馃攳
Biden wants to raise top income tax rate to nearly 40% - YouTube
Channel: unknown
[1]
tax hiker in chief joe biden telling the
[3]
new york times quote
[4]
there's no reason why the top tax rate
[6]
shouldn't be 39.6
[8]
which it was in the beginning of the
[9]
bush administration there's no reason
[11]
why
[11]
91 fortune 500 companies should be
[14]
paying zero in taxes
[15]
well here to explain what that means for
[17]
your bank account professor of business
[19]
and economics at the kings college
[21]
and to fox news contributor brian
[23]
brenberg brian you just heard
[25]
uh the president-elect say that he wants
[27]
to raise the
[28]
top income tax to almost 40 percent he
[31]
also wants to raise
[32]
corporate taxes so what does that mean
[34]
for us small folks
[36]
yeah well it's really bad timing frankly
[39]
right now you know today we're going to
[40]
get a jobs number
[41]
we're probably going to talk about that
[42]
later in the interview and the story
[44]
from those job numbers is that the
[46]
economy
[47]
is at an inflection point right now
[49]
we're wondering can this recovery
[51]
continue to gain steam is it going to
[53]
lose steam people are really worried
[54]
about their jobs they're worried about
[56]
their paychecks
[57]
so when you have somebody talking about
[59]
raising taxes next year
[61]
not just on individuals by the way but
[63]
on businesses as well the corporate
[65]
income tax
[66]
you know people start to wonder how's
[67]
that going to affect my job and the
[69]
answer is
[70]
it will and here's why businesses make
[72]
decisions about hiring on a prospective
[74]
basis they look ahead
[76]
and they say will i have the money to
[77]
bring people on board and if taxes are
[79]
going up
[80]
that's money that one way or another is
[83]
going to have to come out of workers
[84]
pockets
[85]
so for joe biden to be talking about
[88]
raising taxes right now at this moment
[90]
in particular
[91]
is just so ill-advised when so many
[94]
businesses want to know that somebody in
[95]
government
[96]
has their back right now not putting
[98]
more barriers in the way
[99]
but has their back we will get to the um
[102]
expected
[103]
number november jobs report in just a
[104]
second but first i want to touch on
[106]
something that you just talked about of
[108]
you know for businesses going ahead then
[110]
and thinking how many jobs can i fill
[111]
things like that
[112]
are we talking the possibility excuse me
[115]
of losing millions of jobs over a tax
[118]
site like this like
[119]
what's the number that we're looking at
[121]
well the question is
[123]
you know going forward let's say look
[124]
over a 10-year time horizon how many
[127]
fewer jobs
[128]
would we have in this country because
[129]
we've raised taxes on businesses and
[132]
some of the estimates we've seen one
[133]
from the hoover institute
[134]
puts that number at 4.9 million fewer
[137]
jobs
[138]
in 2030 than we'd have if we simply left
[141]
taxes in place
[142]
left the current regulation structure in
[144]
place but if you raise taxes if you
[147]
raise regulation
[148]
you've made it harder for businesses to
[150]
hire you've made their costs higher
[152]
which means they're spending less money
[153]
training workers hiring workers and
[155]
that's really bad news especially right
[158]
now if you're the
[158]
if you're one of the 10 million people
[160]
who wants to get back on the job
[162]
you don't want to hear that news yeah
[163]
you know okay so that's the future but
[165]
what about now what's going to happen in
[166]
the november jobs report
[168]
well we've seen a slowdown in job
[171]
creation over the past couple months i
[173]
think you're going to see that again
[174]
this month we're looking at a jobs
[175]
number of about 440
[177]
000. that's a good number historically
[179]
but when you're talking about
[181]
still 10 million people on the sidelines
[183]
who really want work
[185]
you want to see that number tick up a
[186]
little bit the problem is of course
[188]
you've talked about this
[189]
on your show all day the lockdowns all
[192]
the uncertainty for businesses
[193]
when they face that kind of uncertainty
[195]
the last thing they want to do is bring
[197]
new workers on with the prospect of
[199]
having to lay them off again so we've
[201]
got to get past the lockdowns
[202]
we've got to get into 2021 with this
[205]
vaccine and we've got to not put more
[207]
barriers in the way of business if we
[208]
can do that i think you'll see jobs
[210]
numbers
[210]
accelerate next year but right now we're
[212]
looking at a somewhat depressed number
[214]
for this month just because of all the
[216]
uncertainty
[217]
well but let's put it in perspective and
[219]
let's take a look at the timeline here
[220]
from the major change anyway from the
[222]
highest point in april as you can see in
[224]
april it was 14.7 percent
[226]
october 6.9 percent real quick we want
[229]
to play this
[229]
this clip from joe biden this was
[231]
yesterday on making the country green
[232]
and get your reaction
[236]
we're going to make money making the
[238]
country green i've always argued
[240]
that if you help the people like a 15
[243]
minimum wage nationally it raises
[245]
everybody
[246]
it raises the entire community the
[248]
wealthy do better the middle class do
[250]
better and the poor have a way up
[253]
what do you think when small businesses
[256]
hear people talk about
[257]
raising the minimum wage about this
[259]
green new economy the one thing they
[262]
hear
[262]
is more regulation and regulation is one
[265]
of the most
[265]
complicating things a business has to
[267]
deal with it's costly it's time
[269]
consuming
[271]
don't put that on small businesses right
[273]
now when they're just trying to survive
[275]
to tell them that they're going to have
[276]
all this regulation coming is
[278]
is so counterproductive clear the runway
[281]
no higher taxes
[283]
get the vaccine going open up and let
[285]
businesses get back to it i'm telling
[287]
you that's what workers need
[288]
that's what our economy needs right now
[290]
yeah brian brumberg thank you very much
[292]
appreciate it good to see you too
Most Recent Videos:
You can go back to the homepage right here: Homepage