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Speaker 1: On this episode of News World, we're going to talk

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Speaker 1: about the American job killing Plan. That's the plan that

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Speaker 1: President Biden is going to rush off to Pittsburgh to unveil.

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Speaker 1: They think it's a infrastructure plan, but the truth is

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Speaker 1: it's a tax increased plan and one which will I think,

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Speaker 1: clearly slow down the economy, kill jobs, make companies less

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Speaker 1: competitive worldwide. But it's doubly ironic because President Biden is

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Speaker 1: rushing off to Pittsburgh, which is the geographic center of

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Speaker 1: the Whiskey Rebellion of October seventeen ninety one, which was

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Speaker 1: the first Great American rebellion against taxes from Washington, and

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Speaker 1: in fact, it was sort of symbolic of the American

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Speaker 1: attitude that they did not want big government, they didn't

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Speaker 1: want to ship their money to Washington, and generally distrusted politicians,

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Speaker 1: including President George Washington. As Biden wings his way west

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Speaker 1: to Pittsburgh, I'm reminded that if he went just a

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Speaker 1: little bit further, he'd be in Ohio. And one of

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Speaker 1: my favorite political figures was Governor Jim Rhodes, who won

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Speaker 1: a series of governorships by always standing at the podium,

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Speaker 1: taking out his wallet slamming it with great force on

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Speaker 1: the podium and saying, I'm the guy who wants to

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Speaker 1: put more money in your wallet, and the other guy's

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Speaker 1: the one who wants to take money out of your wallet.

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Speaker 1: So in the tradition of the Whiskey rebellion over tax

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Speaker 1: increases and the tradition of taking money out of the

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Speaker 1: American people's wallets, Joe Biden is going to go and

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Speaker 1: he is going to tell us about what he calls

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Speaker 1: the American Job's Plan, which is nonsense. That's like describing

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Speaker 1: the absence of any crisis on the border. This is,

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Speaker 1: in fact the American job killing plan, and that's what

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Speaker 1: every conservative should call it. And it's a job killing

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Speaker 1: plan because it reverses every lesson we've learned from Ronald

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Speaker 1: Reagan to today and says, oh, yes, we can raise

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Speaker 1: taxes on American companies and that will let us, as

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Speaker 1: Biden says in their fact sheet which the White House released,

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Speaker 1: that this will position in the United States to outcompete China.

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Speaker 1: If you believe that, you clearly probably went to Harvard

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Speaker 1: or Yale and took a course that is nonsense from

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Speaker 1: a professor who lives in a fantasy Land, and you

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Speaker 1: are a candidate for the next production of Alice in Wonderland.

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Speaker 1: This entire American job killing plan will in fact raise taxes,

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Speaker 1: weaken the competitive businesses, make it harder for Americans to

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Speaker 1: compete in the world market, and in effect is one

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Speaker 1: more contribution from the Biden family to the victory of

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Speaker 1: the Chinese Communist Party. So let's take a serious look

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Speaker 1: at the most fun part of it, which is towards

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Speaker 1: the end when they finally get around to what they

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Speaker 1: call the Maid and America tax Plan. Well, it is

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Speaker 1: true that the nutcakes who wrote it were probably making

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Speaker 1: it in America, but it actually should be called the

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Speaker 1: tax plan guaranteed to reduce the amount of things made

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Speaker 1: in America. The President's proposing to fix the corporate tax code.

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Speaker 1: This is their language. You always have to know, if

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Speaker 1: you've ever done anything in the real world involving real businesses,

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Speaker 1: that when the government shows up and wants to fix something,

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Speaker 1: it's really dangerous. And of course, when Reagan campaigned on

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Speaker 1: supply side economics, cutting taxes, creating economic concentis a model

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Speaker 1: which works so brilliantly that we left behind the stagflation

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Speaker 1: of the nineteen seventies the failure of the Carter administration,

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Speaker 1: and literally within three years had turned the entire economy around,

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Speaker 1: launching an economic boom which lasted basically up to about

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Speaker 1: two thousand and eight, which is a pretty long boom.

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Speaker 1: And Republicans in particular learned that you should cut and

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Speaker 1: we worked very hard at it. When we got a

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Speaker 1: majority in nineteen ninety four, with the Contract with America,

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Speaker 1: we had the largest capital gains tax cut in history.

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Speaker 1: It had launched an entire boom in the high tech

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Speaker 1: industry and led to a tremendous amount of new investments

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Speaker 1: which created new jobs. Well, what we have with President

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Speaker 1: Biden is a reversion to the Keynesian pre supply side

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Speaker 1: economic model, a reversion to a model that says, if

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Speaker 1: I raise your taxes enough, then somehow, magically good things

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Speaker 1: will occur because I will have transferred money from these

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Speaker 1: incompetent business leaders to these wonderfully competent bureaucrats. And the

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Speaker 1: competent bureaucrats are much smarter than the business leaders, and

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Speaker 1: therefore they're going to do great things for us. You

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Speaker 1: could consider the Baltimore School system as an example of

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Speaker 1: great things, or you can go around the country and

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Speaker 1: look at how badly local governments have allowed their highways

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Speaker 1: to decay, and how badly the federal government is allowed

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Speaker 1: airports to decay. So this is a made to cripple

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Speaker 1: America at tax plan. It's not a made in America

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Speaker 1: at tax plan. The fact is that what President Trump

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Speaker 1: did with the tax cut of twenty seventeen was created

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Speaker 1: an enormous explosion of new wealth, new productivity. And it,

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Speaker 1: frankly always has surprised me that liberals, who you would

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Speaker 1: think care about the poor, care about African Americans, care

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Speaker 1: about Latinos, that when at the peak of the Trump economy,

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Speaker 1: just before COVID, we had an opportunity. We had a

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Speaker 1: moment where you literally had the lowest African American unemployment

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Speaker 1: rate in American history. You had the second lowest rate

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Speaker 1: of unemployment for Latinos in American history. Poor people were

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Speaker 1: rising from poverty the old fashioned way. They actually got

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Speaker 1: jobs and worked. You didn't need as much welfare, you

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Speaker 1: didn't need as many food stamps because people were rising,

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Speaker 1: they were doing better. And why were they doing better

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Speaker 1: Because the tax cuts had liberated entrepreneurs to go out

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Speaker 1: and create jobs. Now from the standpoint of the left. However,

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Speaker 1: this of course was a terrible thing because it took

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Speaker 1: money away from the government employee unions and the various

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Speaker 1: left wing groups. And they're very straightforward here. They say

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Speaker 1: in their fact sheet quote President Biden's reform will reverse

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Speaker 1: to this damage and fundamentally reform the way the tax

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Speaker 1: code treats the largest corporations. I'd like to ask President

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Speaker 1: Biden or whoever writes his talking points, what was this

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Speaker 1: damage if you had the lowest Black unemployment rate in history?

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Speaker 1: What was the damage if you had the second lowest

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Speaker 1: Latino unemployment rate in history? Why wasn't that something to

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Speaker 1: celebrate rather than to feel bad about it? Goes on

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Speaker 1: to claim, and this tells you how much they live

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Speaker 1: in Alice in Wonderland. The President Biden's reform will also

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Speaker 1: make the United States a leader again in the world. Well,

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Speaker 1: the United States economy before COVID as the leader in

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Speaker 1: the world. We were beginning to pull away from China again.

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Speaker 1: But here's the left wing view. They believe that there's

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Speaker 1: quote a race to the bottom and corporate tax rates

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Speaker 1: that allows countries to gain a competitive advantage by becoming

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Speaker 1: tax havens. Well it's true there is a race to

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Speaker 1: lower taxes. Ironically, let's look at the American model. Texas,

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Speaker 1: no state income tax, Florida, no state income tax, New

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Speaker 1: York really high taxes, Illinois really high taxes, California really

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Speaker 1: high taxes. Oh, in a free country, what's happening. People

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Speaker 1: are leaving the really high taxes and moving to the

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Speaker 1: low taxes because there's a rate. There's a rush to

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Speaker 1: or a race to a lower tax greater freedom, smaller bureaucracy,

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Speaker 1: more jobs, economy. But of course if you're a liberal,

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Speaker 1: that's terrible. They need to somehow desperately trap people. And

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Speaker 1: so what their model is going to be is the

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Speaker 1: way we can guarantee we can have high taxes in

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Speaker 1: the US is we're going to make every place in

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Speaker 1: the world have high taxes. And so this is how

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Speaker 1: they describe it. Quote, this is a generational opportunity to

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Speaker 1: fundamentally shift how countries around the world tax corporations. Well,

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Speaker 1: the European Union tried that with the Ireland, and the

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Speaker 1: Irish rebelled. The Irish had the lowest tax rate in

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Speaker 1: the European Union, and the bureaucrats in Brussels thought it

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Speaker 1: was terrible that the Irish weren't paying as much as

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Speaker 1: people in high tax countries, and so they literally blackmailed

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Speaker 1: the Irish government and said, you have to raise your

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Speaker 1: taxes otherwise we won't be happy. And the Irish apparently

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Speaker 1: got a Guinness and a jamisonisat at the bar and said,

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Speaker 1: you know, let's let Brussels be unhappy. The whole madness

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Speaker 1: behind this is that they literally are telling you in

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Speaker 1: this paper on the American job killing bill that they

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Speaker 1: want to leverage every country in the world old to

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Speaker 1: have higher taxes. So here is some of the details.

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Speaker 1: They want to set the corporate tax rate at twenty

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Speaker 1: eight percent. That doesn't sound like much, but it would

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Speaker 1: be the highest corporate tax rate in the world, which

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Speaker 1: is why they have to talk about bludgeoning everybody else

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Speaker 1: to raise their taxes. It says basically that they're going

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Speaker 1: to somehow magically fund critical investments in infrastructure, clean energy,

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Speaker 1: research and development to maintain the competitiveness of the United

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Speaker 1: States and grow the economy. But what we know from

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Speaker 1: reality is that in fact this kind of at tax increase,

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Speaker 1: making us the highest tax country in the world, will

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Speaker 1: in fact lead to tax avoidance smart companies will hire

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Speaker 1: smart accountants and smart lawyers and guess what, they will

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Speaker 1: figure out loopholes. This is exactly where we were before Trump.

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Speaker 1: And so they're going back to recreate the incentive to

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Speaker 1: hide from the American tax collector by finding clever ways

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Speaker 1: to hide your money overseas. This is I think the

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Speaker 1: grandest example of cultural hubrists by a group of left

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Speaker 1: wing awoke theoreticians. And as part of why this is

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Speaker 1: such a job killing proposal, they say, quote, they're going

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Speaker 1: to discourage offshoring by strengthening the global minimum tax for

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Speaker 1: US multinational corporations. In other words, in order to make

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Speaker 1: sure that they can punish Disney or Ford or American Airlines.

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Speaker 1: They want to get the Japanese to punish Air Japan,

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Speaker 1: or to punish Toyota, or to punish Sony. And so

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Speaker 1: you have this nutty moment in life where at least

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Speaker 1: they're being very open about it. They say, here, I'm

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Speaker 1: just quoting from the right. Now, the tax code rewards

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Speaker 1: US multinational corporations that shift profits and jobs overseas with

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Speaker 1: a tax exemption for the first ten percent return on

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Speaker 1: foreign assets. No, the reason that there was a tax

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Speaker 1: exemption was to get them to bring the money home.

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Speaker 1: The whole goal here was to say we're going to

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Speaker 1: reward you if you take it out of Luxembourg, or

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Speaker 1: you take it out of Swaziland, you take it out

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Speaker 1: of Germany, we're out of Singapore and bring it back home.

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Speaker 1: They also point out, I think this is hysterically confusing

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Speaker 1: mentally on their part. They say, quote moreover, the two

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Speaker 1: seventeen tax law allows companies to use the taxes they

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Speaker 1: pay in high tax countries to shield profits in tax havens,

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Speaker 1: encouraging the offshoring of jobs. Remember, these are the people

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Speaker 1: who want to reinstate a very high tax deduction for

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Speaker 1: personal income taxes because it is just killing New York

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Speaker 1: and Connecticut, in California and Illinois to have the Trump

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Speaker 1: reforms which capped the amount you could deduct on your

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Speaker 1: state income tax. And so they actually want to go

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Speaker 1: back to a model where the very rich and then

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Speaker 1: this only effects the very very rich. The very very

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Speaker 1: rich would no longer be pressured to leave. And why

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Speaker 1: are people leaving New York and California because it's become

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Speaker 1: absurdly expensive, And how do you fix that? All? We

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Speaker 1: have to have some kind of a tax cut. So

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Speaker 1: if you're dealing with billionaires who Democrats supposed they don't like,

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Speaker 1: but whose money they need, of course you want to

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Speaker 1: fix the billionaires personal income tax loophole for big states.

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Speaker 1: Now they're suddenly realizing, you know, in corporations behave a

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Speaker 1: lot like people, corporations tend to go to where the

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Speaker 1: taxes are lower. And this really makes liberals mad because,

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Speaker 1: as I keep saying, this is all they've scene from

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Speaker 1: Jerry McGuire where the athlete keeps saying, show me the money,

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Speaker 1: and he says, what can I really do for his system?

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Speaker 1: Show me the money. So liberals walk around all day

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Speaker 1: every day trying to figure out how to pay off

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Speaker 1: their allies like the teachers unions, and they got to say,

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Speaker 1: to show me the money. And of course, conservatives who

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Speaker 1: actually believe we want you to keep your own money.

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Speaker 1: We want you to grow your business, we want you

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Speaker 1: to create jobs, we want you to invest in the

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Speaker 1: newest inventions, of the newest technologies. We have a totally

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Speaker 1: different model of how we think the economy works, which

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Speaker 1: is why we believe that this particular bill is in

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Speaker 1: fact totally mislabeled, because in fact it's not going to be,

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Speaker 1: as they say, the American Jobs Plan, it's going to

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Speaker 1: be the American jobs killing plan, because they're going to

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Speaker 1: kill the very goose that lays the golden egg. And

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Speaker 1: this was, of course a children's story because the truth

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Speaker 1: is greedy, shortsighted people think if you kill the goose,

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Speaker 1: you might find some eggs inside, and they don't. That's

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Speaker 1: why the fable existed. Well, this is a tax plan

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Speaker 1: invented by left wing academic sitting around in various woke

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Speaker 1: universities who have a theoretical model that does not work.

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Speaker 1: The President's tax reform proposal I'm quoting them, will increase

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Speaker 1: the minimum tax in its corporations to twenty one percent

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Speaker 1: and calculate it on a country by country basis so

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Speaker 1: it hits profits and tax shavings. Now think about this.

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Speaker 1: You're a major mountinational, You're in a hundred and seventy countries.

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Speaker 1: They now want you to break out your profits internally

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Speaker 1: by one hundred and seventy countries so they can then

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Speaker 1: track whether or not you are in fact doing more

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Speaker 1: business in countries that have lower taxes. I would say,

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Speaker 1: as a stockholder, if you're too stupid to be doing

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Speaker 1: more business in places with lower taxes. I once you

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Speaker 1: fired and replaced by somebody who understands that lower taxes

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Speaker 1: means more money in the company. Since it's an American company,

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Speaker 1: I happen to think it's good for American companies to

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Speaker 1: keep the money. Liberals think it's terrible for them to

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Speaker 1: keep the money. So they want to quote calculated on

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Speaker 1: a country by country basis, so it hits profits in

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Speaker 1: tax havens. Well, just imagine to yourself the level of

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Speaker 1: Internal Revenue Service and Treasury Department resources that are going

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Speaker 1: to go into this system so that they can monitor

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Speaker 1: every effort. This is exactly what they ran into with

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Speaker 1: the Whiskey rebellion in October of seventeen ninety one, because

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Speaker 1: the Western farmers were convinced that the Eastern big distilleries

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Speaker 1: were rigging of the tax system. So attacks the small

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Speaker 1: farmer owned distilleries in the West higher than attacks the

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Speaker 1: fancy eastern big distilleries. And exactly the kind of disproportion

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Speaker 1: that Joe Biden is going to take to Pittsburgh to

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Speaker 1: stand proudly on behalf of the people who cause the

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Speaker 1: Whiskey rebellion and say we're back it is just amazing.

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Speaker 1: Again I'm quoting their language. They would eliminate the rule

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Speaker 1: that allows you US companies to pay zero taxes on

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Speaker 1: the first ten percent of return when they locate investments

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Speaker 1: in foreign countries. In other words, you don't have to

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Speaker 1: bring the money home. You're a worldwide company, your Apple,

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Speaker 1: for example, your Google, your Facebook, your Delta Airlines, you

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Speaker 1: don't have to bring the money home. This was put

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Speaker 1: in to incentivize you to bring the money home. Now

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Speaker 1: they talk about it as quote and quoting them end

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Speaker 1: the race to the bottom around the world, and of

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Speaker 1: course they mean the race to lower taxes. I think

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Speaker 1: what they're going to do is end the race to

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Speaker 1: create jobs around the world. Remember, we've had a very

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Speaker 1: good economy for the last few years. All across the planet,

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Speaker 1: people have been doing better. We've lifted millions of people

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Speaker 1: into the middle class across the planet. We've literally lifted

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Speaker 1: billions of people out of poverty. And of course, rather

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Speaker 1: than celebrating that and saying, gee, how do we strengthen

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Speaker 1: our ability to create jobs, what you have are a

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Speaker 1: group of people who both ideologically because they're awoke and

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Speaker 1: at an interest group level, because they have to pay

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Speaker 1: off their allies cannot celebrate the private sector of succeeding

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Speaker 1: because it doesn't give them the money they need to

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Speaker 1: pay off their machine to go further quoting them. This

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Speaker 1: plan also denies deductions to foreign corporations on payments that

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Speaker 1: could allow them to strip profits out of the United

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Speaker 1: States if they're based in a country that does not

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Speaker 1: adopt a strong minimum tax. So what they're saying is

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Speaker 1: you better be based in a high tax country. Now,

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Speaker 1: this is the opposite of the last thirty years, because

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Speaker 1: again what happens is pretty straightforward. My best friend in

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Speaker 1: high school was a tax lawyer, and he made a

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Speaker 1: lot of money for his law firm because he specialized

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Speaker 1: in Disney and his job was to find a new

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Speaker 1: loophole faster than the IRS could close the old loophole.

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Speaker 1: So he was in a loophole arms race. And because

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Speaker 1: he got paid a lot more than the IRS lawyer,

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Speaker 1: he was willing to work on the weekends in a

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Speaker 1: night and he could always find a new loophole faster

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Speaker 1: than they could close the old one. And nobody on

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Speaker 1: the left seems to learn this because they have such

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Speaker 1: great faith in bureaucracy that they think that a forty

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Speaker 1: hour a week bureaucrat is somehow going to beat an

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Speaker 1: eighty hour a week private sector lawyer. It never happens.

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Speaker 1: So I think it's very important to understand. Let me

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Speaker 1: read this so you understand how much they're committed to

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Speaker 1: raising taxes. Quote. This provision makes our commitment to a

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Speaker 1: global minimum tax clear. The time has come to level

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Speaker 1: the playing field and no longer allow countries to gain

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Speaker 1: a competitive edge by slashing corporate tax rates. Now, I

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Speaker 1: just want you to think about this. Understand what comes

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Speaker 1: next is to create a minimum state tax system. Because

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Speaker 1: after all, all of these republican states or twenty four

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Speaker 1: states that have both houses of the legislature and the

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Speaker 1: governor a Republican, they all have much lower taxes. The

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Speaker 1: number of other states that have a governor or, they

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Speaker 1: have state legislatures, they have much lower taxes. Well, what's happening.

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Speaker 1: All the bluest, most democratic, most Ununited States are frankly

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Speaker 1: pricing themselves out of the market. And what's the answer.

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Speaker 1: Not to reform New York, not to reform California, not

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Speaker 1: to reform Illinois. Now the answers, Let's see if we

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Speaker 1: can't make the others as sick, so they too will

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Speaker 1: have terrible economies, and they too will have ray high taxes,

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Speaker 1: and then people will just have to suffer or move

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Speaker 1: to New Zealand. We are competing in a global market.

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Speaker 1: We're competing in particular with China, and a global market.

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Speaker 1: If we cripple our entrepreneurial company's ability to move resources

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Speaker 1: around and to invest to make the maximum return in

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Speaker 1: order to have the resources to compete with China, we

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Speaker 1: are crippling the United States in national security terms, and

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Speaker 1: so I think that this is a very, very dangerous process.

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Speaker 1: I think where they're going is in fact going to

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Speaker 1: lead to a much slower economy with much fewer jobs.

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Speaker 1: And they have phrases that you don't quite know exactly

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Speaker 1: what it means. One of the things I'll do research

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Speaker 1: on in the next few days. And they talk about, quote,

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Speaker 1: the complete elimination of the tax incentives in the Trump

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Speaker 1: tax law for foreign derived intangible income, which gave corporations

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Speaker 1: a tax break for shifting assets abroad and is ineffective

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Speaker 1: and encouraging corporations to invest in R and D. One,

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Speaker 1: I'm not sure what that means in detail, and two,

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Speaker 1: I don't think their facts are right. They, however, are

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Speaker 1: going to use all the revenue from repealing the deduction

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Speaker 1: to expand more effective R and D investment incentives. Now,

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Speaker 1: if you believe that the bureaucrats in the federal government

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Speaker 1: are more effective at investment incentives than the venture capitalists

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Speaker 1: across the country who have made us the most successful

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Speaker 1: economy in history, you really do live in sort of

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Speaker 1: alice in Wonderland. They want to also enact a minimum

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Speaker 1: tax on large corporations book income. Now, again, I don't

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Speaker 1: quite know what that means in detail, but I have

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Speaker 1: a hunch it means that whether or not you actually

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Speaker 1: made the income, if you made it in paper, they

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Speaker 1: would like you to send them real money. And they

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Speaker 1: want to have a fifteen percent minimum tax on the

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Speaker 1: income corporations used to report their profits to investors. They

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Speaker 1: also want to eliminate the tax preference for fossil fuels

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Speaker 1: and make sure polluting industries pay for environmental cleanup. Well,

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Speaker 1: what I would like to know when you talk about

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Speaker 1: eliminating all of the tax preferences for fossil fuels, natural gas, oil, coal,

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Speaker 1: how many different taxes does that mean? My guess is

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Speaker 1: that probably means thirty to fifty. But we're going to

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Speaker 1: actually ask the people at Ways and Means and centered

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Speaker 1: Finance to put together the details of how many taxes

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Speaker 1: are they raising in this proposal, because you start cleaning

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Speaker 1: out all this stuff, many of which, by the way,

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Speaker 1: go back to the nineteen thirties. There are number of

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Speaker 1: provisions that involve gas and oil that were deliberately built

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Speaker 1: in there. And again, just think about the lessons of history.

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Speaker 1: President Trump followed an aggressive strategy of encouraging fracking, encouraging

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Speaker 1: the development of oil and gas, and the result was

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Speaker 1: that we not only created an enormous number of jobs

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Speaker 1: in places like North Dakota and western Pennsylvania and eastern Ohio,

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Speaker 1: as well as Texas and New Mexico, but in addition,

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Speaker 1: we became energy independent for the first time in two generations,

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Speaker 1: and that gave us enormous leverage in the Middle East

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Speaker 1: and enabled us to have great leverage with the Russians

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Speaker 1: and the Chinese and the Iranians. Now that's all a fact.

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Speaker 1: I mean, nobody doubts what I just said. And I

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Speaker 1: once wrote a book on gasoline two fifty a gallon

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Speaker 1: and was attacked by President Obama for having suggested something

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Speaker 1: he said was impossible. Well, no, it's just the application

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Speaker 1: of common sense conservative principles of economics. And in fact,

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Speaker 1: gasolete drop that much effect to drop so much. The

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Speaker 1: liberals now hate the gasolete tax being that cheap because

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Speaker 1: that means people won't ride public transportation, which is unionized

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Speaker 1: and makes the liberals happy. Liberals prefer that you ride

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Speaker 1: in a group and be a group. They do not

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Speaker 1: like you to be an individual. And in that sense,

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Speaker 1: they sort of resemble the old Soviet Union, which didn't

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Speaker 1: like to have private cars because if you had a

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Speaker 1: private car, you might think you were important. Private cars

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Speaker 1: will reserved for the big guys, so you have this

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Speaker 1: whole model, and you'll see that bias. By the way,

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Speaker 1: if you look at how they propose to spend the

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Speaker 1: infrastructure money. They love trains even if nobody rides them,

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Speaker 1: and the California train experience has been one of the

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Speaker 1: greatest examples of politicians throwing money away to no positive

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Speaker 1: effect in American history. So this says that the president

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Speaker 1: I'm quoting him, as part of the Presidence commitment to

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Speaker 1: put the country on the path to net zero emissions

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Speaker 1: by twenty fifty His tax reform proposal will eliminate all

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Speaker 1: these special preferences involving fossil fuels. Now, why causing pain

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Speaker 1: in oil and gas is a good thing, I'm not sure.

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Speaker 1: And you watch this year as the price of gasoline

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Speaker 1: keeps going up, the price of heating oil goes up.

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Speaker 1: The fact is that the economy slows down because the

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Speaker 1: president's been killing jobs. They keep talking about good union

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Speaker 1: jobs as they kill the Xcel pipeline, which was ten

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Speaker 1: thousand good union jobs. So the whole thing is once

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Speaker 1: again a perfect example of liberals who don't understand how

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Speaker 1: the world works, who go around killing jobs without even

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Speaker 1: understanding what they're doing. And finally, the last good example

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Speaker 1: of how coercive this administration will be. This is from

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Speaker 1: them quote. A decade ago, essentially all large corporations were

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Speaker 1: audited annually by the eye. Today audit rates are less

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Speaker 1: than fifty percent. This plan will reverse these trends and

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Speaker 1: make sure that the Internal Revenue Service has the resources

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Speaker 1: and needs to effectively enforce the tax laws the ins corporations.

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Speaker 1: They go on to say, by the way, this should

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Speaker 1: worry you if you pay taxes. This will be paired

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Speaker 1: with a broader enforcement initiative to be announced in the

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Speaker 1: coming weeks that will address tax evasion among corporations and

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Speaker 1: high income Americans. And what does that mean. It means

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Speaker 1: that they're going to give more power to bureaucrats. They're

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Speaker 1: going to have to hire a lot more bureaucrats. So

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Speaker 1: maybe the ten thousand people who lost their jobs in

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Speaker 1: the XL pipeline could be retrained to become irs auditors,

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Speaker 1: to go out and serve the cause of more money

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Speaker 1: for government and less money for you. I do think

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Speaker 1: it is ironic that is announcing this plan in Pittsburgh.

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Speaker 1: I think that the symbolism of the Whiskey rebellion because

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Speaker 1: taxes were too high and too unfair and too biased

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Speaker 1: in favor of big companies. I'm sure nobody on the

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Speaker 1: Biden team knew that, because that would require actually knowing

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Speaker 1: American history, and since American history is bad, I'm sure

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Speaker 1: they only hire people who are utterly ignorant of American history.

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Speaker 1: I think that the Chamber of Commerce, which has been

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Speaker 1: pathetically incompetent in dealing with the realities of the woke left,

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Speaker 1: nonetheless finally got hit so hard that they have put

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00:26:24,560 --> 00:26:28,080
Speaker 1: out a statement saying, quote, we strongly oppose the general

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00:26:28,080 --> 00:26:32,080
Speaker 1: tax increases proposed by the administration, which will slow the

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00:26:32,119 --> 00:26:36,240
Speaker 1: economic recovery and make the US less competitive globally, the

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00:26:36,320 --> 00:26:40,399
Speaker 1: exact opposite of the goals of the infrastructure Plan. I

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00:26:40,400 --> 00:26:44,280
Speaker 1: would say that everybody listening today, if you get a chance,

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00:26:44,320 --> 00:26:47,520
Speaker 1: you should recognize this has been described in one article

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00:26:47,920 --> 00:26:52,040
Speaker 1: as the largest federal tax increase since nineteen forty two.

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00:26:52,840 --> 00:26:56,239
Speaker 1: Now that is not easy. In nineteen forty two, we

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00:26:56,240 --> 00:26:58,800
Speaker 1: were fighting World War two, and by the way, in

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00:26:58,880 --> 00:27:01,800
Speaker 1: World War two, the highest tax rate was ninety percent.

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00:27:02,880 --> 00:27:05,480
Speaker 1: So in fact, one of the reasons that Ronald Reagan

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00:27:05,560 --> 00:27:08,119
Speaker 1: was so adamantly in favor of lower tax rates was

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00:27:08,160 --> 00:27:10,359
Speaker 1: he had seen movie stars as friends of his, who

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00:27:10,440 --> 00:27:13,000
Speaker 1: would make one movie a year, have reached the ninety

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00:27:13,000 --> 00:27:16,040
Speaker 1: percent tax bracket and refused to work for ten percent.

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00:27:16,480 --> 00:27:19,199
Speaker 1: He knew how destructive it was because he'd lived with it.

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00:27:19,680 --> 00:27:22,760
Speaker 1: And I think that there's a sound reason that a

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00:27:22,840 --> 00:27:25,119
Speaker 1: number of moderate Democrats are starting to speak out and

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00:27:25,160 --> 00:27:27,520
Speaker 1: say let's go a little bit slower. And I think

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Speaker 1: when people fully understand that this is the American Job

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00:27:31,480 --> 00:27:34,760
Speaker 1: Killing Act, and they fully understand that this is the

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00:27:34,840 --> 00:27:39,240
Speaker 1: higher taxes, slower economy, less opportunity that I think this

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00:27:39,280 --> 00:27:43,080
Speaker 1: will frankly be radically changed long before it ever leaves

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00:27:43,440 --> 00:27:45,719
Speaker 1: the House of Representatives of the Senate. So I just

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Speaker 1: wanted to share this with you because I wanted you

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00:27:47,800 --> 00:27:50,240
Speaker 1: to be able to watch President Biden tomorrow in the

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00:27:50,280 --> 00:27:54,560
Speaker 1: context of just how destructive this new proposal is and

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00:27:54,680 --> 00:27:57,040
Speaker 1: how much it's going to cost the average American and

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00:27:57,160 --> 00:27:59,919
Speaker 1: take home pay and in the cost of goods and service.

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Speaker 1: I'm new Ganglish. This is neutral