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