SPEAKING.
THAT'S WHY WE'RE GOING TO BRING
IT TO YOU AS SOON AS IT HAPPENS.
>>> MEANWHILE, ACCORDING TO
NEWLY RELEASED TAX RETURNS BY
THE BIDEN FAMILY, JOE BIDEN AND
HIS WIFE USED A LOOPHOLE THAT
THE OBAMA/BIDEN ADMINISTRATION
WANTED TO GET RID OF TO AVOID
PAYING ABOUT $500,000 IN TAXES
ON HIS MILLIONS OF DOLLARS OF
SPEECH AND BOOK INCOME IN 2017
AND 2018.
BIDEN AND OTHER 2020 DEMS
CRITICIZE, OF COURSE, HIGH
INCOME ELITES FOR EXPLOITING TAX
LOOPHOLES BUT IT'S OKAY WHEN
THEY DO IT.
>> YOU KNOW, IT IS DEFINITELY
HIGHER TAXES FOR THEE AND NOT
FOR ME.
FIRST OF ALL, CONGRATULATIONS ON
JOE BIDEN FOR EARNING $15
MILLION IN THE LAST COUPLE OF
YEARS, AND YES, JOE BIDEN SAID
IT WAS A PATRIOTIC ACT TO PAY
MORE IN TAXES.
I'M A LITTLE SURPRISED HE HASN'T
FOLLOWED UP ON THAT.
BUT THIS IS NOT THE FIRST
PERSON.
WE KNOW BERNIE SANDERS TOOK
ADVANTAGE OF SOME TAX BREAKS
ALSO TO REDUCE HIS TAXES.
LOOK, WE HAVE SEVERAL OF THESE
PEOPLE WHO ARE THE MOST
INSISTENT THAT INCOME INEQUALITY
IS THE GREATEST SIN OF AMERICA,
INCLUDING ELIZABETH WARREN, WHO
ARE MILLIONAIRES AND THEY'RE ALL
DOING JUST FINE AND THEY DON'T
WANT TO PAY ANY MORE TAXES THAN
THE NEXT PERSON.
SO IS IT HYPOCRITICAL?
YEAH, I THINK IT'S A LITTLE BIT
HYPOCRITICAL.
>> I HAVE ABSOLUTELY NO MONEY --
NO PROBLEM WITH BIDEN USING THE
TAX LAWS TO SAVE A BUNCH OF
MONEY USING AN S-CORP.
WHAT DOI HAV
WHAT IOI HAV
WHAT I D HAV
WHAT I DOHAV
WHAT I DO HV
WHAT I DO HAVE A PROBLEM IS
THESE PEOPLE CONTINUE TO BE
CAPITALISTS WITH THEIR MONEY,
SOCIALISTS WITH OUR MONEY.
THE CONTINUED DEMONIZING OF
OTHER PEOPLE WHO ARE MAKING A
LOT OF MONEY AND WHO ARE
SUCCESSFUL.
THE UTTER HEIGHT OF HYPOCRISY,
IT'S NOT JUST BIDEN, IT'S A
BUNCH OF THEM WHO KEEP WHINING
AND COMPLAINING ABOUT THE
SUCCESSFUL WHILE THEY'RE
POLITICIANS AND NOW WORTH $20
MILLION TO $50 MILLION AS
POLITICIANS.
AMAZING TO WATCH AND
UNDERREPORTED.
>> I THINK, TO YOUR POINT, YOU
JUST SAID THOSE PEOPLE.
I'M ASSUMING YOU MEAN JOE BIDEN
IS ONE OF THEM.
FUNNY BECAUSE IN IOWA LAST
MONTH, HE SAID, I QUOTE,
EVERYBODY SHOULD START PAYING
THEIR FAIR SHARE A LITTLE BIT.
WHEN I'M PRESIDENT WE'RE GOING
TO HAVE A FAIR TAX CODE.
HOWEVER, THE FACT WE HAVE TALKED
ABOUT THE TAX LOOPHOLES THAT
HAVE BEEN GIVEN TO THE WEALTHY
UNDER THE RECENT REVAMP IN 2017
UNDER THE PRESIDENT, THE FACT
THAT THE CARRIED INTEREST RATE
IS NOW TAXED AS A CAPITAL GAIN,
THE FACT THAT YOU HAVE THE
ALTERNATIVE MINIMUM TAX WHICH IS
NOT AS HARSH AS IT ONCE WAS, THE
ESTATE TAX IS EASIER TO AVOID,
SO ALL OF OU TH
SO ALL OF YO TH
SO ALL OF YOUTH
SO ALL OF YOU ON THE PANEL, YOU
GO AFTER DEMOCRATS AND ALL THIS,
BUT WHY NOT LOOK AT THE ENTIRE
PROBLEM, THE FACT THAT THERE ARE
SO MANY LOOPHOLES FOR THE
WEALTHY AND FOR THEM TO AVOID
TAXES?
>> BECAUSE THE DEMOCRATS ARE
ALWAYS THE FIRST ONES TO SAY
THAT THE RICH SHOULD BE PAYING
MORE, THE RICH AREN'T PAYING
ENOUGH.
THE RICH SHOULD PAY MORE.
YET AT THE FIRST OPPORTUNITY,
WHENEVER THEY MAKE ANY MONEY,
THEY WANT TO PAY AS LEAST AS
POSSIBLE.
I DON'T BLAME THEM.
LOOK --
>> SO DO CAPITALISTS.
SO DO BUSINESS OWNERS.
DAVID: REMEMBER WHEN PRESIDENT
TRUMP SAID IN THE DEBATE WITH
HILLARY CLINTON, SHE SAID YOU
KNOW, YOU DIDN'T PAY TAXES.
HE SAID BECAUSE I'M SMART.
AND THE AMERICAN PEOPLE VOTED
FOR HIM.
>> WHY AREN'T WE SHARING HIS
TAXES, EITHER?
THE PRESIDENT'S?
>> JOE BIDEN OR ANY CANDIDATE
COULD BE ADVOCATING FOR A
FLAT -- LOOK, WE SPEND WAY TOO
MUCH TIME EVEN TRYING TO
UNDERSTAND WHAT WE OWE AND TO
YOUR POINT, YES, THE RICH CAN
HIRE ACCOUNTANTS AND TAKE
ADVANTAGE.
YOU SAY THE LOOPHOLES BUT IT'S
PART OF THE LAW.
WE NEED A FLAT EASY TO
UNDERSTAND TAX LAW THAT DOESN'T
PENALIZE WEALTH, DOESN'T
PENALIZE --
>> I HAVE BEEN YELLING AND
SCREAMING AT THE TAX CODE THAT'S
LIKE 70,000 PAGES AND TENS OF
MILLIONS OF WORDS.
IT'S ALMOST LIKE A BUNCH OF
PEOPLE GOT IN A ROOM AND SAID
HOW CAN WE CONFUSE THE LIVING
HECK OUT OF THE PUBLIC WHEN THEY
DO THEIR TAXES AND MAKE THEM
SPEND A YOU KNOW WHAT AMOUNT OF
MONEY TO COMPLY WITH IT.
THAT'S WHERE WE ARE AT THIS
POINT IN TIME.
THAT'S WHY WE'RE IN THIS
SITUATION.
FAIRER TAXES.
WHATEVER HAPPENED TO THE LITTLE
POSTCARD THAT EVERYBODY WAS
PROMISING US FOR 30 YEARS?
DAVID: YEAH.
ACTUALLY, THAT WAS THE MISSING
PIECE OF THE TAX --
>> THAT'S MISSING BECAUSE IT
WOULD HAVE MADE IT SO MUCH
EASIER.
I HAVE A QUESTION FOR THE ENTIRE
PANEL.
SHOULD THE PRESIDENT RELEASE HIS
INCOME TAXES?
>> YES.
DAVID: THERE'S NOTHING IN THE
CONSTITUTION -- LOOK, THE
AMERICAN PEOPLE VOTED FOR HIM
WITHOUT HAVING SEEN IT.
SO I DON'T THINK THAT'S THE
ISSUE.
I THINK ACTUALLY, YOU GOT CLOSE
TO THE ISSUE, WHEN YOU WERE
TALKING ABOUT GETTING RID OF THE
DEDUCTIONS.
I THINK EVERYBODY HERE, I'M
CHANNELING STEVE FORBES, HE WAS
HERE YESTERDAY, HE SAYS GO --
GET RID OF ALL THE LOOPHOLES,
GET RID OF ALL THE DEDUCTIONS
FOR INDIVIDUALS AND
CORPORATIONS, AND JUST HAVE A
FLAT TAX RATE.
[ SPEAKING SIMULTANEOUSLY ]
>> THEY LIKE CONFUSION.
THEY DON'T LIKE DOING THINGS
LIKE THAT.
THEY LIKE MORE AND MORE REGS,
MORE AND MORE PAGES OF REGS.
DAVID: ALL RIGHT.
GO AHEAD, BOTTOM LINE, QUICKLY,
LIZ.
>> BOTTOM LINE IS SURVEYS SHOWED
AFTER TRUMP PROMISED LOWER TAXES
AND A POSTCARD SIZED TAX CODE,
THAT WAS THE MOST POPULAR POINT.