CALL THE BULLS HAPPY.
WE’RE WELL OFF THE LOWS ♪
LARRY: HELLO, EVERYONE, WELCOME
TO "KUDLOW."
I’M LARRY KUDLOW.
SOMEBODY NEEDS TO TELL PRESIDENT
JOE BIDEN AND HIS BUDGET
ADVISORS NO COUNTRY ANYWHERE IN
THE WORLD THROUGHOUT HISTORY HAS
TAXED THEIR WAY INTO PROSPERITY.
YOU CAN’T DO IT.
IT’S A RECIPE FOR STAGNATION.
ACTUALLY IT’S A RECIPE FOR
STAGFLATION WHEN YOU COMBINE
HIGH TAXES WITH DEFICIT SPENDING
AND BIG MONEY CREATION.
THIS IS A LEFT-WING WOKE BUDGET
TO BE SURE AND IT’S A BUDGET
THAT EMPHASIZES REDISTRIBUTION
OF WEALTH AND INCOME WITHOUT A
CARE IN THE WORLD ABOUT GROWTH
OR PROSPERITY.
IT IS KIND OF RIGHT OUT OF THE
SOCIALIST PLAYBOOK.
NOW EVERYONE SHOULD BE EQUAL,
NOT JUST EQUAL OPPORTUNITY AT
THE STARTING LINE BUT EQUAL
OUTCOPS AT THE FINISH LINE.
IN FACT AS REPORTED BY THE FREE
BEACON, BIDEN’S BUDGET MENTIONS
EQUITY AND ITS DERIVATIVES MORE
THAN 100 TIMES.
I WONDER IF THEY USED THE WORD
PROSPERITY IN THIS BUDGET?
BET YOU NOT.
YOU CAN BE SURE IT WASN’T USED
100 TIMES.
UNFORTUNATELY LIFE ISN’T LIKE
THAT.
WE’RE NOT ALL THE SAME HEIGHT OR
WEIGHT OR EVEN THE SAME I.Q.
IT IS JUST THE WAY THE LORD MADE
US.
SOME PEOPLE RUN FASTER.
SOME PEOPLE HAVE HIGHER GRADES.
SOMEBODY WILL WIN THE FINAL FOUR
THIS WEEKEND.
WE CAN’T ALL BE EQUAL.
A LESSON THE LEFT NEVER LEARNED.
ONE PERSON SAID IT ELOQUENTLY A
VERY LONG TIME AGO WHEN I WAS A
YOUNG MAN.
THAT WAS PRESIDENT JIMMY CARTER.
IN WHAT WAS PROBABLY HIS FINEST
SENTENCE, AND I WILL QUOTE,
JULY 13th, 1977, QUOTE, WELL
AS YOU KNOW THERE ARE MANY
THINGS IN LIFE THAT ARE NOT
FAIR.
WEALTHY PEOPLE CAN AFFORD AND
POOR PEOPLE CAN’T BUT I DON’T
BELIEVE THE FEDERAL GOVERNMENT
SHOULD TAKE ACTION TO TRY TO
MAKE THE OPPORTUNITIES EXACTLY
EQUAL, PARTICULARLY WHEN THERE
IS A MORAL FACTOR INVOLVED.
HONESTLY, I THINK IT WAS THE
BEST LINE OF HIS ENTIRE
PRESIDENCY.
SOME THINGS IN LIFE ARE UNFAIR.
AS A KID PLAYING TENNIS I ALWAYS
WANTED TO WIN WIMBLEDON.
IN FACT I STILL DO BUT
UNFORTUNATELY THERE WERE 10,000S
OF PEOPLE PLAYED BETTER TENNIS
THAN I COULD BUT I DIGRESS.
BACK TO BIDEN’S BUDGET, THERE
ARE, GET THIS, NO FEWER THAN 36
TAX HIKES TOTALING $2.5 TRILLION
IN HIS BUDGET.
36 TAX HIKES AND YOU KNOW WHAT?
EVERYONE OF THEM IS ABOUT
PUNISHING SUCCESS ALL IN THE
NAME OF PAYING THEIR FAIR SHARE,
LEVELING THE PLAYING FIELD AND
EQUITY.
CORPORATE TAX HIKES, INDIVIDUAL
TAX HIKES, SMALL BUSINESS TAX
HIKES, WEALTH, UNREALIZED
CAPITAL GAINS FOREIGN EARNINGS,
EXTRA PROFITS PENALTIES FOR
DEPRECIATION, TO PUNISH
BUSINESSES, ENTREPRENEURS, WAGE
EARNERS ACROSS THE BOARD.
LITERALLY IF SOMETHING MOVES
THEY TAX IT.
ONE TAX THEY DON’T MENTION BY
THE WAY IS THE INFLATION TAX.
IN A NEW STUDY FROM BLOOMBERG
COMINGSES ESTIMATES WITH A 6.4%
HEADLINE PERSONAL CONSUMER
EXPENDITURES DEFLATOR THIS YEAR
THE AVERAGE U.S. HOUSEHOLD WILL
HAVE TO SPEND AN EXTRA 5200
BUCKS OR 433 BUCKS PER MONTH
COMPARED TO LAST YEAR FOR THE
SAME CONSUMPTION BASKET.
THAT IS A MAJOR TAX HIKE.
BY THE WAY, ALL THESE TAX HIKES
AND DEFICIT SPENDING WILL ONLY
MAKE THE INFLATION TAX WORSE,
BURDENING WORKING FOLKS.
HERE IS WHAT MAY BE MY FAVORITE
PART OF THE BIDEN TAX ATTACK,
QUESTION, WHAT DOES THE BIDEN
WHITE HOUSE HATE THE MOST IN
LIFE?
ANSWER?
FOSSIL FUELS.
SURE.
AND THEY SURE GO AFTER THEM.
11 SEPARATE TAX HIKES ON FOSSIL
FUELS.
REPEAL EXPENSING, ANY FORM OF
OIL RECOVERY, REPEAL TAX
CREDITS, PAST LOSS LIMITATIONS,
DEPLETION ALLOWANCES,
AMORTIZATION OF REAL ESTATE,
EXPLORATIONS ROYALTIES, SPILL
LIABILITIES.
OUT OF 36 TAX HIKES, 11 AFFECT
FOSSIL FUELS.
KIND OF UNEQUAL TREATMENT
COMPARED TO OTHER INDUSTRIES?
WOULDN’T YOU SAY THAT?
IT IS NOT EQUAL OR EQUITABLE.
TAXES ON SMALL BUSINESSES,
CAPITAL GAINS, ALL THE REST WILL
ALSO AFFECT THE FOSSIL FUEL
INDUSTRY.
YOU WOULD HAVE TO BE NUTS TO
INVEST IN FOSSIL FUELS.
IF YOU LOOK DOWN THE WHOLE LIST
OF 36 TAX HIKES I WOULD SAY
VIRTUALLY THE ENTIRE TAX HIKE
POLICY IS AIMED AT ONE WAY OR
ANOTHER AT FOSSIL FUELS.
I WOULDN’T REALLY CALL THAT
FAIRNESS, WOULD YOU?
HECK, WHY DON’T WE SIGNAL BIG
TECH, SOCIAL MEDIA, ELECTRIC
CARS, STEEL, WALT DISNEY AND THE
WOKE COMPANIES?
I DON’T LIKE WOKE POLICIES.
I DON’T LIKE LEFT-WING SOCIAL
POLICY BUT I WILL NOT USE THE
TAX CODE TO EXPRESS MY PERSONAL
FEELINGS.
FORGET ABOUT A NATO LNG TASK
FORCE RESCUE MISSION.
THE BIDEN WHITE HOUSE HASN’T
CHANGED ITS ATTITUDE TOWARDS
FOSSIL FUELS ONE BIT.
ALL IN THE NAME OF EQUITY.
REALLY?
REMEMBER ART LAFFER.
TAX SOMETHING MORE, YOU GET LESS
OF IT.
SOMEBODY OUGHT TO EMAIL THAT TO
THE WHITE HOUSE.
SAVE AMERICA, KILL THE BILL,