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Wednesday, October 20, 2021

Kudlow blasts Biden’s financial agenda: Most Individuals don’t imagine the president’s ‘phony’ tax info

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Kudlow” host Larry Kudlow blasted Biden for stating the highest 1% get away with paying nearly no revenue tax telling “America Reports” the president’s mantra of asking the rich to “pay their justifiable share” is a “Democrat speaking level” they suppose polls nicely.

LARRY KUDLOW: It’s a horrible, factual misstatement. It goes past cognitive dissonance. The numbers are very clear. To start with, the highest 1% pay 40% of the revenue taxes. The underside 50% or extra don’t pay revenue taxes. He [Biden] doesn’t speak about that. Should you do the numbers proper, over a 10-year interval, the spending might be roughly $5.5 trillion, plus a trillion for the so-called infrastructure, which solely a 3rd is for infrastructure. No one of their proper thoughts believes {that a} robust financial system with extreme inflation requires $6 trillion in new federal spending. I don’t care what aspect you might be on, Democrat or Republican, supply-side or Keynesian. Nobody believes that. He [Biden] simply mentioned companies don’t pay taxes. We’re seeing document tax revenues from document earnings. The Trump tax cuts not solely succeeded in record-low unemployment, low poverty and helped minority teams, however they [tax cuts] paid for themselves. It was a $350 million company tax minimize and added earnings and revenues inside 18 months. Biden’s economists and his personal Treasury division might be blissful to provide him with the numbers if he ever needs to look. Should you go after these firm which might be so worthwhile, you’ll lose $100 billion in earnings subsequent yr. Roughly half of S&P 500 earnings will go down from increased taxes.

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