ahead of inauguration? >> there are so many moving parts it is hard to sort them out. i do believe if romney wins this election, he will have a mandate to make all of the bush tax cuts permanent, not just the ones for the middle-class so i think that will happen and i think it is possibly likely to happen in the lame duck session they will pass a tax deal

you. when i was governor, i was faced with a similar situation. i worked with democrats to cut taxes 91 times. we created a state that was very open for business. we were able to create 742,000. working together, we were able to establish a state that was on fire. in regards to economic growth and development, job creation, unemployment below 2%, everybody that wanted a job could have one. that is by record. i am of reformer. my opponent on the other side had a paper company. there was a role put in by the epa that would cost the paper company 7500 jobs. some of those jobs here. my opponent, voted with the epa and those jobs could be lost next year because of the epa rules and regulations. the paper industry is a very crucial to this area, the state of wisconsin, and i want to tell the people of this state, just like i have always fought for wisconsin, create jobs and opportunity, i will continue to do so. i will not give epa the opportunity to close down paper companies in wisconsin like my upon it does. >> congresswoman, your turn. >> i want to thank you for sponsoring this debate

? >> that is a little bit of a false question. we could raise revenue in such a deal without amending the tax did while amending the talks did we could raise revenue while amending the tax code. i am opposed to higher tax rates. what we really need is an economy that will grow. you can cut tax rates tremendously. you can reduce loopholes. we have a pro-growth tax code. you can make more revenue. i think we should reform the tax code. it needs an overhaul. if we do that and we have a pro-growth tax code, we will see the economy grow and jobs created. at will help us close our debt and deficit. that is a fantastic idea. that is the main way we need to attack debt and deficit. >> ms. long, you can ask senator gillibrand a question. >> you have been an advocate for women's rights and transparency in government. i see this crisis in new york assembly in we have an assemblymen who is sexually harassing women in his office. this is a repeated pattern in this culture of corruption in albany. the difference in the latest place wasand assembly speaker instead of trying to remedy it, instead took over money in ta

payroll tax to gross receipt tax and why? because by doing that we can create jobs in san francisco and keep people in san francisco . the kids are growing up and we want them to stay but we need jobs. i agree with mr. crowley with the police force and make sure that is fully staffed and i have been speaking to the police athletic league and they have a program to breen the teenagers to be interns in the police force and they would feed into the police cadet program. thank you. >> thank you sir. the next question the city's liabilities are projected to increase in the next coming year. s what new or increased fees should it institute and i will repeat the question and we will begin with mr. crowley. >> i would say that one of the bigger things that we will have before us is the gross receipts tax check that norman talked about trading from the payroll tax which is punitive. the next thing i would do is increase the foot print on mos sony center and that brings in a lot of money to the general fund and erect a multi-purpose area and bring in more money to the coffers and a green i

is not where we have been but where we are going. governor romney has a perspective that says if we cut taxes, skew toward the wealthy, and roll back regulations, we will be better off. i have a different view. we have to invest in education and training. it is important to develop new sources of oil in america, change our tax code to help small businesses and companies investing in the united states, that we take some of the money that we are saving rebuild america. it will be up to the voters what path we should take. will we double down on the top- down economic policies that helped get us into this mess or embrace a new economic patriotism that says america does best when the middle class does best? i look forward to having that debate. >> it is in honor to be here with you. i appreciate the chance to be with the president. congratulations to you, mr. president, on your anniversary. i am sure this is the most romantic place you could imagine, here with me. congratulations. this is a tender topic. i have met people across the country. i was in dayton, ohio, and a woman said, "i have been o

:00. >>> governor romney's plan to lower taxes is getting a lot of scrutiny by the obama campaign. here is a look at some of the numbers. >> reporter: romney's plans start by lowering tax rates 20% for everyone. it's a major tax cut that the non-partisan tax policy center said that they will cost the federal budget $480 billion a year. roughly $5 trillion over ten years. but romney and running mate paul ryan say they will offset those costs by reducing tax reductions. they won't say which ones. that's to be worked out with congress. but they promise that they will only target the rich. >> deny those loopholes to higher income taxpayers so that more of their income is taxed, which has a broader base of the taxation. >> am i rambling? >> reporter: in theory there is plenty of money to be found in tax deductions. $1.1 trillion a year, but the most valuable deductions, they don't just benefit the rich. the tax-free benefits that workers received when they pay for health insurance, the tax deduction for mortgage interest and the tax-free payments that workers use to their 401k program. all used by mid

'm in florida, a billion dollar tax cut to business over three years, great economic development agency that helps business like other states than california, which raises taxes and takes money out of the economy and puts it into the government's hands, which is huge for a state like that and florida is getting its act in gear. >> what do the candidates have to learn from these governors? neither one of them has exactly the same policies. >> the first thing we can learn is five out of the 7 governors in the swing states are republicans. so, a lot of the macro republican policies seem to be working at the state level, and, rick talked about florida but look at wisconsin, scott had to go up against the recall to get collective bargaining with the unions, and, john kasich, the same in ohio and, he has gone out and had about 18 tax cut plans, he's straightened out the tax code in ohio and these are the types of things either presidential candidate needs to implement, going forward. to start creating jobs again. >> susan, john makes a good point, fighting unions and collective bargaining, go

change our tax code so we are giving incentives to countries investing in united states and creating jobs here. it also means we help them and small businesses to export all on the world. we have to make sure we have the best education system in the world. if that you are going to college is great. i want everybody to get a great education. we have worked hard to make sure student loans are available to folks like you. i want to make sure community colleges are offering slots for workers to get retrained for the jobs out there right now. number three, we have to control our own energy. not only oil, natural gas, which we have been investing in. we also have to make sure we are building the energy sources of the future. not just next year, but 10 and 20 years from now. we invest in solar, wind, biofuels. energy efficient cars. we need to reduce our deficit, in a balanced way. let's take the money we have been spending on war over the last decade to rebuild america. roads, bridges, schools. not only will your future be bright, but america's as well. >> let me ask you for a more immediate an

in detroit, but all across the country. that means we change our tax code so we're giving incentives to companies investing here in the united states and creating jobs here. it also means we're helping them, and small businesses, to export all around the world, in new markets. number two, we've got to make sure that we have the best education system in the world. the fact that you're going to college is great, but i want everybody to get a great education. we've worked hard to make sure that student loans are available for folks like you, but i also want to make sure that colleges are offering slots for workers to get retrained for the jobs out there right now, the jobs of the future. number three, we've got to control our own energy. you know, not only oil and natural gas, which we've been investing in, but also we've got to make sure we're building the energy sources of the further. not just thinking about next year, but 10 years from now, 20 years from now. that's why we invest in solar, wind and biofuels, energy-efficient cars. we've got to reduce our deficit, but in a balanced w

for generations we taxed ourselves appropriately and invested in some of the best public structures this world has ever seen, the best k-12 system, the most accessible and affordable higher education system so that children can pursue the hope and dream of a college degree. we invested in water system and transportation systems that works, parks that drew the best and the brightest from around the world so they could pursue their own here in the golden state. unfortunately we lost our way some years back, we got a strong governor who is experienced and i believe is getting us back on track. i want to be able to work with him and have the privilege to represent this district, again for a second term. so that we can continue the good work that we started. thank you. >> dillan >> i am a first generation immigrant and i came from india and from the south, and i am a civic attorney and i believe in the american dream and as it is exercised here in the beautiful city of san francisco and the state of california where i chose to live, but many california voters are voting with their feet and they are vo

is spending and how much it is taking in in taxes. this is the deficit right now, $1 is trillion, $90 billion. if we all wanted to pay it off, every man, woman and child in the country has to pay $3,500. yet each candidate says i can reduce the deficit. they all say we're going to have to contain the spending of the government. control it. we're going to have to rewrite the tax code and we have to get the economy moving again because that's going to produce money and revenue .really solve the problem. but beyond that, they don't agree on much. let's look at the romney plan first. if this were to represent everything he wants to spend money on web knows he's not going to get it because he has a deficit. how is he going to deal with that deficit? he says he's going to do it with tax cuts. tax cuts initially are going to make the deficit worse. so he needs to off set them. he says he's going to do that by looking at deductiones and loophol loopholes. says he won't go after things like the mortgage detection or the health care deduction, things that middle class people rely on. economists say if

as a major international financial center through essentially regulatory and tax ar ba traj in the '60s with the opening openi euro dollar market to evade certain issues in the united states. and that moved to a lot of assets over here. you have commented that roughly 85% of u.s. banks overseas assets are in london and the rest is small change essentially. how much danger do you see of a seismic change similar to the reopening of the euro market if london london had strict regulation through regulatory arbitrary. people upping and moving that 85% somewhere completely different. >> well the argument you hear all the time. those are the only two senators now that have the capability to size the knowledge, whatever to really do this in a big way. but it will grow over time. and i think the more we internationalize some of the basic regulations, that's what it was all agent. level the playing field. it's obviously not ideal that the united states has the local role, but i don't think it's entirely terrible either. because they are both ending up in the same way to see which one is better. a

d'agata and ylizabeth palmer. wyatt andrews on the romney tax llan. >> i will not under any circumstances raise taxes on middle-income families. >> pelley: do his numbers add up? that meningitis outbreak from tainted steroids may be just the idsinning. now dr. jon lapook reports other drugs could be contaminated. and bob orr with the notes noesident kennedy wrote when the world faced nuclear war 50 years ago. captioning sponsored by cbs ng n this is the "cbs evening news" with scott pelley. >> pelley: good evening. gor us today the most compelling story in the world involves a 14-year-old girl fighting for igr life. she held up a light against the darkness of ignorance and now millions around the world are watching to see if she will die her her cause. malala yousafzai was taken today to a british hospital for treatment of a gunshot wound to the head. a week ago in pakistan, a taliban gunman climbed aboard her school bus to assassinate her because of her long campaign to open schools to more girls in mat country. we have two reports tonight. elizabeth palmer went to malala's

the country. that means we change our tax code so we're giving incentives to companies that are investing here in the united states and creating jobs here. it also means we're helping them and small businesses to export all around the world in new markets. number two. we've got to make sure that we have the best education system in the world. the fact that you're going to college is great. but i want everybody to get a great education. we worked hard to make sure that student loans are available for folks like you. but i also want to make sure that community colleges are offering slots for workers to get retrained for the jobs that are out there right now and the jobs of the future. number three. we've got to control our own energy. now not only oil and natural gas, which we've been investing in, but also we have to make sure we're building the energy sources of the future not just thinking about next year but ten years from now, 20 years from now. that's why we've invested in solar and wind and biofuels. energy efficient cars. we've got to reduce our deficit but we have to do it in a balanced

:00. >>> meantime, mitt romney says he's got a plan to lower taxes without exploding the deficit. the obama campaign says his math just doesn't add up. here's a look at the numbers. romney's plan starts by lowering tax rates 20% for everyone. it's a major tax cut the nonpartisan tax painful center says will cost the federal budget $480 billion a year, roughly $5 trillion over ten years. romney and running mate paul ryan say they will offset those costs by reducing tax deductions. they won't say which ones ch that's to be worked out with congress. but they promise, they will only tar get the rich. >> deny those loopholes to higher-income tax players. >> translation? >> so we can lower tax rates across the board. >> reporter: in theory, there is plenty of money to be found in tax deductions, $1.1 trillion a year. but the most valuable deductions don't just benefit the rich. the tax deduction for mortgage interest and the tax-free contributions workers make to 401(k) pensions are all heavily used by both rich and middle class families and are all politically popular. >> the details matter. >> reporter:

more taxes, put in place more regulations. trickle-down government has never worked here or anywhere. i want to make america the most attractive place in the world for entrepreneurs, for small business, for big business to invest and grow in america. now, we're going to have to make sure that as we trade with other nations that they play by the rules and china hasn't. one of the ways they don't play by the rules is artificially holding down the value of their currency because if they put the value of their currency low that means the prices of their goods are low and that makes them advantageous in the marketplace. we lose sales and manufacturers in the u.s. can't compete. china has been a currency manipulator for years and years and years and the president has a regular opportunity to label them as a currency manipulator but refuses to do so. on day one, i will label china a currency manipulator which will allow me as president to be able to put in place if necessary tariffs where i believe they are taking unfair advantage of our manufacturers so we're going to make sure that people we

they haven't learned about like speculation tax on wall street as part of transforming the tax system. second, a lot of them are supported by both liberals and conservatives, whether it deals with war, militarization of foreign policy, patriot act, corporate welfare and others. third, it belies this manipulative notion that we're a highly polarized society. polarized by who? at what level of abstraction ideology? how polarized are we? oh, well, some people hate regulation, and some people think it's very important. well, let me talk to the ones who hate regulation. what is it you hate about the regulation of the auto industry? well, i just think it stifles poet vegas, and it's part -- motivation, and it's part of the socialist philosophy of command and control economy. do you have a car? yeah. i won't ask you the model. but what if the manufacturer you bought the car from through the dealership discovered a serious defect in all the cars of that model and didn't tell you if -- tell you? would that bother you, anti-regulatory person? [laughter] well, it fends on -- well, it depends on the defe

. -- and have hospital coverage. one, you can raise the gap. you can apply taxes to it. if you make above a certain level, you do not. when social security was formed -- >> and talk about medicare. >> i will. the income has dropped down to 83%. if it was brought down to the original framework, we would add a decade and after social security. we could save social security for all of us. medicare is more difficult. look at the rising health care costs. we do not have an answer to look at rising health care costs. we have health care costs been going through the roof. one of the things that the affordable health care act does in combination with what we have seen in medicare and how it modifies medicare is that it others those two things together. there's a cap on health care costs. the affordable health care act gazette. the extensive program. >> and do you see any cuts that you would reduce? or would you allow it to continue as it is? >> there are cut on things like administrative costs and salaries and things for the providers, but it maintains the benefits. those are the things that matt

. the tax plan does not add up. the jobs plan does not create jobs. his deficit reduction plan adds to the deficit. everybody here has heard of the new deal. you have heard of the fair deal. you have heard of the square deal. mitt romney's trying to sell you a sketchy deal. >> watch and engage monday as the president and mitt romney meet in their final debate, from boca raton, florida. the previous starts at 7:00 p.m., followed by the debate at 9:00 p.m. and you're reaction. live on c-span, c-span radio, and online at c-span.org. >> there is a movie theater i write about. i had gone to visit it. it has been there since 1947. and it showed films from all over the world from the united states, from england, from india. to me, it symbolized the resilience of the country and the openness of the country in spite of all violence and trouble people have suffered over the last decades in pakistan. and during one of the protests against a video that insulted the prophet muhammed, during one of those protests, people turned against the movie theaters and burned them. i do not really see that

,000. >> the latest headache for romney is the nonpartisan tax policy center has done the math on each of romney's scenarios capping deductions at 17,000, 50,000. they say it doesn't add up. 50,000 cap results in $760 billion of revenue while $25,000 cap would net 1.3 trillion. how about a 17,000 limit? that would raise $1.7 trillion. but here is the key takeaway. eliminating all, repeat, all deductions. good-bye home mortgage deduction, good-bye charitable tax giving credit. would only result in $2 trillion worth of revenue leaving mitt romney and his tax plan $3 trillion in the hole. but what would the tax policy center know? they're just a bunch of economists. >> there's no economist can say mitt romney's tax plan adds 5 trillion if i say i will not add to the deficit with my tax plan. >> should we be surprised at the fuzzy math? perhaps not. governor romney began his race for the white house in 2011 saying he wouldn't touch income tax rates at all. according to his website at time, mitt romney believes in holding the line against increases in marginal tax rates. no mention of cutting them at

and bring it back. not only in detroit, but all across the country, we want to give tax breaks to companies that are creating jobs here. it also means that we're helping them to export all around the world to new markets. and we have to make sure that we have the best education in the world. we have worked hard to make sure that student loans are available for folks like you, but i also want to make sure that community colleges are offering slots for workers to get retrained for the jobs that are out there right now and the jobs of the future. number three, we have got to control our own energy, not only oil and natural gas, which we have been investing in, but we also have to think about the future. 20 years from now, and 30 years from now that,'s why we have invested in solar, wind and biofuels. ask the wealthy to pay a little bit more along with the cuts so we can invest in an education like yours and let's take the money we have been spending in the last decade to rebuild america. if we do that, not only is your future going to be bright, but for every american. >> what can you do, we'r

, and that means we change our tax code to give incentives to companies investing in the united states and can creating jobs here. it means we help them and small businesses to export all around the world to new markets. number two, we've got to make sure that we have the best education system in the world, and the fact you're going to college is great, but i want everybody to get a great education. we worked hard to make sure student loans are available for folks like you. i want it to nmake sure that th community colleges are offering slots for workers retrained for jobs right now and the jobs of the future. number three, we have to control our own energy. not only oil and natural gas, which we've been investing in, but also we have to make sure we're building the energy source of the future. not just thinking about next year but ten years from now, 20 years from now. that's why we invest in solar and wind and biofuels. energy efficient cars. we have to reduce our deficit, but in a balanced way. asking the wealthy to pay more along with cuts to invest in education like yours. let's take the

to entitlements and tax reform, and even the fiscal cliff. he never got to that point tonight. and i think it detracted from his own arguments. >> which is something a lot of people care about, because of the divisiveness in the country, and the class war fare. we want to get to jared, go ahead jared -- >> i don't know that anybody has quite said this as flatly that i'm going to say this. i think obama won this hands-down, i really think he was strong, not just stronger than he was, but stronger in many of the areas that some of us commentators have missed. on women, the hispanics, he hit the base really hard. some of those folks felt disparity, i think he needs to show up on that. larry, i think you made a great point, but it is not valued. but what obama tried to do at the opening of this debate was really lay out a plan, he talked about manufacturing, he talked about exports and tax incentives, education, opportunity and fiscal ideas that will truly get the budget on the sustainable path. i just thought he was firing on all cylinders, did a great job, the last hour was terrible for mitt

class taxes but when he's asked how are you going to do it? which deductions, which loopholes are you going to close? he can't tell you. the fact that he only has to pay 14% on his taxes when a lot of you are paying much higher, he has already taken that off the board, capital gains are going to continue to be at a low rate. we're not going to get money that way. we haven't heard from the governor any specifics beyond big birthday and eliminating funding for planned parenthood in terms of how he pays for that. >> jennifer: that was a great moment were last night's presidential debate. why? because it highlighted one of governor romney's huge liabilities, which is his refusal to get specific about his tax plan, which is his end-all and be-all about how we're going to get the economy moving. how does he expect people to vote for him when he's unwilling, refuses to say what he will do. i find all this evasiveness incredibly frustrating. i know i'm not alone. here to discuss governor romney's facts plan and his institutions is congressman ideas is congress jerry nadler. thank you for join

. >>> the president accuses romney of not being up front when it cops to his tax plan. it's another topic he'll likely address tonight. does romney's plan to cut taxes and the national debt hold water? wyatt andrews takes a look. >> reporter: the president's basic claim is that mitt romney's tax numbers do not add up, that romney's promise to lower tax rates for all families can't be paid for without cutting popular tax deductions for middle class families. last week, the vice president was specific. >> the only way you can find $5 trillion in loopholes is cut the mortgage deduction for middle class people. >> reporter: romney argues that lower rates will stimulate the economy and he is emphatic the middle class will not pay. >> i will not under any circumstances raise taxes on middle income families. >> reporter: romney's plan starts lowering tax rates 20% for everyone, a major tax cut that the nonpartisan tax policy center says will cost the federal budget $480 billion a year, roughly $5 trillion over ten years. but romney and his running mate paul ryan say they will offset those costs by reducing t

. it generates $9 million tax revenue a year and the buddhists say in heaven and hell is on everyday. you come into the city, can you go church and come out and go to westportal and get a ticket. i think that is morally wrong and gouging and gouging and eventually it's just bad pr and for the generating 2.5 million dollars on this budget it's senseless and it's just more government putting the throats -- putting the boots on the throat of the average day citizen. >> all right. thank you sir. mr. yee. >> so let's face it. let's not make our parking meters the atm for the city. i mean we really need to support the notion that we don't want meters to operate on sunday, especially in our district, district seven. the business corridors need access to customers and when you charge on sundays and parking meters the same people shopping and at restaurants they're going to go somewhere else. they're going to go to stonestown and the malls and if you believe in the small businesses in the community then we need to support the notion that we're not going to allow for parking meters to operate on

know, if they start to get more -- i disagree that it's tax on profits because gross receipts is not necessarily profits, profits is a you earn after your expenses, gross receipts, it's what you earn before your expenses. somebody could learn a lot of money on paper and after their expenses they could lose money as a company but still have it pay this tax. >> supervisor, what would you like to say in closing? >> well, i think it's important to note that this was a measure that was worked on really by the people of san francisco. so it's a measure that's not only supported unanimously by the board of supervisors and by our mayor, but it was agreed upon with the business community as well as the entire labor community, the democratic party has endorsed it as well as the republican party. advocates for our homeless and public health system as well as our police and fire fighters and folks that want to build more affordable housing, there really is support for this across the spectrum. and i do think it's also worth noting that this measure, while it will bring a little bit more

of the rentals are illegal and the hotel tax is not collected. should the city legalize some or all of the arrangements and collect a hotel tax and we will begin with you -- i will be glad to repeat the question. >> i honestly don't know how you would enforce a law like that. of course everyone should pay their fair share but i don't know how you could enforce that. i believe we should standardize the inlaw units, maybe sure they're up to code and regulate any new units but as far as taxation i cannot see how you could actually enforce that and collect the taxes on it. >> thank you sir. mr. yee. >> cheryl i just want to make sure -- >> i can repeat it. there is internet base market for short base rentals and they sublease units to visitors and tourists and many are illegal and the city's hotel tax is not collected. should the city legalize these arrangements and collect the hotel tax? >> i traveled to different countries and i go to the internet and they have hotels and these rentals advertise and i have used these apartments as rentals for either a few days or one week and it's

the country. we change our tax code so we're giving incentives to companies investing here in the united states and creating jobs here. it also means we're helping them and small businesses to export all around the world in new markets. number two we've gotta make sure that we have the best education system in the world and the fact that you're going to college is great. but i want everybody to get a great education. we've worked hard to make sure that student loans are available for folks like you. i want to make sure community colleges are offering slots for workers to be retrained. the jobs of the future. number three, we have to control our own energy. not only oil and natural gas which we've been investing in but also we've gotta make sure we're building the energy source of the future. not just thinking about next year but ten years from now 20 years from now. that's why we invest in solar wind and biofuels, energy efficient cars. we have to reduce our deficit but do it in a balanced way. asking the wealthier to pay

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