Speaker 1: Bill Cunningham, the great American. Of course, Grover Norquest has
Speaker 1: been there for decades about tax reform. Heads up the
Speaker 1: Group of Americans for Tax Reform. Have the website up
Speaker 1: now there's about policy, areas, commentary and more. Donate and
Speaker 1: Grover Norquiest welcome again to the Bill Cunningham Show. And
Speaker 1: first of all, Grover, tell the American people what the
Speaker 1: recent Gallup polls indicated about the tax policies of both
Speaker 1: Kamala Harris and also Donald Trump.
Speaker 2: Well, if you are an establishment media personality, this may
Speaker 2: shock you.
Speaker 3: The rest of us probably not.
Speaker 2: Gallup asked Americans are you overtaxed, under taxed, or just right?
Speaker 2: And fifty six percent of Americans said they're overtaxed? Four
Speaker 2: fou are four percent not? Fourty four percent? One two
Speaker 2: three four said they're under taxed, thirty six percent about right.
Speaker 2: And this is an independence are sixty percent? Independents are
Speaker 2: more likely to feel over taxed than other people. And
Speaker 2: of course that's who this campaign is all about for
Speaker 2: the last several weeks.
Speaker 3: So it is very interesting because.
Speaker 2: On an issue that is completely black and white, you know,
Speaker 2: you know clear where the American people are. The two
Speaker 2: parties and the two candidates are going in completely different directions.
Speaker 2: They are not, you know, on some issues that are popular,
Speaker 2: both candidates for the House of the Senate the president
Speaker 2: will tell you they think the same thing, even if it's.
Speaker 3: Not entirely true.
Speaker 2: But here Kamala Harris has said I want more taxes
Speaker 2: and she has listed them, and Trump has said I
Speaker 2: want only lower taxes and he's listed those.
Speaker 1: So you would think based upon that alone, when four
Speaker 1: percent of the American people claim I want to pay
Speaker 1: more taxes, of course they can do that anyway by
Speaker 1: simply donating money to the irs. The great majority don't
Speaker 1: want it. One of the classic comments I think you
Speaker 1: pointed it out to me a few years back is
Speaker 1: that when Barack when Barack Husain Obama was asked whether
Speaker 1: or not the increase in taxes may produce less revenue
Speaker 1: because it stills and chills economic activity, he said, that's okay.
Speaker 1: It's almost like a punishment that if someone succeeds, we
Speaker 1: want to punish them. So even though a lower tax
Speaker 1: rate produces more revenue, Democrats don't like that anyway, correct.
Speaker 2: Can you make That was specifically on the capital gains tax,
Speaker 2: which is a tax that is very sensitive to a
Speaker 2: capital games income. It's very sensitive detaxes because you don't
Speaker 2: have to invest it and get capital gains.
Speaker 3: You can buy a car, okay, you can go on
Speaker 3: a vacation, you can do all sorts of things with
Speaker 3: that money. Nobody taxes you.
Speaker 2: But if you invest it and you help create jobs
Speaker 2: and it makes more money, then you get punished for them. Okay,
Speaker 2: So a high capital gain tax. People buy stuff they
Speaker 2: don't invest.
Speaker 3: And when England was at it's.
Speaker 2: Worst off, all of these roles voices were around you,
Speaker 2: So oh must be really rich. No, those that's what
Speaker 2: successful people do with their money. When they have no
Speaker 2: faith in the future. They buy a fancy car. They
Speaker 2: don't put this in the ATMT or uber or some
Speaker 2: other company to invest that. They try and make more
Speaker 2: money for their kids or for the future. So, yes,
Speaker 2: the capital gains tax. When it was pointed out to them,
Speaker 2: the history shows cut the capital game tax the government
Speaker 2: gets more money.
Speaker 4: Yes, but that's wrong. I'd rather have higher taxes, have.
Speaker 3: People who invest be punished.
Speaker 2: Then for everybody in the room to be better off.
Speaker 1: I kind of want America to listen to that. That
Speaker 1: the Democrats believe that if you raise the capital gains rate,
Speaker 1: it produces less revenue to the government, and therefore there's
Speaker 1: greater deficits. That's a good thing, because you punish achievers,
Speaker 1: even if it produces more money. That that's a bad
Speaker 1: thing to me. It is flabbergasting that people can't figure
Speaker 1: that out. Talk about Kamala Harris. She has locked on
Speaker 1: her head the number four hundred thousand dollars. And Biden
Speaker 1: says this, of course again, which is a lie that
Speaker 1: no one's going to be taxed. If you make four
Speaker 1: hundred thousand dollars or less, you're not going to have
Speaker 1: your taxes go up at all, go up. If you
Speaker 1: make less, your taxes are going to go down or
Speaker 1: not go up whatsoever. Why is that wrong? Why does
Speaker 1: that make no sense? Grover Norquiest.
Speaker 2: It is the lie that Clinton told he had a number,
Speaker 2: I'll never tax anyone who makes less than one hundred
Speaker 2: and fifty or twenty thousand dollars. Then Biden had the
Speaker 2: same number, I won't touch anyone plus in two hundred
Speaker 2: fifty thousand dollars.
Speaker 4: Now it's four hundred thousand dollars. Why do they say that.
Speaker 2: Because Americans don't want higher taxes, and they want to
Speaker 2: promise them that.
Speaker 3: Oh, I don't mean you, just these other people.
Speaker 2: But in point of fact, the first tax that Obama
Speaker 2: put on was on cigarette smokers average income thirty five thousand.
Speaker 3: Dollars a year. He wanted the money.
Speaker 2: He doesn't care whether you're addicted to something. He wants
Speaker 2: that's poor people. He wants to cash. He wants to
Speaker 2: tax energy. And so they say that. Of course, one
Speaker 2: of the things Biden dead he said four hundred thousand dollars,
Speaker 2: Kamala Harris says four hundred thousand dollars. But since those
Speaker 2: two have been in office, that's four hundred thousand because
Speaker 2: of inflation, is only really worth three hundred and thirty
Speaker 2: thousand in real American dollars. So more and more people
Speaker 2: are hit by them assuming but of course that's not accurate.
Speaker 2: They've raised taxes on they want to raise taxes on corporations.
Speaker 3: Well, where do corporations get their money?
Speaker 2: They raise prices on all consumers, that's everybody, and they
Speaker 2: lower wages. The biggest thing that happens with the corporate
Speaker 2: income taxes.
Speaker 3: Wages are lowered.
Speaker 2: For everyone because where else is the government get where
Speaker 2: else does the company get the money prompt It's a
Speaker 2: seventy percent of everything they do is wages. So if
Speaker 2: you're going to tell you you're missing a million dollars,
Speaker 2: seventy percent of that coming from wages.
Speaker 3: So that tax.
Speaker 2: Directly hits middle income people. Here's what Kamala Harris wants
Speaker 2: to do. She wants to get rid of all the
Speaker 2: Trump tax cuts. Okay, we'd raise.
Speaker 4: Everyone's income tax rate everyone.
Speaker 2: She wants to take the corporate rate up thirty three percent,
Speaker 2: higher than China, Okay, higher than everybody in Europe, and
Speaker 2: then she wants to take the personal income tax for
Speaker 2: everybody higher.
Speaker 3: She wants to take.
Speaker 2: The capital games tax up to two thirty three percent,
Speaker 2: which is higher than China is, of course, almost twice
Speaker 2: as high as China's talking about competitors and Mick shooting
Speaker 2: ourselves in the foot we when we do this, But
Speaker 2: that's the capital games tax as high as it was
Speaker 2: under Jimmy Carter when everything went to hades, and even
Speaker 2: the Democrats agreed to pull that down.
Speaker 3: She wants to impose a.
Speaker 2: Second death tax in order to catch all the inflation
Speaker 2: during your lifetime. I don't know why they figured on
Speaker 2: that one, But that makes some sense given how they've
Speaker 2: operated a carbon tax of course, raising the price of energy, gasoline,
Speaker 2: many ultimate different energy taxes that just hit everybody. She
Speaker 2: wants to give the Europeans de top power over our
Speaker 2: tax cuts.
Speaker 3: Let me say it again.
Speaker 2: She wants to let Paris and Moscow and Pee King
Speaker 2: decide when we can cut taxes because he wants to
Speaker 2: have a like an okak. The Europeans said, why don't
Speaker 2: we all get together and agreed not to cut taxes
Speaker 2: too much because Trump was taking taxes so low and
Speaker 2: money was you know, trillions of dollars flowed into the
Speaker 2: United States as a result of that.
Speaker 3: Ed will again.
Speaker 2: Trump wants to take the twenty one percent corporate down
Speaker 2: to fifteen. That will bring even more money into invest
Speaker 2: in the United States, and Europe doesn't want that at all.
Speaker 2: So they want to have a deal where we all
Speaker 2: agree not to compete by making our citizens better off.
Speaker 2: And Biden and Kamala Harris are for that. President Trump
Speaker 2: is obviously against it, and Kamala and Biden completely four
Speaker 2: dramatically increasing the number of IRS agents who want to
Speaker 2: go and bother you all day.
Speaker 1: So really, the socialists, whether they're in Europe or China,
Speaker 1: they want to make sure that America is not the
Speaker 1: dominant country in the world. So if Donald Trump is
Speaker 1: elected and takes the capital gains rate from twenty one
Speaker 1: to fifteen percent, it means more money available to the
Speaker 1: US government the form of taxes. More activity means more
Speaker 1: taxes are paid. But it hurts the socialistic countries well
Speaker 1: down the tubes. And therefore you're going to have Paris
Speaker 1: in Beijing controlling our tax code. That's not well covered
Speaker 1: in the media. Plus, I watched I watched one of
Speaker 1: the morning shows. Mark Cuban was there talking about unrealized
Speaker 1: capital gains, and he made the point, well, that'll never happen.
Speaker 1: Then why does Kamal Ayers talk about taxing unrealized gains?
Speaker 1: Can you explain to the American people how that relates
Speaker 1: to them personally? Because everything that moves or regulates or
Speaker 1: is existing in existence that democrats want to increase taxes,
Speaker 1: what does it mean to tax unrealized capital gains? Break
Speaker 1: it down, Grover nor Quist for the American.
Speaker 2: People, Absolutely, an unrealized capital gain is what we would
Speaker 2: call in the real world, not a capital game. So
Speaker 2: you have a farm, and because of inflation, because you
Speaker 2: work it hard, the farm is now worth more. You
Speaker 2: haven't sold it because you're running a farm, But the
Speaker 2: government says, well, your farm used to be worth this,
Speaker 2: now it's worth more. That increase we consider income. It's
Speaker 2: not I don't have the money. I'm not going to
Speaker 2: sell my farm.
Speaker 4: It would be.
Speaker 3: Income if I sold the farm.
Speaker 4: But I'm not.
Speaker 2: Selling the farm, and Doe you have to pay taxes
Speaker 2: as if you've sold it. Now, what happens when the
Speaker 2: price goes down? If there's a receptquestion, I don't know
Speaker 2: that's a really good question. But when the value of
Speaker 2: your home goes up, you would pay income taxes on
Speaker 2: that as if your house is now worth twenty thousand
Speaker 2: dollars more than it used to, we're going to tax
Speaker 2: you as if you just earned twenty thousand dollars. It's unrecognized,
Speaker 2: unrealized meaning you haven't cashed out.
Speaker 3: If you cast out, then you pay capalgase.
Speaker 2: But this is something that, first of all, it's completely unconstitutional.
Speaker 2: It's not income. Constitution lists a very few things the
Speaker 2: federallymic can tax. Income is one of them. Unrealized income
Speaker 2: is not one of them, so this and of course
Speaker 2: we're going to do it for rich people. You know,
Speaker 2: when they put the Federal Income Tact in the top
Speaker 2: rate was seven percent. You had to make eleven million
Speaker 2: dollars in today's dollars before you'd hit seven percent tax rate.
Speaker 2: Now the bottom rates less is more than seven percent,
Speaker 2: and more than half the country's paying more than that.
Speaker 2: So they always start up high and Cook Cuban of
Speaker 2: oil is just a few people. Yeah, you're one, maybe
Speaker 2: just a few people. And Cuban, what an idiot?
Speaker 1: Hey, Mark Cuban said, Look, Mark Cuban said, that's he
Speaker 1: supports Kamala Harris, the guy that owns part of the
Speaker 1: Dallas Mavericks. He said, that's a really bad idea. It's
Speaker 1: really stupid. So it is so stupid it'll never happen.
Speaker 1: And then Joe Kernin said of CNB, well, how do
Speaker 1: you know that it's so stupid? She I'll talk her
Speaker 1: out of it, And then Joe went over a bunch
Speaker 1: of other taxes that was really stupid also, and Mark
Speaker 1: Cuban kept saying, well, you can't do that, you can't
Speaker 1: do that. You can't raise the corporate rate because corporations
Speaker 1: paid no taxes. They simply pass on to the consumer
Speaker 1: the cost of the tax and the form of higher prices.
Speaker 1: So we can't do that, can't do this, can't do that? Well,
Speaker 1: what if she does? What if the House and the
Speaker 1: Senate go Democratic, which is fifty to fifty chance, that
Speaker 1: might get rid of the filibuster. They can do anything
Speaker 1: they want to do. Why wouldn't she keep her honest?
Speaker 2: And mister Cuban, how do you make that much money
Speaker 2: being that stupid? Does mister Cuban not understand that he
Speaker 2: doesn't actually have a vote on this question.
Speaker 3: Oh, you gave her a lot of campaign contributions.
Speaker 2: That's nice. Now she has power, and the House and
Speaker 2: the senate's full of Democrats who also have power.
Speaker 3: If they win both.
Speaker 2: The first thing they'll do is take the corporate rate
Speaker 2: up and wages will go down. And then they'll do
Speaker 2: capital game tax, which also scares investment away from the
Speaker 2: country and unrealized capital game. And then the financial transactions tax,
Speaker 2: which is every time money moves from one bank to.
Speaker 3: Another, like when you do Venmo and all this other stuff.
Speaker 3: They take just a nater piece of it.
Speaker 2: But if you add it all up at seven hundred
Speaker 2: and fifty million dollars that just disappears out of activity.
Speaker 2: That means whenever you're buying something you use a credit
Speaker 2: card or whatever, there's a little thing. There's a little
Speaker 2: thing there. And by the way, you don't have to
Speaker 2: make four und thousand dollars to get nicked. But they
Speaker 2: love it because it's so hidden.
Speaker 3: Wells a little bit each day.
Speaker 1: It's huge money the government needs for all their boondoggle.
Speaker 1: Ronald Reagan says something in the effect that if it moves,
Speaker 1: tax it, if it keeps moving, regulated, if it stops moving,
Speaker 1: subsidize it. And so that describes where we are. And
Speaker 1: what about the death tax? What does Kamala Harris want
Speaker 1: to do with the death tax? You don't have the
Speaker 1: right to doe.
Speaker 2: Yes, Well, first of all, you know there's a certain
Speaker 2: point where you can inherit money and you don't pay taxes.
Speaker 2: She wants to take that down to hit more people,
Speaker 2: and eventually that she wants to hit everybody because they
Speaker 2: don't think just because you made it that you should
Speaker 2: be able to decide how to spend it. And she
Speaker 2: wants to second death tax, which will be when you die.
Speaker 2: Usually you could hand your house for small business or
Speaker 2: your four one K to your children, and they would
Speaker 2: accept it at the value at which when you passed.
Speaker 4: But they say no, no, no, no. They have to
Speaker 4: pay capital.
Speaker 2: Gains on your house, on land, on a small business,
Speaker 2: on your four and k on your pension all your lifetime,
Speaker 2: all the inflation that took place during that okay, all
Speaker 2: the capital game that happened.
Speaker 3: That gets taxed first. Then they can have the body.
Speaker 4: Oh, by the way, and then they pay the normal
Speaker 4: death tacks. So the second death back specifically hitting people
Speaker 4: who lived under Biden's inflation. It is really really pernicious.
Speaker 1: Well, I guess this election is extremely confident consequential because
Speaker 1: you can only imagine if your lower taxes, the government
Speaker 1: generates more revenue because of greater activity. If you raise
Speaker 1: taxes anticipating Americans will engage in similar conduct even though
Speaker 1: the taxes are hr that is false. John F. Kennedy
Speaker 1: knew it. President John F. Kennedy knew it. The best
Speaker 1: way to get more revenue to the government is the
Speaker 1: lower tax rates causing more economic activity, meaning more money in.
Speaker 1: And the socialists in Europe do not want that. Grover
Speaker 1: nor Quist, thanks again, but I can't let you go
Speaker 1: without saying, once again, Ronald Reagan said it if it moves,
Speaker 1: tax it. If it keeps moving, regulate it. If it
Speaker 1: stops moving, subsidize it. And that's the inefficiencies of government.
Speaker 1: And once again, Americans for Tax Reform. The website is fabulous,
Speaker 1: all the information available, we get the government we deserve.
Speaker 1: Grover nor Quist. At times that concerns me, but once again,
Speaker 1: thank you for coming on the Bill Cunningham show. Let's
Speaker 1: see what happens November the fifth, and Grover, you're a
Speaker 1: great American. Thank you very much.
Speaker 3: Thank you. Get out and vote, get out and vote.
Speaker 1: Early and often. Thank you, Grover. Let's continue with more.
Speaker 1: So the best way for government to exist and to
Speaker 1: get more money is the lower the tax rates, so
Speaker 1: there's more economic activity. When told that, you know, if
Speaker 1: we do that, if we if we lower the tax rate,
Speaker 1: there's more money coming into government, Democrats say, so what,
Speaker 1: that's not the point. Yes, it is the point. They
Speaker 1: simply want to punish achievers. And if you own a
Speaker 1: home and it's gone up one hundred thousand dollars in value,
Speaker 1: do you want to pay taxes on an unrealized gain?
Speaker 1: Democrats want to tax everything which hurts the American economic activity.
Speaker 1: Let's continue. Bill Cunningham News Radio seven hundred Wow