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Maria Bartiromo makes big prediction about Biden's proposed tax hikes - YouTube
Channel: Fox Business
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key joining us now to discuss these
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massive topics
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maria bartoromo host of mornings with
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maria
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and charles payne host of making money
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with
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charles payne uh thank you kids you're
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wonderful to come on and share this
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you know maria i want to begin with you
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because i want to go to jfk's quote
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about discouragement or encouragement
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and one of my biggest problems one of my
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biggest issues with the biden group
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is it seems to me whether it's jobs
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investment prosperity growth they want
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to discourage
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not encourage and i cannot understand
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why
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what's your take well larry i think it's
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an ideology
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i will add my own quote to your
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beautiful portfolio of quotes and my
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quote would be
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as you probably have heard me say before
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money is
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mobile and it will go where it is
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treated best i say it all the time
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because that is exactly what we see
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as a result of changes in tax rates and
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that's what is likely
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once again if we do in fact see these
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excessive rates that the biden
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administration is talking about
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i do think that this idea of pay your
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fair share
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uh the one percent the rich need to pay
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more
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plays well with the populace and i think
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it's been working
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for the democrats for many years and
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they just continue using it
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even if it is tired the bottom line is
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it does impact the fortunes
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of american families and we will see
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another migration
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depending on where we're talking about
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these taxes hitting
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we could see corporations take
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acquisitions do acquisitions and move
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their
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corporate headquarters out of america we
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could see certainly the migration
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among states that we have already been
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seeing people moving out of high tax
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states to low
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tax states the bottom line is we are
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going to see an
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impact from all of these higher taxes on
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the horizon
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because money is mobile well money is
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mobile that's a great fit
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and by the way we're always competing in
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the global race for capital
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that's for sure and we're always
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competing among the states
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money is mobile among the states as
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we've learned uh
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during the pandemic with new york to
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florida but charles payne let me go to
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you
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i don't understand charles i just don't
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get this
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why anybody any government
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of a democracy would want to
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punish success rather than reward it
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i don't understand that and even though
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president biden said in his state of the
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union
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he sort of said i don't want to punish
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success of course he does
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because the fact is the wealthiest
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people
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should be praised they shouldn't be
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attacked and also
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they pay by far the most in taxes
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yeah you know the the top one percent uh
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pay
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a larger percentage of overall taxes
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than the income that they bring in so
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that's a fact to your point
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but you also started this larry by
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talking about this commitment to
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waging class warfare that means you've
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got to have different levels of classes
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if everyone were to start to be upwardly
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mobile
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if everyone were able to go ahead and go
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after the american dream
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either internally because they thought
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they could make it or because
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all of the speed bumps that are put in
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front of them were removed
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then there would be no classes to
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compete or pit against each other
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that's the irony of it the prescriptions
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to these problems
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have to keep the problems going because
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it's all about power
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it has never ever been about economics
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perhaps going back to the 1930s fdr
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obviously you can argue there
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but certainly over the last several
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decades this has been about a
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consolidation of power
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and to do that you have to create one
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person or one entity on one side that is
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the so-called rich the wealthy
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who don't pay their fair share you know
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last week i was getting ready for a
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segment with art laffer
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so i listened to jimmy carter's infamous
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malay speech
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uh july 15th to uh 19
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1979 it was amazing
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if you look at the work if you if you
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just close your eyes and just listen or
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just read the transcript
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it would sound like any speech that
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comes from biden any speech that
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president obama gave
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there was even a commitment to have 15
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percent of 20
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of our energy uh coming from solar by
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the year 2000
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it was the same thing one it was they
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have a blueprint there's a villain
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that villain is taking advantage of you
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the american public
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and we'll ride to the rescue give us the
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power give us the tools
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and ironically when they're given that
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power when they're given that tools what
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happens
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the poor get poorer you know um
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i appreciate this rallying cry and maria
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it's just i'm looking at um
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chris edwards from the cato foundation
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very smart fellow
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tax expert he just gave some testimony
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before congress
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and he used um numbers from the
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brookings institute not a supply-side
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place the brookings institute okay it's
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left of center and so forth and he says
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look
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the highest earners have an average tax
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rate that is twice those
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in the middle and almost 10 times the
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rate of those
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at the bottom that's from the brookings
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institute he didn't make those numbers
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up
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and so i was wondering maria in order to
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change this from
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prosperity creating to prosperity
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killing
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which is partly an act of persuasion
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what about using
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factoids what about factoids like this
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or factoids like unemployment how low it
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got during the trump years
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and how the minorities benefit in other
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words to some extent maria
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this has been a fact-free argument it
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seems to me
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and um folks like us need to change that
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don't we
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well you know what larry don't forget
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right before kovid
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showed up we were talking about the tax
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cuts and
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uh deregulation of 2017
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under president trump actually moving
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the needle on
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income inequality this has been the
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issue that democrats have
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cried over for decades income inequality
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and for the first time in decades
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actually lower taxes did the trick
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and actually saw the bottom earners see
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their
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wages move higher at a better pace than
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the top earners
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and what happened the mainstream media
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did not report it you heard
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a lot of it here on fox business you
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heard a lot of it on fox news and in the
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wall street journal
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but it was largely ignored that is a
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major
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fact and a result of the tax cut plan of
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2017
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and it was ignored so we could certainly
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be a part of that
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rallying cry talk about the facts the
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results of
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tax movements but you also have to have
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a willing media to report the facts
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well looking 50-year low unemployment
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the poverty rate went down as you say
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the inequality
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rate went down the genie coefficient
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went down
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the biggest people the biggest benefits
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were
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typical family of four blue collar
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middle class and lower in fact once that
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you know pre-pandemic after the tax cut
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for 2018 and 2019
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a middle-class family had a 65-hundred
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dollar
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increase okay that's just in that
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two-year period
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that was longer or higher than the
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entire eight years
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of obama and biden i mean i think that's
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an important fact
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and the standard of living got to almost
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66 000
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for the middle that's unheard of so i
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know maria am i being too sticky
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if facts matter do fat over here let me
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put it to you this way
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do facts still matter can we inject
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facts
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into this debate yes facts do matter and
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i also would point out the indirect
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impact of all of this as well because
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you're raising the corporate rate
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because you're talking about the
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potential
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of a capital gains tax all the way up to
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43.4 percent
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that will dictate corporate spending and
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big investor spending so eventually it
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does
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trickle down to the little guy and that
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person who you might not expect
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to get impacted by a 43 and a half
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percent capital gains tax so you can't
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charles
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you can't have a good job without a
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healthy business
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and you can't have a healthy business or
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even a new business
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unless someone ponies up some investment
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some cash right but it's got to pay off
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rate of return after tax so charles
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if you're smashing investors this is
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like a war against investment
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isn't that to maria's point isn't that a
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war against workers
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isn't that a war against jobs i mean
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who's going to pony up the money if the
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after-tax rate or return
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keeps going down down down because the
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tax burden keeps going up up up i
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ask you charles payne you know
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there is no doubt there's absolutely no
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doubt that the messaging is a key issue
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here and maria brings up obviously the
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point that the outlets there aren't
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enough real
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outlets and anytime something can be
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skewed one way
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or another it is skewed that way
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negatively i mean almost every time an
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economic report comes out
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i'm shocked at how the mainstream media
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reports it i really am
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i think uh conservatives and others who
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you know anyone who believes in you know
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the low taxes low regulations
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uh that the that the economic ladder is
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there for everyone
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that the message has to be sort of
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articulated differently
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now i haven't perfected it but it it's
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it's all about
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making connecting people to their
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feelings in other words
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when i talk to people about poor
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economic times but it was a president
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they liked they said but things felt
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better
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when i go over all the numbers that
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we've just gone over they will say yeah
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charles but i
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felt better we have to be able to show
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people connect their feelings to the
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fact that
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really did you really feel better
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because i know you had to feel better
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when you started getting a raise i know
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you had to feel better when you bought a
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new house
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i know you had to feel better so it's
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all about getting to something a little
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bit deeper
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i think than just the numbers themselves
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but because
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pouring those numbers out has not won
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the public relations battle
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and what we're essentially trying to say
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to all of americans is we want to save
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this country we want to make it a
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country where
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everyone has a chance to live out the
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american dream and there's a blueprint
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for that and once you embrace it not
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only you're going to feel great
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you're going to be great well maria i'm
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going to let you take us out because
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i think charles is right about feelings
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but i also think numbers are important
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but look at
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life liberty and the pursuit of
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happiness right we are endowed by our
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creator with the unalienable rights
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rife liberty and the pursuit now i ask
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you maria bartaroma
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are not people happier when they're
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working
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and shouldn't we therefore do whatever
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we can
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to create incentives to let people
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invest to start businesses to provide
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good jobs and good families that's the
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pursuit of happiness
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this country is always at its best when
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it's happy
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and optimistic maria bartoroma i
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give it back to you you're absolutely
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right and i think that it does have to
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do with power
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as charles said earlier because this
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whole inability
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to open up restaurants operate at
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full capacity and get back to normalized
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living and get back to work
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is for some reason a hard situation for
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the democrats
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look at schools half of them still not
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open and i think
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it's also one reason that joe biden is
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facing
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pressure and pushback on these sky-high
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plans for massive spending
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and high tax rates i would say this
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higher taxes are coming
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but i don't think he's going to be able
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to get all of his dream plans through
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given the pushback within his own party
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well
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hope you're right about that i'd like to
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see zero tax increases
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i'll just tell you this all these
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so-called crises
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as we all take our masks off and we all
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go back to work
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and the economy is growing at 10 or 12
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and profits and stocks are booming
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and unemployment is coming down i don't
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see these crises
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and you know what i say to all that if
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it ain't broke don't fix it
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there's a fella who was president just
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before who left a pretty good legacy
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if it ain't broke don't fix it all right
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kids thank you
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bumper sticker you're wonderful trust
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payne you're both wonderful thanks ever
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so much
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