SCORED RIGHT.
ANYWAY, HILLARY VAUGHN THANKS
VERY MUCH FOR THE UPDATE.
MY OVERALL TAKE ON
RECONCILIATION OF INFO COMING
OUT OF HOUSE IS SOUPLE PELL, GO
SIMPLE, GO WOKE OR GO BROKE.
THIS RECKLESS SPENDING PLAN WILL
INFLICT GREAT DAMAGE ON
BLUE-COLLAR WORKFORCE, ON JOBS,
ON WAGES, ON PROS -- PROSPERITY.
GREAT DAMAGE.
I LOVED IT TODAY WHEN SECRETARY
OF STATE ANTONY BLINKEN BLAMED
DONALD TRUMP’S CONDITIONAL
WITHDRAWAL PLAN FROM
AFGHANISTAN.
GET THIS RIGHT, THEY WERE
ABSOLUTELY BOUND AND HANDCUFFED
TO DONALD TRUMP’S PLANS.
THAT WAS ON THE AFGHAN HEARING.
BUT WAIT A MINUTE, THEY HAVE
RELIGIOUSLY OBSESSIVELY,
DERANGEDLY OVERTURNED EVERY
TRUMP POLICY.
THEY OVERTURNED HIS TAX CUTS,
HIS REGULATORY REDUCTION, HIS
ENERGY INDEPENDENCE, ISRAELI
SUPPORT, HIS IRANIAN HOSTILITY,
HIS WORDER POLICIES ON BOTH
SECURITY AND IMMIGRATION, HIS
POLICIES TOWARDS POLICE,
RECIDIVIST CRIME, I’M SURE I’M
FORGETTING OTHER THINGS.
WE’RE SUPPOSED TO BELIEVE THAT
BIDEN’S TRUMP DERANGEMENT
SYNDROME FORCED HIM TO FOLLOW
TRUMP’S AFGHAN WITHDRAWAL
POLICIES?
WHICH BY THE WAY WERE
CONDITIONED AND GATE MID-A
NUMBER OF KEY AREAS NEVER
FULFILLED AROUND THE FORMER
PRESIDENT HIMSELF SAID MANY
TIMES HE WOULD HAVE TAKEN FIERCE
COMBAT ACTION AGAINST THE
TERRORIST TALIBAN IF THEY HAD
ACTED OUT AS THEY DID IN
BREAKING HIS DEAL DURING THE
BIDEN EVACUATION.
BUT COMING BACK TO THE TAX
POLICY PROBLEMS, WE’RE GOING TO
TALK ABOUT THIS EVENING, ONE OF
THE MOST AMUSING ASPECTS OF
COMING OUT OF WAYS AND MEANS,
GET THIS, ARE THE SUM TOTAL
REVENUES IS NOW ESTIMATED TO BE
$2.9 TRILLION.
AND THEN THE DOCUMENTS STATES
THAT COMBINED WITH DYNAMIC
GROWTH ESTIMATES, THESE BY THE
WHITE HOUSE, OF AN EXTRA
600 BILLION, THIS WILLFULLY
OFFSET THE 3 1/2 TRILLION
RECONCILIATION SPENDING.
SO LET ME GET THIS RIGHT.
A $2.9 TRILLION TAX HIKE ACROSS
THE BOARD, ON EVERY CATEGORY OF
PRODUCER, INVESTOR, WORKER,
EVERY CATEGORY, IS GOING TO
INCREASE GROWTH, REALLY?
NAUGHTY, NAUGHTY.
THEY’RE OFF THE LAFFER CURVE.
ALL I ASK IS ON THIS THING, GIVE
ME A SINGLE TEXTBOOK REFERENCE
THAT SAYS JACKING UP TAXES BY
RECORD AMOUNTS WILL BOOST
GROWTH?
I DON’T CARE SUPPLY SIDE, DEMAND
SIDE, KEYNESIAN, NEOLIBERAL,
PROBABLY MARXIST, I NEVER READ A
MARXIST TEXTBOOK.
SHOW ME ANY TEXTBOOK THAT SAYS
MAJOR TAX HIKES WILL PROMOTE
ECONOMIC GROWTH?
I MEAN JUST SAYING FOLKS, FIND
ME SOME INTELLECTUAL SUPPORT FOR
THIS INANE INDEFENSIBLE VIEW.
FOCUSING MORE NARROWLY ON THESE
TAX PROPOSALS, LOOKS TO ME LIKE
THE HARDEST HIT AREA IS GOING TO
BE SMALL BUSINESS WHICH IN MANY
WAYS IS THE HEARTBEAT OF
AMERICA.
I WILL QUOTE THE LANGUAGE OF MY
GREAT PAL DAN CLIFTON, WHO
WRITES TODAY, AND I QUOTE, A
SMALL BUSINESS OWNER WITH
$500,000 IN INCOME WILL SEE
THEIR INCOME TAX RATE INCREASE.
THE AMOUNT OF INCOME SUBJECT TO
THAT RATE INCREASES, HAVE A NEW
3.8% SURTAX, LOSE A 20%
DEDUCTION.
THE BUSINESS OWNER COULD BE
LOOKING AT A 46 TO 48% INCOME
TAX RATE EVEN BEFORE CONSIDERING
PAYROLL TAXES AND STATE AND
LOCAL TAXES.
THAT MEANS OVER 50% EASILY.
I DON’T KNOW WHAT IT IS ABOUT
DEMOCRATS THAT THEY WANT TO VENT
THEIR SPLEENS AND PUNISH SMALL
BUSINESS PEOPLE.
MAYBE JOE BIDEN OR WAYS AND
MEANS CHAIR RICHARD NEIL ONCE
HAD THEIR DOG RUN OVER BY A
SMALL BUSINESS PERSON AND HAVE
NEVER FORGIVEN THEM.
I HOPE THAT IS NOT TRUE.
I’M A DOG LOVER, BUT THERE HAS
TO BE SOME REASON FOR THIS CRAZY
ASSAULT ON SMALL BUSINESS.
I MEAN I CAN’T THINK OF A REASON
WHY OF ALL THE ECONOMIC
CONSTITUENTS OUT THERE, THAT
WANT TO PUNISH SMALL BUSINESS,
THE MOST, I DON’T GET IT.
NOW LET’S BE CLEAR, BIG BUSINESS
GETS HIT TOO.
THE CORPORATE RATE JUMPS FROM
26.5% FROM 21.
YOU ADD ON 4% FOR THE AVERAGE
STATE AND YOU’RE LOOKING AT OVER
30%.
THAT IS PROBABLY STILL AT THE
TOP OF THE OECD DEVELOPED
COUNTRY LIST.
WE’LL ASK SCOTT HODGE ABOUT THAT
LATER IN THE SHOW.
TAX GAIN TAX WILL GO UP FROM 20
TO 25%.
OF COURSE THE 3.8% OBAMACARE
SURTAX.
THE TOP INDIVIDUAL RATE GOES TO
39.6.
AND THEY STICK ON A 3% SURTAX
FOR SUCCESSFUL EARNERS OVER FIVE
MILLION DOLLARS.
WE DON’T LIKE SUCCESS IN THE
MODERN DEMOCRATIC PARTY.
YOU HAVE LIMITED DEDUCTIONS FOR
HIGHLY COMPENSATED EXECUTIVES.
YOU GET SOME WHACKS OUT-OF-STATE
AND TAXES ON GIFTS OR GRANTS OR
GRANT TRUSTS.
PLUS OF COURSE TAX HIKES ON
CORPORATE, INTERNATIONAL INCOME.
SO THE GORY TOTALS, ROUGHLY A
TRILLION DOLLARS IN TAX HIKES ON
INDIVIDUALS.
900 BILLION ON BUSINESS.
700 BILLION ON DRUG COMPANIES.
AND THEN THIS PHONY 120 BILLION
ON IRS -- WHICH WILL NEVER GOING
TO PASS.
ALL THIS IS PRELIMINARY.
THE SENATE FINANCE COMMITTEE
WILL WEIGH IN.
SO WILL THE WHITE HOUSE.
BASICALLY ALMOST ALL PEOPLE WHO
WORK IN BUSINESS WILL BE PAYING
A COMBINED TAX RATE OF ABOVE
50%.
ONE WAY OR ANOTHER, ALMOST EVERY
SINGLE MAN, OR WOMAN IN
BUSINESS, OVER 50% TAX RATE.
AND OF COURSE THE QUOTING FROM
NUMEROUS STUDIES, SUCH AS THE
CBO, THE JOINT TAX COMMITTEE, OR
THE TAX FOUNDATION, THE BIGGEST
BURDEN OF OF THE CORPORATE TAX
HIKE WILL FALL ON MIDDLE INCOME
PEOPLE, BLUE-COLLAR WORKERS,
RIGHT?
PROFITS ARE GOING TO FALL.
THAT MEANS LESS MONEY FOR WAGE
INCREASES, LESS MONEY TO HIRE,
LESS MONEY TO INVEST IN NEW
PLANTS AND EQUIPMENT AND
TECHNOLOGY THAT WOULD MAKE THE
WORKFORCE HIGHLY PRODUCTIVE.
NONE OF THAT IS GOING TO BE
POSSIBLE WITH THESE BUSINESS TAX
HIKES.
BUT I WANT TO MENTION ONE OTHER
THING.
AMERICA’S DRUG COMPANIES.
THIS IS SUCH A SAD TALE.
WORKING IN PARTNERSHIP WITH THE
FEDERAL GOVERNMENT, OF COURSE
THAT WAS THE TRUMP
"OPERATION WARP SPEED,"
DEVELOPING A COVID VACCINATION
IN SIX MONTHS INSTEAD OF 10
YEARS LITERALLY SAVING THE
COUNTRY AMIDST THE WORST
PANDEMIC IN 100 YEARS.
THE DEMOCRATS REWARD FOR THE
DRUG COMPANIES INGENUITY AND
THEIR PATRIOTISM IS TO JACK UP
THEIR TAXES AND THEN CLAMP DOWN
ON PRICE CONTROLS, AND THEN
FORCE THEM TO PAY ADDITIONAL
MEDICARE REBATES AND ABIDE BY
SOCIALIST EUROPEAN PRICE
CONTROLS.
THAT IS THE WAY THE DEMOCRATS
SAY THANK YOU TO OUR
PHARMACEUTICAL AND BIOTECH
ININNOVATORS WHO GOT US THROUGH
THE PANDEMIC.
AND IN FACT, YOU KNOW, BIDEN AND
THAT GROUP THEY’RE ALL YOUNG,
GET THE VACS, GET THE VACS, GET
THE VACS.
THE PEOPLE WHO MADE THE VACS ARE
GETTING KILLED BY THEIR TAXES
AND REGULATORY POLICIES.
IT WILL SPILL OVER TO BIOTECH.
IT IS THE STUPIDEST, AWFUL
THING.
APART FROM THE TAX COMMITTEE,
THERE IS OTHER STUFF, SUMMERING
THE WAGONS IN DIFFERENT AREAS OF
THE HOUSE YOU HAVE GOT
IMMIGRATION POLICIES THAT WOULD
PROVIDE AMNESTY TO DREAMERS,
SO-CALLED ESSENTIAL PANDEMIC
JOBS AND GET THIS, WITH AN
ELIGIBILITY STARTING DATE THAT
COULD PERMIT A MILLION ILLEGALS
WHO HAVE CROSSED OVER THIS PAST
YEAR TO CLAIM A PATH TO
CITIZENSHIP.
THAT IS COMING OUT OF THE HOUSE
JUDICIARY COMMITTEE.
NOW, LOOK IT, WE SURELY NEED
IMMIGRATION REFORM.
I’M FOR LEGAL IMMIGRATION
REFORM.
BUT THAT IS A SEPARATE ISSUE
FROM BUDGET RECONCILIATION.
I’M ALSO READING THAT ANY PART
OF THE ECONOMY INCLUDING THE
OVER $500 BILLION, WAY OVER, OF
GLOBAL WARMING, GREEN NEW DEAL,
ELECTRIC CAR SUBSIDIES,
RENEWABLE FUEL SUBSIDIES, ANY
BUSINESS RECEIVING ANY OF THOSE
MONIES MUST HAVE A UNION SHOP BY
LAW, RIGHT?
NO RIGHT TO WORK.
I NOTICED ALREADY IN THIS
MORNING’S PAPER TOYOTA AND
HONDA, WHICH ARE TWO HUGE BUILD
IN AMERICA CARMAKERS, ARE
PROTESTING THIS AS THEY SHOULD.
SO, FOLKS I WILL LEAVE YOU WITH
THIS QUESTION TONIGHT, IS IT
POSSIBLE THAT SOME COMMON SENSE
COULD PREVAIL TO DEFEAT THIS
ECONOMIC MONSTROSITY?
THAT IS ALL I’M ASKING, IS IT