THAT WILL DO IT FOR US.
"KUDLOW" IS NEXT.
♪
LARRY: HELLO, FOLKS, WELCOME TO
"KUDLOW," I’M LARRY KUDLOW.
SAVE AMERICA KILL THE BILL.
WE CONTINUE THAT THEME THE MORE
AMERICA LEARNS ABOUT THIS
MANCHIN-SCHUMER SPECIAL THE LESS
AMERICA LIKES IT.
MORE SPENDING WILL INCREASE
INFLATION.
HIGHER TAXES WILL DEEPEN
RECESSION.
THAT’S JUST COMMON SENSE.
NOW, A NEW POLL IN ARIZONA,
WHICH HAPPENS TO BE SENATOR
KRYSTEN SINEMA’S HOME STATE,
SHOWS 53% OF RESPONDENTS SAY
THAT THE SENATOR SHOULD OPPOSE ANY MAJOR SPENDING BILL THAT
ANY MAJOR SPENDING BILL THAT
INCLUDES TAX INCREASES.
ONLY 40% SAID MS. SINEMA SHOULD
COMPROMISE WITH DEMOCRATIC
LEADERS.
50% SAID THEY WOULD BE LESS
LIKELY TO VOTE FOR SENATOR
SINEMA IN 2024 IF SHE APPROVES
THE BILL.
THEY BELIEVE MAJOR TAX HIKES
WOULD INCREASE INFLATION AND 63%
SAY CONGRESS SHOULD NOT INCREASE
TAXES DURING A RECESSION.
SENATOR SINEMA ALONG WITH THE
LATE SENATOR MANCHIN HELPED KILL
THE FIVE TRILLION DOLLAR BILL
LAST WINTER, GOOD WORK BUT SHE
IS ON THE HOT SEAT RIGHT NOW.
HER FAVORABLES ARE ONLY 39%.
UNFAVORABLES 55%.
SHE UPSIDE DOWN BY 11 PERCENTAGE
POINTS.
GIRL, YOU GOT A LOT OF WORK TO
DO.
PLEASE HURRY UP AND KILL THE
BILL.
NOW, JUST TO REVIEW THE BIDDING
ON THIS BILL, ACCORDING TO THE
NORTHERN
NON-PARTISAN JOINT COMMITTEE ON
TAXATION, PEOPLE EARNING LESS
THAN $50,000 LARS A YEAR 3.1%
TAX HIKE.
20,000 TO 30,000.
1% TAX HIKE.
UNDER 100,000, 6 BILLION-DOLLAR
TAX HIKE.
200,000, UNDER,
17 BILLION-DOLLAR TAX HIKE.
EVERYBODY GETS SLAMMED ACROSS
THE BOARD.
THESE ESTIMATES ARE FROM THE
JOINT COMMITTEE ON TAXATION
STAFF WHICH IS COMPLETELY
NON-PARTISAN.
IN TERMS OF SLAPPING ON 15%
MINIMUM CORPORATE TAX WHICH
CREATES A MONUMENTAL TAX
OBSTACLE TO BUSINESS TAX
INVESTMENT, SO IMPORTANT FOR
TECHNOLOGY, REAL WORKER WAGES
AND TYPICAL FAMILY INCOME, THE
BIGGEST BURDENNENT OF THIS
313 BILLION MINIMUM TAX WILL HIT
MANUFACTURERS BY 50% AND THEN
SPREAD ACROSS ALL THE OTHER
SECTORS BETWEEN FIVE AND 13%.
IN SHEER RAW NUMBERS
MANUFACTURERS WHICH BY THE WAY
INCLUDES FOSSIL, INCLUDING COAL,
AUTOS, TRUCKS, UTILITIES, STEEL,
JUST ABOUT EVERYTHING ELSE THAT
MAKES SOMETHING, CORPORATE
PROFITS NEXT YEAR COULD FALL BY
OVER $50 BILLION.
SO LET’S APPLY SOME COMMON
SENSE.
FIRMS MAKING LESS MONEY, IN THIS
CASE A LOT LESS MONEY, WILL HAVE
LESS MONEY TO PAY THEIR
WORKFORCE.
THAT IS WHY JACKING UP THE
CORPORATE TAX BURDEN HITS PREDOM
NANLY MIDDLE INCOME WORKING
FOLKS.
THAT IS JUST COMMON SENSE AND
THAT IS WHY THIS IS A VERY BAD
BILL.
THIS BIDEN IDEA THAT HE WILL
NEVER RAISE TAXES ON ANYBODY
MAKING UNDER 400,000 IS JUST
PLAIN WRONG.
THAT’S FROM THE JOINT TAX
COMMITTEE STAFF.
NOW FINALLY TALK ABOUT THIS IRS
BEAST.
THE MAN CHIN-SCHUMER BILL WOULD
ADD $80 BILLION, GET THIS, MORE
THAN SIX TIMES THE CURRENT IRS
BUDGET OF 12.6 BILLION, AND OF
COURSE, MORE THAN HALF OF IT,
45.6 BILLION, WILL GO TOWARDS
ENFORCEMENT AND WHO DO YOU THINK
THE IRS IS GOING TO GO AFTER?
WELL FOR STARTERS, THEY’RE GOING
AFTER SMALL PASS-THROUGH SUB
CHAPTER S BUSINESSES.
THAT’S RIGHT, SMALL BUSINESS
THAT PRODUCE THE BULK OF THE
JOBS AND THE OUTPUT IN THIS
ECONOMY.
THE JOINT TAX COMMITTEE
ESTIMATES UP TO 90% OF THE
SO-CALLED UNREPORTED INCOME WILL
COME FROM THOSE MAKING LESS THAN
$200,000 A YEAR.
UNDERREPORTED.
MY KEISTER.
THIS AGENCY IS NOW SITTING ON
21.3 MILLION UNPROCESSED
RETURNS.
THAT IS ACCORDING TO
"THE WALL STREET JOURNAL"
EDITORIAL TODAY, WITH MILLIONS
AND MILLIONS OF TAXPAYERS
WAITING TO RECEIVE REFUNDS OR
FILING DECISIONS.
BY THE WAY, LET ME REMIND YOU OF
THE NAME LOIS LERNER, WHO WAS AN
OBAMA POLITICAL OPERATIVE, PUT
IN THE IRS TO HARASS
CONSERVATIVE GROUPS.
YOU MAY RECALL SHE WAS RUN OUT
OF TOWN BEFORE THE DOG CATCHERS
COULD GET HER.
THE IRS POISONOUS TENTACLES
ALWAYS HAVE A WAY OF REACHING
OUT AND ENTANGLING CONSERVATIVE
NON-PROFITS INCLUDING RELIGIOUS
GROUPS, INCLUDING PRO-LIFE
GROUPS.
I’M SURE THAT IS JUST A
COINCIDENCE, RIGHT?
NO.
WRONG.
YOU KNOW, THIS COUNTRY WAS
FOUNDED BY BRAVE MEN AND WOMEN
WHO REBELLED AGAINST KING GEORGE
III OPPRESSIVE TAXATION WITHOUT
REPRESENTATION.
I WAS THERE.
THAT IS A JOKE.
BUT THIS IRS BEASTLY POWER GRAB
IS WORSE THAN GEORGE III.