MARIA: WELCOME BACK TAXES IN
AMERICA AND FOCUS NEXT WEEK.
TUESDAY IS THE DEADLINE FOR MOST
OF US TO FILE THE TAXES FOR THE
YEAR.
ON WEDNESDAY THE SENATE FINANCE
COMMITTEE WILL GRILL THE IRS
COMMISSIONER DANIELLE WARFEL ON
HOW THE AGENCY WILL SPEND
$80 BILLION IN NEW FUNDING, JOY
TO ME AMERICANS FOR TAX RETURN
PRESIDENT GROVER NORQUIST, GREAT
TO SEE YOU.
THANK YOU SO MUCH FOR BEING HERE
HERE.
>> ABSOLUTE GREAT TO BE WITH
YOU, THE WALL STREET JOURNAL
EDITORIAL BOARD LOOKING INTO THE
IRS PLANS FOR THE MONEY, 60%
APPARENTLY GOING TO GO TO
EXPANDED ENFORCEMENT ON
TAXPAYERS, 9% TO IMPROVING
TAXPAYER SERVICES, WHAT DO YOU
THINK THAT MEANS WHAT IS GOING
TO HAPPEN AT THE IRS NOW WITH
THE IRS FUNDING.
>> THERE WILL BE MORE AUDITS AND
THE IRS HAS TARGETED AND TOLD US
FOR YEARS THEIR PLANS ARE TO
AUDIT WERE SMALL BUSINESSES
SELF-EMPLOYED PEOPLE,
INDEPENDENT CONTRACTORS
THROUGHOUT THE ADMINISTRATION
THERE’S BEEN A WORK ON
INDEPENDENT CONTRACTORS TO FORCE
EVERYBODY TO HAVE A JOB AND BOSS
NOT THE INDEPENDENT CONTRACTOR
THEY ARE USING IRS TO GO AFTER
INDEPENDENT CONTRACTORS AS WELL
THEY THINK ARE NOT PAYING ENOUGH
IN TAXES AND ALSO SELF EMPLOYED
PEOPLE IN THE MOST RECENTLY
ANNOUNCED THEY’RE REALLY GET
PEOPLE WHO ARE PAID IN TIPS.
ALL THIS HAPPY TALK ABOUT BIDEN
IS JUST BILLIONAIRES, I DON’T
KNOW TOO MANY BILLIONAIRES THAT
SURVIVE ON TIPS.
I KNOW A LOT OF PEOPLE THAT WORK
ON RESTAURANTS AND BARBERSHOPS
THAT DO.
>> THAT IS UNBELIEVABLE IT IS
OUTRAGEOUS, THEY KEEP TELLING US
THE DOCTOR TO RAISE TAXES MAKING
$400,000 OR MORE BUT THEN AT THE
SAME TIME THEY SAY THEY WANTED
WATER PEOPLE TIPS.
>> THAT’S WHERE THEY THINK THE
CASH THAT THEY DON’T SEE IS,
THEY WANTED AND THIS IS NOT
ABOUT AUDITING RICH PEOPLE THEY
GET AUDITED WHEN THE IRS ITSELF
STOLE DATA AND GIVE IT TO A
LEFT-WING GROUP REPUBLICAN TWO
YEARS AGO AND THEY STILL HAVEN’T
COME FORWARD WITH AN OMISSION OF
WHO DID THAT, NOBODY’S BEEN
PUNISHED THEY TOOK ALL TAX
RETURNS AND AUDITS AND THREW THEM OUT THERE TO HAND OUT TO A
THEM OUT THERE TO HAND OUT TO A
LEFT-WING GROUP TO PLAY WITH
WHAT THEY WANT, NO ONE’S BEEN
FIRED AND ASKED BY CONGRESS
THERE TOLD IS BEING INVESTIGATED
BUT IT’S A SECRET.
MARIA: MEANWHILE NEXT WEEK IS
TAX DAY WE ARE ALL LOOKING
FORWARD TO FILING OUR TAXES ON
TIME.
WHAT DO WE NEED TO KNOW ABOUT
THIS YEAR, ANYTHING SPECIAL AND
WILL TAXES BE GOING UP?
>> THERE ARE A SERIES OF TAX
INCREASES ABIDED IN THE
DEMOCRATS PASSED BEFORE THEY
LOST CONTROL OF THE HOUSE, THOSE
ARE IN AND SETTLED AND
UNFORTUNATELY GOING TO BE WITH
US FOR SOME TIME YOU MAY NOTICE
THAT INCREASE WITH ISSUES TAXES,
THERE ARE SOME PARTS OF THE
REPUBLICAN 2007 PASSED BILL AND
I BEGIN TO FADE AFTER FINAL
YEARS AFTER EXPENSING FOR
BUSINESSES, THAT BEGINS TO
DWINDLE IN AT THE END OF TEN
YEARS FIVE YEARS OUT FROM NOW
MUCH OF THE REPUBLICAN TAX CUT
DISAPPEARS JUST AS IT DID WITH THE BUSH TAX CUT, THE GOAL WOULD
THE BUSH TAX CUT, THE GOAL WOULD
BE TO MAKE THOSE PERMANENT.
MARIA: LET ME ASK YOU ABOUT THE
PLAN TO TAX UNREALIZED GAINS,
WHAT GOES THROUGH THIS, DOES
THAT MEAN I BUY STOCKS AND THAT
GOES UP SO I HAVE AGAIN ON PAPER
BUT I NEVER ACTUALLY GOT A GAIN
FROM IT BECAUSE THEY NEVER SOLD
THE STOCK.
I’M STILL GETTING TAXED EVEN
THOUGH I NEVER ACTUALLY MADE ANY
MONEY ON IT?
>> YES, THEY ARE GOING TO ARGUE
THAT THE FACT THAT YOUR STOCK
WENT UP THAT IS UNREALIZED
INCOME BUT THERE NOW BUT TO MAKE
IT TAXABLE INCOME.
WHEN YOU READ ABOUT STOCK PRICES
GOING UP AND PEOPLE HAVING MORE
WEALTH THEY WILL CALL THE INCOME
THEY WILL TAX IT.
WHEN THE STOCKMARKET GOES DOWN
THEY WILL BE WRITING BILLION
DOLLAR CHECKS TO ELON MUSK
BECAUSE HE LOST THREE OR
$4 BILLION ON PAPER AND THOSE
WILL ALL BE TAXABLE EVENTS.
HERE IS THE GOOD NEWS IT IS
COMPLETELY UNCONSTITUTIONAL,
THERE IS NOTHING IN THE
CONSTITUTION THAT ALLOWS YOU ARE
ONLY ALLOWED TO TAX INCOME NOT
UNREALIZED GAINS.
MARIA: THAT IS INCREDIBLE BUT
THEY’RE MOVING WITH A ANYWAY.
I WONDER IF THAT’S GOING TO PUT
A FREEZE ON ACTUAL INVESTING
BECAUSE HE WANTS TO INVEST IN
SOMETHING WHEN YOU DON’T EVEN
KNOW IF YOU HAVE TO HAVE A BIG
TECH BILL BEFORE YOU EVEN SELL
IT.
>> HOW DO YOU HOLD ONTO STOCK
FOR THE LONG-TERM IF IT GOES UP
A LOT RIGHT AWAY YOU GOT MORE
INCOME THAN YOU CAN PAY TAXES ON
UNREALIZED INCOME SO YOU HAVE TO
SELL THE STOCK EVEN THOUGH YOU
WOULD LIKE TO HOLD IT BECAUSE
YOU TICKETS WHAT TO DO BETTER,
THEY GOING TO FORCE SALES OF
STOCK TO PAY TAXES AND GET YOU
OUT OF THE MARKET.
MARIA: YEAR DOING A PRESS
CONFERENCE ON THIS?
YOU GOING TO TALK ABOUT THIS
NEXT WEEK?
>> YES WE HAVE A PRESS
CONFERENCE WITH CONGRESSMEN AND
SENATORS ON CAPITOL HILL WALKING
THROUGH THE GOOD, THE BAD AND
THE UGLY TAX REFORM IN THE
CHEERFUL IDEA NUMBER OF PEOPLE
ARE BRINGING FORWARD TED CRUZ
FOR INSTANCE IN WARREN DAVIDSON
IN THE HOUSE INDEXING THE BASIS
OF CAPITAL GAINS.
SO WHEN THE STOCK PRICE GOES UP
BECAUSE OF INFLATION, THANK YOU
BIDEN, WE DON’T END UP PAYING
CAPITAL GAINS TAXES ON INFLATION
ONLY UNREAL GAIN AND THAT WOULD
DROP CAPITAL GAINS TAX RATES
EFFECTIVELY 40% IT’S A VERY,
VERY BIG THING IN DEMOCRATS IN
THE PAST HAVE ACTUALLY SUPPORTED
SUPPORTED.
IT’S ONE OF THOSE REFORMS THAT
IT’S NOT IMPOSSIBLE THAT THE
DEMOCRATS CAN SUPPORT.