The Iowa Freedom Summit & Ag Summit (preparation for Iowa Caucus): on Tax Reform

Bernie Sanders: Wealthiest will pay more but not as much as under Eisenhower

SANDERS: We haven't come up with an exact number yet, but it will not be as high as the number under Dwight D. Eisenhower, which was 90%. I'm not that much of a socialist compared to Eisenhower. But we are going to end the absurdity, as Warren Buffet often reminds us, that billionaires pay an effective tax rate lower than nurses or truck drivers. That makes no sense at all. There has to be real tax reform, and the wealthiest and large corporations will pay when I'm president.

Gov. O'MALLEY: May I point out that under Ronald Reagan's first term, the highest marginal rate was 70%. And in talking to a lot of our neighbors who are in that super wealthy, millionaire and billionaire category, a great numbers of them love their country enough to do more again in order to create more opportunity for America's middle class.

Martin O`Malley: Wealthiest should pay more but not as much as under Reagan

SANDERS: We haven't come up with an exact number yet, but it will not be as high as the number under Dwight D. Eisenhower, which was 90%. I'm not that much of a socialist compared to Eisenhower. But we are going to end the absurdity, as Warren Buffet often reminds us, that billionaires pay an effective tax rate lower than nurses or truck drivers. That makes no sense at all. There has to be real tax reform, and the wealthiest and large corporations will pay when I'm president.

O'MALLEY: May I point out that under Ronald Reagan's first term, the highest marginal rate was 70%. And in talking to a lot of our neighbors who are in that super wealthy, millionaire and billionaire category, a great numbers of them love their country enough to do more again in order to create more opportunity for America's middle class.

Rick Perry: Lower taxes & less regulation made Texas a job leader

He boasted that he signed seven balanced state budgets in Texas and created the best economic climate in the country. He said Texas has adopted "smart regulations," improved its educational system and "stopped frivolous lawsuits at the courthouse."

But Republicans can't simply criticize Democrats. They need to offer a positive agenda and a vision, he said.

"The time has come to usher in a new era of reform and American revival," Perry said. He got enthusiastic applause and cheers for his criticism of President Barack Obama's administration and his calls for lower taxes, less government regulation and tougher border security.