house economic advisor under president
obama austin goldsby austin
how concerned are you that this tax hike
and this new wrinkle in the tax hike
could really slow things down just as
it's starting to pick up
i'm not not too worried about that uh i
think
he ran for president saying that he was
going to raise the taxes
exactly that he's proposing to raise and
he won by seven million votes
so i i'm not surprised or worried that
he's going to do what he said he was
going to do
right right so you you heard him say
i'm going to raise taxes on households
making 400 000
but i think the part of that 7 million
vote margin you're talking about
there heard him say they're going to
raise taxes on individuals
i mean this is this is bait and switch
kind of stuff austin
i mean come on you got to be i don't
agree with that again
really there's no you can't find a
single sound bite
where we're candidate biden said you
know what
we're going to raise taxes on households
making 400 more than 400 000
every single time it was an individual
you say that but that's not true
they they released the specifics of the
policy
a document saying here's what his tax
policy would be in the campaign
and it said on the campaign exactly the
way we have always measured it when
barack obama said
250 000 that is for
people filing as families and for single
people
the filing separately the the amount was
lower that that's what it oh
that's the way that we always quote the
income cutoffs all right austin i know
as you might have been getting set up
for this segment
so i'm going to play a series of sound
bites for you that we shared with the
audience a moment ago
and then get your opinion on it
under my plan if you make more than
less than four hundred thousand dollars
i guarantee you're not going to pay
penny more in taxes
if you make less than four hundred
thousand bucks you're not going to pay
penny more
taxes anybody making more than four
hundred thousand dollars
will see a small to a significant tax
increase if you make less than four
hundred thousand dollars you won't see
one single penny in additional federal
tax
all right austin so it was october 31st
november 2nd and just yesterday
you know again it's i know this
administration has some ambitious
spending uh goals
and there's going to be a lot of deficit
spending and you know taxes are going to
go up but when you do this
you saw what happened with the stock
market today as soon as jinsaki
talked about taxes during the conference
her press conference today
the market imploded i i don't think the
country is ready for this nor
uh psychologically certainly but or even
even potentially economically
we we announced 770 000 new people
on initial jobless claims today the
timing could be worse
charles the people that you are talking
about have not
had a recession people making more than
400
000 a year their employment
is up from before the pandemic
their stock market wealth is massively
higher than it was
they have not had a recession so the
argument that that
will destroy the economy and the economy
cannot handle it
has been disproven every time
high income people's taxes went back to
historic levels i just don't agree with
your presence
the small business the small business
owner who
files who's who will file uh you know
let's just say a plumber with a million
dollar business
four or five trucks uh you know
they're going to get hurt these people
are going to get hurt someone who wants
to know a million dollars of revenue
charles a million-dollar business it's a
billion dollars
because they file you know how they file
their taxes here's the thing though
austin
think about tax policy for a moment when
president trump's tax policy went into
effect one thing we saw
uh instantaneously was blue-collar wages
went up
and this is something i wanted to ask
and i'm gonna see how you
okay so anyway totally not correct from
october wages were
2000 at a faster rate the wages were
going up
faster in the two years before the tax
cut
than in the two years after the tax let
me
january 2009 when obama came into office
uh the the wage growth for overall wage
growth was 3.7
blue collar was 3.8 percent your last
month in office december 2016 it
cratered
to 2.6 percent and 2.5 respectively
we had a 20-month run of 3
year-over-year wages and what was
beautiful about it
is out of the 20 months 18 of those
months blue-collar wages climbed
faster than overall wages and on the
reason i'm bringing this up and charles
we saw it i hate to tell you we saw a
year of that
18 months charles 12 of those 18 months
were before
donald trump passed the tax cut so
you're trying to attribute
increasing waging growth it all came
after the tax cut
did not come from the tax cut so you're
not concerned
about hiking taxes just as just as we're
going to see a wave of inflation
just as we still have 700 000 people a
week
filing for initial jobless claims you
don't think that's going to be
detrimental to our economy
charles i want the tax cuts to go
to the working people and ordinary
americans in this country
and i think that high income people
should have their rates go back to
historic
levels what they were before donald
trump was there
what joe biden said they were going to
go back to when he ran for president
and no i don't think that will hurt the
economy i think if you take that money
and invest it in ordinary americans the
way we're doing with this relief act
and the way he's going to do in the acts
to come i think that will be
stronger for the economy and it
certainly was
stronger and more durable than when we
have done the opposite in the past
well we'll see what happens i hope
you're right history has suggested
though
that this is going to be a disaster but
i hope you're right austin and i
appreciate you coming on thank you