Ryan on Taxes: 'Watch Out Middle Class'

Vice presidential candidate says there are not enough rich people to pay for Obama, Biden spending.
3:00 | 10/11/12

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Transcript for Ryan on Taxes: 'Watch Out Middle Class'
Our entire premise of these tax reform plans to grow the economy and create jobs the plan its estimated -- -- million jobs now. We think that government taking. 28%. Of families and businesses -- -- is enough. As an Obama. Thinks of the government ought to be able to take as much as 44 point 8% of a small businesses and come. Look. If you taxed every person -- successful small business making over 250000 dollars and 100%. -- -- on the government for ninety days if everybody who paid income taxes last year including successful slogans -- double their income taxes this year. Would still have a 300 billion dollar deficit. You see. There aren't enough rich people and small businesses to tax. To pay for all they're spending. And so the next time you hear them say don't worry about it. We'll get a few wealthy people who pay their fair share watch -- little class the tax bills coming do you. That's why we're saying. We need fundamental tax reform.

This transcript has been automatically generated and may not be 100% accurate.

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