A tax haven is one way to say, well, yes. But in our budget, there really are no details for when you can actually open up those funds for public consumption without spending in taxes. For example, if the president wants to spend money on infrastructure, you’re going to need those funds. You can’t spend anything on a federal agency without spending in it that way.
The next question is, how does this work I think it’s one of the many reasons why President Obama hasn’t given that much priority to tax reform. When he spoke in September about cutting taxes for people, it resonated from the inside out. But when he spoke in September about eliminating one of America’s best programs Medicare or Social Security or food stamps, it was like, Hey, these programs might pay for itself, but they’re not going to.
So with that in mind, does it do any real good for the individual taxpayer to actually contribute to this program
No it’s very difficult. That’s true of every program, particularly if you have a program called Social Security. That’s not the case with some of the other programs we’ve provided. So in a sense, if your program does a good job of helping people, and you’re not doing a good job of making these millions of dollars, then you lose out in the short term. You’re not saving much money. You’re putting people into poverty. So to me, it’s a way to give back to the poor.
President Obama has said his tax plan will be more generous for people struggling. Do you think it makes sense to give tax breaks to that
Let me just say now, one of the problems facing our government, the president in particular, is really not doing a great job of fixing the middle-class in this country. So that’s one area where I would say that he’s not doing a great job. But it’s one thing to address one problem and it’s another thing to address one problem and it can go further.
You mentioned that Obama was a vocal critic of raising the federal minimum wage. What advice would a president’s successor take
I’d suggest that the president could actually address a lot of the issues that came up during his tenure. So I want that to be a good thing he could actually try and take on a lot of the problems that he brought up on the campaign trail. He’ll be able to tell a lot more about them
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