The Charlie Kirk Show - April 14, 2025


The Global Supply Chain and You


Episode Stats


Length

35 minutes

Words per minute

170.15471

Word count

6,049

Sentence count

539

Harmful content

Misogyny

10

sentences flagged

Hate speech

12

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

What is a supply chain disruption? It is shocking how much we are actually reliant on the Chinese Communist Party for. We dive into those details. Today's special guest is Charlie Kirk, the founder of Turning Point USA, which is fighting for freedom on campuses across the country.

Transcript

Transcripts from "The Charlie Kirk Show" are sourced from the Knowledge Fight Interactive Search Tool. Explore them interactively here.
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 Hey, everybody.
00:00:00.000 What is a supply chain disruption?
00:00:02.000 It is shocking how much we are actually reliant on the Chinese Communist Party for.
00:00:07.000 We dive into those details.
00:00:08.000 Email me freedom at charliekirk.com.
00:00:10.000 Subscribe to our podcast.
00:00:11.000 That is the Charlie Kirk Show podcast page.
00:00:14.000 Get involved with Turning Point USA at tpusa.com.
00:00:17.000 That is tpusa.com.
00:00:20.000 Again, you can email me freedom at charliekirk.com.
00:00:22.000 That is freedom at charliekirk.com.
00:00:24.000 Subscribe to our podcast and get a friend to do the same.
00:00:27.000 Buckle up, everybody.
00:00:27.000 Here we go.
00:00:28.000 Charlie, what you've done is incredible here.
00:00:30.000 Maybe Charlie Kirk is on the college campus.
00:00:32.000 I want you to know we are lucky to have Charlie Kirk.
00:00:35.000 Charlie Kirk's running the White House, folks.
00:00:39.000 I want to thank Charlie.
00:00:40.000 He's an incredible guy.
00:00:41.000 His spirit, his love of this country, he's done an amazing job building one of the most powerful youth organizations ever created, Turning Point USA.
00:00:49.000 We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country.
00:00:58.000 That's why we are here.
00:01:01.000 Noble Gold Investments is the official gold sponsor of The Charlie Kirk Show, a company that specializes in gold IRAs and physical delivery of precious metals.
00:01:11.000 Learn how you can protect your wealth with Noble Gold Investments at noblegoldinvestments.com.
00:01:18.000 That is noblegoldinvestments.com.
00:01:20.000 It's where I buy all of my gold.
00:01:22.000 Go to noblegoldinvestments.com.
00:01:26.000 Breaking news yesterday.
00:01:28.000 China has announced that it is halting the shipment of rare earth minerals to the United States.
00:01:34.000 We're going to explain that in just one second.
00:01:36.000 We have eyes on the President Trump and Bukele little press conference.
00:01:41.000 It's a little all-star team.
00:01:42.000 You got Mike Waltz there.
00:01:43.000 You got Susie Wiles there. 1.00
00:01:44.000 You got Stephen Miller there.
00:01:45.000 You got Marco Rubio.
00:01:46.000 You got Pam Bondi.
00:01:47.000 We're keeping eyes on that.
00:01:48.000 But let's dive into the breaking news that happened yesterday.
00:01:51.000 The Chinese Communist Party has announced.
00:01:55.000 That it is suspending shipments of rare earth minerals to the United States.
00:02:01.000 That the critical minerals that many American companies need to be able to survive and build things such as iPhones, electric vehicles, are being put in suspension.
00:02:13.000 Now if you look at a periodic table, it seems as if, if we could print out a periodic table, it seems like China controls like half of the periodic table.
00:02:23.000 Now, mind you, I have not looked at a periodic table in probably well over a decade.
00:02:27.000 So in preparation for this program, I started to research what rare earth minerals specifically does China extract?
00:02:35.000 What are they used for?
00:02:36.000 And then I had to go back to my periodic table and realize that the Chinese Communist Party controls almost 85% of all the rare earths in America. 0.73
00:02:46.000 This is a serious escalation in the trade war between the Chinese Communist Party and the United States.
00:02:52.000 Here are just 10 rare earth minerals that China is the world's dominant supplier in.
00:02:59.000 For example, neodymium.
00:03:02.000 ND otherwise known on your periodic table chart.
00:03:06.000 This is used for high strength magnets for electric motors.
00:03:10.000 Also used for headphones and hard drives.
00:03:13.000 The suspension of ND very well could mean line down for...
00:03:20.000 So many electric vehicle manufacturers in America.
00:03:23.000 It's understand that China doesn't control them because they naturally have all of them.
00:03:28.000 They have just made it a priority to manufacture them, while we didn't.
00:03:32.000 So we shut down our mines and not develop them at all while China keeps their mines running.
00:03:38.000 Or how about this one?
00:03:39.000 Terbium, otherwise known as TB, which is green phosphors in flat panel displays and LEDs.
00:03:47.000 Or yttrium.
00:03:49.000 Otherwise known as Y. Used for LEDs and phosphors and colored TVs.
00:03:55.000 Rare earth minerals compose so much of the technological revolution that we have been living through.
00:04:02.000 We live in a world of globalized and tight supply chains.
00:04:06.000 If you're a middle-aged or older, this is a shift that has taken place in your lifetime.
00:04:12.000 Logistics used to be a lot harder.
00:04:14.000 Back in 1980, we didn't have widespread computers.
00:04:16.000 We didn't have the internet.
00:04:18.000 Trade between different countries was more complicated and difficult, and so global trade reflected this.
00:04:23.000 But since then, everything has changed.
00:04:26.000 We have the internet and computers everywhere, and that has led to a very new form of economic organization.
00:04:32.000 We now truly have globalized supply chains.
00:04:36.000 It is now routine for the production of basic manufactured goods to take place all around the world.
00:04:42.000 Consider a smartphone.
00:04:47.000 In America.
00:04:48.000 And sold by an American company.
00:04:50.000 But the raw materials in that smartphone are mined all over the world.
00:04:54.000 In Africa, in Latin America, in Australia, and so on.
00:04:58.000 This is the Milton Friedman pencil.
00:05:01.000 Which, can you guys get the Milton Friedman pencil video?
00:05:04.000 On full display.
00:05:06.000 But there is a fallacy and a problem in Milton Friedman's pencil lecture.
00:05:12.000 Milton Friedman would say no one can actually make a pencil because all the components are extracted from around the world.
00:05:17.000 However, time out, Milton Friedman, and I respect you with so much, such a high degree of respect.
00:05:24.000 What happens if the country that has the component that makes the pencil made possible stops trading with you?
00:05:33.000 The fact that the Chinese Communist Party has suspended trade Of rare earth minerals with the United States of America proves Donald Trump's point.
00:05:43.000 It proves that we are actually a vassal state of the Chinese Communist Party.
00:05:50.000 That at any time they can flip a switch and we are reliant on them.
00:05:54.000 And there is a short window for us to fix this.
00:05:57.000 And if I might be candid with all of you, I feel as if supply chains have been an underemphasized component of this trade war.
00:06:05.000 We've talked about bringing industry back to America pretty well.
00:06:09.000 We've talked about how the Chinese Communist Party is a great enemy. 0.99
00:06:12.000 I don't necessarily think we've built out the argument for supply chains.
00:06:16.000 And it's not just the rare earth minerals, like gadoloneum, contrast agent, and MRI scans.
00:06:22.000 Pretty important.
00:06:23.000 You want to have a heart MRI?
00:06:25.000 You want a brain MRI?
00:06:26.000 Well, you need GD.
00:06:28.000 You've got to be really careful because it's also used in nuclear reactors, but it's incredibly important.
00:06:33.000 MRI saves lives every day.
00:06:36.000 Those where Earths are straight from China. 0.96
00:06:39.000 We should not have to rely on our adversaries to be able to, for example, periodic element PR, an alloy, I can't pronounce it, protesodium, minium, alloy with magnesium for aircraft engines, pretty important,
00:06:55.000 a colorant for glass and ceramics.
00:06:58.000 And it's not just the materials themselves.
00:07:01.000 I compose the list of all of...
00:07:04.000 The goods that originate from the Chinese Communist Party.
00:07:08.000 And this goes to show the scam of the free traders.
00:07:11.000 The free traders would tell us, oh, we're just going to go make clothes and t-shirts in China because it's cheaper.
00:07:20.000 China has designed their economy so they're by far the world's biggest player in global supply chains.
00:07:28.000 Even if the product is not made in China, it almost always includes parts or raw materials that are made in China.
00:07:35.000 And China can cut off that supply at any moment if need be.
00:07:39.000 We have chosen to let this happen because it lets us make money in the short term.
00:07:44.000 But now we are dependent.
00:07:46.000 We are a vassal state.
00:07:49.000 This is slow motion self-harm.
00:07:51.000 We are hooked on the Chinese drug, and I don't just mean fentanyl.
00:07:55.000 The markets for these are not that large.
00:07:58.000 We could develop these mines at a pretty low cost, but we didn't treat it as important, and we pandered to the radical environmentalists.
00:08:05.000 We shackle ourselves with the green environmental laws until it's impossible for us to build anything.
00:08:12.000 And China pours more concrete in two years than America has poured in our entire history as a country.
00:08:18.000 That is a fact.
00:08:19.000 And let me just list off the other goods that we import.
00:08:22.000 We import our medical equipment from China.
00:08:25.000 Thermometers. Pulse oxes, blood pressure monitors, ultrasound devices, all imported from China. 0.98
00:08:33.000 Pharmaceutical ingredients.
00:08:34.000 Do you know that 80% of active ingredients in U.S. medicines originate from China or India, which itself often imports from China, so basically China?
00:08:46.000 Or how about vitamins?
00:08:47.000 Do you know that if a human being does not get vitamin C, you die?
00:08:51.000 You make no vitamin C yourself.
00:08:53.000 It's not like melatonin.
00:08:55.000 It's not like dopamine.
00:08:56.000 It's not like testosterone.
00:08:58.000 It's not like estrogen.
00:08:59.000 You do not make vitamin C. Now, you can get vitamin C from lemons or orange juice, but most of America is vitamin C deficient.
00:09:08.000 China, about 30 years ago, said, hey, what if we dominate the ascorbic acid, which is vitamin C market?
00:09:15.000 So they're the only country that basically makes vitamin C. When you are taking a vitamin C oral supplement, it is made in China. 0.86
00:09:24.000 America's vitamin C deficient.
00:09:25.000 Human beings need vitamin C to be able to survive and live.
00:09:29.000 And China decided to corner the market, and we ignored it.
00:09:32.000 Our leaders, Bush, Obama, Biden, never said, hey, probably not a good thing that we don't make vitamin C. Have you gone into surgery lately?
00:09:41.000 Is someone wearing a surgical gown?
00:09:43.000 Are they wearing nitrile gloves, face shields, or protective suits?
00:09:47.000 All made in China. 0.99
00:09:48.000 How about steel products?
00:09:49.000 This one's pretty important.
00:09:51.000 Rebar, steel wire, sheets, and pipes.
00:09:53.000 All made in China. 0.99
00:09:55.000 Aluminum products, sheets, tubing, engine parts, cans.
00:10:00.000 Aluminum is used in transportation for planes, trains, and automobiles.
00:10:04.000 Food packaging, power lines, and medical devices.
00:10:07.000 Or machinery parts.
00:10:09.000 Bearings, gears, motors, compressors.
00:10:11.000 All made in China. 0.99
00:10:14.000 Many U.S. machines from our elevators to our tractors depend on Chinese manufactured parts.
00:10:19.000 They have built a circular...
00:10:22.000 An encircling strategy around the industrial manufacturing base of America.
00:10:28.000 What President Trump is doing is to actually challenge us for the first time in a generation.
00:10:33.000 because we are becoming a vassal state of our greatest enemy.
00:10:37.000 We see it all the time when I visit college campuses.
00:10:41.000 Young adults demonize the concept of free markets and think government is the solution to every problem.
00:10:47.000 How do we change this?
00:10:48.000 By teaching our kids the foundational principles to counter what they are taught in public school.
00:10:53.000 Parents want to teach their children about liberty, limited government, and free markets, but often wonder why.
00:10:58.000 That's where Tuttle Twins can help. 1.00
00:11:01.000 They empower parents by providing quality resources that break down these ideas in a way children can understand.
00:11:07.000 Take their book.
00:11:09.000 The Tuttle twins learn about the law.
00:11:11.000 In this story, the twins learn about their rights, that true laws protect people, and that we should help others, and that stealing is always wrong.
00:11:19.000 Children can only change the world for the better if they learn these important principles now.
00:11:24.000 Go to TuttleTwins.com slash Charlie today and purchase their 14-book children's series for your family.
00:11:31.000 They'll learn to think for themselves, to stand for liberty.
00:11:34.000 Go to TuttleTwins.com slash Charlie today.
00:11:37.000 TuttleTwins.com slash Charlie.
00:11:41.000 A young man on campus recently asked me, he said, Charlie, what's so wrong with a trade deficit?
00:11:46.000 He said, when I go to a grocery store, I have a trade deficit with my grocer.
00:11:51.000 And in that example, he is right.
00:11:54.000 You are trading paper for goods.
00:11:56.000 That's a great example.
00:11:57.000 So let's play out that grocery store example.
00:11:59.000 You go to the grocery store and they provide you with lettuce, tomatoes, bread, yogurt, whatever you need to feed your family.
00:12:07.000 You don't produce any of that stuff yourself, so you go to the grocery store and you trade paper for food.
00:12:14.000 Paper for food.
00:12:15.000 So let's extrapolate that to the macro.
00:12:17.000 Let's now look at the international.
00:12:19.000 We have been trading paper for stuff.
00:12:23.000 Paper for stuff.
00:12:24.000 But what if your grocer had the power to starve you to death at any time?
00:12:29.000 And might, if it felt like it.
00:12:32.000 So funny, Blake read my mind.
00:12:34.000 That was exactly my response on campus.
00:12:37.000 And Blake just put it in the chat.
00:12:38.000 And he said it better than I could have.
00:12:40.000 That is exactly right.
00:12:41.000 In the ideal, in the libertarian abstract, what is wrong with a trade deficit?
00:12:48.000 Of course, you do what you do best, and he does what he does best.
00:12:52.000 But in the grocery store example, of course, it being China, China can say no rare earth minerals.
00:12:57.000 Look at all the stuff that China could say that we are no longer going to import because of how stupid our leaders have been.
00:13:03.000 No more rebar.
00:13:04.000 No more steel wire.
00:13:05.000 No more sheets.
00:13:06.000 No more pipes.
00:13:07.000 No more bearings.
00:13:08.000 No more gears.
00:13:08.000 No more motors.
00:13:08.000 No more compressors.
00:13:09.000 No more sheets.
00:13:10.000 No more tubing.
00:13:11.000 No more engine parts.
00:13:12.000 No more vitamin C, vitamin D, multivitamins, or herbal blends.
00:13:15.000 No more antibiotics, painkillers, blood pressure medication, no more thermometers, oxygen monitors, pulse oximeters, and blood pressure monitors, not to mention all the rare earth minerals that I mentioned.
00:13:24.000 How about this one?
00:13:25.000 No more circuit boards, no more resistors, no more power suppliers, no more switches, no more drills, no more fasteners, no more wrenches, no more saws, no more toolkits.
00:13:33.000 Oh, this is one that Emma will love.
00:13:36.000 No more fertilizer, such as phosphate and even glyphosate.
00:13:43.000 No more of that.
00:13:44.000 So China, they decided to corner the fertilizer market.
00:13:49.000 That's right.
00:13:50.000 They are the world's largest exporter of nitrogen and phosphate-based fertilizer.
00:13:56.000 Pretty important.
00:13:58.000 Disruptions would immediately affect crop yields.
00:14:02.000 Or how about drone components?
00:14:04.000 Do you know that the components that we put into drones, almost all made in China? 0.66
00:14:09.000 And this is where Milton Friedman was mistaken.
00:14:12.000 Hate to say it.
00:14:13.000 Love his book, Capitalism and Freedom.
00:14:15.000 He's right 99% of the time.
00:14:17.000 He's a hero of mine.
00:14:19.000 And in this beautiful, almost poetic video that we are about to watch, Milton Friedman talks about the beauty of international markets.
00:14:27.000 He says, look at how this pencil is put together.
00:14:30.000 None of these people knew each other.
00:14:31.000 And they all worked in harmony to put together the pencil.
00:14:34.000 And everything he says is true.
00:14:35.000 Except Milton Friedman.
00:14:37.000 Except what if one of those components...
00:14:40.000 Or one of those actors decides to stop trading with you because we've become so reliant on them.
00:14:47.000 And Milton Friedman would say, well, then it's not in their best interest.
00:14:49.000 And actually, China could outlast us.
00:14:51.000 They could.
00:14:52.000 They're a totalitarian government.
00:14:55.000 Experts sometimes say the winner of the next war is whoever can make drones the fastest.
00:15:00.000 China could outproduce us 100 to 1, 1,000 to 1 maybe.
00:15:05.000 And other than President Trump, There is no push for us to actually modernize our industrial capacity.
00:15:11.000 Here's Milton Friedman, and I'm going to show you why he's wrong.
00:15:15.000 Playcut 133.
00:15:17.000 Look at this lead pencil.
00:15:19.000 There's not a single person in the world who could make this pencil.
00:15:23.000 Remarkable statement?
00:15:25.000 Not at all.
00:15:26.000 The wood from which it's made, for all I know, comes from a tree that was cut down in the state of Washington.
00:15:32.000 To cut down that tree, it took a saw.
00:15:35.000 To make the saw, it took steel.
00:15:37.000 To make the steel, it took iron ore.
00:15:40.000 We call it lead, but it's really graphite, compressed graphite.
00:15:44.000 I'm not sure where it comes from, but I think it comes from some mines in South America.
00:15:50.000 This red top up here, the eraser, bit of rubber, probably comes from Malaya, where the rubber tree isn't even native.
00:15:58.000 It was imported from South America by some businessmen, or the yellow paint.
00:16:04.000 Or the paint that made the black lines, or the glue that holds it together.
00:16:09.000 Literally thousands of people cooperated to make this pencil.
00:16:14.000 People who don't speak the same language, who practice different religions, who might hate one another if they ever met.
00:16:22.000 When you go down to the store and buy this pencil, you are in effect trading a few minutes of your time for a few seconds.
00:16:35.000 Let me do the modern-day version of the Milton Friedman pen or pencil.
00:16:39.000 Well, this little rubber thing on the end of my pen, that came from China.
00:16:43.000 And this part of the Pilot G220 was made in China.
00:16:46.000 And the ink, that was also mined in China.
00:16:48.000 And the rare earth mineral that actually cast all together was made in China.
00:16:52.000 You see here?
00:16:54.000 This pen right here was made by a bunch of zealots halfway around the world that hate us, want to murder us, and take over the world, all from a singular country called China. 0.96
00:17:02.000 Abstract philosophical ideas often unravel when confronted with the unpredictable weight of real life.
00:17:09.000 And only President Trump is standing up for America against our greatest enemy.
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00:18:33.000 Joining us now is Stephen Moore, great friend.
00:18:36.000 Former Trump senior economic advisor, president of Unleash Prosperity, and author of The Trump Economic Miracle.
00:18:43.000 Steve, great to see you.
00:18:44.000 Thank you for taking the time.
00:18:46.000 So Steve, I'm not as interested in talking to you about the tariff stuff because I think that's all going to be settled.
00:18:50.000 Instead, I want to talk about what you are advocating for on the domestic unleashing prosperity side.
00:18:56.000 Because in order for us to have an economic boom, of course we need to figure out all the trade stuff.
00:19:02.000 But most importantly, we must have a robust...
00:19:06.000 Pro-growth, hopefully historic tax package.
00:19:10.000 What are you hoping and what can we expect to come out of Congress from?
00:19:13.000 No tax on tips.
00:19:15.000 No tax on overtime.
00:19:16.000 Making the Trump tax cuts permanent.
00:19:18.000 And talk about the significance and the profundity of locking in those wins.
00:19:23.000 Great to be with you, Charlie.
00:19:24.000 And one of the reasons I wanted to come on your show is that before we get into all the good stuff in the tax bill, I want to alert you and your listeners to something I'm hearing that I think is very dangerous, and we need to get all conservatives to shout out against this,
00:19:39.000 which is that there are some in Congress, some Republicans, who want to raise the top income tax rate.
00:19:46.000 That would be a total disaster.
00:19:48.000 For those of us who are old enough to remember when George H.W. Bush raised taxes, and remember, read my lips, it split the party, it did great damage to the economy, and it led to the election of Bill Clinton.
00:20:01.000 So Republicans would be making a major mistake if they raised the top rate.
00:20:07.000 In fact, every time in history, by the way, my buddy Art Laffer has a great book out on this called Taxes Have Consequences.
00:20:14.000 Every time we've raised tax rates, the economy has gone into recession.
00:20:17.000 The rich have actually paid less taxes, and the burden has shifted to lower-income people.
00:20:23.000 This is not a way to help America, and I just wanted to get that out there.
00:20:27.000 So I want your listeners to call your congressman or senator and say, do not raise tax rates on anyone.
00:20:32.000 That's not what we do as Republicans.
00:20:35.000 I agree with that.
00:20:37.000 I want to try to build this out further.
00:20:38.000 So I am at the top income.
00:20:40.000 The show does very well.
00:20:42.000 So, you know, okay, lower taxes.
00:20:44.000 What is, though, the macro argument for someone right now that says, hey, why shouldn't Elon Musk?
00:20:51.000 So let's build out.
00:20:53.000 How does lower taxes for a wealthier person impact the welder or the electrician?
00:21:01.000 That's a great question.
00:21:02.000 And by the way, Elon Musk has a better answer to that than I am.
00:21:05.000 You know, you may have seen him a month or two.
00:21:07.000 He was asked that same question, Charlie.
00:21:09.000 He said, look, who do you trust to invest?
00:21:12.000 In the American economy better.
00:21:14.000 Someone like me that he was talking about himself, who's created tens and tens of thousands of jobs in some of the greatest businesses ever, were politicians.
00:21:23.000 So the people who are the job creators and the wealth producers in our economy are people at the top.
00:21:31.000 They've gotten to the top because they're smart.
00:21:33.000 By the way, over half of all small businesses.
00:21:37.000 Pay their taxes on the individual income tax rate.
00:21:40.000 Do we want to be taxing the small businessmen and women in the country so it doesn't work? 0.96
00:21:45.000 And the other thing about the rich, and this is also in Laffer's book, is that they're smart.
00:21:50.000 They have tax lawyers.
00:21:51.000 They have tax accounts.
00:21:52.000 They're not going to pay these entire rates.
00:21:54.000 They're going to find ways around it.
00:21:56.000 And what happens is the tax burden really gets smashed onto the poor.
00:22:01.000 So we don't want to do it.
00:22:02.000 Reagan cut tax rates to the lowest rates we'd had in 75 years.
00:22:06.000 We had the biggest boom ever.
00:22:07.000 Trump cut tax rates.
00:22:08.000 We had a big boom.
00:22:10.000 Every time, it works.
00:22:13.000 Any student of history knows that lowering tax rates is a great thing.
00:22:16.000 And the last two presidents who were Republicans who raised tax rates, Herbert Hoover and George H.W. Bush, it didn't turn out too well for them.
00:22:23.000 So can you also talk to this idea of a brain drain?
00:22:27.000 That we are in a competition for the world's best people and that when you start to de-incentivize profit, then they very well might go to other countries.
00:22:38.000 In the data, is brain drain drawn out or is that just a talking point that sounds good on TV?
00:22:45.000 Oh, no.
00:22:46.000 I mean, you raise a great point, Charlie.
00:22:47.000 I should have said this at the outset.
00:22:49.000 You know, how do high-income tax rates affect the rich?
00:22:53.000 Just look across the states.
00:22:55.000 How many times have you and I talked about this?
00:22:57.000 You know, just a new report came out last week showing, again, that California, Illinois, New York...
00:23:04.000 New Jersey are losing population at the fastest rate of any state in the country.
00:23:08.000 Those tend to be the highest, you know, California and New York have 13% income taxes.
00:23:13.000 Now, you know that, Charlie, where do you live, by the way?
00:23:15.000 Are you in Florida?
00:23:16.000 I live in Arizona, so it's better than California.
00:23:19.000 But we're working to sunset our income tax here.
00:23:22.000 We don't have it yet.
00:23:24.000 Right, exactly.
00:23:24.000 But it's not as good.
00:23:25.000 Well, that was the point I was going to make.
00:23:26.000 Yeah, that was the point I was going to make, is that you have states like Tennessee, Texas, Florida, that have no income tax, and they're booming.
00:23:34.000 Arizona's got a pretty good low income tax rate.
00:23:37.000 That's working for them.
00:23:38.000 So this is a very positive thing for the low tax states.
00:23:44.000 And, you know, California could lose three new congressional seats if they stay on the course they're on.
00:23:50.000 That's right.
00:23:51.000 So in the spirit of raising taxes, here's one that I go back and forth on.
00:23:56.000 I want to get your opinion, which is the carried interest loophole.
00:24:01.000 Some on Capitol Hill are saying that we have to close it.
00:24:04.000 Some are saying that Trump already fixed it.
00:24:07.000 What is the carried interest deduction, and how do you stand on that, and what is the potential impact that it could have on the economy at large?
00:24:15.000 Well, I'm glad you asked about that.
00:24:17.000 Literally, just this morning, I finished writing my weekly column on that very issue, so you must be clairvoyant.
00:24:23.000 But, you know, look, I'm not going to get into the weeds on this.
00:24:27.000 This is the private equity industry, which is what pumps money into small businesses, family businesses to keep them alive or to allow them to grow into bigger businesses.
00:24:38.000 We are almost unique as a country in having this incredible private equity industry.
00:24:44.000 That injects capital into smaller or medium-sized companies so they can grow.
00:24:49.000 And it works.
00:24:50.000 It's an amazing thing.
00:24:51.000 It's created like 20 million jobs through this private investment capital.
00:24:57.000 And we don't want to tax that more.
00:24:59.000 Look, it's very simple.
00:25:00.000 If you tax something, you get less of it, right?
00:25:03.000 That's what Reagan taught us.
00:25:05.000 Why would we want less equity going into small and growing businesses?
00:25:09.000 It doesn't make any sense.
00:25:10.000 Yeah, it's just the argument that the other guys would say is, but it's a fat cat loophole made and designed for Wall Street, and it's used and abused.
00:25:21.000 And I don't buy that.
00:25:23.000 Build it out further.
00:25:24.000 I don't buy that at all.
00:25:24.000 Because I trust your judgment on this.
00:25:25.000 So basically, we have two tax rates.
00:25:27.000 We have capital gains tax, which is too high.
00:25:30.000 We tax that at 24%.
00:25:32.000 And then the personal income tax, which is taxed right now at 37%.
00:25:38.000 So what these people want to do, and this is basically people like Bernie Sanders and Elizabeth Warren and some Republicans, they say, well, we should tax these people at the personal income tax rate, not the capital gains rate, which is, to me, I don't even get the logic of that.
00:25:54.000 These companies, when a private equity person puts money into a company, that's at-risk capital.
00:25:59.000 They're at risk of losing it all.
00:26:01.000 That's why we have a lower capital gains rate, because it's a riskier investment.
00:26:06.000 So, now speaking more broadly, let's talk about energy policy and other elements of the bill.
00:26:12.000 So, we want to see the Trump tax cuts locked in.
00:26:17.000 What exactly does that mean?
00:26:19.000 Make the Trump tax cuts permanent.
00:26:21.000 The left is losing their mind.
00:26:23.000 They're saying it's a tax cut for the rich.
00:26:24.000 What would it mean if the Trump tax cuts are not made permanent?
00:26:29.000 So, first of all, that's a really important question because I think a lot, you know, we did a poll that half of Americans are not aware of this because, you know, a lot of Americans just don't pay a lot of close attention to this.
00:26:39.000 If they don't get this job done, Charlie, we're talking about the biggest tax increase in American history on January 1st because all of the Trump tax cuts would go away, and virtually all of them.
00:26:52.000 And so the average family in America...
00:26:54.000 I'm not talking about Warren Buffett and Bill Gates and Elon Musk.
00:26:58.000 I'm talking about the average family would face a $3,000 increase in their taxes next year.
00:27:03.000 We can't do that.
00:27:04.000 We've already got middle-class families financially stressed out from Bidenomics.
00:27:10.000 Can you imagine if the average family had to pay $3,000 more taxes? 0.83
00:27:14.000 And then, of course, the corporate rate would go up to 21% to one of the highest in the world, 35%.
00:27:21.000 That's one of the great...
00:27:22.000 You know, achievements of the Trump tax cut.
00:27:25.000 So we don't want to have that happen.
00:27:27.000 We've got to get this done.
00:27:28.000 We've got it done quickly.
00:27:29.000 I'm telling Congress, get it done.
00:27:31.000 Get a bill on the desk of Donald Trump by Memorial Day.
00:27:37.000 We've seen a choppy stock market.
00:27:40.000 Investors are fidgety.
00:27:41.000 I think one thing that would really help restore investor confidence is for Republicans to sign, seal, and deliver this in the next month.
00:27:49.000 Steve, so let's talk now about heavy machinery deduction.
00:27:53.000 The left will attack about this saying, oh, this is just a private jet deduction.
00:27:57.000 What does a heavy machinery deduction mean for the economy at large and also for people that work with their hands, machinists, welders, people that are, you know, are fixing automobiles?
00:28:09.000 And what does the data show about a 100% depreciation for heavy machinery?
00:28:14.000 It's amazing that we even have to talk about this because it's so obvious.
00:28:18.000 If a business invests in a factory or invests in the kind of machinery you're talking about, I mean, a welder can't weld if he doesn't have the equipment to weld with, right?
00:28:28.000 I mean, they don't have a job if they don't have the equipment.
00:28:30.000 If there aren't factories, there aren't jobs.
00:28:32.000 So we absolutely want to allow companies, not to just allow them, to encourage them.
00:28:39.000 To invest in factories and machinery and computers.
00:28:44.000 Those are what make American workers more productive.
00:28:47.000 It's the reason, you know, it's our capital investment and our know-how that makes the American workers the most highly paid workers in the world.
00:28:55.000 So we ought to say if a company builds a factory, you can write it off.
00:29:00.000 If you have heavy equipment like you're talking about, if you're buying a, you know, I talked to Fred Smith who owns...
00:29:08.000 You know, one of the great companies in America.
00:29:11.000 And he's saying once they allowed that deduction, they bought four jumbo jets so that they could transport packages around the world.
00:29:21.000 Think of all the jobs that created for the Boeing workers.
00:29:24.000 Steve, in closing here, about 30 seconds remaining, what do you think is the probability of this bill passing and getting Republicans behind a pro-growth agenda?
00:29:34.000 I'm going to put the odds at 85%.
00:29:36.000 I think it's going to get done.
00:29:37.000 The sooner, the better.
00:29:39.000 And I think that it's going to be a very positive development for the stock market and for workers.
00:29:45.000 And no tax increases in that bill.
00:29:47.000 No tax increases.
00:29:49.000 Steve Moore, thank you so much.
00:29:51.000 See you soon.
00:29:52.000 Thank you, Charlie.
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00:30:48.000 Unlike Joe Biden, And unlike prior presidents, we have the president's health report right here.
00:30:54.000 It's three pages long.
00:30:56.000 And let me tell you, President Trump is objectively very healthy.
00:31:01.000 I've seen President Trump eat ways that I would not eat.
00:31:06.000 I'm a very careful eater.
00:31:08.000 And I'll tell you, this guy is the exception.
00:31:12.000 He is not the rule.
00:31:13.000 At 78 years old and 10 months, nearly 79, He is 75 inches, so a strong 6'3", 224 pounds.
00:31:23.000 His resting heart rate is 62 beats per minute.
00:31:26.000 Let me just pause there.
00:31:27.000 That is a very, very good resting heart rate.
00:31:30.000 Like, very good.
00:31:31.000 His blood pressure is an exceptional 128 over 74. Awfully desirable.
00:31:37.000 That's desirable if you're 31 years old, considering the stress that he's under.
00:31:42.000 His pulse ox is 99% on room air and a perfect temperature of 98.6.
00:31:48.000 No issues with his eyes, his head, ears, nose, or throat, neck, or pulmonary.
00:31:53.000 His lungs were clear.
00:31:54.000 CT scan of his chest shows no abnormalities.
00:31:57.000 And the most remarkable of all is his cholesterol levels.
00:32:02.000 Despite President Trump being known for liking a good Sunday and having a good Trump burger, his total cholesterol is 140 mg.
00:32:11.000 The optimal, of course, is under 200.
00:32:13.000 His triglycerides is 56 milligrams under the normal level, which is where.
00:32:21.000 His good cholesterol is 77. His bad cholesterol is 51. All very desirable.
00:32:26.000 And then his metabolic panel.
00:32:28.000 I'm big into blood work.
00:32:30.000 I try to do blood work four or five times a year.
00:32:32.000 His metabolic panel is phenomenal.
00:32:35.000 His blood work, I mean, his glucose level.
00:32:38.000 A little high, but not in bad territory.
00:32:40.000 It's 89 out of 99. His hemoglobin is great.
00:32:44.000 5.2.
00:32:45.000 A little bit on the higher normal, but still perfectly fine.
00:32:48.000 His vitamin B12 is perfect.
00:32:52.000 And I don't think Trump has taken vitamin B12 shots.
00:32:55.000 I could be wrong.
00:32:56.000 His PSA is normal.
00:32:59.000 THS, normal.
00:33:01.000 Urinalysis, perfectly fine.
00:33:02.000 He's only had one surgery in his life, which was an apodectomy at age 11. It was probably pretty traumatic.
00:33:08.000 My favorite of all of it, though.
00:33:09.000 You say, how is he so healthy?
00:33:11.000 I have an opinion.
00:33:12.000 I have three reasons why President Trump is so healthy.
00:33:15.000 It's not because of his diet.
00:33:16.000 He does walk a fair amount when he golfs and he's walking around.
00:33:19.000 He's very active.
00:33:20.000 But there are three reasons why President Trump objectively is in probably some of the best health you'll ever find a president.
00:33:26.000 When you are trying to end the Russian-Ukrainian war, when you are trying to close an invasion on the southern border, and your blood pressure is 128 over 74, I'm impressed.
00:33:38.000 I gotta tell you, I am impressed.
00:33:40.000 There are three reasons I attribute this to.
00:33:43.000 Number one, he's got great genes.
00:33:45.000 Sorry, if you guys want to get healthy, part of it is just genes.
00:33:48.000 Your genetics, who you come from.
00:33:50.000 He's got phenomenal genealogy.
00:33:53.000 Number two, he has purpose.
00:33:56.000 I have found the people that live the longest and are the healthiest, they have a mission, they have a zeal for life that supersedes everything else.
00:34:05.000 It's almost as if...
00:34:06.000 You invisibly communicate with all of your trillions of cells, meaning, keep me healthy, keep me alive.
00:34:13.000 He has meaning and he has filled that existential void with a mission to save the United States of America.
00:34:20.000 And the third reason as to why his cholesterol is very healthy and his blood pressure is great, and yes, he takes some cholesterol, statins and all that, which of course is 78, it's no big deal, but it's the most obvious on the entire report that is just glaring that Cannot be overlooked.
00:34:38.000 Lifelong abstinence from tobacco and alcohol.
00:34:42.000 The facts are the facts, everybody.
00:34:44.000 Now, if you want to go drink, go drink.
00:34:46.000 You want to smoke, you want to smoke.
00:34:47.000 But if you want to be 78, run in the free world with five kids worth billions of dollars and have blood pressure that's better than your average 28-year-old out of the street, don't drink and don't smoke, kids.
00:35:00.000 You too can become the leader of the free world.
00:35:03.000 Looking at Donald Trump, 78 years old, 6'3", 224.
00:35:08.000 We might lose Donald Trump to the NFL draft in two weeks, and this guy's going to play for the Tennessee Titans soon.
00:35:14.000 All kidding aside, he's in fighting shape and fighting form, perfectly passing his cognitive test, and all of the suspicions around President Trump are put to bed and put to rest.
00:35:25.000 But he's ready to keep on being the man in the arena, and God bless him.
00:35:29.000 Thanks so much for listening, everybody.
00:35:31.000 Email us, as always, freedom at charlottecourt.com.