MARKET THAT IS GOOD.
WE’LL TALK ABOUT LATER ON IN THE
PROGRAM.
NOW I WANT TO BEGIN WITH MORE
CLASS WARFARE FROM THE BIDEN
WHITE HOUSE.
I TALKED ABOUT THIS.
I GOT TO TALK ABOUT IT AGAIN.
IN PARTICULAR, I WANT TO TARGET
A "NEW YORK TIMES" STORY THAT
RAN OVER THE WEEKEND.
THE HEADLINE.
UNDER BIDEN, DEMOCRATS ARE
POISED TO RAISE TAXES ON
BUSINESS AND THE RICH.
WOW.
FALLACY, AFTER FALLACY IN THIS
ARTICLE.
MISTAKE AFTER MISTAKE.
I WILL GIVE IT 100 PINOCCHIOS.
THE ONLY TRUTH IN THE ARTICLE I
CAN FIND IS THE ASSERTION THAT
PRESIDENT BIDEN WANTS THE
LARGEST TAX INCREASE SINCE 1942.
HE MAY NOT GET IT BUT HE WANTS
IT.
I DO AGREE WITH THAT REPORTING.
VARIOUS ESTIMATES RUN UPWARDS OF ABOUT $3 TRILLION.
NOW COMES A YOU’VE OF ONE A
BUNCH OF FALSEHOODS.
ENCOURAGE PEOPLE TO HOARD ASSETS
AND BIG COMPANIES TO SHIP JOBS
AND BOOK PROFITS OVERSEAS?
WOW.
WHERE DID THAT COME FROM?
THERE HAS GOT TO BE A FACT
SOMEPLACE.
WHEN PRESIDENT TRUMP SLASHED THE
CORPORATE TAX RATE FROM 35 TO 21
HE MADE AMERICA COMPETITIVE IN
THE GLOBAL RACE FOR CAPITAL AND
BUSINESS HOSPITALITY.
INSTEAD OF SHIPPING JOBS
OVERSEAS, IN THE FORM OF
INVERSIONS, YOU REMEMBER THE
INVERSIONS U.S. COMPANIES WOULD
ACQUIRE FOREIGN FIRMS AND
DOMICILE IN THE OVERSEAS
COUNTRIES THAT HAD LOWER TAX
RATE?
THINK IRELAND.
THAT IS ONE EXAMPLE.
SO-CALLED BOOK PROFITS IS A POOR
MEASURE OF PROFITS BUT ANY EVENT
OVER A TRILLION DOLLARS OF U.S.
CORPORATE PROFITS THAT WAS HELD
OVERSEAS TO AVOID DOUBLE
TAXATION WERE IN FACT
REPATRIATED, FAR BEYOND CBO
ESTIMATES.
IN FACT THE CORPORATE TAX CUT
PAID FOR ITSELF BY 2019, LESS
THAN TWO YEARS AFTER IT WAS
SIGNED INTO LAW.
SO I DON’T REALLY UNDERSTAND
"THE NEW YORK TIMES" ON THIS.
HOW ABOUT SOME FACTS?
NOW ANOTHER WHOPPER FROM "THE
TIMES." QUOTE, MR. BIDEN HAS
STRESSED HIS BROAD BRUSH DESIRE
TO INCREASE THE TAX BURDEN ON
WEALTHY AMERICANS WHO, GET THIS,
LISTEN TO THIS, WHO LARGELY EARN
THEIR MONEY THROUGH ENHAIR TANS
OR INVESTMENT -- INHERITANCE.
END QUOTE.
I DON’T KNOW WHO TO BLAME MORE,
PRESIDENT BIDER OR
"THE NEW YORK TIMES."
I WILL BLAME BOTH OF THEM.
"THE TIMES" SHOULD HAVE BALANCED
THIS ASSERTION BY TALKING TO
ECONOMISTS WHO DISAGREE.
LET’S THINK OF WEALTHY AMERICANS
WHO MADE THEIR MONEY THROUGH
INHERITANCE OR INVESTMENT.
NOW THERE IS NOTHING WRONG WITH
MAKING MONEY THROUGH INVESTMENT.
INVESTMENT GENERATES CASH TO
START BRAND NEW COMPANIES THAT
CAN CREATE MILLIONS OF NEW JOBS.
WARREN BUFFETT BOUGHT HIS FIRST
STOCK WHEN HE WAS 11 YEARS OLD.
HE FINALLY HIT A MILLION DOLLARS
AT AGE 30.
I DARE SAY ON BALANCE HE HAS
BEEN A BIG JOB CREATOR.
WHAT IS WRONG WITH BUFFETT?
NOTHING.
INVESTMENT, NOTHING.
BUT HOW ABOUT SOME OTHER NAMES
WHO DID NOT INHERIT BUT FORMED
SPECTACULAR COMPANIES THAT
BOOSTED THE ECONOMY, PROVIDED
MILLIONS OF JOBS, BENEFITED
CONSUMERS EVERYWHERE?
HOW ABOUT BILL GATES AND STEVE
BALLMER OF MICROSOFT?
HOW ABOUT JEFF BEZOS OF AMAZON?
HOW ABOUT STEVE JOBS OF APPLE?
HOW ABOUT MIKE BLOOMBERG OF
BLOOMBERG LP?
FOR THAT MATTER, HOW ABOUT
ANDREW CARNEGIE OF U.S. STEEL?
HOW ABOUT JOHN D. ROCKEFELLER OF
STANDARD OIL?
HOW ABOUT THOMAS EDISON WHO
FOUNDED THE EDISON ELECTRIC
COMPANY WHO WOUND UP BEING
MORPHED INTO GENERAL ELECTRIC?
THESE PEOPLE DID NOT INHERIT
THEIR WEALTH.
IN FACT THEY CREATED MASSIVE
WEALTH THROUGH THEIR GENIUS AND
ENTREPRENEURSHIP.
IN FACT THE MARKET RESEARCH
FIRM, WEALTH X, HAS DONE SEVERAL
STUDIES OF WEALTH SOURCES AND
THEY FIND THAT 58% OF
BILLIONAIRE WEALTH WAS
SELF-MADE.
ONLY 12.4% WAS INHERITED.
AND YET, PRESIDENT BIDEN SAID IN
HIS NEWS CONFERENCE LAST WEEK,
AND I QUOTE, WE NEED TO START TO
REWARD WORK NOT JUST WEALTH, END
QUOTE.
HIS PRESS SECRETARY, MADAM PSAKI
HAD SOMETHING SIMILAR TODAY TO
CHANGE THE TAX CODE.
TAKE A LISTEN.
>> HE ALSO BELIEVES THE
OPPORTUNITY TO REBALANCE TO,
ADDRESS OUR TAX CODE THAT IS OUT
OF DATE AND SOME COULD PAY MORE
IN OUR COUNTRY THAT IS NOT
CURRENTLY.
LARRY: YEAH, I’M SURE SOME COULD
PAY MORE BUT REALITY IS THE TOP
EARNERS IN THE U.S. ALREADY PAY
THE VAST BULK OF INCOME TAXES,
INCLUDING PAYROLL TAXES.
THEY PROBABLY PAY CLOSE TO 50%
OF FEDERAL TAXATION.
WHEN YOU INCLUDE STATE AND LOCAL
SALES TAXES AND PROPERTY TAXES
AND THEN CAPITAL-GAINS TAXES AND
THEN SMALL BUSINESS LLC WHOLLY
OWNED PROPROPRIETORSHIP TYPE
TAXES THE MOST SUCCESSFUL
EARNERS IN AMERICA PAY 60% OF
THE TAXES.
INDEED THE U.S. HAS ONE OF THE
MOST PROGRESSIVE TAX SYSTEMS IN
THE WORLD.
IT IS SO FORKING FOR MR. BIDEN
OR "NEW YORK TIMES" TO KEEP
SAYING TRUMP TAX CUTS ONLY
BENEFITED THE RICH.
I, SO MANY OTHERS HAVE
REPEATEDLY DEBUNKED THIS.
WE HAVE NOTED THAT THE BOTTOM
25% GOT THE MOST BENEFITS FROM
THE TRUMP TAX CUTS.
IN FACT, THE TWO BOTTOM
QUINTILES OF MIDDLE INCOME,
LOWER INCOME FOLKS, THOSE WHO
NEEDED IT THE MOST GOT THE MOST
BENEFITS.
WELL OVER 50% OF THOSE BENEFITS.
AND THEN WAGE RATES HAVE
INCREASED MUCH FASTER NOR FOR
THIS GROUP THAN TOP EARNERS.
UNEMPLOYMENT FELL.
INEQUALITY FELL TO 50 YEAR LOWS,
INCLUDING AFRICAN-AMERICANS,
ASIAN-AMERICANS, WOMEN.
THESE ARE FACTS.
THEY ARE FROM THE CENSUS BUREAU,
THE FEDERAL RESERVE.
IT IS ALL WELL-ESTABLISHED.
IT IS EASY TO FINE.
THIS WHOLE MEALLY-MOUTHED ATTACK
ON TRUMP IS JUST SILLY NONSENSE.
WHEN JFK AND REAGAN SLASHED TAX
RATES THE SAME THINGS HAPPENED.
THOSE WHO NEEDED IT THE MOST GOT
THE BIGGEST BENEFITS.
NOW, IF YOU’RE GOING TO TELL ME
A 3 TRILLION-DOLLAR TAX HIKE IS
GOING TO HELP GROW THE ECONOMY,
THEN I’M GOING TO TELL YOU THAT
IS JUST PLAIN WRONG.
USE YOUR COMMON SENSE.
FORGET PHILOSOPHY AND IDEOLOGY.
PLEASE, JUST COMMON SENSE.
THE LONG AND THE SHORT OF IT,
WHATEVER FAR LEFT DEMOCRATS
BELIEVE IS THAT THE BIDEN
ADMINISTRATION IS PROFOUNDLY
ANTI-BUSINESS.
WHAT THEY WILL NEVER UNDERSTAND
IS THAT A WORKING FOLKS BEST
FRIEND, THE WORKING FOLKS BEST
FRIEND IS EXACTLY INVESTORS WHO
SUPPLY NEW CAPITAL, TO SUPPLY
NEW BUSINESSES, AND PROMOTE
HIGHER WAGES THROUGH HUGE JOB
CREATION.
LET’S NOT MAKE THIS ANY HARDER
THAN IT NEEDS TO BE.
YOU CAN’T HAVE A GOOD-PAYING JOB
WITHOUT A HEALTHY BUSINESS.
BUT IF YOU’RE TAXING AND
REGULATING BUSINESSES TO DEATH,
YOU’RE GOING TO EXTINGUISH
HEALTHY JOBS, MILLIONS OF THEM.
IN OTHER WORDS, BUSINESS IS
LABOR’S BEST FRIEND.
AND TO GET THE WORK DONE AND
PRODUCE, LABOR IS BUSINESS’S
BEST FRIEND.
THEY BOTH WORK TOGETHER TO
BENEFIT THE ENTIRE COUNTRY.
AND FINALLY, IF YOU THINK
JACKING UP THE CORPORATE TAX
RATE IS GOING TO KEEP AMERICA
COMPETITIVE, THINK AGAIN.
AT A 28% RATE, WHICH IS 25%
CONSIDERING, WHICH IS 32%
CONSIDERINGP STATE AND FEDERAL,
WE WOULD HAVE THE HIGHEST
CORPORATE TAX RATE AMONG
DEVELOPED OECD COUNTRIES.
CHINA WOULD HAVE A LOWER RATE AT
25.
THAT MEANS FACTORIES LEAVE THIS
PLACE, PROFITS WILL SCATTER TO
THE FOUR CORNERS OF THE GLOBE
AND AMERICAN WORKERS WILL BECOME
AMERICA LAST, NOT FIRST.
PURE AND SIMPLE, THE BIDEN
APPROACH IS JUST CLASS WARFARE.
THAT IS REALLY THEIR AGENDA.
IN A FUTILE EFFORT TO
REDISTRIBUTE INCOME, THEY WANT
TO TAX SUCCESSFUL BUSINESSES AND
ENTREPRENEURS.
THEY DON’T REALLY CARE ABOUT
ECONOMIC GROWTH.
THEY ARE ONLY INTERESTED IN THIS
LEFT-WING SOCIAL POLICIES,
VIOLATING THE AMERICAN DREAM,
VIOLATING THE AMERICAN
TRADITIONS, GOING ALL THE WAY
BACK TO THE FOUNDING FATHERS.
THEY WANT TO PUNISH SUCCESS.
THAT RUNS COMPLETELY AGAINST THE
AMERICAN DREAM.
ONE THING ABOUT DONALD TRUMP, HE
UNDERSTOOD THE NEED TO REWARD
SUCCESS, NOT PUNISH IT.
IF YOU PUNISH SUCCESS, YOU’RE
GOING TO PUNISH THE ECONOMY.
YOU’RE GOING TO PUNISH BUSINESS.
YOU’RE GOING TO PUNISH WORKERS.
YOU’RE GOING TO PUNISH
MIDDLE-CLASS FAMILIES.
YOU WILL JEOPARDIZE THE NATIONAL
SECURITY OF THIS GREAT COUNTRY.
WE HAVE TRIED THESE LEFT-WING
NOSTRUMS BEFORE.
SOCIALISTS AROUND THE WORLD HAVE
USED IT AND IT HAS NEVER WORKED.
AND I DON’T KNOW WHY NOW ONCE
AGAIN, THIS IS NECESSARY TO
PROVE WHAT WE ALREADY KNOW.