WWL>Topics>>11-27 6:15am Tommy talks to Bob Williams ab. the fiscal cliff

11-27 6:15am Tommy talks to Bob Williams ab. the fiscal cliff

Nov 27, 2012|

Tommy talks to Bob Williams, a Senior Fellow at the Tax Policy Center, about the ramifications of the fiscal cliff

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Automatically Generated Transcript (may not be 100% accurate)

Tommy Tucker with the -- raining Tuesday morning 618. Up ready jaguar opinion poll asking you. Some key Republicans say they may support tax increases to avoid these so called fiscal cliff do you think they're caving. Or compromising as it stands now 100% of you were saying. Compromising. Bob Williams joins us right now with the nonpartisan Tax Policy Center he's a senior fellow good morning sir how are or -- had taken -- time -- -- what do you think let's start there with the ready jaguar opinion poll question you think they're caving or compromising. I think it's too early to tell I think there's a lot of room for compromise right now but everything to fall apart -- -- -- And now I'm here and then Harry Reid are reading rather than Harry Reid is certainly a factor in. Filibuster rules or change of the filibuster rules in this which. Again to meet tampers with the purity of the negotiations because it's supposed to be about. We're stalling the doomsday cuts if you will now whoa wait a minute if I gadget backed into a corner let's see if I get a little bit more. Out of the deal accurate -- accurate assessment or not. Really tell. But there's been a lot of talk Euro over the years about. Softening of the filibuster requirement -- up require senators for example actually speak on the floor that day I go vote now. All the -- That the practice and they often make it a little easier to get passed without having. On the -- Sixty votes there -- cloture. But I guess the bigger question is is now the time for any ancillary issues there is now just the time to deal with this. I think it's time to deal with this week they've got. -- have to happen before the end the year. You know the biggest one there at the Alternative Minimum Tax which has not been dealt with reporting twelfth attack as people paying for this year the money into the fiscal clip it help to. When congress and got around to and we don't do that. Sixty million people not be allowed to file their tax returns until well -- year. And a half of those people are very likely to old as much as 2000 dollar -- without -- more acts as a result the -- if congress does Mac but like every government. And what are the income ranges there with the Alternative Minimum Tax who exactly. Would it be that would be looking at 2000 dollars more tax liability. Well it potentially of a married couple with two kids 75000 dollar in -- ideal amount could be a couple thousand our stock on the tax bill. Wow and -- substantial money as some of the other -- consequences if no deal is reached an it would -- time frame are we looking at. Well they're. That could be done early in the new year -- -- that by the first but it will happen on January 1 almost certainly you'd regardless of what congress does. Very unlikely to expand on the payroll tax cut which in the last two years but the two percentage point reduction in the taxes taken out at the port of security. So awful every worker will see -- -- -- now by 2% at first paycheck in the new year. I mean -- people organ at the higher taxes because of those facility with the Health Care Reform. Three point 8% tax often. Investment income on -- percent additional impact on earnings for people within about 200000 dollars a year to look in the coming in -- regardless. The question is what happens to the bush tax cuts the -- would accept that occurred last. Twelve year old will be expand vote that the agreement is not over except for 90% of the disagreement over that richest 2%. President want the to raise -- the richest 2% think we need the money to help oh -- problem. Republican -- output should have any tax increases at all right now the economy to weakening the job creators we hit that -- higher taxes the economy we -- off. And the question always comes in about one -- just cut spending but if you look at the debt and deficit. I can you do it isn't spending cuts -- We we really have to raise revenues there we got about six trillion dollar estimated deficit over the next ten years. That's a lot of money to do battle on the spending side you're gonna cut deeply into the -- -- program not fat and waste fraud abuse holding people like to get rid of but this kind of program people really light that's hard to do. So it's not just a question of if somebody has been more its really pay more scandal now who has to pay more. Right and we need to distinguish between two period the short round and your directory what we're still have a weak economy we don't wanna try to all the problem right away -- raise taxes and lower spending. In a big way but we do need to worry about that more time going out of the future entitlements. Spending the spot secured for -- here for Medicaid will dominate the budget. Then we have to deal without problem but that's not -- -- dealt with a day in the next month. We needed deals right now with getting past this. Called on January 1. Not rate -- and everybody not cutting federal spending as much as would have happened. That run for the whole year -- recorder off an estimated our growth rate will be front by about -- point two bracket reductions. And a quick question Bob before we let you go if you look at what happened over the Black Friday weekend consumers. Either RS have holiday. I think people get caught up holiday spirit. Black Friday the big deal however -- the big deal people get excited about it. Question is whether the -- -- will hold up through the holiday eaten our -- -- a big bird strikes down the hill office. Thank you -- appreciate your time on our part.