KENNEDY: I’VE GOT GOOD NEWS,
THEY PUSH THE IRIS MATE FILING
DATE TILL MAY BUT THE BAD NEWS
IS GRANDPA JOE WILL RAISE YOUR
TAXES RENEWED SPENDING JACKS
THAT HAVEN’T BEEN INVENTED.
WE ARE 2 TRILLION IN THE RED
ALREADY THIS YEAR AND THAT IS
BEFORE YOU INCLUDE THE LATEST
$1.9 TRILLION COVID RELIEF
PACKAGE.
WHEN JOE AND CAVITY FINISH
TORTURING HIGH INCOME EARNERS
THEY WILL PUSH UP THE CORPORATE
TAX RATE 8% AND GRIPPED OFF A
PLUMPED ESTATE TAX AND PILFER
YOUR CAPITAL GAINS.
THIS WILL HELP BRING IN JUST A
LITTLE OVER $2 TRILLION OVER TEN
YEARS AND THAT IS A DECADE THAT
DOESN’T EVEN BEGIN TO COVER A
THIRD OF WHAT HAS ALREADY BEEN
PURLOINED OVER THE LAST YEAR.
WHAT DOES RAISING TAXES DUE TO
AN ALREADY OVERBURDENED ECONOMY?
THAT BEST CASE SCENARIO, IT’S A
SUCKER PUNCH IN THE SHORTS.
THERE IS REASON WE HAVEN’T HAD A
BIG TAX HIKE SINCE 1993 AND IF
IT WERE POPULAR THEN, NEWT
GINGRICH AND HIS REPUBLICAN
MANDATE WOULD NEVER HAVE BEEN A
BE IN THE CLINTON BONNET.
MATTER WHAT PRESIDENT PICKLE
BLAME AND JANET YELLEN TRY TO
SELL, THEY ARE WIDELY UNPOPULAR
FOR EVERYONE AND IT DOESN’T
MATTER WHAT DO-GOODER PROGRAM
THEY ARE TRYING TO SELL BUT IT
IS NEVER WORTH TAKING HOME LESS
MONEY SO THE FEDERAL GOVERNMENT
CAN PAD ITS OWN POCKETS WITH
REDUNDANT AND INEFFECTIVE
PROGRAMS.
BOTH PARTIES HAVE COMPLETELY
LOST TOUCH WITH THEIR ARROWS.
REAGAN LOWER TAXES, W LOWER THE
TOP RATE FROM 39.6-35% AND EVEN
PRESIDENT OBAMA AND CLINTON
KNOCKED BACK TO SPUR MUCH-NEEDED
ECONOMIC GROWTH.
REPUBLICANS AND DEMOCRATS
ADOPTED DEVIL MAY CARE HIGH
SPENDING HABITS AND FOR
DEMOCRATS THE NEED IS A
DOWNRIGHT ADDICTION.
RIGHT NOW NO ONE WANTS TO REALLY
SHRINK THE SIZE OF THE FEDERAL
GOVERNMENT BECAUSE PROMISES AND
DEPENDENCY EQUAL POWER IN THE
TAX POLICY CENTER FORECASTS THIS
REVENUE WEDGY WILL LOWER GDP OF
ABOUT .8% AND KILL ONE OF 59,000
JOBS, REDUCE WAGES AS
CORPORATIONS COPE WITH HIGHER
TAX BILLS AND ALL THAT ON THE
HEELS OF COVID RECOVERY.
THAT COULD TAKE MORE BUSINESSES
OUT OF BUSINESS FOR GOOD.
AXIOMS ARE TRUE, IF UNPOPULAR
AND THERE WERE NEVER A GREATER
MORE NECESSARY TRUTH THAN THIS,
IF YOU WANT ECONOMIC GROWTH YOU
HAVE TO CUT TAXES AND YOU HAVE
TO CUT SPENDING.
YOU CAN PRETEND THIS IS SWEDEN
BUT SADLY, YOU’VE ARRIVED IN
VENEZUELA AND THAT IS THE MEMO.
PRESIDENT BIDEN SAYS REPUBLICANS
CAN JUMP AND A LEG FOR ALL HE
CARES, HE DOESN’T CARE AND HE
WILL GET ALL THE DOUBLE GUARD
VOTES HE NEEDS FOR THOSE BIG TAX
PLANS.
WATCH.
>> HOW WILL YOU GET A REPUBLICAN
VOTE FOR A TAX INCREASE?
>> OH, I MAY NOT GET UP AND LOOK
AT THE DEMOCRATIC VOTES FOR TAX
INCREASE.
IF WE JUST TOOK THE TAX RATES
BACK TO WHAT IT WAS WHEN BUSH
WAS PRESIDENT, TOP RATE PAID
39.6% AND FEDERAL TAXES AND THAT
WOULD RAISE TO ANOTHER
$30 BILLION.
KENNEDY: MAN, YOU’RE ALREADY
TAKING ENOUGH MONEY.
STOP SPINNING MONEY.
WILL THE TAX PLAN KILL THE
ECONOMY?
IT IS JUST STARTING TO PICK UP
FOR JOINING ME TO BREAK IT ALL
DOWN IS PRESIDENT OF THE
AMERICAN INSTITUTE FOR ECONOMIC
RESEARCH AND TRINITY COLLEGE
PROFESSOR OF ECONOMICS AND IS
HERE.
ED, HELLO.
KENNEDY:
>> GOOD TO SEE YOU, KENNEDY.
KENNEDY: LET’S TALK ABOUT THE
CORPORATE TAX RATES BECAUSE THE
TRUMPET TAX CUTS LOWERED IT FROM
28-21% AND PRESIDENT BIDEN WANTS
TO BUMP IT BACK UP TO 28 SO WHAT
DOES THAT, IN ITSELF, DUE TO THE
ECONOMY?
>> TAXING BUSINESS, INCLUDING
OPERATIONS, DISCOURAGES ECONOMIC
ACTIVITY.
WE COMPETE GLOBALLY WITH
COMPANIES AROUND THE WORLD AND
THE LAST THING THAT AMERICA
SHOULD BE DOING IS PUNISHING
AMERICAN BUSINESS.
OFTEN TIMES THEY DO IT AS LIKE
WE WILL TAX THE RICH AND IT’S A
BIG CORPORATION BUT GUESS WHAT,
CORPORATIONS HIRE AMERICANS AND
THEY HIRE WORKERS AND WE ALSO
PURCHASE THINGS FROM THEM SO AT
THE END OF THE DAY TAXING
AMERICAN BUSINESS IS A TAX ON
THE AVERAGE WORKER, THE AVERAGE
INVESTOR, AS WELL.
IT IS NOT AS IF WE’RE JUST GOING
TO BE PASSING OFF TO A FEW RICH
PEOPLE BUT THIS WILL BE
DISCOURAGING ECONOMIC ACTIVITY
NATIONWIDE.
KENNEDY: AND IT’S THE BIG
COMPANIES LIKE TARGET AND
AMAZON.
THEY NEVER FALL VICTIM TO THESE
TAX LAWS.
CORPORATIONS DON’T JUST MEAN
WALMART.
THESE DIGITAL MOM AND POP SHOPS
THAT BIDEN IS TALKING ABOUT
CLOSING OFF SOME OF THE
DEDUCTIONS THAT PASS THROUGH
CORPORATIONS ENJOY IN ORDER TO
OFFSET THEIR PERSONAL RISK WHEN
THEY ARE THE ONES THAT FUND
THEIR OWN BUSINESSES.
>> YET, MANY OF THOSE ARE SMALL
INDIVIDUALS ARE CERTAINLY.
THE IDEA IS LIKE WE WILL TARGET
THE RICH AND THEY WILL PAY FOR
ALL THE SPENDING BUT FIRST OF
ALL, EVEN THOUGH THEY HAVE MONEY
THERE IS ONLY SO MUCH MONEY AND
THEY DON’T HAVE $2 TRILLION TO
PAY FOR THIS LATEST BAILOUT AND
SO THERE IS A SPENDING PROBLEM
AND THEN FOLLOWING THAT WITH A
TAX PROBLEM THAT HAS ALWAYS BEEN
UNPOPULAR AMONG AMERICANS.
THE INTERESTING THING IS OVER
THE PAST 70 YEARS, EVEN WITH ALL
THE DIFFERENT TAX RATES, THE
FEDERAL GOVERNMENT HAS NEVER
BEEN ABLE TO TAX MORE THAN 20%
OF GDP INDICATING THAT AMERICANS
ARE VERY GOOD AT FINDING WAYS TO
REDUCE THEIR PERSONAL BURDEN AND
SO THE ONLY THING THAT HIGHER
TAX RATES WILL DO IS JUST GOING
TO BE HARMING THE PEOPLE WHO
CAN’T HIRE THESE BIG FANCY
ACCOUNTANTS.
KENNEDY: AND THAT IS WHAT RICH
PEOPLE DO AND THAT’S WHAT THEY
WILL CONTINUE TO DO IN THIS IDEA
THAT YOU WILL SOAK THE RICH AND
PAY FOR EVERYTHING, LET’S LEAVE
THE COVID STUFF ASIDE.
THEY HAVE THEIR EYES ON SOME
HUGE SPENDING PROGRAMS,
INCLUDING INFRASTRUCTURE WHICH
IS ALWAYS POPULAR WITH
REPUBLICANS EVEN THOUGH THEY
SHOULD PRIVATIZE EVERYTHING.
>> CERTAINLY.
YES, THEY ARE OUT OF CONTROL
SPENDERS AND THAT’S THE MAJOR
PROBLEM.
FIGURING OUT NOW WHAT WILL HE DO
AND HOW WILL THEY PAY FOR THIS
AND YOU KNOW, INCREASING THE
CAPITAL GAINS TAX IS TERRIBLE
IDEA AND THAT IS ONE IDEA WHERE
ECONOMISTS HAVE SHOWN VERY
CLEARLY THAT YOU INCREASE
CAPITAL GAINS TAXES AND PEOPLE
SIMPLY JUST INVEST IN OTHER
COUNTRIES AND THE DATA SHOWS
THAT INCREASE IN CAPITAL GAINS
TAXES DECREASES CAPITAL TAX
REVENUE.
IT’S TOTALLY COUNTERPRODUCTIVE
TO BE TRYING TO SQUEEZE OUR
ALREADY DIFFICULT ECONOMY AND