WE’LL SEE WHAT HAPPENS TOMORROW.
LARRY: HELLO, FOLKS, WELCOME TO
"KUDLOW."
I’M LARRY KUDLOW.
THE SCHUMER MANCHIN
RECONCILIATION BILL FALSELY
TITLED THE INFLATION REDUCTION
ACT IS REALLY A PAT THREAT TICK
PIECE OF LEGISLATION.
IT IS THE ULTIMATE BIG
GOVERNMENT BIG GOVERNMENT
SOCIALIST BILL.
DEFINES THE DEMOCRATIC PARTY AS
THE RADICAL LEFT, AND THERE IS
NO INFLATION REDUCTION, THERE
ARE NO INCENTIVES FOR GROWTH AND
PROSPERITY.
IT PUNISHES SUCCESSFUL PEOPLE,
IT INTENSIFIES THE WAR AGAINST
FOSS ILL FUELS.
IT ADDS TO THE WAR AGAINST REST
OF THE BUSINESS AN INDUSTRY.
INCREASES REGULATORY STATE THAT
DEFINES MODERN SOCIALISM AND
FURTHER DEMOCRATIC CAMPAIGN TO
END FREE-MARKET CAPITALISM.
I DON’T THINK THERE IS ONE GOOD
THING, NOT ONE GOOD THING IN
THIS ENTIRE BILL, NOT ONE.
THE BIGGEST WINNERS ARE
REGULATORY AGENCIES LIKE THE EPA
AND THE IRS, MEDICARE PRICE
CONTROLS, SPECIAL INTEREST
RENT-SEEKING CORPORATE HANDOUTS
THIS BILL HAS THE POTENTIAL TO
INCREASE INFLATION AND DEEPEN
RECESSION.
IT WILL NOT REDUCE DEFICITS OR
DEBT.
THE BILL HAS NO COMMON SENSE.
THIS BILL IS DUMB, VERY, VERY
DUMB.
NOW THERE IS A THOUSAND DETAILS
WE DON’T YET KNOW EVERYTHING
ABOUT AND MORE WILL BE REVEALED.
WE HAVE GUESTS TONIGHT.
SENATOR ROB PORTMAN, RANKING
REPUBLICAN BUDGET LEADER
CONGRESSMAN JASON SMITH.
THEY WILL BOTH BE ON IN A MOMENT
TO HELP US OUT WITH SOME OF THE
DETAILS BUT MY BIGGEST CONCERN
IS THE BIG GOVERNMENT SOCIALISM
ASPECT OF THIS HUGE GROWTH IN
THE FEDERAL GOVERNMENT AND ITS
REGULATORY OCTOPUS TENTACLES
MANIPULATED BY LEFT-WING
BUREAUCRATS WHO IN MANY CASES
WILL NEVER BE REPLACED WITHOUT
MAJOR GOVERNMENTAL REFORMS.
I WANT TO USE THE IRS AS THE
BEST EXAMPLE.
AN 80 BILLION-DOLLAR BUDGET HIKE
AND DOUBLING OF AGENTS TO GO OUT
THERE TO CHASE DOWN UBER
DRIVERS, THE GIG ECONOMY, SMALL
BUSINESSES, WAITRESSES, PRETTY
MUCH CHASE ANYTHING THAT MOVES.
THE BASIC DEMOCRATIC PARTY
ASSUMPTION BEHIND THE MASSIVE
IRS EXPANSION IS THAT SUCCESSFUL
PEOPLE ARE CHEATING THE SYSTEM,
RIGHT?
THEY’RE ALL TAX CHEATS.
THEY’RE ALL EVIL.
THEY SITKA KNIFING HOW NOT TO
PAY THEIR TAXES.
ELON MUSK YOU REMEMBER THAT PAID
$11 BILLION IN PERSONAL TAXES
LAST YEAR.
PRESUMABLY THE NEW IRS WILL
DESCEND ON HIM JUST LIKE
LOCUSTS.
YOU SEE DEMOCRATS HAVE COME TOE
BELIEVE AS BARACK OBAMA SAID A
BUNCH OF YEARS AGO, YOU DIDN’T
BUILD THAT ON YOUR OWN, RIGHT?
OUR ECONOMIC SYSTEM WILL NEVER
WORK WITHOUT GOVERNMENT
MANAGEMENT THROUGH TAXING,
REGULATING, SPENDING, BORROWING,
MONEY PRINTING ENTREPRENEURS
DON’T EXIST IN THE DEMOCRATIC
PARTY MODEL IF THEY DO THEY’RE
NEVER PAYING THEIR FAIR SHARE.
THEIR SUCCESS MUST BE
REDISTRIBUTED SOVIET STYLE LET’S
MAKE EVERYBODY EQUALLY POOR
EXCEPT THE WEALTHY DEMOCRATIC
POLITICIANS AND THEIR DONORS WHO
MILK THE SYSTEM FOR ALL ITS
WORTH.
YOU KNOW THE PROBLEM WITH THE
IRS TAX CHEAT IDEA THE TAX SYSTEM SIGNED BY CONGRESS IS I
SYSTEM SIGNED BY CONGRESS IS I
AM IMPENETRABLE AND
UNDECIPHERABLE.
LINE UP 10 TAX ACCOUNTANTS NONE
OF THEM AGREE ON PROVISIONS.
IT IS NOT TAX CHEATS.
IT IS TERRIBLE GOVERNMENT TAX
POLICY.
A NICE SIMPLIFIED LOW TAX RATE
SYSTEM WOULD ELIMINATE THE NEED
FOR 150,000 IRS AGENTS.
WHAT’S INCREDIBLE ON THIS, ONCE
AGAIN THE CONGRESS IN THIS
SESSION HAS SIGNIFICANTLY
INCREASED THE NUMBER OF TAX
CREDITS, REFUNDABLE CREDITS,
DEDUCTIONS, CARVEOUTS, ALL SORTS
OF POLITICAL FAVORS AND
CORPORATE WELFARE WHICH WILL
MAKE THE SYSTEM IMMENSELY MORE
COMPLEX.
AND INDECIPHERABLE.
IN OTHER WORDS, THERE THEY GO
AGAIN.
ONCE THIS REVENUE GRAB FAILS,
MAYBE THE NEXT CONGRESS WILL ASK
FOR ANOTHER 80,000 IRS AGENTS.
I MEAN THE WHOLE IRS STORY
EPITOMIZES WHAT IS WRONG WITH
THE D.C. SWAMP AND CONGRESS AND
THE EXECUTIVE BRANCH AND THE
MASSIVE REGULATORY STATE THAT IS
BEING FOISTED ON ORDINARY
AMERICANS.
THE EPA BUREAUCRACY, ANOTHER BIG
WINNER, WITH VAST NEW POWERS.
THE HEALTH CARE BUREAUCRACY,
ANOTHER BIG WINNER, WITH VAST
NEW POWERS.
NOW YOU KNOW WHO IS NOT A BIG
WINNER IN THIS BILL?
SMART YOUNG MEN AND WOMEN WHO
COME UP WITH BRILLIANT NEW IDEAS
THAT TURN INTO MASSIVE NEW
ADVANCED TECHNOLOGIES
INVENTIONS, INNOVATIONS.
THEIR ENTREPRENEURSHIP WILL BE
PUNISHED, NOT REWARDED BY TAXES
OR RULES AND REGULATIONS OR
INFLATION.
THE DOPEY DOPES THAT SPAWNED
THIS STUPID BILL DO NOT
UNDERSTAND INCENTIVES TO WORK,
INVEST, CREATE, TAKE RISKS.
TAX OR REGULATE SOMETHING AND
YOU WILL GET LESS OF IT.
THAT IS WHAT THESE DUMMIES HAVE
DONE, LESS GROWTH, LESS
PROSPERITY, LESS LIBERTY, LESS
FREEDOM, LESS HAPPINESS.
BUT I THINK I KNOW SOMETHING
THEY DON’T.
THE CAVALRY IS COMING.
THIS BAD STUFF CAN ALL BE
OVERTURNED.
SO, IN THE NAME OF FREEDOM LET