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Brookings's Baily Says Crisis Will Take `Several Years' to Pass
Economists, financial analysts and politicians discuss today's business news, the markets and global economies with Tom Keene.
[0:06:29] ... here as we've seen the unemployment rate go up. And those nonfarm payroll statistics -- a bit sticky we're at the national association for business economic readings in Washington. Doctor Bailey when you look back ...
[0:08:36] ... people looking out. Including obviously desire not to pay too much in taxes. So. Now I don't think. Washington has quite come to terms with that yet what are you -- on next. I -- ...
Turmoil in the U.S. banking system.
The U.S. banking industry is undergoing a period of consolidation with reports of bank mergers and takeovers dominating the business news. We???ll explore how the U.S. banking system works and what all this turmoil means to individual depositors, businesses and the overall health of the economy. Temple University professor JON SCOTT joins Marty in the studio.
[0:07:37] ... financial system. The General Electric -- to borrow short term to meet payroll and other needs. Some banks need to by the treasury needs to borrow short term but then also. Companies and and financial ...
[0:40:25] ... office I have no -- an office that ALE either the the taxes are gonna have to go up. ...
[0:50:10] ... group. That's identified two to organize that credit unions don't pay any taxes. Credit unions have limited means to raise capital. -- don't have stockholders there are all owned by their depositors. So while we ...
30 Issues: The Tax Code (The Brian Lehrer Show: Monday, 06 October 2008)
How much money in taxes will you pay under a John McCain or Barack Obama administration? Clint Stretch , managing principal of tax policy for Deloitte Tax, has crunched the numbers . Then John R. Talbott , author of Obamanomics: How Bottom-Up Economic Prosperity Will Replace Trickle-Down Economics and The Coming Crash in the Housing Market and Stephen Moore , Wall Street Journal senior economics writer, debate the merits of each of the candidates' tax plans. Then So what is middle class anyway? Robert Frank , economics professor at Cornell University and author of Falling Behind: How Rising Inequality Harms the Middle Class , joins us to take your calls about what "middle class" really means.
[0:00:31] ... My total taxes payroll taxes plus income tax mine came to seventeen point 7% the average for the office was 32 point 9% there wasn't anybody in ...
[0:01:04] ... issues in thirty days continues. As we talk about McCain Obama and taxes the candidates have been talking a lot about their tax policies in debating the merits and Wu read distributes wealth for the benefit of home but frankly people. You want to know how this will affect your own income taxes right so before we get into the policy debate. We're gonna start with the personal -- on the actual implications of the tax policies. These candidates have laid out in dollars and cents so joining us to give. Some rough outlines of how much you would be paying in taxes. Under John McCain or Barack Obama administration. We have Clint stretch as the first guest he's the managing principal of tax policy ...
[0:04:40] ... person making a 120000. They would make too little money for their taxes to go up under the Obama plan. ...
[0:06:18] ... with not and so we -- kids. You know would be paying taxes compared to now. How bush changed for them. ...
[0:06:50] ... doesn't matter nobody is proposing. From either political perspective to raise the taxes on those 200000 dollar couple. Don't back to them to the Clinton policy that Obama goes back to the Clinton policy for. ...
[0:07:52] ... first called John McCain is it is not going to. Change their taxes at all. Two provision would make the bush tax cuts permanent they would still have an Alternative Minimum Tax. Problems and in ...
[0:10:09] ... country that we're they have so many people paying absolutely nothing in taxes. ...
[0:11:41] ... tax credit -- the only problem your employer. Now has to pay taxes on the health care that you're getting from your border. And if you end up losing your health care from your quarters ...
[0:13:50] ... that that making the healthcare. Benefits taxable whether. That means just income taxes or payroll tax or the employee and the employer payroll tax and that had to put 20%. And -- impact of that. All of mine Steve and local taxes because all of that adds up to like more than 60%. For a middle class. Taxpayer an ultra quick question for interfere. ...
[0:14:28] ... the exclusion will that it would be. -- the subject all those taxes. Whether it was subject to state tax would depend on whether the states followed federal law which -- lot of them do ...
[0:18:09] ... In on thirty issues in thirty days presidential election serious. Issue eleven taxes you've heard some of the numbers now debated out. With someone who thinks Obama is right. Someone who does not. He thinks ...
[0:20:10] ... All right to recognize those voices. To of the candidates' positions on taxes signal. A fundamental difference about the role. Of government it's thirty issues -- thirty days issue eleven in our presidential elections series taxes so let's get a debate going the American economy. Is losing jobs every month right now in September we -- 159000. Jobs. ...
[0:21:43] ... got not a single change. They got not a single break in taxes no one making less than 250000. Dollars under Barack Obama's plan. We'll see one single penny of their territories -- there it's ...
[0:22:40] ... fit into that category they're going to be the ones. Paying higher taxes thus resulting in fewer jobs being created less productivity. Like you said recently that higher taxes are asking for higher taxes or paying higher taxes. Is patriotic. And then middle class of America which is where Todd and I have been -- all of our lives. That's ...
[0:23:09] ... callers. Do you feel patriotic on April 15 when you pay your taxes. The Biden quote was that. The people in the top 1% over 250 commercial or slow. And we'll talk later in the -- by the way about who really is middle class who should be considered middle class -- Obama and McCain impeachment say about. But. Should it be seen as a matter of patriotism. Or. It's somehow an abomination. His pillow and others have suggested. To call paying your taxes an act of patriotism. 212433. WNYC. 433. 9692. Are still trying to connect Stephen Moore is lying around until without phone connection ...
[0:24:30] ... one party wanted to increase charges of one party wanted to cut taxes. Neither of these candidates plans involved increasing taxes in total. McCain. Some of displaying can be a little bit suspect an idiot and so. How he's going to pay for 300 billion dollar tax cut for the rich. But all of Obama to actually -- Are paid for until the difference between the two planes. Is that McCain is going to cut taxes on people making over toward Turkey thousand. And bull. And then and Obama is going to cut taxes on everybody else and raise taxes on people making over two -- 30000. ...
[0:26:33] ... don't think there's any argument. That you know everybody's been -- lower taxes but it at all it doesn't just result in greater deficits. Like we've seen under the bush years. That the government signal ...
[0:27:21] ... an easy -- to throw around to somebody who wants to raise taxes on some of the population. But. What bush did is no less redistribution of wealth than one Obama is suggesting is that ...
[0:27:34] ... Well well because it's the bush didn't raise taxes on anybody the Obama planets that may not so. Increase. People on the top two income tax brackets from -- that's the detention I mean it's clear the attention of the overall plan as too. Try to you know cut taxes on the lower income people had increased taxes. You very dramatically out in the -- producers of this office was found on the company's. ...
[0:28:07] ... to some degree so that the wealthiest few percent can pay lower taxes does that. Not we distribute wealth. From -- public sector to you know for whatever you know roads and schools and whatever ...
[0:28:33] ... the statistics that just came out from the last its share of taxes paid by the top 1% 5% 10% is greater now than others stand. And they are to look at the capital gains ...
[0:28:50] ... What's the reason richer pay more taxes that they're making more and go according to a Wall Street Journal article from a couple of weeks ago. Since bush took ...
[0:29:48] ... revenue for the government that is we've gotten more money from most taxes that we would have that we had to cut the taxes -- If Obama comes and then racist -- I think there's a high chance that were actually developed. Lose revenue that was ...
[0:30:14] ... From Stephen -- side of this which is that lowering capital gains taxes and sometimes some other taxes. On the top burners. Actually results in more revenue to the government because it spurs more economic growth. I disagree with that. ...
[0:33:30] ... the GAO two of every three US corporations paid no federal income taxes. From 1998 to 2005. Which could signal that a lot of corporations are finding ways to move their tax burden. Overseas or ...
[0:34:08] ... to death. Tax system because most of the cost of the corporate taxes goes into compliance costs and it it is. Epidemic is right about -- and our corporate tax structure is. Is moving companies ...
[0:35:05] ... corporation I -- certainly no fortune 500 company pays 35% in corporate taxes it's the absolute statutory rate only there are millions and millions of loopholes around it. I don't think General Electric has paid ...
[0:35:33] ... it's incentive for the companies to locate. Offshore. If you just that taxes be on the individuals. On their income rather than on on the corporations. Then the companies will stay here. And more of ...
[0:36:00] ... but -- you don't have to locate offshore to aboard the US taxes if -- corporation. US corporations have been paying hundreds of billions and billions of dollars to your congressman every year. It in ...
[0:37:17] ... want to play one more clip because. Obama's plan calls for higher taxes on high income Americans very -- means families making more than 250000. And single people. Making more than 200000 he would cut taxes for lower. And middle income households he says 95%. Of all Americans would see lower taxes. So. What is lower and middle income Pailin and McCain. Have made the claim that Obama would raise taxes on people making 42000. We've heard that claim alive. Here's a clip of McCain during his presidential debate on that point. ...
[0:38:31] ... of occasions he has voted in the United States senate. To increase taxes on people who make as low as 42000 dollars a year that's -- that's just a fact again you can look at ...
[0:38:46] ... fact checking -- not agree on whether Obama has. Voted to raise taxes on people making as little as 42000 dollars the year John -- author of Obama -- XT you know with that figure ...
[0:39:26] ... We'll get a tax cut under Obama this is not about raising taxes does -- out. More fairly taxing the wealthy like they were taxed under Clinton and taxing left the working America. ...
[0:39:49] ... couple years that that Obama voted in paper route that would increase taxes on people making as little as forty. Thousand dollars a year. I mean I think the main point is that. But no ...
[0:40:23] ... think it's about I think that. They're going to try to raise taxes on the other the final point to remember it. This does not include any of the tax increase in something called. Cap ...
[0:42:08] ... journal editorial boy thank you both very much for debating issue eleven taxes and thirty issues in thirty days. Thank you. Brian Lara and WNYC NN we will continue. With -- the official of an ...
[0:44:49] ... thirty issues in thirty days issue eleven here this -- which is taxes. And when they did the Rick Warren's saddleback Church forum the other week. Pastor -- asked both of them once they thought. ...
[0:45:15] ... Taxes this is the real simple question. Define rich. Give me a number is that that. 350000. Everybody keeps talking about who we're going to tax -- do you -- next. ...
[0:52:23] ... gotten now off on that would and that's so what the property taxes that currently. It's a bit it's interesting that you would classified. -- middle class does. Now 200 enough 50000 -- I would ...
What Should I Be Doing With My 401(k)?
The Wall Street crisis has a lot of ordinary investors worried about their portfolios. Knight Kiplinger, editor in chief of Kiplinger's Personal Finance magazine and the Kiplinger Newsletter , says people should ride out the bear market. If investors want a safer environment, he says, they should move their money into CDs or money market funds.
[0:00:52] ... really don't want to do. Is stopped making those monthly deposits through payroll deduction. In your employer's 401K. The deferral of taxes on gains and dividends within a 41 K over a lifetime of your working is a tremendous gift to investors everywhere and ...
Womens Voices- News and Current Events 10-03-2008
Lou Andrews Sandy Baird Jim Court
[0:11:15] ... human lives small businesses money lent big companies money so they meet payroll because of the just. It's not it's not us where we don't have a system where we an economy where we go ...
[0:20:05] ... are all in -- Aaland. And they want to keep us paying taxes. They don't care if we have the ability to pay are not. We think of what the school department was going to ...
[0:21:50] ... there's a difference there and they all increase. You know some people's taxes when others didn't as went down. Some didn't go quite as much remembers its its revenue neutral so as this redistributed. So like. Money was raised up my property taxes yes again in my camera -- to accidental an idea it's. Now you actually writes it is it's that there. ...
[0:22:10] ... you suppose that any politician ever gives up their ability to collect taxes. Now. ...
[0:22:23] ... try to you know feel tried and true Republican mantra about raising taxes more big government and -- ...
[0:22:33] ... Republicans mainly when nick talkin' about when the Democrats going to raise taxes and there are not. Think of what they did to the economy. Think or what they did. And they gave tax breaks to the rich for a while they were raising taxes on the rest of us to pay for their war. ...
[0:23:19] ... the -- she just you know parents saw -- true of the taxes and irony was that you know this is not totally George Bush's fault that this financial crisis but the idea -- that. ...
[0:24:22] ... what's happening -- The government is becoming as people and I'll pay taxes that's what -- eight out of prison and they do quite a few of them. ...