“Kudlow” host Larry Kudlow blasted Biden for stating the top 1% get away with paying almost no income tax telling “America Reports” the president’s mantra of asking the wealthy to “pay their fair share” is a “Democrat talking point” they think polls well.
LARRY KUDLOW: It is a terrible, factual misstatement. It goes beyond cognitive dissonance. The numbers are very clear. First of all, the top 1% pay 40% of the income taxes. The bottom 50% or more don’t pay income taxes. He [Biden] doesn’t talk about that. If you do the numbers right, over a 10-year period, the spending will be roughly $5.5 trillion, plus a trillion for the so-called infrastructure, which only a third is for infrastructure. Nobody in their right mind believes that a strong economy with excessive inflation requires $6 trillion in new federal spending. I don’t care what side you are on, Democrat or Republican, supply-side or Keynesian. No one believes that. He [Biden] just said corporations don’t pay taxes. We are seeing record tax revenues from record profits. The Trump tax cuts not only succeeded in record-low unemployment, low poverty and helped minority groups, but they [tax cuts] paid for themselves. It was a $350 million corporate tax cut and added profits and revenues within 18 months. Biden’s economists and his own Treasury department will be happy to supply him with the numbers if he ever wants to look. If you go after these company that are so profitable, you will lose $100 billion in profits next year. Roughly half of S&P 500 profits will go down from higher taxes.
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