00:01:05.000We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country.
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00:01:55.000Tell us about how Joe Biden plans to raise taxes.
00:01:59.000Well, Charlie, thank you so much for having me.
00:02:01.000You know, the biggest way that he plans on raising taxes is by simply allowing the Trump tax cuts to expire.
00:02:09.000And a lot of times these have gotten a bad rap in the mainstream media because people don't understand what the tax cuts actually did.
00:02:17.000They think they simply cut taxes for faceless corporations and high-income earners.
00:02:22.000But the fact of the matter is more than half of the benefits of this tax cut actually went to those in the bottom half of the income distribution.
00:02:33.000The middle class paid less in taxes, both in absolute terms and as a share of total taxes paid.
00:02:39.000And it turns out that the wealthy actually ended up paying more.
00:02:42.000It was only a couple of years after this tax cut was passed that the highest income earners actually paid a record amount in taxes and tax receipts overall hit record highs.
00:02:54.000But on top of that, not only does the Biden administration want to allow those tax cuts to expire, but they also want to institute new taxes as well.
00:03:04.000Some of these are very onerous wealth taxes, things like unrealized capital gains taxes.
00:03:10.000In other words, if you have stocks or bonds or any kind of investments in a retirement account, let's say, the Biden administration wants to begin taxing that, even if you haven't actually realized any of those gains.
00:03:22.000In other words, you haven't actually sold the investments, but they've gone up in value.
00:03:26.000So they want to treat things like retirement vehicles the same way we treat housing with local property taxes.
00:03:34.000So EJ, help me understand his promise.
00:03:37.000Biden's promise was, I'm not going to raise taxes.
00:05:05.000And one of the really crazy things, Charlie, is when you start talking to some of the people involved here, like Elizabeth Warren, heaven help us, is that they want to not only tax you when the stock goes up, but you get no tax break when the stock goes down.
00:05:20.000So whereas today, if you sell correct.
00:05:25.000So let's say today you sell two stocks, one has gone up and the other has gone down.
00:05:30.000Well, if one has gone up by $100 and the other has gone down by $100, that's just a wash.
00:05:58.000Yes, the flood of investors who are all going to start to leave these new taxable stocks, and they're going to put their money somewhere else that would be tax exempt.
00:06:10.000I mean, this would be absolutely devastating for American financial markets.
00:06:14.000What stocks will be taxed or tax exempt?
00:06:19.000Well, right now, the initial drafting and the ideas that are being bantered around, there is no stocks that would be, there are no stocks that would be tax exempt.
00:06:29.000And so people would have to shift into other kind of investment vehicles, probably things like bonds that are not going to, you know, that are essentially not going to be subject to a tax year.
00:06:40.000The way bonds work is that you get what we call coupon payments, meaning you get a predictable amount of income every month, every quarter, every year, however it's structured.
00:06:49.000And so that is your return on investment, as opposed to a stock where, let's say, you don't get a dividend.
00:06:55.000The return on investment is how much the stock appreciates in price.
00:07:00.000Well, if that's what you're going to be taxed on, then expect people to do less of it.
00:07:03.000And instead, people will use vehicles like bonds to try to get around these very onerous tax rates.
00:07:10.000I mean, this would crash the market, is what it would do.
00:07:13.000I mean, why own stock if all of a sudden, if you're going to be up 10%, you have to pay capital.
00:07:19.000But the unrealized part is the most remarkable.
00:07:23.000There are everyday people that have appreciated their net worth significantly and not have to pay tax on it until they realize it.
00:07:32.000I mean, how would anybody ever get ahead?
00:07:39.000And one of the really scary proposals that's out there is to use an annualized price for the stock.
00:07:46.000Because if let's say the price that you're going to be taxed on is just, let's say, December 31st, the last day of the year, well, then what will everyone do?
00:07:56.000Everyone will purposely sell their stock that day and crash the market.
00:08:00.000And then you won't owe any tax because there is no unrealized gains because the price will have dropped so much.
00:08:06.000So if you use an annualized price, you get around that.
00:08:10.000Let's say a stock starts at a dollar on January 1st, runs all the way up to $50 or $60 in the middle of the year, and then drops back to $1 at the end of the year.
00:08:19.000In other words, you have no gain, realized or unrealized.
00:08:24.000But because you're using effectively an average of that stock price over the whole year and you incorporate that portion in the middle of the year when the stock price was higher, you will now owe tax, even though there's been no increase in the actual value of what you owe.
00:08:39.000So even though you don't have to do it, there's just no way to square the circle here.
00:08:42.000But you never actually got any value out of it.
00:08:56.000So every time, look, there is no good way to implement an unrealized gains tax.
00:09:02.000And so every time one of these proposals is put forth to try to deal with one of the problems, it's like playing political whack-a-mole.
00:09:09.000You now have another problem that you've created over here that you then have to try to squash and it's going to create something else and so on.
00:09:17.000This is how these ridiculous tax laws get to be so convoluted and complicated and inefficient.
00:09:24.000At the end of the day, this is essentially creating a problem when there was none to begin with.
00:10:41.000Well, that person would be wrong, whoever they are.
00:10:44.000Unfortunately, well, first, Charlie, right, we were told there is no inflation, then inflation was transitory, then inflation was trending towards 2%.
00:11:02.000And now there's no indication that we're going to get back to that 2% target, let alone zero, which is where we should be.
00:11:08.000And the reason for that is because there's no indication that government spending and borrowing is slowing down.
00:11:14.000Instead, we're considering, we're just continuing rather right down this wrong road.
00:11:20.000So unfortunately, I wish I had better news for the American people that things are going to get better, but it just doesn't look that way going by the numbers.
00:11:29.000And the major driver of this is government spending, government spending.
00:11:35.000And we are adding a trillion dollars to our debt every 100 days.
00:11:46.000Essentially, what's happening is that as the government continues to just spend too much money, money that we don't have, and it doesn't matter whether you're spending that on domestic programs or you're throwing that overseas in the form of foreign aid, whatever the case may be, there's just simply too much money going out the door.
00:12:03.000It far exceeds tax revenue by trillions of dollars.
00:12:07.000And so we're running these massive deficits.
00:12:09.000And you're right, for a while there, we were basically adding a trillion dollars to the debt every hundred days.
00:12:15.000Now, we just got a huge amount of tax revenue come in to the treasury, which happens every April 15th.
00:12:23.000But once that tax revenue is eaten up by expenses in the next few weeks, we're going to be right back on track to borrowing at these excessive levels.
00:12:32.000And the more the treasury borrows, the less that private individuals and businesses are able to borrow because the treasury is just sucking all the oxygen out of the room.
00:12:42.000That's why things like credit card interest rates, mortgage interest rates have all gone through the roof.
00:12:48.000There simply isn't enough money to go around for both the treasury and again, private individuals and businesses to all borrow.
00:12:57.000And the spend, the amount, the rate of borrowing is unsustainable, and the macro debt burden is breaking the purchasing power of the everyday American.
00:13:10.000The last thing I want to ask you here is that Joe Biden says, but the stock market is at record highs.
00:13:16.000How would you best respond to that, Dr. Antoni?
00:13:18.000Well, the biggest thing is that these stocks are priced in nominal terms.
00:13:23.000In other words, it doesn't represent real value.
00:13:26.000If inflation causes prices everywhere for everything to double, you would expect the stock market to double as well.
00:14:35.000The U.S. economy grew at a sharply slower place in the first quarter, and inflation toppled Wall Street expectations, dimming investors' hopes for a quick Federal Reserve rate cut.
00:14:45.000You see, their plan, again, the Federal Reserve is supposed to be independent, but it's run by bankers.
00:14:50.000So therefore, it is aligned with Joe Biden.
00:14:54.000They cannot even justify a rate cut at this point.
00:14:57.000U.S. economy grew at a sharply slower pace.
00:15:02.000Inflation reading sparked a sell-off in bonds.
00:15:05.000When bonds go upside down, it's bad news.
00:15:09.000Sending yields on the 10-year Treasury note to 4.76%, their highest level since November.
00:15:16.000Stocks fell meanwhile, with the Dow Joan Industrial Average sliding 1% or 375 points.
00:15:21.000Investors are pricing in a 19% chance that the Fed will hold interest rates steady through the year end, according to the CME group.
00:15:29.000This is not good for Biden's reelection campaign.
00:15:32.000He was hoping for an artificial Federal Reserve rate cut bailout.
00:15:36.000A little bit of a cheap money, like give the kids some candy, even though you know that sugar high is going to end in 15 minutes.
00:15:43.000He wanted to try to have an influx of cheap money, quantitative easing, and have the kids eat Skittles and Twizzlers, and then the sugar high crashes.
00:16:02.000For years, I've been talking about how our nation's public schools have been captured by progressive ideologues teaching things that directly contradict the values of millions of American families.
00:16:10.000For those of you worried about the best educational path for your kids and grandkids, I'm pleased to announce our new partnership with Turning Point Academy, the Herzog Foundation.
00:16:18.000From their online publication, The Lion, to the new podcast Making the Leap, the Herzog Foundation offers a wide range of advice and information for Christian parents to make the best education decisions for your children.
00:17:12.000This is the 538 polling average, which sometimes I link to directly.
00:17:17.000But Trump 5.9 in Georgia, 5.7 in Nevada, 5.2 in North Carolina, 4.3 in Arizona, 1.1 in Michigan, and actually leading by 0.8% in Pennsylvania.
00:17:33.000The only state where Biden leads is by one-tenth of a percent in Wisconsin.
00:17:39.000So, and I'm sure you've been talking about your news on Arizona.
00:17:44.000I've got two red headlines in the stack.
00:17:47.000Yeah, there's a story in town hall and data that you have provided in a tweet directly showing that, you know, they've been talking about Arizona, right?
00:17:56.000That we're that Arizona is purple and it's turning blue because of California transplants.
00:18:01.000And they've been shoving this down our throats for 10 years.
00:18:32.000So, Kane, I want to dive into this other one.
00:18:33.000The U.S. Senate polls that you have here on citizenfreepress.com shows that the betting markets say that 71% chance that Republicans will assume control of the U.S. Senate.
00:18:44.000What I find interesting is they don't even have Maryland as a flip seat, which Larry Hogan, former governor of Maryland, is doing very well there.
00:21:24.000And Kane, these new Arizona numbers show turnout, turnout, turnout.
00:21:29.000We are outpacing the Democrats and voter registration by over 236,000 net increase in just Arizona.
00:21:38.000We have to tune out the noise, go to work, chase the ballots, register the voters.
00:21:45.000And Kane, the fundamentals are better than I thought we would be, considering our candidate is in a courtroom right now, Kane, considering that they have thrown everything they can at us.
00:22:36.000We need to remember, and you and I analyze, you know, where abortion is and all these state ballots and how that may end up affecting turnout.
00:22:44.000But we've been beating the numbers in turnouts in turnout in the last two presidential elections.
00:22:50.000So I, so the fact that, you know, in other words, Trump trailing by eight in Michigan last time, he ended up losing, I think, by a point and a half.
00:22:59.000So he, he, he, uh, he came, you know, he did much better than expected.
00:23:04.000So you can take that as, you know, one positive sign in all these polls.
00:23:09.000And we now sort of, with the 538 numbers and the, and there was a Bloomberg poll that came out two days ago for the seven swing states.
00:23:32.000I'm 100% behind voting early and all the efforts that we're making.
00:23:37.000Let's vote all month so we don't have a repeat of Maricopa County when 500,000 people turn out and suddenly the ballot printers don't work.
00:23:46.000So I like everything about the strategy.
00:23:49.000I like what you've now expanded to Michigan from just Wisconsin and Arizona for chase to vote.
00:24:47.000You know that I follow these as closely as you, and that's what I'm always looking at is the effect of Kennedy and the effect of Jill Stein and Cornell West.
00:24:55.000And suddenly I've forgotten her name, but he has a Muslim running mate for VP.
00:25:01.000So I think that they're all sort of within the margin of error.
00:25:05.000And what we're seeing is that it's maybe a net positive.
00:25:10.000The three extra candidates are a net positive of two to three points for President Trump.
00:25:17.000But what you really have to analyze about these five-person polls is what will the numbers be when people get in the booth, right?
00:25:25.000And Kennedy has shown surprising strength.
00:25:29.000I think he's going to get 10% in most of these states.
00:25:36.000In Wisconsin, as you said, it was a slight negative.
00:25:40.000But look, either way, it's not clobbering Trump.
00:25:43.000Biden's team seems more worried about it than Trump's does.
00:25:47.000I know Trump's internal polling says that Kennedy helps him.
00:25:50.000You and I have talked about Cornell West and Michigan and Minnesota and sort of the protest vote, the Arab vote, the Muslim vote, which is strong in both those states.
00:26:02.000So I just as an overall thing, I'm just as positive as I've been, but I go back to the mantra.
00:26:09.000If they get, if Democrats get an extra 3% and turn it out, they can win these swing states and make it a very, very close race.
00:26:19.000So that's why chasing the vote is really what's most important.
00:26:23.000It is the fundamentals of the fundamentals.
00:26:28.000Three-star general Michael J. Flynn, head of the Pentagon Intelligence Agency, knew all the government's dirty secrets.
00:26:34.000He was one of the most respected generals in the military.
00:26:37.000Flynn knew what the Intel world had been up to.
00:29:29.000That'll be seven years that every single day of my life has been Groundhog Day.
00:29:34.000And I've literally been in the same office here in my house in Bloomington, Indiana, reading through news stories, watching videos, and putting headlines up in the stack for 16 hours a day, every day.
00:30:09.000I'm making an extreme effort to make it to that people's, the people's convention in Detroit.
00:30:19.000So anybody in Michigan, Wisconsin, Minnesota, Illinois, surrounding areas, this is going to be a great conference with Trump himself and all the big names.