What is the best way to stimulate private enterprise? Clinton campaign economic advisor Gene Sperling said ask the top 1% to pay more during a spirited debate with the FOX Business Network’s Stuart Varney.
“I’m in the top 1%, I make a lot of money, I’m doing very well--thank you very much indeed. I live in New York City. I pay New York City taxes, New York State taxes, and federal income taxes. I pay 60% of my gross-income in taxes, income taxes -- and you want more?” said Varney to Sperling.
Sperling replied, “I think then you would probably agree with Hillary Clinton in supporting the Buffet Rule that makes sure that people who make over a million [or] two million pay at least 30%.”
“I pay a 60% tax rate. You want me to pay more. I don’t think that’s fair. You do want me to pay more don’t you?” asked Varney.
“Hillary Clinton’s plan does ask for a small four percent surtax on their income over $4 million… Is that so much a strain when the typical American family, Stuart, is making $4,000 less than they did in 2000... Do you think it’s right that a President Trump would have a tax cut that would give more money to the top 1% than people who are fortunate like us, than the bottom 95%,” answered Sterling.
Meanwhile, during an interview with the FOX Business Network’s Maria Bartiromo in May, Donald Trump said even though his tax plan focused on decreases, he would consider raising taxes on the wealthy based on his “low proposal.”
“Here’s where we disagree. If I and other relatively wealthy people were allowed to keep more of my money, I would spend more of it and I would stimulate private enterprise which would create a whole lot more jobs than all these government programs that you suggest. That’s the way it works. We’ve had very high taxation rates for seven, eight years and it [has] not produced better growth -- near 2% that’s all we’ve got,” said Varney.
Sperling replied, “it is an economic fact that you will spend less of that money than a middle class family would or a hard working family… Right now what we need is stronger demand in our economy.”