On Thursday’s Mark Levin Show, President Biden is proposing $4.7 trillion in new taxes in his budget, which is just the latest in Democrats who just keep spending, creating debt, and taxing us to pay their bill. Biden’s new budget proposal is another attack American individuals and business, with the highest personal income tax rate since 1986 and highest capital gains tax since 1978, and a corporate tax rate higher than Communist China’s. Even worse, Biden is proposing a tax on unrealized gains – money that hasn’t even been made yet. Speaker Kevin McCarthy called out our national debt as the biggest threat to America because these Democrats are the biggest crooks the world has ever known. Also, Democrats are engaged in digital McCarthyism in order to use the federal government to control what we see and hear on social media, and this was exposed further in a Twitter files hearing today. The Democrat party is a totalitarian party and does not care if the FBI and DOJ go after innocent American citizens. Elon Musk is a hero for free speech by allowing access to Twitter and exposing the illegal censorship. Later, there are multiple leaks that Donald Trump will face indictment in New York over charges related to payments from an NDA with Stormy Daniels and payments made to then-lawyer Michael Cohen. This would be the first ever indictment of a former present, and would completely upend the 2024 presidential election, but these Soros prosecutors have nothing better to do. This is a phony case, but radical New York Democrats are twisting laws in any way they can to get Trump. Later, Mark speaks with journalist Julie Kelly about the newly released January 6th tapes and how it affects the defendants who could not get access to the tapes before their sentencing. The D.C. judges are the real villains, who misled the court in their discovery obligations.
Americans for Tax Reform
List of Tax Hikes in Biden’s Budget
Photo by Fatih Aktas/Anadolu Agency
The podcast for this show can be streamed or downloaded from the Audio Rewind page.
Rough transcript of Hour 1
Hour 1 Segment 1
Hey, Mr. Producer, I don’t mean to catch you by surprise, but if we wanted to conduct some kind of a petition, think about how ways we could do that here on the air and then how it would be done via the Internet. In other words, is there a way to keep a list? Because I have something in mind. And once we figure this out, America will tell you about it. Hopefully tomorrow we’ll have something figured out not to put you on the spot. I wanted to leave with this tonight. Gulf Cartel apologizes for kidnapping, killing U.S. citizens, surrenders five gunmen. We don’t know if they’re the five gunmen or not, but this is where we are. The Matamoros faction of the Gulf Cartel tied up five of their own gunmen Thursday and left them alive. You’re a poster board as an apology for kidnapping and killing U.S. citizens over the past weekend. Authorities located the five gunmen during pre-dawn hours next to a black pickup in Marmaris and a handwritten poster. The scorpion seller, The Gulf Cartel, apologized, claiming the gunmen were not acting on orders or with approval from leadership. The Gulf cartel also apologized for the killing of an innocent bystander during the violent abduction. The move comes after days of immense political and police pressure after four U.S. citizens from South Carolina went missing last week. The gunmen were able to chase the victims in their vehicles, shoot at and kidnap them without any interference from police or military forces. The immediate political pressure after the kidnapping of Latifa Tamaki Schade, Woodward Xun, Dale Brown and Eric James Williams caused a large military and police response. But it cause more than that. I went on air. And as you know, I said that we need to send our military. And by that, I meant our jet fighters over there and take care of business. We know where their headquarters are. We know where their main plants are. We know the whole thing. You have members of Congress who are starting to say the same thing. I’m starting to say the same thing. Violent, vicious torturers and killers only know one thing Fear. And if all their businesses are on the line and all their families are on the line and everything is on the line, including their lives. Then they have something to fear. Do I believe this is true? What took place here? Yes. I don’t know if these are the five gunmen or not, but there’s no reason to believe that they’re not. And it really is remarkable. It’s remarkable because on our side of the border, not the president, not the secretary of defense, not the head of the FBI, not the attorney general, but the people you, me were fed up. It’s our citizens who are being slaughtered by fentanyl and other drugs. It’s our citizens who are being slaughtered, several of them, as they go over to Mexico. Kidnapped. We the people. And we’ve had enough of it in these politicians are incapable of doing anything about it. We pay them our taxes. They keep pushing us around what we can do with our land, whether we can keep our land, whether we can keep our car. Yes, it’s endless. Pushing us around, bullying us, pulling us. It’s endless. Brainwashing our children, threatening people who disagree with them. It’s just it’s just too much and then they don’t. They don’t protect us in the streets. They don’t protect us from drug cartels. Period. But there’s a lot that’s taken place today and all of it affects you. So I want to get into this. Joe Biden is proposing $4.7 trillion in new taxes, $4.7 trillion in new taxes. And so they just keep spending. They just keep creating debt. And they just keep taxing us. Now they’ll talk about we only tax the rich. I want to ask you folks, anybody out there earn under 400,000? Of course, the vast majority of. Have you seen your costs go up? Yes, of course. And so this inflation stuff is attacks on you. And that’s intentional because he wants to be able to go around buying doses and raise taxes on you. And yet he has. For so many people. They have to choose between groceries and gasoline and on and on and on. And he proposes the most outrageous, irresponsible budget in human history. And we all know the federal government treats our money so well. All that cola money still around hundreds of billions of dollars, and now they’re handed it to left wing groups and all the rest of it. And all the rest of it. All of the special interests that support the Democrat Party, whether they’re billionaires or teacher, union leaders, those thugs and so forth, they all benefit. They’re all taking care of this entire budget is once again a budget for Democrats. To support Democrats and the Democrat base. Massive redistribution of wealth. It’s all Marxist crap. That’s what it is. Marxist crap. I want to give you the list of tax increases that he’s proposing. That is Biden. And I want to make it abundantly clear. Any tax increase has an effect on private sector growth and prosperity. Has an effect on your jobs and your income. Haven’t they done enough damage? Haven’t they spent enough money? Haven’t they created enough debt and hardship? So we go to our friends at Americans for Tax Reform. There is no better. Biden’s fiscal year 2024 budget proposal contains nearly $4.7 trillion. A new tax hikes on American individuals and businesses. Biden’s proposed tax hikes come just months after Democrats passed more than 700 billion in tax increases in the so called Inflation Reduction Act. So in a year’s time, they will have increased taxes by $5.4 trillion. And it won’t even come close. They’re digging us out of the debt cycle that these fools have pushed us into. Biden’s budget proposal is a direct violation of his campaign pledge to not raise taxes on small businesses. Here’s a list of tax hikes included in Biden’s proposal. Highest personal income tax rate since 1986. 1986. Biden’s budget calls for a top combined federal tax rate of about 45%. 45%. $0.45 out of every dollar highest capital gains tax since 1978. 1978, almost half a century ago, a rate over twice as high as China’s capital gains tax. You want to know why China succeeds? It’s a communist regime. It is a communist regime that will have a lower capital gains tax than the United States of America. Got it. Biden’s plan nearly doubles doubles the capital gains tax rate for investment to 39.6%, effectively 40% from 20%. The U.S. currently has a combined capital tax rates of 29%. And that includes the 3.8% Obamacare tax and the 5.4% state average capital gains rate. Under Biden, this rate would approach 50%. This would give the United States a capital gains tax that is significantly higher than virtually all foreign competitors. Blue states such as California would see capital gains rates above 60%. Now, you might say, what does that have to do with me, really? Yeah. Money in mutual funds. That has to do with you. That has to do with you. Your pensions, right? You’re home, right? Corporate tax rate higher than communist China. A 31% increase from 21% to 28%. So the just be clear. The capital gains rate will be twice as high as communist China’s. The corporate tax rate will be higher than communist China’s. Biden raises the current 21% federal corporate income tax rate to 28% higher than Communist China’s 25%. And note that industry sectors have strategic cues to China. They pay an even lower rate of 15% or even 10%. That’s that’s how you you know, I’m embarrassed to say this. The genocidal maniacs who run China understand tax policy better than the. The American Marxist maniacs that run our country. After adding state corporate income taxes, the combined federal state run rate under Biden amounts to 32% corporate rate. One third of every dollar American workers will bear the brunt of Biden’s corporate tax increase. The nonpartisan Joint Committee on Taxation affirmed in congressional testimony corporate tax rate hikes would hit, quote, labor and laborers, unquote. He’s going to do this in the middle of a live inflation that’s moving into a recession. I’m telling you, we have stagflation. I’ve been saying this all along. Nobody wants to use that phrase, but that’s what we are. This tax increase will be passed along to families in the form of higher prices of goods and services, for instance. A 2020 study by the National Bureau of Economic Research found 31% of the corporate tax falls on consumers. And a corporate tax increase will harm workers in the form of lower wages and fewer jobs. So there’s only so many variables. You got to raise prices. You got to take it out of the workers. Either the number of workers or what you’re paying them are both. See. But if you worked in the federal government your entire life in the two years you did and you get and you get money from the Communist Chinese, you don’t know this or you don’t care. Or if you’re part of the teachers union and public sector unions of that sort, you don’t care because none of this matters to you. Then this is the one that really gets me. An unconstitutional wealth tax on unrealized gains. I want you to think about this. Biden’s budget calls for an annual every year 20% minimum tax on the unrealized gains of individuals with income on assets exceeding $100 million. Your eyes glaze everything, right? Nothing to do with me. It has everything to do with you. We need people to invest in the private sector, to invest in technologies, to invest in oil drilling, $100 million for capital investments. It’s a drop in the bucket. It’s a drop in the bucket. We’re not talking about what’s in your savings account here. This is a $360 billion annual tax increase. Now, this wealth, as we say, it’s not realized. So nothing’s been sold. Nothing’s been sold. It’s the latest attempt by the Democrats to reshape the tax code to pass a tax on unrealized gains. Imagine in your own life being taxed every year by the federal government on your own, the value of your home. 20%. Just sits there. You haven’t sold it. Well, that’s what they’re talking about. The new tax is similar to the wealth taxes pushed by radical leftist such as Senator Elizabeth Warren and Bernie Sanders. Capital gains taxes should only be paid when an asset is sold. Biden’s proposal would break with current tax policy and tax Americans based on the value of an asset on a particular arbitrary date. So you’d be reporting to the IRS. What is your wealth? Wait a minute. That’s not. What is your wealth? Where do you get it from? Well, I. I don’t have any income. It doesn’t matter. We’re taxing your wealth every year. But don’t worry, it’s $100 million more. And by the way, it starts at 100 million. Then it goes to 10 million. Then it goes to 1 million. Then it goes to you because the government’s out of money and they’re desperate and they’re coming for you. It would empower the IRS, encourage taxpayers to move assets overseas, could grow to hit millions of Americans over time. You better believe it will would also harm the economy, impose retroactive taxation, because that’s exactly what it will do. More on this when I return.
Hour 1 Segment 2
A wealth tax on unrealized gains, of course, is unconstitutional. We had to amend the Constitution to have the income tax. There is no provision in the Constitution, even under the so-called tax clause that permits it. But Joe Biden doesn’t care. Because he’s an autocrat. And so they keep pushing this agenda. It’s a radical left agenda to try and separate you from your money. And one day it will be applied to you if they get away with this. And let’s hope they don’t. You know that conservative Supreme Court might stop that. That would be good, but it would mean that you would have an annual tax of 20%. Let’s say your pension fund or you have a mutual fund and it’s invested in a stock that goes up. Well, you would be taxed on that stock. Where are you going to get the money to pay for that? Where are you going to get the money to pay for that? It’s an investment. And so we want people to have long term investments to pay for their own pensions. And so this would kill all that. This would kill investment in infrastructure. This would this would kill it all. It would drive the stock market into the toilet. This is what happens with gaming.
Hour 1 Segment 3
Here’s Biden in Philadelphia today. Cut 12. Go. I ran to grow the economy from the middle out in the bottom up and not the top down. I know when I grew up my dad’s kitchen table, not a whole lot. Trickle down on trickle down economics. Know I’m a little sick and tired of his games about how he grew up in a black neighborhood, a Puerto Rican neighborhood, about how he was part of the civil rights movement. But he wasn’t part of the civil rights movement about how poor Dad and poor Mom couldn’t put food on the table when in fact they did have food on the table. I’m sick and tired of this. It’s always about him. We used to talk about how Barack Obama used I. Well, this guy. It’s constant. It’s constant. And he lies constantly. Trickle down economics. That’s Reagan. We had the greatest explosion of economic growth in the history of the United States since the Industrial Revolution. Since the Industrial Revolution. The growth was so massive, it worked through the Clinton administration for which he took credit. The economy grew. 30% under Reagan. 30%. Joe Biden is not growing anything. Except older and older and all a trickled down, they call it. So if you get a government check, that’s not trickle down. If you’re on the government dole, that’s not trickle down. But what is it? The top down. Let’s put this Marxist pablum. They’ll never embrace capitalism. Because capitalism takes the power out of government’s hands and gives it to you. And so what do they want to do? They spend monstrous amounts of money. And McConnell was in on it. McConnell was in on it. And so are 18 other Republicans. Lindsey Graham. And they’re not alone. They were in on it. And now they they want a tax and tax and tax. And this doesn’t work. Reagan used to say tax and spend Democrats because that’s what they are. But it’s worse. Tax and spend. And bankrupt Democrats. That’s what they are. Then he continues to lie. Cut 13 go No one making less than $400,000. No one making less than $400,000 will see a penny in federal taxes go up as Yes, you will. Yes, you will. Folks, you’re paying more for food, you’re paying more for energy, you’re paying more for housing. The value of the dollar has gone down. The government that the Democrats did that. Now, obviously, that’s a tax. It’s a tax for the profligate Marxist like agenda, the Democrats in Washington, D.C.. It’s like running for president of Venezuela and say, I’m not going to raise your taxes. That’s fine. I can’t eat. I can’t afford anything. I’m just going to destroy your economy. I’m just going to take food off your table. I’m just going to take gasoline out of your car. I’m just going to drive up all kinds of prices, that’s all. But don’t worry, I won’t tax you one penny. Well, how is it that the federal government’s getting so big? If he says the wealthy aren’t paying their fair share and he’s not going to tax anyone, tax anyone who’s earning under $400,000, You follow me, Mr. Peters? Well, where’s your money coming from? If the wealthy aren’t paying and you’re not going to pay, then who’s paying? You’re all paying. Listen to this idiot. This moron. Massive budget increase. This is a on top of all the other spending that we’ve never seen before. Who is going to pay for this debt? Your kids are going to get slaughtered here financially. They’re going to they’re going to be poor. They’re going to be impoverished. Cut 14 go. And the world is getting a hell of a lot more complicated. And a hell of a lot more complicated. Thinks he’s a very tough, smart guy. It’s a hell of a lot more a comedy, Jay. Hell of a lot more. Here’s such a friggin moron. Go ahead. Oh, I’ve increased my budget. We increase it. Now, as I said, we’re making we’re we’re paying another $820 up with people from families with low incomes. Let’s connect students careers in operating costs, $820 more for people with low incomes. How much is that over the course of a year, Mr. Producer, it’s less than $80. What is it, like 70 bucks a month? Meanwhile, will cost billions and billions and billions of dollars to the debt. He just hands out money like candy. And it’s never enough because people can’t survive over what government hands them. But here will give you this. Students will give you they say, yeah, illegal aliens will give you this, don’t worry. And if you oppose them, must be a Maga maga republic. Go ahead. High school. We should provide for two years of community college. By the way, in school when you’re in your sophomore junior high. Shut up, you moron. You’re just a clown. That’s all you are. Never ends. Got 4 billion ideas. I have a million ideas. The spending never stops. The printing never stops. We’re going to tax the rich. How many times are people going to fall for that crap? Do you feel like he’s taxing the rich America? Do you feel like you haven’t been affected by any of this? Come on. It’s going to tax the rich. It’s going to collapse. The stock market is going to collapse. Capital investment. He’ll destroy job creation. Who the hell does he think creates jobs in this country? Him. Him. The radical left and her crowd. They don’t create anything. They don’t know how to create anything. They’ve never created anything. And they’re totally unaffected by this. This guy talks about saving Medicare. He didn’t pay in his fair share to Medicare for two years when he was earning $17 million. Wow. I’m sure that was all legit. $17 million. And he set up as corporations. He and the doctor. He being the patient, the mental patient. And they set up these S corporation has been reported multiple times in the Federalist and they set up these these corporations so we wouldn’t have to pay Medicare and Obamacare taxes. And now he wants to raise them. I mean, it’s an amazing thing. Has that been pointed out tonight on the news stations? Now, why? Why hasn’t that been pointed out tonight? That Joe Biden and Joe Biden. Dr. Jekyll and Mr. Hyde. You can pick which is which. I guess they’re both. Mr. Hyde. Miss Hyde. Excuse me. Well, no, that doesn’t matter. But just listen to me very carefully. He evades paying. Medicare taxes and Obamacare taxes. On several millions of dollars that they put aside in these corporations. So they don’t count on the salaries so they don’t have to pay those payroll taxes. There was set up by a clever accountant. And that went on for two years when he was in the private sector and was earning his most amount of money that we know of, not counting the under-the-table money. From his communist Chinese buddies and premier’s drug addled son. Just that which we know of. And there’s not a single report in The New York Times, The Washington Post, the Constipated News Network, MSL, US. Stay here. Really? Any other news except me? I’m telling you. Then he’d say, Ah, the rich have to pay their fair share. Anybody who earns over 400,000. They earned over $400,000. They worked very hard for it. I believe he got that 900 grand right for the unhinged. But he didn’t pay his fair share. America. Oh, you don’t have to worry about food prices. Gasoline prices. Housing prices. Nothing. Is a snarky, nasty old man. And when he was younger, he was a snarky, nasty punk. And I say that with all due respect. The middle up the bottom. Where? What are you talking about, you clown? And why do you graduated near the bottom of your class and law school? And why do you have to plagiarize and cheat? You jerk. Now, one, he had a lie about every aspect of your life, you moron. And I say that. As I say, with all due respect, I’ll be right back.
Hour 1 Segment 4
The story I want to read to you. But there is a lot more to get to here. But before we do that, I want to get to Kevin McCarthy, who made a very important statement today, a hat tip, just the news to to close the loop on this thing. Karl Carl Levin, go. And I firmly believe one of the greatest threats to America is our debt. And the Congressional Budget Office recently came out with their new projections, and they look at everything in a ten year window just to look at the next ten year window. For the first time, three trust funds go insolvent, the Highway Trust Fund, Medicare and Social Security. So if nothing happens, they’re in debt. We watch that. In the next ten years, Americans will pay $10.5 trillion just on the interest on our debt. Now, to put that in perspective, since 1940 till today, America has only paid $9 trillion in interest. So in the next ten years, we’ll pay more than we paid in the last eight years. And this is what’s happening. It’s unsustainable. We don’t have the workforce to do this. The welfare state is massively expanding. Redistribution of wealth is taking place all around us. The government is desperate. It’s printing money which is destroying the value of the currency and pension funds. And now they want to spend more. A whole lot more. And Biden is trying to persuade you that whole tax the rich and this will fix it because the rich aren’t paying taxes. The truth is, the rich pay most of the taxes, federal income taxes. But that said, again, I want you to think about the illogic of this. If the rich aren’t paying taxes and he insists that he’s not raising taxes on anybody under 400,000, then nobody’s paying taxes. So that sounds ridiculous. This is a massive spending bill, a massive tax increase bill, and none of it is going to reduce or even stop the growth of the debt. None of it. This guy is 80 years old. He’ll be long dead and gone by this time. This thing explodes. Meanwhile, we have the Social Security trust fund that the trustees tell us is dead in ten years. We have the Medicare trust fund that those trustees tell us is dead in two years. The Highway Trust Fund has been drained of all its money. We’re dealing with crooks. These politicians are crooks. These Democrats are the biggest crooks the world has ever known. Ever. Ever. And so they want you to follow the shiny object. The rich. The rich. The rich. It’s like CRT and inequity and and all the rest of it. It’s constant changing a language, constantly moving at the boundaries. It’s unbelievable. This is what I wanted to read you. It’s in the Los Angeles Times. Like many. Oh, you want to hear the headline? How White and Affluent Drivers are Polluting the Air Breathed by LA’s People of Color. Do you see this, Mr.. Like many Angelinos, I spent a lot of time behind Sammy RATH Rights spent a lot of time behind the wheel of my car, drive from my West Side apartment to Dodger Stadium near downtown and farther east, a hike in the San Gabriel Mountains. I take the four or five freeway north to the San Fernando Valley to see friends or occasionally South L.A. Times office or to the airport where I grow my carbon footprint even further. So I couldn’t help but consider my own complicity. While reading a new study from USC, researchers finding that Angelinos who drive more tend to be exposed to less air pollution, and Angelina’s who drive less tend to be exposed to more pollution. May sound like a paradox, but it’s not. It’s a function of the racism that shaped this city and its suburbs and continues to influence our daily lives. And a stark reminder the need for climate solutions that benefit everyone. My colleague Terry Castleman wrote about the study, which was published in the peer reviewed journal Urban Studies. The core finding is that for every 1% increase in miles driven to and from work by people who live in a particular part of L.A. County, there’s an estimated point 62% decrease in the lung damaging fine particle matter for which these Angelinos are exposed. How is that possible? I asked the study’s lead author, Geoff Boeing, a professor at USC, Saul Price School of Public Policy, told me. Largely, it comes down to the shameful history of Los Angeles County’s low income communities of color being torn apart to make way for freeways. Oh, what about those trains and so forth that go through Palestine? Well, that’s another story and history that’s been extensively documented by the Times today. Many residents of the county’s whiter, more affluent neighborhoods who are often able to keep highways out of their own backyards, commute to work through lower income black and Latino neighborhoods bisected by the ten, the 110 and the 105 freeways and more. So it’s the suburbanites, the whites. The affluent driving through communities of color. Who are polluting their air. My goodness. And what is the answer to that, Mr. Peters? To eliminate cars and to eliminate these communities, that is the suburbs. Be right back.