♪Rock Guitar♪ MARIA: WELCOME BACK, SENATE MARIA: WELCOME BACK, SENATE REPUBLICANS BLOCKING A MEASURE TO FUNDTHE GOVERNMENT AND SUSPEND THE DEBT CEILING, GOVERNMENT FUNDED EXPIRES MIDNIGHT ON THURSDAY NIGHT. JANET YELLEN WARNING THE U.S. CAN DEFAULT ON ITS BILLS AS EARLY AS NEXT MONTH. REPUBLICAN LAWMAKERS TELLING DEMOCRATS THEY SHOULD TAKE CARE OF THE DEBT LIMIT THEMSELVES SINCE THEY WANT TO SPEND ADDITIONAL TRILLIONS OF DOLLARS WITH NO INPUT FROM REPUBLICANS. AMERICANS FOR TAX REFORM PRESIDENT GROVER NORQUIST, GROVER, THANK YOU VERY MUCH FOR BEING HERE. I THINK WE’VE BEEN HERE BEFORE WITH THE MARKETS WORRIED ABOUT THE GOVERNMENT RUNNING OUT OF
MONEY AND THERE’S NO CHANCE LAW MONEY AND THERE’S NO CHANCE LAW MAKE RESTER GOING TO LET -- MAKERS ARE GOING TO LET THE GOVERNMENT DEFAULT. >> IT’S A MOMENT OF COMPLETE CLARITY. THE DEMOCRATS HAVE CONTROL OF THE SENATE AND CONTROL OF THE HOUSE AND THE WHITE HOUSE AND THEY CAN INCREASE DEBT CEILING INSIDE RECONCILIATION AND DON’T NEED REPUBLICAN VOTE AND THE IDEA THAT THE REPUBLICANS ARE STOPPING ANYTHING IS A JOKE. WHAT THE DEMOCRATS DON’T WANT TO DO IS WHAT YOU’VE NORMALLY DONE IN THE PAST, NEGOTIATE WITH THE OTHER PARTY. THAT’S HOW WE REDUCED SPENDING IN THE 80’s, IT’S HOW WE GOT SEQUESTERED AND SAVED A TRILLION DOLLARS OF OVERSPENDING DURING OBAMA. BIDEN WANTS TO SPEND 3 OR $5 TRILLION. HE DOESN’T WANT TO HAVE ANY RESTRAINT SO HE DOESN’T WANT TO NEGOTIATE WITH THE REPUBLICANS. OKAY. BUT HE NEEDS TO OWN THAT. HE’S LYING TO THE AMERICAN PEOPLE IF HE SAYS, I CAN’T DO THIS BECAUSE OF THE REPUBLICANS WON’T LET ME. REPUBLICANS WON’T LET HIM RAISE THE DEBT CEILING UNLESS HE COMES TO THE TABLE ON COMING TO GRIPS WITH THIS MASSIVE OVERSPENDING AND YOU’RE SEEING THE INFLATION THAT MAY BE PART OF THAT, HE DOESN’T WANT TO DO THAT. THAT’S COMPLETE CLARITY AND THE REPUBLICANS WANT TO RESTRAIN SPENDING AND THE DEMOCRATS WANT NO RESTRAINT ON THE SPENDING. MARIA: WELL, IT SEEMS THAT MOST PEOPLE ARE EXPECTING THE -- THE INFRASTRUCTURE BILL TO PASS ON THURSDAY. I JUST WANT TO POINT OUT, THOUGH, THAT THERE ARE TAX INCREASES IN THE INFRASTRUCTURE PLAN. THERE’S A TAX ON CRYPTO, THERE’S AN ADDITIONAL TAX ELSEWHERE BUT THE TAXES IN THE RECONCILIATION PLAN ARE SIGNIFICANT TO A BROAD SWATH OF PEOPLE, WALK US THROUGH WHAT YOU’RE EXPECTING IN TERMS OF TAX INCREASES SHOULD THEY GET THAT RECONCILIATION PACKAGE THROUGH? >> THE PRESIDENT’S PLAN IS A LITTLE BIT DIFFERENT FROM THE HOUSE PLAN AND THE SENATE’S PLANNING. THEY MOVE AROUND. THEY ARE TRYING TO RAISE 3 AND A HALF TRILLION IN TAXES AND THAT WAY THEY DO THAT 1 TRILLION COMES FROM CORPORATIONS, WELL, ACTUALLY CORPORATIONS COLLECT THE 1 TRILLION FROM WORKERS AND FROM CONSUMERS AND GIVE IT TO THE GOVERNMENT BUT 1 TRILLION FROM C CORPORATIONS. 1 TRILLION FROM PASS-THROUGH, SMALLER BUSINESSES, EXACTLY THE PEOPLE BIDEN TELLS YOU HE’S NEVER GOING TO TAX AND 7 BILLION BY IMPORTING EUROPEAN PRICE CONTROLS IN PHARMACEUTICAL INDUSTRY, YOU WENT GET AS MANY GOOD DRUGS AS QUICKLY AND 600 BILLION OR SO, THEY MAKE UP, WHEN YOU SPEND MONEY LIKE CRAZY IT REALLY HELPS THE ECONOMY. LET’S IMAGINE, THAT WOULD BRING 600 OR SO TRILLION -- BILLION DOLLARS OF ADDITIONAL SPENDING. THERE’S 300 BILLION OF OTHER STAFF, THEY WANT TO TAX CIGARETTE SMOKERS WHO DO NOT MAKE $400,000 A YEARS. HE IS GOING HAMMER AND TOOTH AFTER THE MIDDLE CLASS. EVEN THE GATH ADMITS A QUARTER AND A THIRD OF THE CORPORATE INCOME TAX IS DIRECTLY PAID BY WORKERS IN LOWER WAGES. THESE ARE GOVERNMENT LIBERAL STATISTIC. CLOSER TO 50 OR 70%. THE CORPORATE INCOME TAX IS A TAX ON WAGES AND REDUCING YOUR WAGES. IT’S GOING TO BE BRUTAL. A TRILLION OUT OF CORPORATIONS AND A TRILLION OUT OF PASS-THROWS AND WHOLE BUNCH OF MONEY, THEY ARE TAXING VAPORS WHO WANT TO QUIT SMOKING. IT’S A MESS AND LOUSY FOR THE ECONOMY. MARIA: KEVIN BRADY, THE RANKING MEMBER ON HOUSE WAYS AND MEANS TOLD ME THIS WEEKEND THAT, YES, THEY ARE BREAKING THEIR PLEDGE TO RAISE TAXES ON LOWER EARNERS. THERE’S ALSO A HIDDEN -- A LOT OF HIDDEN SPENDING IN ORDER THE PAY FOR THIS. THEY ARE GOING THE RAISE TAXES TO PAY SPENDING AND INCLUDES $3 BILLION FOR TREE PLANTING AND WE DON’T KNOW WHAT HALF OF THIS STUFF IS BUT I ALSO WANT TO GET INTO THE IDEAS ON BANKS AND -- AND HOW PRESIDENT BIDEN WANTS A RULE FOR BANKS TO PRETTY MUCH HAVE TRANSPARENCY IN PEOPLE’S
BANK ACCOUNTS AND REPORT ALL BANK ACCOUNTS AND REPORT ALL FLOWS, $600 OR MORE MORE IN TRANSACTIONS AND THEY WANT TO HIRE 80,000 NEW AUDITORS. WHAT ARE THEY GOING TO BE DOING, INVESTIGATING PEOPLE’S ACCOUNTS AND WANTING TO KNOW WHAT MONEY THEY DEPOSIT AND WITHDRAW, THIS IS A SERIOUS INTRUSION TO PEOPLE’S LIVES. ROUGHLY THE 80,000 AUDITORS, HOME MONITORS ARE GOING TO GO BY THE RICH PEOPLE BUT THE IRS SAYS SOMETHING DIFFERENT AND THEY HAVE FOR MONTHS. THEY INTEND TO RAMP UP AUDITS OF SMALL BUSINESSES, THE PEOPLE WHO CAN’T AFFORD TO HAVE THE IRS GO AFTER THEM. TELL ME WHAT YOU WANT, KEEP IT. IT’S LESS EXPENSIVE THAN LAWYERS. I CAN’T GET BANKRUPT BID THE IRS HARASSING ME SO THEY ARE EASY TO SHAKE DOWN AND GET THEM TO BRING IN MONEY. THEY ACT AS IF THEY BACKED OFF THIS, YOU KNOW, MONITORING YOUR VNMO AND PAYPAL FOR $600. IF YOU MOVE $10,000 IN OR OUT OF YOUR BANK ACCOUNT OVER THE COURSE OF THE YEAR, AVERAGE RENT IN THIS COUNTRY IS ABOUT A THOUSAND DOLLARS A MONTH, SO RIGHT THERE IF YOU’RE PAYING RENT, YOU’RE UNDER THE MICROSCOPE. THEY’RE GOING TO WANT TO LOOK AT YOU. THEY WANT ACCESS -- THERE WOULD BE NO MEANINGFUL FINANCIAL PRIVACY FOR INDIVIDUALS OR BUSINESSES IF THIS GOES THROUGH. THE IRS CAN GO AND LOOK AT YOUR STUFF AND ONCE THEY’VE DECIDED THAT THEY WANT TO LOOK AT ALL OF THE TRANSACTIONS, WHAT STOPS THEM FROM WHO IT GOES TO, WHO DID YOU WRITE THE CHECK, WHAT ARE YOU BUYING AND WHAT ARE YOU RENTING. WE KNOW THE IRS LEAKS LIKE SIB AND DOES NOT PUNISH PEOPLE WHO
HAND OUT THE PRIVATE TAX DATA, HAND OUT THE PRIVATE TAX DATA, ONLY RECENTLY TO LEFT-WING GROUPS. MARIA: THEY WANT TO DO IT SO THEY CAN RAISE MONEY TO PUT BACK THE SALT DEDUCTION. THAT’S BACKWARDS. ZEROING IN ON REGULAR FOLKS SO THAT YOU COULD GET THIS TAX BREAK FOR THE RICHEST PEOPLE IN NEW YORK AND NEW JERSEY WITH THE
