uh i want to bring in grover norquist oh
come on let's discuss this
wealthy people don't pay estate taxes
they've got enough lawyers and trust
funds to get around it usually if you've
got enough money to spend on lawyers you
can get around this one
so what's the problem why are they
proposing this estate tax hike on the
rich
well they're doing two things yes they
want to increase the death tax
uh but they're also putting in a second
death tax which is
eliminating the stepped-up basis at
death so when somebody uh passes on
a farm a small business a home to
a son or daughter they would that the
recipient would have to pay the capital
gains that had accumulated during their
parents life
and pay it immediately not when they
sell the house not when they sell the
business
this is something as awful as that
sounds
think about what biden's doing this is
an idea that they
passed in 1976. it was such a bad
idea that they never quite implemented
it because they couldn't figure out how
to do it
and in 1980 a democratic house a
democratic senate and a democratic
president
got rid of it biden new thinker
bipartisan
wants to go back to something that the
democrats recognized was a disaster
back in the 70s and imagine how
this would be the destruction of small
businesses and family farms across the
country
it is targeting small businesses to make
sure that parents and kids can't
continue
a small business and by the way can't
you get around it
i mean look at the moment there's an
army of estate lawyers who will create
any guns you can lawyer up all you want
the government's going to tell you how
much your farm is worth how much your
land is worth even though there may not
be a market for it how do you like that
the government's going to say this is
what we say it's worth and you have to
pay the capital gains
on that now with cash you don't have
it is that that's impossible i mean that
that that will be
absolute destruction of small businesses
and the the fortune in which you've got
yourself
that's the point those people don't vote
for biden
those people don't say thank you every
day to the government because the
government isn't running their lives and
telling them what to do and giving them
stuff
they don't like people like that this is
not a problem for them
that they're going to be wiping out
millions of small businesses
true true but will it go through and
we've got
uh senator manchin over the weekend
saying keep the filibuster
that would seem to me to reign in any of
these extreme measures
i mean do you really think that that
kind of a state tax would would actually
pass do you think it'll pass
all it would need is 50 votes they will
do it through reconciliation the
democrats have said that's their plan
if one or two senators say
this tax is too destructive if schumer
talks to people in new york if the
democrat senators in vermont actually
talk to small business and vote
like i'm sorry not from vermont virginia
you could stop it but it would take some
very brave
democratic senators who haven't shown up
yet uh to stop it in reconciliation
this is one of the worst things i've
ever heard that that's just the seizure
of the wealth that you've established
over your lifetime and in which on which
you probably already paid some
significant tax anyway i've never heard
anything as bad as this one
and they did it in the 70s and they knew
it was awful
and the new york times commented in 80
about how impossible the whole thing
was as they finally got rid of it
they're going to do it again
the new york times has come a long way
from 1980. grover i'm very glad you're
on the show pointing this out
because um you know that's really made
me very unhappy
but thank you for joining three failed
taxes they're trying to bring back this
is not the only one
come back soon and explain the other two
i'm gonna be all ears
mr norquist you're all right thanks for
joining us sir appreciate it thank you