TAKE A LOOK AT THE NEW RESULTS OF AN ANALYSIS BY THE TAX POLICY
CENTER OF TRUMP'S PROPOSED TAX PLAN.
THIS IS FROM ABOUT A MONTH
AGO, HE HAD THIS BULLET POINT LIST OF SOME OF HIS PRIORITIES
FOR TEXAS.
WE HAVE GIVEN YOU MULTIPLE BREAKDOWNS OF WHAT HIS
TAX PLAN IS LIKELY TO LOOK LIKE, AT ONE POINT I WENT BACK TO SOME
OF TRUMP'S OLD BOOKS AND LOOKED AT HIS PRINCIPLES ON WHAT TAX
REFORM SHOULD LOOK LIKE, THE NUMBERS HAVE ALWAYS BEEN STARK,
THESE NEWER ONES ARE ALSO EXTREMELY STARK --
FORGET THE TOP 10%, THAT'S FROM LIKE FIVE OR SIX YEARS AGO.
NOW WE'RE FOCUSING ON AT LEAST THE TOP 5%.
THEN THERE IS A
SMALLER TAX CUT --
THE REASON TO USE THE $3.4 TRILLION NUMBER IS THAT IF YOU
BELIEVE THE REPUBLICANS AND GIVE THEM EVERY BENEFIT OF THE DOUBT,
THAT THEY WILL TAKE AWAY LOOPHOLES, AND SOME I THINK THEY
WILL TAKE AWAY BECAUSE THAT HELPS THE MIDDLE-CLASS MORE AND
THEY DON'T CARE ABOUT HELPING THE MIDDLE CLASS, SOME OF THEM
THERE IS NO WAY THEY ARE TAKING THEM AWAY.
BUT IF YOU GAVE THEM
ALL THE BENEFIT OF THE DOUBT AND SAID OKAY, WE WILL GIVE YOU
CREDIT FOR THOSE, THE AMOUNT OF THE TAX CUT GOES FROM 7.8
TRILLION TO ONLY 3.4 TRILLION, WHICH GOES ALMOST ALL TO THE
RICH.
SO THE BEST CASE SCENARIO IS, FOR THE REPUBLICANS WHO
CLAIM THEY CARE ABOUT BALANCED BUDGETS, THEY WILL PUT A $3.4,
FOR THE REPUBLICANS WHO CLAIM THEY CARE ABOUT BALANCED
BUDGETS, THEY WILL PUT $3.4 TRILLION HOLE IN THE BUDGET.
AND IT'S NOT JUST ASSUMING THEY WILL DO THE LOOPHOLES, IF
YOU ASSUME A BUNCH OF ECONOMIC GROWTH THAT HASN'T BEEN PROVEN,
AND WE'VE SEEN UNDER GEORGE W. BUSH, HOW GREAT DID THE ECONOMY
DO UNDER THESE TAX CUTS?
IT FELL APART A FEW YEARS LATER, SO I
DON'T KNOW WHY WE GIVE THEM THE DYNAMIC SCORING, BUT THEY DID TO
GET TO THAT 3.4 TRILLION.
I THINK IT'S GOING TO BE NEAR THE 8 TRILLION MARK.
IF YOU SUPPORT THESE TAX CUTS YOU ARE NEVER ALLOWED TO
TALK ABOUT BALANCED BUDGETS AGAIN, BECAUSE YOU DON'T
BELIEVE IT, ALL YOU WANT IS TAX CUTS FOR THE RICH.
JUST OWN UP TO IT.
LET'S LOOK AT HOW THEY PRIORITIZE DIFFERENT CLASSES IN
AMERICA --
LOOK, THAT'S NICE.
TAKE YOUR SPOUSE OUT, GO SEE WONDER WOMAN
OR SOMETHING WITH YOUR $40.
YOU WON'T GET POPCORN OR SODA OR
ANYTHING, BUT YOU COULD SEE THE MOVIE IN MOST PARTS OF THE
COUNTRY.
IT LOOKS A LITTLE DIFFERENT FOR THE RICHEST
AMERICANS --
THEY'RE ALREADY EARNING OVER $3 MILLION A YEAR AND YOU ARE
JUST GOING TO TOSS IN OTHER MILLION DOLLARS AT THEM.
ENJOY
THAT WHILE YOU ARE AT THE MOVIES.
THE TOP .1% STARTS AT 3.4 MILLION DOLLARS.
THE REASON THE
TAX CUT IS ON AVERAGE NEARLY A MILLION BUCKS IS IT GOES ALL THE
WAY UP TO THE BILLIONAIRES.
HAVING SAID THAT, A
MILLION-DOLLAR TAX CUT FOR THE RICHEST PEOPLE IN THE
COUNTRY IS UNREAL AND PAINFUL TO THINK ABOUT.
ON
AVERAGE, SOMEONE LIKE SHELDON ADELSON WILL GET MORE OBVIOUSLY.
AND A TINY PORTION OF ANOTHER TAX CUT FROM THE HEALTHCARE BILL
GIVES SHELDON ADELSON I THINK LIKE $40 MILLION A YEAR, THIS
WILL GIVE HIM WAY MORE THAN THAT.
THAT'S WHY THE PERCENTAGES
MATTER.
IF THE NUMBERS ARE HUGE BUT THEY SAID LOOK, FOR THE POOR
IT IS A BIGGER PERCENTAGE OF THEIR INCOME WE ARE HELPING, YES
THE RICH ARE GETTING A LOT TOO BUT WE ARE REALLY TRYING TO HELP
THE POOR AND THE MIDDLE CLASS -- THAT IS NOT THE CASE.
FOR THE
POOR AND THE MIDDLE CLASS YOU GET A TINY, TINY PERCENTAGE
HELP.
NOT JUST RAW NUMBERS, PERCENTAGEWISE.
MINUSCULE.
BUT
THE RICH GET A HUGE PERCENTAGE TAX CUT WHEN THEY NEED IT THE
LEAST, 13.3% OF THEIR INCOME GOES RIGHT BACK TO THEM, IT'S A
GIANT GIVEAWAY.
LAST COUPLE OF THINGS HERE, IF YOU LOOK AT THE
TAX CUTS THAT ARE PROPOSED HERE, 61% OF THE TAX CUTS GO TO THE
TOP 1%.
ONLY 31% -- I'M SORRY, 39% -- HAVE TO BE SHARED BY 99%
OF US.
WHEN THEY SAY IT'S FOR ALL OF US, UNDERSTAND THAT'S NOT
TRUE. 61% GOES STRAIGHT TO THE VERY RICHEST PEOPLE.
BUT EVEN
THAT IS NOT THAT BIG A DEAL, WHEN YOU LOOK AT THE EFFECTS OF
THE CUT AND THE REVENUE RAISERS IN THE PLAN, FOR THE TOP 5%,
THEY GET 94.8% OF ALL THE BENEFITS.
THE 5% RICHEST PEOPLE
IN THE COUNTRY GET 95% OF THE BENEFITS OF THIS TAX CUT, AND
THE OTHER 95% OF US GET 5% OF THE BENEFITS.
IF YOU EVER HAD A
DOUBT ABOUT WHAT THE REPUBLICAN PARTY STANDS FOR, THAT IS NOW
RESOLVED.
YOU CANNOT ARGUE THAT THIS IS ANYTHING BUT A GIGANTIC,
HISTORIC GIVEAWAY TO THE RICH.
IF YOU ARE A REPUBLICAN, DON'T
EVER TALK ABOUT WEALTH AND REDISTRIBUTE AGAIN, BECAUSE YOU
LOVE WEALTH DISTRIBUTION, YOU JUST WANT TO REDISTRIBUTE IT TO
THE TOP.
AND LASTLY, THE CORPORATE TAXES ARE ALSO GOING
TO BE CUT, IN FACT THAT WILL BE THE LARGEST CUT IN THE ENTIRETY
OF THIS PLAN, FOR CORPORATE TAXES, BECAUSE POOR OLD
CORPORATIONS, WHICH HAPPENED TO GIVE BILLIONS IN DONATIONS TO
THE POLITICIANS PASSING THESE LAWS, THEY DON'T GET ENOUGH OF A
BREAK.
JOHN, IN THE GOLDEN ERA OF THE 1950S, TAXES ON
CORPORATIONS WEREN'T THAT BAD, THAT'S WHY WE WERE SO
SUCCESSFUL, THAT'S WHY WE GREW THE WAY WE DID, NOW THEY ARE SO
OVERBURDENED BY TEXAS.
LET ME SHOW YOU THE REALITY, IN 1952
CORPORATIONS PAID 32% OF ALL TAXES IN AMERICA, IN 2015 THEY
WERE DOWN TO LESS THAN 11% OF TEXAS.
THAT IS BEFORE TRUNK.
THEY REDUCED THEIR TAX BURDEN BY TWO THIRDS.
THAT MONEY DOES
NOT GO AWAY, THAT IS WEALTH REDISTRIBUTION, IT IS A PIE
CHART, IT GOES TO OTHER PARTS.
GUESS WHERE IT GOES, IT MAINLY
WENT TO THE PAYROLL TAX FOR SOCIAL INSURANCE AND RETIREMENT.
AND THE PAYROLL TAX IS PAID BY THE MIDDLE CLASS.
THEY
REDISTRIBUTED THEIR TAX BURDEN FROM CORPORATIONS TO YOU, NOW
THEY COME BACK AND GO, IT WASN'T ENOUGH.
NOW THEY ARE GOING TO
CUT CORPORATE TAXES FROM 35% TO 15%.
SO NOW YOU WILL PAY AND
EVEN BIGGER BURDEN OF TAXES AND IT'S A WIN/WIN FOR THEM, THEY
CAN TURN AROUND AND SAY ARE YOU PAYING SO MUCH IN TAXES?
YOU
WILL GO YES, I AM, BUT THEN THEY WON'T CUT TAXES FOR YOU, THEY
WILL CUT TAXES FOR THE RICH AND CORPORATIONS.
YOU GET MAD AT THE DEMOCRATS WHEN IN FACT THEY JUST
PULLED OFF THE BIGGEST WEALTH REDISTRIBUTION OF YOUR LIFETIME.