Posted on 08/31/2017 3:12:50 PM PDT by Kaslin
RUSH: You know, we had the story the other day about the gross domestic product. By the way, stand by sound bites 1 and 2. We had the news that GDP, revised GDP 3% economic growth and job creation, real jobs, not part-time jobs, real job creation now skyrocketing. You know where the Washington Post put that story? They put it on page A-18.
On CNN yesterday, the infobabe Brooke Baldwin was talking to the noted Wall Street Journal writer and economist Stephen Moore, what brought the subject up, who brought up the idea that the gross domestic product in just seven months has outdistanced anything we saw in eight years of Obama. This led to the CNN infobabe to begin shouting and cutting away from Stephen Moore and doing everything she could to prevent him from elaborating and continuing to make the point.
She just would not allow him to point out that we never even got to 2% growth under Obama for eight years. Now already seven months into Trump, were up to 3%. So whats happening is that the Drive-Bys are keeping that news as secret as they can. Theyve got a built-in excuse now with Hurricane Harvey and the recovery efforts to totally ignore and abandon the story, which they are doing.
But the economy is growing and its growing at a rapid rate, and this is exactly why the time is precisely right to do tax cuts and tax reform. Now, at the end of the program yesterday let me just play for you what I said. Audio sound bite number 1. This was near the end of the program. I had to get in there, get it, and get out pretty quick, but this is essentially it.
RUSH ARCHIVE: Okay. Trump has begun his speech in Springfield on tax reform, just now getting into it. There are three lies that the media and the Democrats say after every Republican tax proposal. They are this: The Reagan or Bush tax cuts didnt work. They then say the rich are not gonna be paying their fair share in this. And that it has to be revenue neutral. Those are the three things. You watch. After Trump finishes, those three lies will be part of the media reaction to whatever he says.
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RUSH: That was at the end of the program yesterday. And now we have a montage of reaction to Trumps speech in Springfield, once again illustrating that I know who these people are, and I know what they say. I know what theyre gonna say before they say it. I accurately can predict them. Our montage here is of Austan Goolsbee, Brian Klaas, Robert Wolf, Julia Chatterley, Anna Edgerton, Ron Insana, and Jared Bernstein, and these are all economic advisers, CNBC, CNN.
These are authors, these are people whove had contact one way or the other with the Obama administration. There are three things. Theyll say the Reagan or Bush tax cuts didnt work, which of course they did. In fact, theres a stunning stat about the Reagan tax cuts. They will say the rich are not gonna be paying enough, the rich are getting a break, the rich are not paying their fair share, and any proposal must be revenue neutral or we cannot support it. Now lets listen to see if we hear any of that in this montage.
AUSTAN GOOLSBEE: Let us return to reality, okay? The last time the country did this was when George Bush cut taxes for high-income people and big corporations.
BRIAN KLASS: Its just a complete lie that its going to have this trickle-down effect and massively create jobs. Theres no evidence to suggest it happens.
AUSTAN GOOLSBEE: If hes just going to keep stating that he wants to cut taxes by something like $6 trillion, somebody somewhere has got to say how theyre going to pay for it.
ROBERT WOLF: This isnt going to be corporate tax reform. Its really a tax cut. Its not going to be revenue neutral.
JULIA CHATTERLEY: Is there any consensus here on whether or not this is going to be revenue neutral? And of course its critical.
ANNA EDGERTON: It has to be revenue neutral.
RON INSANA: More tax cuts to wealthy individuals, to corporations, but not to middle class individuals.
JARED BERNSTEIN: These benefits go to households in the richest part of the income scale.
RUSH: What does it mean, folks, when I can totally, accurately predict the reaction and response of liberal Drive-Bys and economists whenever, whenever a Republican tax cut is proposed? What does it mean that I can almost predict word-for-word what theyre gonna say? What does it mean?
It means theyre speaking from a script. It means they are totally politicizing. It means theyre not even paying attention to the specifics of whats been proposed. All it means is they want no part of a tax cut, and theyre gonna do everything they can to try to convince the American people that a tax cut would be the worst thing cause its gonna cost the federal government money not being revenue neutral the rich are gonna get the lions share of the tax cut, and theyre not gonna trickle it down. Theyre not gonna share with anybody so youre gonna get worse off.
Its what theyve been saying since the 1980s and Ronaldus Magnus. And yet every time tax cuts like this have been tried, they have worked, and thats why these people are really panicked. Same reason theyre panicked over Trump. Trump cannot be seen as successful. They cant permit it. They cannot permit. So Trumps 3% economic growth, put it on page A-18 and ignore it on cable news, dont even report it.
Trumps tax cut, Its typical. Its the same as Bush. Its the same as Reagan. Its a tax cut for the rich. It blows through the federal budget deficit, and its not revenue neutral, and it doesnt help the middle class. What it ought to tell you is that the people on the left mounting this opposition are entirely dishonest and nothing but robots reading from talking points and a script right out of the Democrat left-wing playbook on how to deal with the subject of tax cuts.
BREAK TRANSCRIPT
RUSH: So Trump goes to Springfield, Missouri, yesterday to pitch tax reform. You know what? Theres a story in Breitbart today that says what Trump ought to do is combine the rescue efforts, the FEMA and all that rescue efforts in Houston with his infrastructure bill. I said that the day we came back, Monday. It was Monday where I came up with that idea. Its a brilliant idea. I saw it in Breitbart yesterday.
President Trump Participates in a Tax Reform Kickoff Event
Anyway, Trump goes and he mentions his proposal. And Terry Jeffrey at Cybercast News Service last night put together some numbers that were released by the government, the Bureau of Labor Statistics. And the upshot of it is this: Americans Spend More on Taxes Than Food and Clothing Combined. And you know what? Ive got the numbers here. Ill bet you most Americans dont know that. Ill bet you most Americans would come across this story, they wouldnt know it.
You know what strikes me? Whenever tax cuts comes up as an idea, I am always, still to this day, shocked that a great majority of Americans do not join the effort. Really. I expect whenever the idea of tax cuts come up that this is something all now, I understand, look, Ive had calls from seasoned citizens. Ill never forget this one call from an elderly woman in Boston. And she did not want her sons and her grandsons to have a tax cut because a tax cut meant less welfare for her.
Now, I know that there are people like that out there, but Im talking about the vast majority of people who work. And I think the reason most people dont join this call for tax cuts is they have no idea how much theyre paying in taxes, cause they never see the money. All they see and they may not even get a check anymore. There may not even be a paycheck with a stub. With automatic deposit, an amount of money every pay period just shows up in the checking account, and thats it. And they never take the time to look at what has been withheld.
So they dont know what federal taxes theyre paying. And when it comes to filing their federal taxes, most of them dont have to pay anything because theyre already so overtaxed that they get a refund. So when April 15th comes around or whenever they file, they expect a refund, and they think theyre screwing the government, and they love to brag to people, Yeah, my refund, Im getting $1,200 back this year. Im really taking it to them.
Youre not screwing anybody. Theyre screwing you!
If you get a tax refund, it means that way more money was withheld from you than you were required to have withheld . Now, a lot of people like getting a refund because its the one time of year that they have a big bundle of cash, like a thousand dollars or $1,200 or whatever it is to go spend on whatever they want to spend it on. But smart money management would say plan your taxes so that you dont get a refund and so that you dont owe anything, or owe a little.
But theres no reason to give the government control of your money when theyre not paying you any interest on it. So getting a big tax refund is not smart. It may make you feel good. Bottom line is people dont know how much theyre paying in taxes. They never have to write the check. They never actually have possession of the money and have to give it away. They never see it because of withholding.
But you go talk to people that pay their own taxes who have to file quarterly estimates, and youll not find a single one of them that thinks theyre undertaxed. Anybody who literally writes the check and pays their taxes knows the score. They know how overtaxed everybody is. And this is a great way now to finally illustrate it.
Americans Spend More on Taxes Than Food and Clothing Combined. But thats even a little misleading, because Americans dont spend on taxes. You dont have the option of spending money on taxes. You never see the money that goes to taxes. It is withheld. Your payroll tax, your FICA, the state income tax, the federal income tax, whatever the hell else tax, its withheld. And you never see it. And so when the tax cut calls come around, Well, Im doing fine, I dont need it. You dont even know what youre paying in taxes. Now when somebody tells, You know what, the amount of money taken from you in taxes is more than youre spending on food and clothing, and food and clothing are mandatory. You cant go without food. You have to spend that money. Clothing, arguably the same thing.
The fastest way to get to real tax reform is to end withholding for a year and force everybody to actually write the check to the federal government four times a year or once. Then to the state government, however often, four times a year or at once. And then send the check off to the payroll tax people. And then send the check off to Medicare. Thats a separate category now. And then your property tax, make sure you pay that. Dont put that in your mortgage payment. Make sure you pay your property taxes, a separate payment.
And if people had to do this, there would be a tax rebellion. One of the reasons there isnt a tax rebellion and one of the reasons there is such a docile attitude about this is precisely because of withholding. But this is outrageous. Americans have more money deducted from them to pay taxes than they are spending on food and clothing combined. I have the actual numbers here from the latest BLS data.
BREAK TRANSCRIPT
RUSH: Mark in Tallahassee, Florida. Im glad you waited, sir. Whats happening?
CALLER: Well, Im a longtime my wife and I longtime listeners, first-time caller.
RUSH: Thank you, sir.
CALLER: I wanted to know I was watching this tragedy unfold out there in Texas, and I kept looking for the snowflake and the Antifa navies to come in and lend a hand. Seems like theyre really good at, you know, tearing things down and pointing the finger on how bad things are, but when were in a crisis, I dont did you see their boats or anything?
RUSH: No, but dont jump to conclusions. Antifa will move in after the fact. If there are ever any reports that, say, African-Americans were passed over by rescuers or cops and those reports might happen, might be made up then youll hear from Antifa. Im not predicting it, but dont be surprised, folks, if days, weeks ago from now something like that happens. Thats exactly the kind of stuff they do.
Well that sounds about right. You have to be a complete financial moron not to see what reform on the order of what Trump is talking about not to see the YUGE economic stimulus the plan represents. Two trillion plus dollars in US corporate profits are sitting offshore and no telling how many jobs because of how high corporate tax rates are in the US. At least two times in the past Congress has passed a tax “holiday” for corporations to repatriate profits held offshore (and they were returned but at a lower rate.) But guess what? As soon as the “holiday” period ended, corporations again began accumulating profits offshore. Why? Because Congress has no clue about how real businesses work. Trump does! The idiots in Congress have treated this issues as though taxes would be levied on people wearing rings on their right hands. How hard is that to get around? By simply wearing rings on the left hand. Duh!
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