Maria Bartiromo makes big prediction about Biden's proposed tax hikes

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

Channel: Fox Business

Views: 1,526,841

Keywords: Maria Bartiromo, taxed to the max, fox business taxed to the max, kudlow maria bartiromo, biden administration, biden tax policy, business news, economy, fbn, finance, fox biz, fox business, fox business biden taxes, fox business channel, fox business network, fox business news, fox business taxes, fox business taxes raised, fox news taxes, middle class taxes, personal finance, tax plan, taxes, taxes raised, kudlow, larry kudlow, fox business kudlow, fox business larry kudlow

Id: kUITPcdJYDU

Length: 12min 45sec (765 seconds)

Published: Mon May 17 2021