Barack Obama Unveils the "Buffett Rule"

  • Aired:  09/20/11
  •  | Views: 74,664

It doesn't take a rocket scientist to understand that the U.S. needs money, but conservatives think Barack Obama is waging class warfare by taxing the rich. (2:45)

I TAKE IT ALL BACK.

THAT MAGGIE SMITH CAN ACT.

(LAUGHTER)

OF COURSE, THERE'S ONE

FOREIGNERS REALLY ROBBING

AMERICA-- BARACK OBAMA.

(LAUGHTER)

YESTERDAY OBAMA UNVEILED HIS

DEFICIT REDUCTION PLAN WITH YET

ANOTHER FIERY SPEECH FROM THE

ROSE GARDEN.

I AM BEGINNING TO THINK HE HAS

LOCKED HIMSELF OUT OF THE WHITE

HOUSE AND IS AFRAID TO ADMIT HE

CAN'T FIND HIS KEYS.

(LAUGHTER)

FOLKS, YOU DON'T TO BE A ROCKET

SCIENTIST TO UNDERSTAND THAT THE

U.S. NEEDS MONEY.

WHICH IS GOOD BECAUSE WE HAVE

LAID OFF ALL OF OUR ROCKET

SCIENTISTS.

(LAUGHTER)

BY TAXING THE RICH, THERE IS A

NAME FOR WHAT OBAMA IS TRYING TO

DO HERE.

>> WHEN YOU PICK ONE AREA OF THE

ECONOMY AND YOU SAY WE'RE GOING

TO TAX THOSE PEOPLE-- BECAUSE

MOST PEOPLE ARE NOT THOSE

PEOPLE-- THAT'S CLASS WARFARE.

>> THE PRESIDENT WANTS TO MOVE

DOWN THE CLASS WARFARE PATH.

>> I DON'T THINK I WOULD

DESCRIBE CLASS WARFARE AS LEADER

>> Stephen: YES!

IT IS CLASS WARFARE!

AND THAT IS UNFAIR FOR RICH

PEOPLE WHO, GENERALLY SPEAKING,

WOULD PREFER NOT TO FIGHT OUR

WARS.

(LAUGHTER)

MEANWHILE, PRESIDENT OBAMA

DENIES HIS TAX THE WEALTHY PLAN

IS EVEN WAR.

>> THIS IS NOT CLASS WARFARE.

IT'S MATH.

(LAUGHTER)

>> Stephen: SINCE WHEN DOES MATH

SETTLE ANYTHING?

LIKE EVOLUTION, I BELIEVE MATH

IS JOOUS A THEORY.

(LAUGHTER)

AND DEMONIZING THE WEALTHY IS

NOT WHAT OUR ECONOMY NEEDS.

JUST ASK G.O.P. ECONOMIST GURU

PAUL RYAN.

>> IF YOU TAX SOMETHING MORE YOU

GET LESS OF IT.

IF YOU TAX JOB CREATORS MORE,

YOU GET LESS JOB CREATION.

>> Stephen: YES!

JOB CREATORS LIKE ME NEED LOW

TAXES SO WE CAN CONTINUE TO

CREATE JOBS!

JUST LOOK AT HISTORY.

IN 1995, THE EFFECTIVE TAX RATE

PAID BY MILLIONAIRES WAS 30.4%.

BY 2009 IT HAD DROPPED TO 22.4%.

AND OVER THAT SAME PERIOD,

UNEMPLOYMENT PLUMMETED FROM 5.6%

ALL THE WAY DOWN TO 9.3%.

(LAUGHTER)

FOLKS, I PROMISE... I PROMISE

THERE IS MORE JOBS COMING!

JUST BE PATIENT.

WE JOB CREATORS ARE LIKE A SLOT

MACHINE.

IF WE JUST KEEP PUMPING IN TAX

CUTS, EVENTUALLY WE'RE GOING TO

PAY OFF!

YOU CAN'T QUIT NOW, YOU'VE GOT

US ALL WARMED UP.

BUT THE MOST FRIGHTENING ASPECT

OF OBAMA'S PLAN IS THAT IT MIGHT

BE POPULAR, A RECENT CNN POLL

SHOWS 63% OF PEOPLE THINK TAXES

SHOULD BE RAISED ON HIGH-INCOME

AMERICANS AND CORPORATIONS.

THAT'S RIDICULOUS!

IF WE RAISE TAXES ON

CORPORATIONS, WHAT INCENTIVE

WILL THEY HAVE TO MAKE MONEY

OTHER THAN THE FACT THAT

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