MUCH. HERE NOW, CARL CAN ROVE -- KARL ROVE, FOX BUSINESS CONTRIBUTOR. KARL, ALWAYS GREAT THE SEE YOU. LET'S GO AHEAD AND START WITH TAXES BECAUSE IT DOES SEEM9 THAT THE DEMOCRATS ARE MAKING SOME PROGRESS PUSHING FORWARD THEIR TAX AGENDA. THEY WANT TO, ESSENTIALLY, RAISE TAXES ON INDIVIDUALS AND CORPORATIONS AND THE SUPER RICH TO PAY FOR THEIR MASSIVE SPENDING SPREE. WE HAVE A PROBLEM ON OUR HANDS BECAUSE OF EVERYTHING THAT'S HAPPENED HERE AND INFLATION TOO. I MEAN, YOU CAN ONLY SQUEEZE THE AMERICAN PEOPLE SO MUCH, KARL. TIMES ARE TOUGH RIGHT NOW. >> YEAH. ABSOLUTELY. IN FACT, LOOK, WE TALK ABOUT THE SUPER RICH, AND THEY PAY MOST OF THE TAXES UNDER THIS PROPOSAL, BUT THE JOINT COMMITTEE ON TAXATION DID ITS FIRST SWEEP OF THE HOUSE WAYS AND MEANS COMMITTEE PROPOSAL THAT WAS PASSED OUT, AND THEY SUGGEST THAT TAXES ARE GOING TO INCREASE FOR ANYBODY MAKING AS LITTLE AS $40,000 A YEAR. AND SMALL BUSINESSES WHICH ARE, YOU KNOW, MANY OF WHICH ARE ORGANIZED AS PARTNERSHIPS OR LIMITED LIABILITY ARE GOING TO START SEEING, BEING TAXED AT THE RATE OF THE TOP 1% IF THEY MAKE $360,000 A YEAR. AND WE KNOW THAT THE CORPORATE TAX RATE, WHICH THEY REALLY ARE FOCUSED ON, IS NOT PAID BY CORPORATIONS. IT'S PAID BY THE WORKERS OF THE CORPORATIONS AND IN THE FORMS OF LOWER COMPENSATION. THE SUPPLIERS IN THINNER MARGINS, THE CUSTOMERS IN HIGHER PRICES AND THE ENTIRE ECONOMY IN THAT WE'RE LESS COMPETITIVE. THINK ABOUT THAT. 31 STATES WOULD BE LESS COMPETITIVE THAN ANY OTHER OF OUR ECONOMIC COMPETITORS IN THE WORLD INCLUDING CHINA AND FRANCE AND BRITAIN AND GERMANY AND MEXICO. YOU NAME -- JAPAN, KOREA. 31 OF OUR STATES WOULD BE LESS COMPETITIVE, AND A LOT OF OUR STATES WOULD BE LESS COMPETITIVE THAN MOST OF THE COUNTRIES IN THE WORLD. JACKIE: YEAH. THANK YOU FOR RAISING ALL THOSE POINTS BECAUSE IT WILL BE DAMAGING TO THE ECONOMY AT A TIME WHERE WE'VE BEEN THROUGH SO MUCH RIGHT NOW. AND PRESIDENT TRUMP, YOU KNOW, ESSENTIALLY BEFORE THE PANDEMIC HAD THIS ECONOMIC ENGINE RUNNING, AND NOW THE DEMOCRATS ARE TRYING TO REVERSE IT ALL. IT'S PROBLEMATIC. BUT I WANT TO POINT THIS OUT BECAUSE PRESIDENT BIDEN'S APPROVAL RATINGS RIGHT NOW, THEY'RE IN TROUBLE. THEY'RE SLIPPING. ACCORDING TO THE QUINNIPIAC -- >> RIGHT. JACKIE: -- HIS OVERALL APPROVAL ON ISSUES LIKE AFGHANISTAN AND COVID, OKAY, IS DOWN TO 42%. DISAPPROVAL, 50%. THE SAME POLL FROM EARLY AUGUST HAD HIS APPROVAL AT 46%. THAT WAS A LITTLE HIGHER, BUT HIS DISAPPROVAL WAS MUCH LORE AT 43%. -- LOWER. YOU START ADDING ECONOMIC PROBLEMS TO THIS LIST, AND AMERICANS ARE GOING TO WAKE UP AND SAY, WOW, WHAT IS IT THAT WE VOTED IN HERE? >> RIGHT. WELL, IF YOU LOOK AT THE QUINNIPIAC POLL, YOU QUOTED NUMBERS ON HIS OVERALL APPROVAL, IT'S WORSE ON THE ECONOMY AND WORSE ON TAXES. AND, YOU KNOW, IT'S -- THIS WHOLE CONGLOMERATION OF ISSUES CAUSED HIM TO START TO DECLINE IN LATE JULY, EARLY AUGUST. COVID WAS A BIG PART OF IT, ASK WAS A BIG PART OF IT -- AFGHANISTAN WAS A BIG PART OF IT. PEOPLE ARE FEELING THIS INFLATION IN THEIR BONES BECAUSE THEY'RE HAVING TO GO -- OH, THE GOVERNMENT SAYS, DON'T WORRY ABOUT IT, IT WAS ONLY 5.3% LAST MONTH. JACKIE: RIGHT. >> THAT'S THE KIND OF THINGS PEOPLE ARE PAYING FOR. AND THE TAX PLAN, INCIDENTALLY, IS GOING TO MAKE THINGS WORSE. FOR EXAMPLE, THE TAX PLAN IS DESIGNED TO RAISE ENERGY COSTS FOR YOUR UTILITY BILL, FILLING UP YOUR CAR, ANYTHING THAT HAS TO DO WITH ENERGY IS GOING TO BE HIGHER BECAUSE THEY WANT TO MOVE PEOPLE AWAY FROM NATURAL GAS AND COAL AND HYDROCARBONS AND MOVE THEM INTO ELECTRICITY. SO THEY'RE DELIBERATELY TRYING TO RAH RAISE THE COST OF ANYTHING THAT DEPENDS ON THOSE KIND OF, DEPENDS ON NATURAL GAS AND OTHER FUEL SOURCES. THAT'S GOING TO MAKE US LESS COMPETITIVE TO THE REST OF THE WORLD TOO. WE'RE GOING TO END UP GOING BACK TO IMPORTING OIL AND GAS FROM FOREIGN COUNTRIES, MANY OF WHICH DO NOT HAVE A HIGH ENVIRONMENTAL STANDARDS THAT WE HAVE -- JACKIE: OF COURSE NOT. THAT'S THE IRONY. >> THEY'RE CHEAPER. YEAH, THAT'S THE IRONY. JACKIE: IT'S WILD. GAS PRICES ARE UP MORE THAN 40% YEAR ON YEAR, FOOD PRICES ARE RISING, MEAT PRICES ARE RISING, THIS IS WHAT PEOPLE EAT FOR DINNER. THEY EAT MEAT. YOU COME HOME, YOU'VE GOT THE PAYCHECK, THEY'RE TAKING MORE OUT ON THE TAX SIDE, AND YOU'RE PAYING MORE FOR THINGS, THERE'S GOING TO BE LESS LEFT. HOUSEHOLDS ARE GOING TO STAND BACK AT A CERTAIN POINT AND SAY, WELL, WE'VE GOT TO PAY FOR OUR ESSENTIALS, SO WE'RE GOING TO STOP DOING OTHER THINGS. AND WHEN WE STOP DOING OTHER THINGS, KARL, THAT'S WHEN THE ECONOMY SLOWS. >> WE'RE ALREADY SEEING IT. AND LOOK AT WHAT HAPPENED IN THE LATEST NUMBERS WITH REGARD TO TRAVEL AND VACATIONS. PEOPLE'S NUMBERS DROPPED CONSIDERABLY. WE HAVEN'T EVEN TOUCHED ON ONE OF THE BIG PLACES WHERE COSTS ARE WAY UP, AND THAT'S HOUSING. JACKIE: YEAH. >> YOU TAKE FOOD, HOUSING, ENERGY AND FUEL AND GASOLINE AND, BOY, YOU'VE GOT YOURSELF A RECIPE FOR NOT ONLY ECONOMIC DIFFICULTY IN 2022, BUT POLITICAL DIFFICULTY FOR THE INCUMBENT ADMINISTRATION WHOSE POLICIES ARE BRINGING THAT ABOUT. JACKIE: YEAH. AND I DON'T SEE HOW IT GETS BETTER BECAUSE PART OF THE PROBLEM IN HOUSING AND MANY OF THESE THINGS WHERE YOU'VE SEEN THE PRICES RISE IS THE LABOR SHORT AVERAGES RIGHT, WHICH CONTINUES TO GO ON -- SHORTAGE, RIGHT, WHICH CONTINUES TO GO ON AS YOU LOOK AT MANDATES AND ALL THESE THINGS WHEN IT COMES TO COVID, NOT ECONOMICALLY SOUND
