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ELIZABETH: TO THE GROUP CALLED
THE PEAT ROTTIC MILLIONAIRES --
PATRIOTIC MILLIONAIRES.
CRITICS ARE SAYING YOU'VE GOT
BULLYING NONSENSE YOU'RE TRYING
TO SELL, SAYING THE FALSEHOODS
ARE IN THE SLOGAN.
YOU'RE UNPATRIOTIC IF YOU DON'T
PAY WHAT THEY THINK YOU SHOULD
PAY.
TAX THE RICH, SAVE AMERICA.
YES, IT REALLY IS THAT SIMPLE.
YES, IT'S A SLOGAN FOR
SIMPLETONS, THE FACT IS THEY
DON'T TELL YOU HUNDREDS OF
BILLIONS OF DOLLARS IN
GOVERNMENT WASTE WHILE THEY WANT
MORE OF YOUR MONEY, AND THE TOP
20% ALREADY PAY ABOUT 87% OF ALL
FEDERAL INCOME TAXES.
THERE'S MORE THEY'RE NOT TELLING
YOU, LET'S BRING IN THE FORMER
GUBERNATORIAL CANDIDATE FOR
CALIFORNIA, JOHN COX.
WHAT DO YOU THINK OF ALL THIS?
>> GREAT TO BE WITH YOU, LIZ.
WELL, THE LAST THING WE SHOULD
DO IS GIVE MORE MONEY TO THE
GOVERNMENT WHICH, AS YOU SAY,
WASTES A LOT OF THE MONEY AND
USES IT INEFFICIENTLY AND
UNPRODUCTIVELY.
THERE'S ONE REASON WHY BERNIE
SANDERS AND ALL THESE PEOPLE
WANT TO DO THAT.
THAT'S ALL ABOUT POWER.
THE MORE MONEY THAT GOES INTO
THE GOVERNMENT, THE MORE
POWERFUL WE ARE.
WE SHOULD HELP PEOPLE WHO NEED
THE HELP, LIZ, AND WE SHOULD TRY
TO REDUCE INEQUALITY, BUT YOU
DON'T DO THAT BY TAXING THE
RICH.
YOU GIVE PEOPLE VOUCHERSES FOR
EDUCATION AND VOUCHERS FOR
HEALTH CARE AND ASSISTANCE SO
THAT THEY CAN USE THOSE VOUCHERS
TO GO AND CHOOSE TO SPEND THOSE
VOUCHERS AND USE THEIR OWN
CONSUMER CHOICE TO GET A BETTER
DEAL TO MAKE SURE THE QUALITY IS
GOOD AND TO MAKE SURE THAT
EVERYBODY USES THE RESOURCES THE
MOST EFFECTIVE MANNER.
ELIZABETH: TWO-THIRDS TO HAVE
U.S. HOUSEHOLDS GET MORE IN THE
WAY OF GOVERNMENT BENEFITS THAN
THEY PAY INTO THE SYSTEM IN
TAXES.
THAT'S ACCORDING TO THE CBO.
SOMETHING LIKE 44, 43% DON'T PAY
ANY FEDERAL INCOME TAXES.
YES, OF COURSE, WE KNOW THEY PAY
PAYROLL TAXES, BUT WHEN YOU HEAR
THE HARD-LINE IDEOLOGY OF "THE
NEW YORK TIMES" SAYING, QUOTE,
ABOLISH BILLION NATURES,
ELIZABETH WARREN AND BETO
O'ROURKE, THEY WANT NO MORE
UPPER BRACKET PEOPLE, BERNIE
SANDERS AND ALEXANDRIA
OCASIO-CORTEZ ARE CONSTANTLY
TALKING ABOUT FLATTENING AND
GETTING AT THE UPPER BRACKETS IN
ORDER TO PAY FOR THEIR BIG
GOVERNMENT PROGRAMS.
OF THERE'S NO INDICATION THAT
TAKING MORE MONEY ACTUALLY
SOLVES SOMEBODY ELSE'S AND
RAISES SOMEBODY ELSE'S INCOME.
WE KNOW ABOUT THE GOVERNMENT
PROGRAMS THAT HELP, BUT THAT'S
AT THE HEART OF THIS DECEPTIVE
ARGUMENT, JOHN.
>> WELL, AND NOT ONLY THAT, WHAT
THEY DO, WHAT THE RICH DO WHEN
THEY RAISE TAX RATES LIKE THAT
IS THEY FIND OTHER WAYS TO AVOID
THE TAX WHICH IS ALSO
UNPRODUCTIVE AND INEFFICIENT.
I'M A CPA, LIZ.
I USED TO DO TAX RETURNS WHEN
THE TAX BRACKET WAS 70%.
AND WHAT PEOPLE DID WAS THEY
TRIED TO MANIPULATE THEIR
INCOME, MOVE IT ALL OVER THE
PLACE, AND IN DOING SO, THEY
DIDN'T USE IT EFFICIENTLY OR
PRODUCTIVELY.
LIZ, OUR STANDARD OF LIVING IS
ACCELERATED.
YOU KNOW THIS.
WHEN WE USE OUR RESOURCES
EFFECTIVELY AND PRODUCTIVELY.
ELIZABETH: YEAH.
>> WHEN WE HAVE GOVERNMENT MAKE
ALL THESE PROBLEMS LIKE IN THE
AND RAISE TAX RATES, IT MAKES
OUR USE OF RESOURCES VERY
INEFFICIENT, AND THAT REALLY
DOES HURT OUR STANDARD OF
LIVING, AND THAT HURTS THE
PEOPLE THAT NEED AN INCREASE IN
THE STANDARD OF LIVING A LOT
MORE.
I DON'T NECESSARILY, BUT THE
PEOPLE WHO ARE STRUGGLING AND
WORKING, THEY NEED TO USE MONEY
EFFICIENTLY AND PRODUCTIVELY.
ELIZABETH: THE OTHER THING TOO
ABOUT THE FIGHT BERNIE AND THE
OTHERS ARE TRYING TO TOUT AND
SELL, THEY ONLY USE INCOME
INFORMATION FROM THE IRS AND
CENSUS.
IT DOES NOT THE INCLUDE THINGS
LIKE JOBLESS BENEFITS, MEDICAID,
MEDICARE, 401(K)s, PENSION
PLANS, ON AND ON.
YOU'RE -- AND ALSO COMPANY
HEALTH PLANS.
WHAT ARE YOUR THOUGHTS ABOUT
THAT?
BY THE WAY, I THINK THE LOWER
AND MIDDLE CLASS OWN ABOUT HALF
OF ALL PENSION ACCOUNTS IN THIS
COUNTRY, THAT INCLUDES FIREMEN,
TEACHERS AND COPS.
>> ABSOLUTELY.
AND THE REDUCTION IN THE
CORPORATE TAX RATE THAT THE
PRESIDENT GOT THROUGH MADE U.S.
COMPANIES A LOT MORE EFFICIENT,
MADE THEM A LOT MORE COMPETITIVE
IN THE WORLD AND BROUGHT BACK A
LOT OF MONEY THAT THEY'VE BEEN
USING TO INCREASE THE STOCK
PRICE.
THE STOCK MARKET HIT CLOSE TO A
NEW RECORD AGAIN TODAY, AND I
THINK A LARGE PART OF THAT IS
THEY'RE ABLE TO BRING THAT MONEY
BACK AND USE IT EFFICIENTLY.
THAT'S WHAT GOVERNMENT OUGHT TO
BE DOING, LIZ.
THIS IS ALL ABOUT ENVY, AND IT'S
ALL ABOUT CONTROL, AND THAT'S
WHY THESE PRESIDENTIAL
CANDIDATES ARE PUSHING THIS
STUFF.
AND I HOPE THAT YOUR VIEWERS AND
THE REST OF THE PEOPLE IN THIS
COUNTRY GET WISE TO WHAT THESE
POLITICIANS ARE DOING.
YOU KNOW, WE NEED TO MAKE SURE
THAT MONEY STAYS IN THE HANDS OF
CONSUMERS WHO CAN USE IT TO MAKE
SURE THAT WE HAVE COMPETITION
AND QUALITY AND EFFICIENCY IN
THE USE OF OUR RESOURCES.
ELIZABETH: YEAH.
TO YOUR POINT, EVEN MUTUAL FUND
COMPANY FIDELITY SAYS, YOU KNOW
WHAT?
9 OUT OF 10 PEOPLE WHO ARE
MILLIONAIRES, THEY WERE NOT BORN
WEALTHY, THEY DID NOT START OUT
LIFE ON THIRD BASE,TARIANED IT.
THERE'S -- THEY EARNED IT.
PEOPLE MOVE UP IN THE UPPER
BRACKETS AND MOVE DOWN.
THAT'S BEEN THIS WAY FOR
DECADES, JOHN.
>> PEOPLE DON'T RESENT THE RICH.
WHAT THEY WANT TO DO IS BE RICH,
AND THEY WANT THE OPPORTUNITY.
AND I THINK THAT'S WHAT WE
HAVE --
ELIZABETH: I GOTTA GET TO THIS.
A "FORBES" REPORT SAYS BERNIE
SANDERS HAS AN ESTIMATED $2.5
MILLION FORTUNE.
HE OWNS MULTIPLE HOMES, HALF A
MILLION IN CASH INVESTMENTS,
700,000 IN GOVERNMENT PENSIONS.
YOUR TAKE ON BERNIE SANDERS
BEING A 1%-ER JOHN.
>> WELCOME TO THE CAPITALIST
WORLD, BERNIE.
I WELCOME YOU EARNING A LIVING
AND EARNING RESOURCES THAT YOU
CAN THEN BETTER DEPLOY TO HELP
OTHERS.
I THINK THAT'S A WONDERFUL
THING.
YOU KNOW, THAT'S THE BENEFIT OF
OUR WONDERFUL SYSTEM.
AND WE CAN SEE WHEN OTHER
COUNTRIES HAVE DIFFERENT SYSTEMS
LIKE VENEZUELA, YOU KNOW, THAT
THEY DON'T ENJOY THOSE KINDS OF
BENEFITS.
SO I HOPE BERNIE LOVES LIVING IN
THE UNITED STATES AND CERTAINLY