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Team Trump Plans Another Tax Cut for the Rich | The Daily Show - YouTube
Channel: The Daily Show with Trevor Noah
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Since Cinnamon Hitler
took office,
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there have been plenty
of campaign promises
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that he hasn't fulfilled--
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building the wall,
repealing Obamacare,
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and of course, adding a swimsuit
competition to the SATs.
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But one promise Trump did keep
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was passing a giant tax cut.
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And since it went into effect
eight months ago,
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business is booming.
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In fact, last quarter
GDP hit four percent growth,
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which is impressive.
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The economy in America's
been growing so fast,
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if it were a sixth grader,
it would be that weird boy
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with the awkward mustache who
doesn't know how to shave yet.
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You know that kid?
He's just like,
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(voice cracking): I woke up one
morning, and my GDP was huge!
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But... But while it's true,
while it's true
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that corporate profits
are much higher these days,
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the idea was that they would
pass some of the money along
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to the people who work for them.
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It's a theory known as
"trickle down."
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Right? Which, I'm sure,
is what piqued
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President Trump's interest
immediately. He was like,
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(mimics Trump):
"Finally, all America
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"will be showered with gold.
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A golden shower,
if you will, folks."
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(normal voice):
The problem...
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The problem is that, so far,
corporations have been keeping
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the extra cash for themselves.
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So far, the biggest investments
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have been made
in stock buybacks.
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$700 billion worth
in the first two quarters,
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meaning, these tax savings
are bypassing workers
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and going straight into
shareholders' pockets.
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Real hourly pay
of middle-class workers
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has risen just .4 percent
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over the last 18 months.
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A new analysis by Americans
for Tax Fairness found
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that only four percent
of workers got a pay raise
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as a result of the tax bill.
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That's right.
For the most part,
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corporations just passed their
tax cuts on to stockholders.
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You know, it's starting to seem
like when Trump promised
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he'd help the forgotten man,
he was specifically referring
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to an eccentric old billionaire
who never leaves his mansion.
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He was like, (mimics Trump):
"We must never forget
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"about Mortimer, folks,
never forget him.
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"He saves all his boogers in one
big jar and we love him so much.
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So great, tasty boogers!"
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(normal voice):
But the fact is, the fact is,
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Trump promised a tax cut
for everyone.
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And so far, it's gone almost
entirely to the wealthy.
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That's not a great look.
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So with the midterms less than
a hundred days away,
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the administration has come up
with a bold new idea.
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TV REPORTER:
The New York Times reports
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the Trump administration
is considering
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a $100 billion tax cut
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that would mainly benefit
the rich.
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TV REPORTER: Treasury Secretary
Steve Mnuchin, uh,
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said that his department
was studying
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whether it could use its
regulatory powers
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to allow Americans
to account for inflation
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in determining
capital gains tax liability.
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The Times says that independent
analysis suggest
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that more than 97%
of the benefits
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of indexing capital gains
for inflation
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would actually go to the top
ten percent in America.
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Yes. The White House is now
planning even more tax cuts
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that will overwhelmingly benefit
the rich, including, by the way,
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big real estate owners
like President Trump.
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And at this point, it feels like
Trump is just trying
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to get away
with as much as possible
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before Robert Mueller gets him,
you know.
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Yeah, it's like
he's a shoplifter
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in a Circle K who sees
the cops coming,
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and he just starts shoving candy
into his pockets.
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He's like, "Okay, okay, you got
me, but these are mine.
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I keep these now.
I keep them all."
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For more on
the proposed tax cuts,
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we turn to a man who has watched
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Wolf of Wall Street
three times.
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Michael Kosta, everybody.
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(cheers and applause)
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Bonjour, Trev.
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That's rich for "hello."
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Okay. Uh, Kosta, hopefully,
you can explain.
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Trump already gave wealthy
people a huge tax cut last year.
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Why give them another one?
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Uh, cool it with the class
warfare, Ocasio-Cortez, okay?
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It just so happens that anyone
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can take advantage
of these tax cuts.
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For example, let's say you made
a cool mill last year
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off a $10 million
hedge fund investment.
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Now you can re-index that
baseline two percent
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to account for inflation, which
means you just got an extra 30k.
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I mean, that'll cover
my penis reduction surgery.
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Am I right, Trevor?
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I could even loan you
a couple of inches.
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I'm just kidding,
I know you got a hog.
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(laughter)
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(cheering and applause)
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Kosta...
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Most people don't have
$10 million.
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We're talking about
the middle-class.
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Okay. Middle-class,
that's fine.
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Let's say you're a middle-class
yacht owner,
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like 35 feet max,
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couldn't land a helicopter
on that thing.
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You can just use these cuts as a
tax shelter, borrow $500,000
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to invest in your buddy Dino's
revenge porn business,
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then you can deduct
that interest,
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and only pay tax on the
inflation-adjusted gains.
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Trevor, I say "cha"
and you say "ching."
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Cha... Cha...
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Do you want to say "cha"?
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K-Kosta, I feel like
there's no way
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you actually understand
what you just said.
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Of course I don't, Trevor.
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That's why I have a broker.
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H-He'll clear this up, okay.
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Hey, Chandler,
what's up you bitch?
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Yeah, I'm trying to-- I'm trying
to explain monies to my boss.
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How does this tax thing
work again?
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What? Right now?
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You are right-- Go.
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Go. I'll see you at polo.
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I got his voice-mail.
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(laughter)
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Kosta, w-why do you have
a broker, man?
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I know for a fact
that you're not rich.
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Eh, not yet, but Donald Trump
promised Americans
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that we're all gonna be rich,
and he's never lied before,
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so call me poor, Trev--
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Don't call me poor, Trevor,
call me pre-rich.
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So... Okay, wait, wait.
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Then how much is your net worth
right now?
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How much is an iPhone worth?
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About $900.
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Well, then,
I'm worth $900, baby.
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What up?!
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Michael Kosta, everyone.
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