The Trish Regan Show, March 9, 2023.
This is a rush transcript and may contain errors.
McCarthy’s lettin’ loose. The Speaker of the House promising to release all January six tapes to everyone.
I can tell you we here at the Trish Regan show, we applaud this decision. It’s all in the name of transparency. And you know what it’s needed. Democrats right now are absolutely, positively terrified. I’ve got all the details on this story.
Plus, we just got a glimpse at just how crazy the left’s economic policies really are. This is socialism. Wait till you see Biden’s budget!
Hello. Welcome to the program, everyone. I am Trish Regan. Portions of today’s show are brought to you by Legacy Precious Metals. If you want to invest in gold right now, there’s only one place to go. Legacy PM Investments dot com for a free investing guide.
McCarthy is causing all kinds of panic attacks right now on Capitol Hill. The Democrats are kind of flipping out. First, they could just pin it on Fox and Tucker. Well, now the speaker of the House is telling Breitbart that he’s going to release all the tapes, all the January six tapes to the public with proper security measures, of course, saying it’s the right thing to do. He gave Fox the exclusive. First. He said kind of something that’s done in the news business, but now everyone gets a fair shot because the public ought to be able to make their own decisions about what may or may not have happened. Take a listen.
Kevin McCarthy, Speaker of the House:
The Democrats always go to censorship. If you watch what they did with the laptop, you watch what they did with Twitter, and they want to use government as much as they can to censor what people can see and what people can know. This is the difference between us. I believe in the Constitution. I trust the American people. And you should just have the ability to have all the information and let people make their own judgment. [00:01:53][23.1]
Can we say that again? Let’s let people make their own judgment. We deserve that. Americans deserve the right to make. Our own decisions about pretty much everything. You know, we ought to be able to read the research, see the information come to our own conclusion. I don’t appreciate information being withheld. I didn’t appreciate the government’s efforts. Over the last several years to disguise or hide all the possible origins of Corona virus from all of us. I want you to hear this powerful exchange happened this week between Representative Jim Jordan from Ohio and the former head of the CDC. Dr. Redfield, It’s just amazing.
This is part of the House hearings that are going on to determine the origin of COVID 19. And when you think of the cover up that was underway, I mean, you really start to say, what the heck is going on here? Listen, here’s.
Rep. Jim Jordan:
The question I keep coming up with. If it may have been a lab, maybe in nature we’re supposed to look forward, then why did Dr. Fauci worked so hard for just one of those theories three years ago? If you thought it came from a lab, if you raised that you were called a nut job, you got censored on Twitter, you were blacklisted on Twitter.
Something’s going on. And there is a definite attempt to throttle information, and that’s not good. But you know what? It kind of feels like par for the course when you get socialists in charge that want to control everything, including our economy, so that they can dictate what we earn, what we do, how we think, what we read, what we hear. And today, new evidence that the Democrat Party is definitely not your grandfather’s Democratic Party or even your father’s Democratic Party. This is a whole new brand of socialism, serious socialism on display here with the president’s budget. Here to comment on all of it, we have my friend, the former economic adviser to Donald Trump, the brilliant economist, Mr. Stephen Moore.
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And now for the most insane budget proposal in history, I should think the White House just unveiled Biden’s $6.9 trillion budget proposal today to raise taxes on those they believe are wealthy. They determine, of course, who’s wealthy. They are also intending to raise taxes big time on businesses. Wow. The president is promising this will reduce federal budget deficits by nearly $3 trillion over the next decade. Good luck with that, says my next guest, Mr. Stephen Moore, economist at the Heritage Foundation and former economic adviser to President Trump. He joins us right now with reaction. Hey, Steve. Steve, good to see you, my friend.
Steve Moore: Hi, Just great to see you.
Trish Regan: What do you think?
Steve Moore: Tax and tax and spend. Tax and spend. This is I’ve been in this game for 35 years. I came to Washington in the mid 1980s, and so I lived through, you know, Reagan and Clinton and Obama and Bush. This is by far the worst budget, the most economically damaging budget that I’ve seen in 40 years almost. And this is it would be a catastrophe for the economy. It would be, I think, would cause a 1929 style selloff in the stock market with the massive increase. It was basically double the capital gains tax. I don’t know if you’re aware of this. He also wants to do something unprecedented, which is tax people on what’s called unrealized capital gains. That would be like a stock that you own that you haven’t sold, but it’s gone up in value.
Trish Regan: So think about it like this. I mean, just to put it in everyday terms, it’s like, oh, your house just went up in value this year because your neighbor sold his house for, you know, times two. So guess what? You’re going to pay taxes as though you sold your house and you’re like boys thinking, I’m not sold my house.
Steve Moore: Yeah. Number one, I’m not selling the house. Number two, I don’t have the money to pay the taxes, you know, because I still own it. And, you know, whether it’s a real estate, whether it’s a farm, whether it’s a business, whether it’s stock ownership, they’re going to tax you on that. You are people going to come up the money. And then don’t forget, global gains are not indexed to inflation because we have high Biden inflation right now, the real capital gains tax under the Biden plan could go up to over 60%. Who is Trish? I mean, you’ve been in the financial media for many, many years. How many people would invest in that kind of environment?
Trish Regan: Oh, they wouldn’t. I mean, they just wouldn’t. I mean, because you know what? There’s other choices, by the way. You’re already seeing the effect of those other choices right now. I mean, hey, who knew that you could get 4% on a on a six month Treasury bond? Upwards of 4%. I mean, there are choices now and people make choices based on logical, logical decisions. I mean, you lay it out if you’re going to tax them that much and then you say, why am I going take this risk? I’m not going to invest in that. That makes no sense. And guess what? Then your economy doesn’t grow and we need our economy to grow. Do we not, Steve? China’s is growing everybody’s, oh, 5%. It’s so awful. And I’m like, hey, I take it compared to the 8.3% we’re looking at here.
Steve Moore: But you better believe it. There’s no way you can get anywhere near a balanced budget with these low rates of economic growth we’ve seen under Biden, which have averaged less than one and a half percent, we should be growing at twice that level, and we did under Trump. And so.
Trish Regan: By the way, highest tax receipts in the history of this nation. So you should take a victory lap, sir, on that, because I know that was your policy.
Steve Moore: You predicted that. I mean, I predicted. Larry Kudlow, our buddy Larry, predicted that we would have more revenues if we made the economy grow faster and cut the taxes. So when Biden keeps talking about all these tax cuts for the rich, I don’t know if you ever saw the statistics in our in our daily hotline the other day where we showed that the top 1% now that is the, you know, the richest 1% who Biden says are paying their fair share in taxes. Do they pay 42% of all the income tax, 1%, the top 10% pay about 75% of the income taxes. So how is he saying that these people what does he want? The top 1%, they want Bill Gates and Warren Buffett and Taylor Swift to pay all the taxes.
Trish Regan: I think he probably does. And then, by the way, the question then becomes, where do those taxes go? Because you can tax a lot of places. The question then becomes, if your government is so bureaucratic, so big, so cumbersome, does it ever actually get to the people that need it? I look only at, you know, look at the Chicago school system, for goodness sakes. I mean, finally, the people there had the good sense to send Lori Lightfoot packing. But those poor kids, they really suffered the brunt of the whole COVID shutdown. And it was because of poor management, bad management from their government. I’m looking through the budget. So he’s characterizing this. And already we’re seeing the media reports coming in who, you know, we’re going to tax the rich is not going to be great and we’re going to cut the deficit. That’s what he said. We’re going to reduce the deficit. Your take on that? I mean, hey, look, we do let’s be honest. We we need to reduce our deficit. We need to reduce our spending. But simultaneously, you got to be careful how it’s done, because if you start taxing corporations and individuals more and more and more and more, you wind up shutting off any kind of economic growth that you need.
Steve Moore: No, no, no country, no state and no locality ever taxed themselves to prosperity. Let’s put it like that. It’s very simple. But I mean, for Joe Biden to say that he wants to cut the deficit would be like Al Capone saying he wants to cut the crime rate. I mean, this is the man who’s increased our our debt in just two years in office over the next ten years by $7 trillion. So even if he were able to cut $3 trillion out of the deficit, which I don’t think this bill would do. You’re still running. You’re still heading right to a $50 trillion national debt in ten years. And I look, I’m not I’m not one who thinks debt is the worst thing in the world. It depends on what you you know, if you borrow, what are you getting for it? But what are.
Trish Regan: We in debt to GDP ratio and how expensive the debt is and all that stuff about the debt getting expensive.
Steve Moore: Yeah, we’re investing in windmills and we’re investing and, you know, battery operated cars. Even though a lot of Americans want battery operated cars, we’re giving a lot of money away to other countries. It’s not on look, let me put it very simply. I worked for Trump and I didn’t agree with everything Donald Trump did. But I loved his economic agenda and I loved his theme of, you know, putting America first. This this budget doesn’t put America first. How are we going to compete against Germany, China, Japan, all these other countries if we have the highest capital gains tax in the world?
Trish Regan: I would walk through that. What’s the plan on cap gains? He wants to tax any investment. So just to back up for a second, you know, when you put money into the stock market, you get $10, you put it to work, you buy a share of some company and you watch it hopefully grow. It doesn’t always grow right off. Often it goes down. But if it grows, Joe Biden then wants to take what percent?
So he wants to tax capital gains as ordinary income. Don’t forget, you already tax for the money before you put it into the stock market. But ordering ordinary income, there’s no risk greatly. It’s just, you know, you work in and you get a paycheck. There’s no risk associated. It’s not going to go down.
Steve Moore: And, you know, you’re exactly right. And don’t forget, there was no indexing of the capital gains for inflation. So let’s say that you bought a stock. Let’s say you bought Microsoft in 1990 and then you held it for 30 some years and then you want to sell it. Well, guess what? The prices are up 60% since then. So let’s say you made a 50% gain on that stock in real terms, adjusted for inflation, you didn’t make any gain at all. And yet they’re going to still tax you on it. So you could actually have a tax rate of over 100% on the after inflation rate of return. Does that make any sense? Now, how we could finance the companies of tomorrow if we’re if we’re having a capital gains tax, that could literally be over 100%.
Trish Regan: So so what’s the goal here to make us into a bunch of socialists?
Steve Moore: This is progressive woke kind of income redistribution on steroids. And what if you look, by the way, on the spending side of the equation, this budget is supposed to cut the debt and deficit adds $500 billion more spending next year. Is that that’s not like a lien in a pension. It’s like an 8% increase in spending, which is even higher than Biden’s, you know, massive inflation rate. How many people’s incomes went up by 8% last year and not a lot. I didn’t know about yours. So these are very troubling. It doesn’t learn any of the lessons of history. I’m with Laffer, I’m with Forbes, I’m with Kudlow. Get the let’s fix the tax system, get the rate down as low as possible, fix it, get rid of all the junk in the tax system.
Trish Regan: we’re going to need a new president and new Senate for that.
Steve Moore: Yes, he has this big thing in the budget about how we’re going to all these tax subsidies for the energy companies. You know what industry in America is most subsidized the wind and solar industry. I mean, the the the the energy companies, the oil and gas companies pay through the wazoo and taxes. [00:15:07][19.8]
Trish Regan: You know, it’s it’s it’s bonkers. And by the way, I just got to say, it’s amazing to me that they were so negative on fossil fuels, the oil and gas industry right ahead of the whole outbreak with Russia and Ukraine. I mean, it’s just so darn stupid. Let me see if I can play something for you, because there is a woman who really captured how stupid this entire. This entire ordeal is it’s Jennifer Granholm basically just laughing. Tom Keene over Bloomberg asked her, do you have a plan for energy? And she just laughed. And I’m sorry, but you got to have a plan because it affects our economy and it affects national security. You think oil prices are going to go down when not gas and so much oil gets taken off the market?
Steve Moore: I think they do. And, you know, I think I would make the case to you, I don’t think that there’s any way in hell that Putin would have gone into grain in the first place if Trump were still president, because the you know, like the Russian economy is almost all based on the oil and gas revenues. So when, you know, he was smiling like a Cheshire cat when Biden got elected, because guess what Biden did? He started cutting American production. Who do you think was the bigger winner of that? It was OPEC countries and Russia. So we were playing right into the hands of our enemies. It’s like Trump used to say, you know, remember, Chris, he used to say, you know, that our our enemies are laughing behind our back. And I think right now Putin is laughing at us for the stupidity of this. Meanwhile, if you follow following what’s happening in Europe and in Britain, they’re running out of energy, they’re moving away green energy. They have to build coal plants, nuclear plants because they don’t have enough energy. [00:16:56][52.4]
Trish Regan: And the Nord Stream pipeline is gone. They don’t have enough energy. And and meanwhile, you know, China is watching from afar. We got ourselves in a huge proxy war. We’re spending tons of money that we don’t have. Listen, you get into these things, you got to win them. But now I’m like, oh, is defense minister from Ukraine was fired for corruption. His deputy allegedly stole $400,000 from U.S. taxpayers. He’s for a fired for corruption. There’s no accountability. We’ve spent almost as much money as we did 20 years in Afghanistan, Steve. I mean, it blows my mind, you know, I guess say like I guess I was just naive. I thought people in government were smarter than this. I had hoped that they were smarter than this. And it concerns me because I think we get a bunch of dumbbells there that just are so political, but they have no appreciation for policy. And policy is what really dictates our future.
Steve More: Look, we’re all in favor of the Ukrainian freedom fighters. And I think that, you know, Putin is a criminal and a murderer. But you really we shouldn’t as and I’m a conservative, I’m a Reagan, you know, strong on defense guy, but you don’t measure commitment by how much money you spent. And that’s what liberals do. You know, you really have to measure whether the dollars are making a difference. And that’s where I kind of wonder about it. When you see the corruption, I mean, out of every how much we given Ukraine over $100 billion, how much of that is that?
Trish Regan: More than 200 billion now, according to The Wall Street Journal.
Steve Moore: I was trying to be conservative, but I would, you know, just back in the end about looking at how the covered money was spent and and stolen and, you know, the fraud. How much of that money do you think actually got to helping the Ukrainian people? I guess maybe one out of every $3? [00:18:43][15.7]
Trish Regan: Yeah. No, I mean, that’s that’s a concern. There’s there’s people that are getting rich off of this. And it’s not the Ukrainian people. They’re losing their lives off of this. So it’s it’s devastating. Anyway, we got to be smart, that’s all. You know, you need accountability. It’s got to be run a little bit more like a corporation. You need somebody really and truly managing it. And we don’t have that. So hopefully things will change soon. Thank you for all your time, everything you do. Steve Moore from the Heritage Foundation, he has a fantastic hotline, a wonderful email that you should. Where do they get that? Where should they go to sign up hotline to thank stress.
Steve Moore: People should go to committee to unleash prosperity. Just go to that website and sign up. And you know what, Trish? You know, in this era of high inflation, the great thing about our hotline is that it is free. It is.
Trish Regan: Free. I actually sign up. I hope I can do that. I sign up some of my friends. I kid you not. I love it. It’s one of the best things I’ve read and I’ve like actually signed up my friends emails. It’s because you have a place where you can do that. Well, thank you, Steve. Good to see.
Steve Moore: You, too.
Trish Regan: My thanks again to Steve. You know, I know it’s all doom and gloom, it seems like anywhere on this show, Right. We talk a lot about the headlines and everything that’s in the news. And none of it, frankly, is very good, which is why which is why I like to carve out a little section of the show to talk about some happy stuff and at least show you a few happy pictures of my wonderful dog. That would happen to be fluffy. You know, I know people get crazy about their dogs. I’m one of them. Full disclosure, I am totally one of them. You know, I guess it’s because when someone or something in this case loves you so unconditionally, you can’t help but love them back and you want to make sure that you’re doing everything right by them, Right. Which includes good nutrition, which is why I’m so happy to give every single day this wonderful nutrient, this vitamin mix for flavor. Created by naturopathic doctor Dennis Black. Dr. Black created rough greens and this stuff. It’s like it’s like the special special Sugar on Top. I just sprinkle it on top of fluffy dinner every single night and you can do this to me in a free trial bag. All you have to do is cover shipping and I’ll tell you it’s great. It’ll be at your house in just a couple of days. And rough greens is what you need to help with all this essential vitamins, minerals, probiotics, omega oils, digestive enzymes and antioxidants that your dog needs. So show your dog some love. Right now, order a free jumpstart child bag at Russ Green’s dot.com forward slash church again. It’s rough. Are you if get it. Green’s dot com forward slash church and let Fluffy and me know what you think. Well, it’s so good to have you here. I do hope you have subscribed to the show. Go to Trish Intel dot com. Sign up for my newsletter and we’ll talk some more tomorrow.