waiting for charles to be a billionaire. >> he comes in a car here that is longer than most city blooks. thank you all much. we'll continue with forbes on fox. >> a big new push for a bold new tax plan. rick perry will propose a flat income tax. he depot it from steve forbes. but is that the best way to bring our economy back? welcome to forbes on fox and we'll go in focus with steve forbes and elizabeth and mike and victoria and kim. steve, i am betting that you are in favor of the flat tax plan. >> i am not going to disappoint you. nightmare on main street is about to end. rip out the 10 million worded

monstrosity and lower the risk take success and productive work and get rid of corruption in washington. and give more time to the american people. we spent time filling out tax. >> ar you endorsing rick perry >> i haven't made an official decision. i don't think anyone would be surprised. >> good ideas never die. is the flat tax one of them? >> not many. we need a less complicated tax code. we agree about that. but it is regressive and helps the rich and hurts the poor. tax policy center said it will raise taxes for 84 percent of the americans and cut taxes for millions and billionaires.

poor people will not be affected. first 37,000 that you make is exempted from taxation. >> you can add a little bit in that way. kim either you are progressive flat or regressive. you can't be flat or regressive at the same time. moral foundation goes back to the book of levitus. 20 percent is a good number. nobble econsist came up with numbers like 20 percent. steve's consistently talking about 17 or 18 . hong kong has 15. 15-20 percent range. that is the most revenue with the least amount of damage and that is the magic place to be. >> victoria. i never heard the bible envoked to hear about the flat tax. >> leave it to karl to come up

with that one. i love the idea of a flat tax code. we know what we are filing. i am concerned that a flat tax coming on the scen now poses two problems. one that it lets politicians dodge the issue of entitlement. what is going to happen to social security that is facing a 46 billion deficit. what are we doing with medicare that will bring costs down without gimmicks. and speaking of gimmickings. steve, i am concerned that a flat tax is full of gimmickings. you can see a lot of hand outs and lobist will fight hard to stay employed. >> mike, what do you think about it? >> you think liberals love it in the marginal rates lowered in the 80s. top earners paid higher taxes to

the united states treasury. you will not have corporation setting off foreign trust. tim gehner, the treas secretary can't figure out his taxings. flat tax is simpler and generate more revenue. >> go and soak the rich on the flat tax. >> i testified before congress about i.r.s. reform and menging the flat tax. i think that the rich could pay more under it. it would stop them doing tax evaluation with a higher rate. russia and estonia and lithionia. and we are stuck with the i.r.s. that makes war and piece look easy. and congress drilled so many loop holes and russia and estonia. you need a one party system to enact it. they'll will turn and twist it

again. >> what about the special interest? there are billions worth of special interest. and how do you keep them away from filling a flat tax with holes. >> you are right about the special interest. h&r block sent a special mailing warning about the end of civilization. do it to reagan. you appeal of public opinion. >> when i -- testified on it the charlie rangel said the government's needs are greater than a flat tax. that's the attitude in congress. it needs an attitude adjustment. if russia and lithiana do it. >> you have a prosperous economy even washington gets more. >> jim, if poverty is less than 37,000 and the first 37,000

exempt from taxation how does it hurt the poor. >> you live in the bay area and you make less than 65,000. your idea of poor is more than the official definition. >> it is if you live in a big city. >> california has a 10 percent state income tax that kicks in at 40,000. >> we have 13 percent unemployment here. >> the point is, two point of views. 15-20 percent will yield the most money for the least amount of damage to prosperity . we thant economy grows fastest when the federal take is somewhere between 15 or 20 percent. you have the verification and 15-20 percent. and flat taxes get the best result. >> we know that the government is spending too much money.

but can't you separate the tax issue from it is spending issue. and isn't a flat tax the best way to go. >> can i raise's counter intuitive question to steve? look at russia as the example and there are variables and booming oil prices boosted that economy. but they say a huge rise in income tax revenue. would that be a good thing that the government is taking more funds. you can see the government getting bigger. >> the problem is, it gives the government too much money. >> and then you lower the rate more and raise the exemptions. you remove a huge source of power. and power to destroy and favors and since why the code has been amend changes 14,000. this has to be killed and buried and never let it rise again.

>> we have rhode island and utah and pennsylvania enacting it. jerry brown and dick geb hard were for it >> fren percent of the americans don't pay. anything that is free and more government spending and borrowing. they are not taxed so anyway vote. >> it must be satisfying to see it come up again. >> it is very satisfying and mention 25 countries in the world have done it. and i am glad we are getting on the bandwagon and good news for america. nightmare on main street is coming again. i hate to be behind estonia. move over. here comes fisker. getting a 529 million loan guarantee. guess where they built the new cars? not in the u.s..

first you think foreigners and giving automatic u.s. residency if they buy a home in america. why taxpayers are going through the roof.

>> good morning, live from america's headquarters. i am yamey colby. following the end of the libyan war and take down of gaddafi president obama is citing success in the military address. he said the challenge is rebuilding the u.s. economy with the same energy our troops gave over seas. >> now the nation we need to build is our own. and north carolina senator richard byrd called on the president to drop the massive job's bill and simplify the tax

code and repeal the health care and kick start the economy. i am jamie colby. now back to forbes on fox. keep it right here on the fox news challenge. buy a home and get a visa. it is foreigners who buy real state here. this is bad thing for housing in america. >> it is terrible. we shouldn't let them in based on the homes they try to buy. a lot of people who come in the country and help our economy are low wage earners and people starting out and they help innovation in this country and can afford to put $500,000 for the house.

look. canadians and europeans have helped the housing market and bought second homes and spending tourist money there. it is still applying for that and you can do that and get chynna. and 1.5 million chinese and told them in the study. we could get our money out of chynna and elsewhere in foreign markets. why not in our houses . there is something about selling u.s. visa that rubs me the wrong way. >> i couldn't agree more. yet again we want to artificially stimute will the housing prices.

and we want to attract people to come and work hard and build houses. >> i don't know why you see it as either or. i want talent and capitol and give someone a visa if they spend 500,000 on u.s. house if you get a technical degrow in a u.s. university and born you get a green card the same day. if we are a magnate for talent and capitol which we have banned we'll boom again and grow at four percent a year. >> it wouldn't be a drop in the bucket. what ever happened to the tired and huddle says. 80, billion so what. and as we say the beaches are up

for sale. sell visas to the highest bidder and then expand the tax base of the rich and then pay the benefitos occupy wall street. >> is this good or bad. >> it is a gamic, why not make 250,000 and emboss the diploma with a green card if you graduate in a university with high tech. but in terps of housing. why not let people whose houses under water refinance in low rates. fan yefreddie will not let them do it. foreigners icing on the cake and deal with the cake itself. >> another problem i have. when the government tries to manipulate our spending habits it seems to fail. >> that is an important point.

again, i don't want that to be the enemy of the good. bring the capitol here and immigrants in the united states. i am for more immigrants. but the problem is chynna has capitalistic control on their residents and they may not allow chinese people to come in here. the other down side. they saw it in canada and saw the chinese coming in and it bubbled up the markets. >> it could bubble upment markets. >> and i want to point out. every gimmick program a new bureaucracy forms to enforce it it is an exciting. they are not hiring more people to look at. >> it is not a bureaucracy. >> i think they would jump at it

inside of the beltway. i was e-mailed about it what if they get a government loan to help them buy the 500,000 house from fanny or freddie or the other institutions. >> that is just add toth bureaucracy. you just to be clear. >> hold on a second rich. >> youment to be a magnet for talent and capitol and you know, tying visas with college degrees would be for talent. we want both. >> if they were to get help in getting this 500,000 house from the government you would be against that. >> i absolutely would. >> postal workers are bringing in a pro union gun to make sure they don't go boot. are taxpayers about to bail them out? at adt, we get financing from ge capital.

but they also go beyond banki. we installed a ge fleet monitoring system. it tracks every vehicle in their fleet. it cuts fuel use. koch: it enhances customer service. it's pretty amazing when people who loan you money also show you how to save it. not just money, knowledge. it's so much information, it's like i'm right there in every van in the entire fleet. good day overall. yeah, i'good. come on in. let's go. wow, this is fantastic. ge capital. they're not just bankers. we're builders. they helped build our business.

postal workers preparing to fight. it is time to shut it down before a bail out. before a bail out. and stock to inflate look, every day we're using more and more energy. the world needs more energy. where's it going to come from? ♪ that's why right here, in australia, chevron is building one of the biggest natural gas projects in the world.

enough power for a city the size of singapore for 50 years. what's it going to do to the planet? natural gas is the cleanest conventional fuel there is. we've got to be smart about this. it's a smart way to go. ♪ >> the post office bleeding billions and the unon is hiring the brains behind the autobail outs. dennis you said to shut it down. >> it may be too late. post office lost 20 billion in the last four years. three billion in the lt quarter. they stopped paying in their retirement fund and owes five

and half billion in the retirement plan. and we are going to get stuck. business is down 20 percent in delivering junk mail at cheese rates. fed exand ups will bid to buy it and chop it up. >> junk the post office? >> look, you can't just junk the post office. it is value in what the post office has. it is worth a lot. you can't just junk it you get a christmas card every year. the union contracts are a problem. you need to rip them up. but not junk the post office. >> you can send christmas cards for free on the internet. >> it is not the same. >> according to mickey. >> no, it is not the same. you will not stamp out the post office. but we should privatize the post

office so it does compete and remove the monopoly on first class. and what happened with the s&l. they allowed them to go to businesses and taxpayers were stuck with a loss. >> gen. privatize the post office. >> no, i don't think the answer is in congress. the inspector general said that congress overcharged the united states postal service for retirement benefits. why not pay it back. it would solve the problem. >> the post office needs to be privatized and david, you made a mistake. brains and autobail outs in the same segment. >> fordepive me. >> this guy is coming in to save union jobs. general motors is the bottom of the heap when it come to revenue

and operating income. >> by the way, he is ron bloom. >> and dennis. i saw you put your head down. >> i can't i believe i heard to say look to congress for an answer. anyone beholooks for congress will have a bad thing happened. >> but dennis, the point is they owe them money. we know that congress is a disaster and the reason why it continuually domino. but 75 billion is a lot of money. >> talking about privatizing the post office. rural areas that a private business would not cover. >> private business will figure out how to do it. everyone has a cell phone and 20 years ago they cost $4000. and today they are cheap. >> rural area doesn't get postal service. move. >> and we'll go all right, guy,.

inflation is here and making it more expensive to fill your family and tank. to help you pay all of those bills, their picks, coming up next . or hires another employee, it's notust good for business. it's good for the entire community. at bank of america, we know the impact that local businesses have on communities. that's why we extended $7.8 billion to small businesses across the country so far this year. because the more we help them, the more we help make opportunity possible.

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as we're living longer than ever before, prudential's challenge is to help everyone have the retirement income they'll ed to enjoy every one of their days. ♪ prudential. bring yr challenges. stocks to help you fight back. mcd's. mcdonalds, kim. >> it can increase pices. and victoria het a 52 week high. >> i question how much pricing power it has. you like amazon. >> amazon is the best on line retailer and every start up i talk to is built on amazon. >> you are total low right. >> you are right and great buy and it is up 22 percent. inted go