Idiot, another extremely
embarrassing and pathetic
concession to GOP Senators,
who have no interest in negotiating
in good faith.
Joe Biden has pitched keeping taxes
disgustingly low for corporations
to essentially try to gain some
support from Republican lawmakers
for his infrastructure bill.
This time, though, what he is
offering Republicans is incredibly
infuriating, which means it's time
for the dumb and the feckless.
>> My prayers is that the
Republicans will take [INAUDIBLE].
>> Things keep dripping out.
Drip, drip, drip and
the truth comes out.
[MUSIC]
>> Yes, the truth comes out.
And the truth has to do
with the corporate tax rate which
Biden had proposed to increase
from a low low 21% to 28% even
though the corporate tax rate was
actually 35% before Donald Trump
decided to slash them as part
of his 2017 tax cuts for the rich.
Now Biden has now recommended
a new minimum corporate tax of 15%.
Seeking to take aim at dozens
of profitable US corporations that
pay little to nothing to
the federal government annually.
The White House also proposed
stepping up enforcement on
corporations and wealthy earners
who rely on loopholes to
lessen their tax burdens.
So Republican lawmakers are saying
okay, raising taxes is a nonstarter
for us.
We are not going to support your
infrastructure bill if raising
taxes is part of the equation.
So Biden, apparently in these
negotiations has offered to drop,
increasing the corporate tax rate
from 21% to 28%.
And instead has offered to just
ensure that the companies that pay
nothing in taxes like Amazon, for
instance, at least pay a minimum of
15% in corporate taxes.
Now Was, am I being unfair here and
thinking that this is
an unnecessary and ridiculous offer
to the Republican Party?
And you might be muted.
There we go.
>> Of course, you're being fair and
you're completely right.
Because guess what, Ana?
I'm old enough to remember when our
friend President Barack Obama put
social security on the table and
the Republicans told them to go
take a long walk off a short pier.
There are no circumstances even
social security which would they've
been wanting to guts since Reagan.
Even if you put that on the table,
we will never be seen as helping
a Democratic Party agenda.
Meaning we will never put votes on
something that actually helps your
agenda outside of military
spending, which everybody agrees
is just great for some reason.
So it didn't
work last time when Barry tried it.
Why are we doing this dog and
pony show again?
And then by the way, if you
remember with the Coronavirus Bill,
they got zero Republican votes in
the past and
people loved the Republicans said,
I know I didn't vote for it, but
they only put it in there
because we suggested it.
It's like,
they're not going to vote for
you stuff.
Why are you putting stuff on
the table for them?
>> Yeah, I mean, look,
you're absolutely right and Manchin
was able to secure all of these
concessions for Senate Republicans,
who then of course,
turned around and refuse to vote
in favor of that COVID Relief Bill.
Now Biden, at least is
pretending that Republicans
are negotiating on good faith or
in good faith I should say.
The offer marked an attempt by
the White House to thread
a delicate political needle.
This is according to
the Washington Post.
It aimed to preserve the
president's 2020 campaign pledge
not to raise taxes on Americans
making under $400,000 a year, while
steering clear of the so called red
line set down by Republicans who
see the 2017 tax cuts as their
crowning economic achievement.
[LAUGH] >> Okay,
>> That is galling.
My goodness.
>> The Trump tax cuts do not pull
well.
Because they're tax cuts for
the rich.
So the fact that Biden is like, we
must protect what you believe was
a giant political accomplishment.
No, no, no, an actual president who
genuinely wants to model himself
after FDR would go out there and
fight and be like,
look at what they want to do.
They want to protect the tax cuts
for the rich,
those super unpopular tax cuts that
were pulling well below 50%.
Even with Republicans in
the equation, before they
actually passed in Congress, but
he's not playing hardball.
He's not playing hardball with
Manchin and
cinema in the Democratic Party.
He's certainly not playing hardball
with Republicans when he's coming
out with this nonsense in an effort
to help them protect their
perceived political win from 2017,
a political win that's unpopular.
Hit him where it hurts.
But he's not doing that.
>> Well, there's nothing more
sacred than the precious pure
concept of bipartisanship.
And as you know bipartisanship
wears a chastity belt and
will also wear a nice pure white
dress to its wedding to the death
of this country by the way.
I'm just saying [LAUGH] when these
guys were passing their mega record
setting tax cut during the Trump
administration, I don't remember
stories coming out about
the Democratic Party's red line.
Well, the dems won't do this, so we
got to keep it under consideration.
That never ever happened.
So I don't get this impulse to just
be like well, we're trying to do
the bipartisan thing, so,
we have to take the feelings and
the little hurt fee fees of
the Republicans into account.
It's baffling, it's mind blowing.
And part of me just feels like,
I guess we have to do this dog and
pony show.
I don't know who it's for.
But I guess we have to do it.
Maybe the donors
want to see them try to do it.
because I don't know who
wants this.
There's no Americans, no rank and
file American citizens who want to
see this.
I don't get this.
>> Well, I think that what we need
to keep in mind is that we have two
political parties that have been
infected with a virus that was
released into this country by
the United States Supreme Court in
their ruling on Citizens United.
They have the same donors.
When it came to the Coronavirus
relief package, Biden had all this
tough talk about what he was
going to accomplish through it.
He had one meeting with
the US Chamber of Commerce in
the Oval Office and
following that meeting, we started
hearing about the means testing,
cuts to the unemployment program,
all sorts of nonsense.
And the way that it was presented
to the American people was we're
doing this to unite the country.
We're doing this in an effort to
pass legislation in
a bipartisan way.
The bipartisan talking point is
a hollow talking point, and it's
again meant to provide a veneer to
the disgusting corporate greed and
the disgusting corporate influence
that we're seeing in Congress and
in the White House.
In fact, I'll show you who Biden is
actually representing.
It's people like Jamie Dimon from
JP Morgan Chase, who just
a few days ago was complaining
about proposed tax increases.
Let's hear what he had to say.
>> Dimon was very outspoken,
probably the most outspoken CEO to
testify yesterday.
But yes, one of his big criticisms
he's launched was against Biden's
tax proposal.
Now this isn't necessarily
new, though.
But the tone of it was kind of new.
Earlier in the month you talked
about the tax proposal basically
saying don't just throw money at
the problem, calling for Biden to
pout an itemized list of where
those taxes would actually go.
But this was a different tone
because list or not, he was saying
that higher corporate taxes would
be detrimental to America,
would be detrimental to companies,
push a lot of capital overseas.
>> So this is the same nonsense
that we've heard
from wealthy people.
And look, Jamie Dimon,
pretending to be concerned
about increases in taxes making his
business untenable.
It's just ridiculous because as
I've shared with you multiple times
on the show before and I'm going to
share it again, Chase just
announced that they're going to do
more corporate stock buybacks.
We're buying back stock because our
cup runneth over, Jamie Dimon,
JPMorgan Chase and
CO.'s chief executive,
said on an earnings call in April,
of this year.
The bank late last year unveiled a
$30 billion share-repurchase plan.
Come on.
I just, >> Yeah, >> Don't insult
our intelligence Biden, just don't.
>> The game is so obvious.
It's as to be a farce, honestly.
Jamie Dimon,
I think Chase made 27 billion in
its last quarter in profit.
That's not gross revenue or net or
whatever.
That's how much they made
after they paid everybody, okay?
This idea that a 7% increase in
their corporate tax rate would
somehow completely cripple
the company who just again,
they didn't say,
all men are workers, they work so
hard, those people at the bank
branches and all these other people
that the loan officers etc., all
the worker bees at JPMorgan Chase.
Not the people in IB because those
people get taken care of,
no matter what.
Now we're not going to take
care of those people,
now we're just going to do 30
billion in stock buybacks.
That that'll solve everything.
And again,
there's no proof that those big old
tax cuts helped the American people
or the American economy.
It didn't do anything for us.
So this notion that this guy would
come out and say, well, if you do
that, it's going to crush us.
We got crushed cutting your tax
rates, brother.
It's just the goal of all of this.
And again, it's not like
Joe Biden's going to come out and
make the case for
his own tax proposals, right?
I don't see Kamala,
I don't see Joe.
They don't have some pit bull that
they use, they would send out.
Back when the Obama administration
would send out Rama, man,
you will to tell everybody we don't
need universal health care
on every single Sunday show.
Who's doing that on behalf of
Joe Biden's tax tax plan?
It's not happening.
They don't even show
the defend him.
>> Right, no,
you're absolutely right.
Colorado Blue Blazer in our member
section, you can become a member
by going to tyt dot com slash join,
says if it was a true 15% minimum
for these corporations,
I wouldn't be upset.
But everybody knows that it's just
a 15% minimum tax rate.
So, he makes a really great point
because Biden's not talking about
closing corporate tax loopholes.
So if the effective minimum tax
rate is 15%, that doesn't take into
account all the various deductions
that these corporations can take,
which effectively sometimes even in
the case of Amazon leads to a tax
refund by the federal government
after they failed to file their
taxes.
So that's a really great point and
so far, we've heard nothing about
closing tax loopholes.