Does anybody in here not like their children?
Be careful, we gotta be careful with that.
[LAUGH] The problem is the fake news media is gonna report that as fact,
you know that, you're gonna have a lot of explaining to do.
>> Trump held a campaign rally in Davenport,
Iowa and the topic of estate taxes came up.
So while that question he asked the audience seemed a little strange,
what he was trying to get at is if you love your children,
you should want to do away with the death tax.
In fact, he's gonna give you more details on how he feels about estate taxes
in the next clip, let's watch.
>> Nobody in history did more for farmers of our country,
the great farmers, than I did to protect family farms.
I virtually eliminated the unfair estate tax or death tax, remember I used to say,
look, I'm trying to get this passed, I don't know if I can get it.
But if I do, if you love your children, you can leave your farm to your kids.
If you don't love, you don't have to worry about tax, no tax,
they call it a death tax, that's not a nice word but very appropriate.
If you don't like your kids that much or if you don't like them at all,
which happens on occasion, don't leave them a thing, the tax won't help you,
don't worry about it.
>> Let me just say right off the bat,
I disagree with him on the estate tax as much as humanly possible, okay?
I think he's wrong on the estate tax.
I think what he did to estate taxes when he was in power was awful and
incredibly damaging to the very issues that Republican lawmakers claim to care so
much about.
Government spending, balancing the budget, debt, deficits, we're so
concerned about all these things except, when they cut taxes for the rich,
it's clear that they don't care about those things.
But I will say he really does have an entertaining way of spreading his message.
>> Yeah, he does and that's common but this one is totally full of crap.
Earlier in the show, we showed you something he was right about,
social security, Medicare and DeSantis wanting to cut it.
In this case, he's talking about farms, it applies to no farms literally.
So back when the state tax had not yet been cut by Donald Trump and
was under Obama, still, it was about at $5.5 million per person,
11 million per couple that was exempt, right?
So you had to have a farm that was like a really giant farm,
right, for the estate tax to even apply.
But even so it only applies marginally, it's a long story.
Bottom line is they did an analysis back then.
It would have affected at most 20 farms, 20 farms, so
whole country 330 million people.
But did it affect any of those farms?
Did anyone have to actually sell off their farm as that Republican mythology goes?
No, zero farms were sold off.
So that's nonsense, what it actually does is it protects
incredibly wealthy people like Donald Trump donor,
Sheldon Adelson and when he passed away, he saved a lot of money.
>> So let's go to the 2018 estate tax changes, okay?
So remember the first two years of Trump's administration,
he had a majority in Congress.
They helped him pass the tax cuts for the rich and they also helped with
these exemptions when it comes to the estate tax in particular.
So let's give you those details.
For tax year 2017, the estate tax exemption, as Cenk referred to earlier,
was 5.49 million for an individual, or twice that for a couple.
However, the new tax plan increased that exemption to 11.18 million for
tax year 2018, rising to 11.4 million for 2019,
11.58 million for 2020, 11.7million for 2021.
You guys get the point, the number keeps going up.
So, as the amount that is exempted from the estate tax rises,
the less likely it is that anyone,
including the wealthiest people in the country, will have their children or
whoever inherits their wealth, pay taxes on that inheritance, right?
That's what this is about.
And the common argument that you hear sometimes from corporate Democrats but
mostly from Republicans is that, well, this is money that's already been taxed.
Yeah, it was taxed for the person who made that money, this is completely new income
that individuals are now inheriting from a family member who passed away.
So, why shouldn't that be taxed, I don't understand.
And when you consider just how much of that money, how much of that inheritance
is already exempt from being taxed, I don't think it's far fetched or
insane to expect an individual to pay something in taxes after a certain amount.
I mean, I think the five million number was already ridiculous but as you know,
Trump, increased that threshold of exemptions.
>> Yeah, and so now in 2023 the number's almost 13 million per individual but
remember, 13 million per parent.
So it's really $26 million that the rich can pass on to their kids who by the way
are taxed on it for the first time, they didn't work for that money.
It's just a gift given to them by their parents and
$26 million for free, no tax on it at all.
And then the marginal tax goes up slightly into higher and higher levels until
it maxes out at around 40% but guys ain't nothing about farms, okay?
Donald Trump doesn't wanna tell his blue collar audience,
I did this great favor for the rich.
The super rich people that have over $26 million and
they want their lazy bum kids to get it for nothing.
They don't need to work at all, my kids are losers, none of them work and
I wanna be able to give them money for free.
He doesn't tell you that part but that is 100% the reality.
>> Now, I'm sure you'll enjoy this part Cenk, I wanna go to graphic six here.
Because what's really the driver, the motivating factor behind Republicans
wanting to pass these kinds of tax cuts for the wealthiest people in the country?
Well, we should keep in mind that a lot of them are wealthy themselves, but
that's not really the driver here.
As one lawmaker says, my donors are basically saying, get it done or
don't ever call me again is how New York Republican
representative Chris Collins put it.
And Senator Lindsey Graham also made no secret of the role major donors
are playing in this public debate.
When asked, what would happen should the plan not pass?
Graham responded candidly, the financial contributions will stop.
>> It's amazing.
>> It's just super transparent.
>> Just flat out saying, yeah, we get bribed, the bribes will stop and
the people doing the bribing go, well,
I'm not gonna give them a bribe if they don't do exactly as I ordered them to.
And then the press reports it and here we are like, no big deal, no big deal.
Guys, what's happening is super transparent, all right.
>> And then finally, what are Democrats doing?
How are Democrats trying to solve the mess that has been created
by further cutting taxes when it comes to the estate tax?
Well, in 2021 Democrats on the House Ways and Means committee proposed and passed
a plan to cut the taxable asset threshold back down to five million per individual.
While House Democrats proposal wouldn't significantly raise the share of people
subject to estate state tax, the policy would raise 52.3 billion over the next
five years according to an estimate from the Joint Committee on Taxation,
the nonpartisan tax scorekeeper for Congress.
That's about four times more than tax revenues from 2019 returns.
Now, as you can see that was a piece written by CNBC back in September of 2021,
that went nowhere, so didn't happen.
>> [LAUGH] So Biden in his new proposal says that,
I'm gonna raise taxes on the rich, no, you're not.
>> No.
>> Okay, nobody believes that other than the reporters in Washington.
>> The parliamentarian Cenk, and the filibuster.
>> [CROSSTALK] >> So many excuses.
>> There was nothing we could do.
>> Anyway but let's go back to having a little bit of fun because Trump asked if-
>> [LAUGH] Hey, what in the world, okay.
>> Trump asked an inappropriate question about whether people like their children,
which makes you think about certain individuals and
whether they like their children, so let's take a look.
>> If you don't like your kids that much or if you don't like them at all,
which happens on occasion, don't leave them a thing.
Does anybody in here not like their children?
[MUSIC]
>> It's rough.
>> [LAUGH] That's it, that was the compilation?
>> That's it.
>> [LAUGH] Let alone Tiffany, let alone all the others.
>> Tiffany and Eric, right?
>> Yeah. >> I don't think he likes Don Jr either,
I think Ivanka might be the only one he likes.
>> No, forever he only liked Ivanka and there's old quotes of him saying
that Don Jr and Eric are morons and that's coming from Trump.
>> It's true, yeah.
>> The apple doesn't fall far from the tree.
Anyways, so he doesn't like those two knuckleheads, that's Beavis and Butthead.
Tiffany I don't even know if he realizes that she's his kid,
there's never any mention of Tiffany, okay?
Ivanka, seem to be the only other human being on planet earth that he liked.
>> Right.
>> Or cared about, but now he's super mad at her because Jared Kushner and
Ivanka think that he shouldn't run this time around.
And so he's kind of cut them out of a lot of speeches so there's some drums left.
And he has this longing to be loved, right?
That's why he's always like, okay, where's the cameras, where's the crowd?
My crowds, my crowds are big, my button is big, my crowd is big and
the reason is no one loves him in the real world because he doesn't give it back.
So that's why since he shows no love, he gets no love.
>> In his personal life.
>> Right? >> Yeah, yeah.
>> No, I see that, you can see that,
I mean you see it every time his wife swats his hand away.
>> Like this, [LAUGH] right?
>> No, it's rough.
>> Now, if you bury your ex wives on your own golf course to get a tax break,
[LAUGH] there might not be a lot of love out there for you.
Try to be a decent human being, see how that turns out for you.