The Megyn Kelly Show - Trump's China Decision, Potential Tax Increase For Rich, Elon Steps Back from DOGE： AM Update 4⧸24

00:00:00.000 Good morning, everyone. I'm Megan Kelly. It's Thursday, April 24th, 2025. And this is your

00:00:08.460 AM update. So I think it's going to work out very well. But no, it's at 145 percent. There

00:00:13.780 will not be anywhere near that number. President Trump making news on his tariff policy toward

00:00:18.320 China. We're trying to remove these public state threats and national security threats as quick 0.96

00:00:23.320 as possible. They're putting every roadblock imaginable in front of us to prevent us from

00:00:27.520 doing that. Porter Czar Tom Homan unleashing on activist groups trying to prevent President

00:00:32.520 Trump from deporting criminal illegal aliens and President Trump considering increasing taxes on

00:00:38.580 the wealthy in his so-called big, beautiful tax bill. All that and more coming up in just a moment

00:00:44.540 on your AM update. As President Trump is settling into his new administration, one of the top

00:00:50.800 Democrats in Congress aiming to undermine the Trump agenda is Democrat Senator Dick Durbin of Illinois.

00:00:56.320 And according to our sponsor, the Electronic Payments Coalition, Senator Durbin has a new

00:01:02.020 plan, a government takeover of your credit card. Today, Americans have thousands of choices in credit

00:01:07.780 cards, but they say Senator Durbin's plan will result in less competition and less security,

00:01:12.840 which means more risk for your credit and your identity. You can learn more for yourself at

00:01:18.300 guardyourcard.org. And you could consider telling your senators to stop Dick Durbin's government

00:01:24.880 takeover of your credit card before it's too late.

00:01:32.020 The Trump administration offering to de-escalate its tariff war with China,

00:01:36.560 weighing a dramatic restructuring of our tariffs on Chinese imports. According to the Wall Street

00:01:42.480 Journal, President Trump is considering lowering tariffs on Chinese goods to 50 or 65 percent.

00:01:49.200 Currently, they're at 145 percent. He also may impose a tiered system, 35 percent levies on goods not

00:01:57.480 considered a threat to national security, and at least 100 percent for goods that do pose that

00:02:03.440 threat. The Journal noting the president has yet to make a final decision. On Tuesday, President Trump

00:02:08.640 signaling openness to working nicely with the Chinese, making clear neither the previous setup

00:02:14.300 nor the current status quo will stand. I'm not going to say, oh, I'm going to play hardball with

00:02:19.560 China. I'm going to play hardball with you, President Xi. No, no. We're going to be very nice.

00:02:25.040 They're going to be very nice. And we'll see what happens. But ultimately, they have to make a deal

00:02:29.980 because otherwise they're not going to be able to deal in the United States. So we want them involved.

00:02:36.000 But they have to and other countries have to make a deal. 145 percent is very high and it won't be

00:02:43.120 that high. It's not going to be that high. It'll come down substantially, but it won't be zero.

00:02:51.220 It used to be zero. We were just destroyed. China was taking us for a ride and just not going to have 1.00

00:02:59.040 it's not going to happen. So I think it's going to work out very well. But no, it's at 145 percent.

00:03:04.480 There will not be anywhere near that number. President Trump reportedly looking to speak

00:03:08.500 with Chinese President Xi Jinping directly, an idea the Chinese are resisting without an agreed

00:03:13.440 upon framework. On Wednesday, President Xi telling reporters, quote, tariff wards and trade wars

00:03:19.120 harm the legitimate rights and interests of all countries. A spokesperson for the Chinese foreign

00:03:23.980 ministry later doubling down, telling reporters the U.S. must, quote, stop its threats and coercion

00:03:29.820 and engage with China on the basis of equality, mutual respect and reciprocity.

00:03:34.480 Treasury Secretary Scott Besson speaking on Wednesday at the International Finance Forum,

00:03:39.500 arguing China has more to lose and gain from a deal rebalancing their export-heavy economy.

00:03:45.960 China in particular is in need of a rebalancing. China's economic system with growth driven by

00:03:53.760 manufacturing exports will continue to create even more serious imbalances with its trading partners

00:04:00.620 if the status quo is allowed to continue. China's current economic model is built on exporting its 0.87

00:04:07.940 way out of its economic troubles. It's an unsustainable model that is not only harming China,

00:04:14.140 but the entire world. China needs to change. The country knows it needs to change. Everyone knows 0.97

00:04:22.320 it needs to change. And we want to help it change because we need rebalancing, too.

00:04:29.560 On Wednesday, markets reacting positively. The Dow Jones rising by 419 points, the S&P

00:04:34.840 gaining 88 points, and the Nasdaq rising by 407 points. Coming up, could President Trump be about

00:04:41.400 to increase taxes on the wealthy? And border czar Tom Homan slams activist groups for intervening in

00:04:48.220 the Trump administration's mass deportation effort. Tax day may have passed, but for millions of

00:04:56.200 Americans, the real trouble is just the beginning. If you missed the April 15th deadline or still owe

00:05:01.680 back taxes, the IRS is ramping up enforcement, and every day you wait might make things worse.

00:05:07.120 With over 5,000 new tax liens filed daily and tools like property seizures, bank levies,

00:05:12.720 and wage garnishments, you don't want to mess around, okay? The good news is there's still time

00:05:17.860 for Tax Network USA to help. Self-employed or a business owner, even if your books are a mess,

00:05:23.400 they've got it covered. Tax Network USA specializes in cleaning up financial chaos and getting you back

00:05:28.840 on track fast. Even after the deadline, it's not too late to regain control. Your consultation is

00:05:34.620 completely free, and acting now could stop penalties, threatening letters, and surprise

00:05:39.260 levies before they escalate. Call 1-800-958-1000 or visit tnusa.com slash Megan. You may have missed

00:05:46.880 April 15th, but you haven't run out of options. Let Tax Network USA help before the IRS makes the next move.

00:05:53.980 In a possible break from traditional Republican orthodoxy, President Trump reportedly considering

00:06:03.940 raising taxes on the wealthy, which means small business owners and job creators.

00:06:09.720 Fox News Digital reporting White House aides are quietly floating a proposal to House Republicans

00:06:14.320 that would raise the tax rate to 40 percent for Americans making more than $1 million.

00:06:19.380 The current highest bracket set at 37 percent for those making $609,000 or more. The proposal comes

00:06:27.500 as lawmakers work with the White House on an ambitious so-called Big Beautiful Tax Bill aiming

00:06:33.720 to slash federal spending and make the 2017 Trump tax cuts permanent while adding in additional cuts

00:06:39.960 like no taxes on tips, on overtime, or on Social Security. Pennsylvania Republican Dan Muser telling Fox

00:06:47.100 a new tax bracket could generate significant revenue.

00:06:50.660 By bringing it from the 37, as we're redoing the tax plan, to perhaps 38.6, right, it would still be

00:06:58.300 1 percent less than it was before. So if you were to bring it up at one point, it brings about $15

00:07:05.260 billion in revenues. Trump advisor and senior counselor in the first Trump administration,

00:07:10.580 Steve Bannon, telling The Megyn Kelly Show on Tuesday, it's an easy political win against Democrats.

00:07:15.780 If you look at the tax bill, everything everybody's talking about is President Trump is open to,

00:07:21.020 and I think you're going to be shocked to see that President Trump is not going to allow a snapback

00:07:26.020 at the upper bracket. In fact, I think he'll create a million-dollar bracket, and that bracket will be

00:07:30.900 at 40 percent. He will actually tax the wealthy in this entire tax plan, something that Schumer and

00:07:37.760 Pelosi and Biden didn't do in the first 100 days when they had everything in 2021. They talked about it.

00:07:43.820 It didn't even come out of committee. President Trump will do it.

00:07:46.640 Not all Republicans on board, however, some GOP lawmakers expressing stern opposition.

00:07:52.400 I'm not going to vote for that. I've never met a tax break I didn't like.

00:07:56.040 We need to look at going in and trying to find policies to spur the economy,

00:07:59.900 to move things forward. And you don't do that by raising taxes.

00:08:03.560 Former House Speaker Newt Gingrich on Tuesday posting a screenshot of a note on X,

00:08:08.640 he says is from President Trump. It reads in part, quote,

00:08:12.160 George Bush said, read my lips, no new taxes, then proceeded to give a rather small tax increase

00:08:17.520 and was obliterated. If you can do without it, you're probably better off trying to do so.

00:08:23.240 The speaker did not specify when that note was written, though the message echoes President

00:08:27.160 Trump's consistent warnings on the campaign trail. If Democrats win, taxes will go up.

00:08:33.320 Republican lawmakers aiming to release the tax package in May.

00:08:38.640 Borders are Tom Homan Wednesday on Fox slamming activist groups for launching what he calls

00:08:44.900 a coordinated legal campaign to obstruct the Trump administration's mass deportation efforts.

00:08:50.540 But here's what they're doing. Here's the plan. The Biden administration overwhelmed the system.

00:08:54.640 10.5 million people came to the border. They know it's going to take years to get through the

00:08:58.460 court docket. By then, they're hoping there's another Democratic administration in. They'll have

00:09:03.000 U.S. citizen children. Then all of a sudden, nobody wants them removed. When they detain them,

00:09:06.900 they get a hearing in 35 days. They released them. Now it's going to take five to seven years.

00:09:11.200 They're going to keep playing this game to the immigration courts, to appeal after appeal after

00:09:15.360 appeal, district judge, district judge, to slow us down because their hopes is they'll gain power again.

00:09:21.300 Then they can warrant amnesty to 10 million illegal aliens that are released in this country illegally.

00:09:25.160 That is their plan. We're trying to remove these public safety threats, national security threats,

00:09:29.560 as quick as possible. They're putting every roadblock imaginable in front of us to prevent us from doing that.

00:09:34.700 The Trump administration is confronting a growing series of legal roadblocks from federal courts

00:09:39.700 across the country. Challenges, critics say, undermine the executive branch's constitutional

00:09:44.260 authority to enforce immigration law. Late Friday night, the U.S. Supreme Court issued an order

00:09:49.800 temporarily stopping the president from deporting anyone under the Alien Enemies Act, at least until

00:09:55.800 the courts can decide the underlying case in which detainees are challenging the use of that act

00:10:01.020 against them. Shortly thereafter, courts in Colorado and New York halted the administration's

00:10:06.240 use of the act in cases before them. In New York, a Clinton-appointed judge blocked the deportation of

00:10:11.340 eight Venezuelans. In Colorado, a Biden-appointed judge blocking deportations under the act and adding

00:10:17.640 that all affected detainees must receive 21 days notice before any removal and must be informed of their

00:10:25.160 right to challenge their deportation. The latest rulings come amid the ongoing legal battle over

00:10:31.340 Kilmar Abrego Garcia, an El Salvadoran national with confirmed ties to MS-13 currently in custody in his

00:10:38.600 home country. Despite a documented history of domestic abuse, two immigration judges affirming his gang

00:10:44.280 affiliation, and a valid deportation order, Democratic lawmakers making Garcia a central figure in their fight

00:10:50.900 against the Trump administration, framing the case as a due process issue with implications

00:10:55.860 for all Americans. Maryland Senator Chris Van Hollen making that argument Sunday on ABC

00:11:00.520 following his visit to Mr. Abrego Garcia in El Salvador.

00:11:04.900 I am not defending the man. I'm defending the rights of this man to due process. My mission and my purpose is to

00:11:15.980 make sure that we uphold the rule of law because if we take it away from him, we do jeopardize it for

00:11:21.360 everybody else. On Sunday, four progressive lawmakers, Congressman Robert Garcia of California,

00:11:26.860 Maxwell Frost of Florida, Yasemin Ansari of Arizona, and Maxine Dexter of Oregon arriving in El Salvador on an

00:11:34.940 unofficial visit to advocate for Mr. Abrego Garcia. House Oversight Chair James Comer denying the use of

00:11:41.120 taxpayer funds, preventing the visit from being recognized as an official congressional delegation.

00:11:46.560 The Salvadoran government citing the unofficial status of the trip, blocking the lawmakers from

00:11:51.360 meeting with Garcia. Still, the group vowed that Democratic pressure on the Trump administration

00:11:55.860 will continue. I am here with my colleagues to demand that Donald Trump facilitate the safe return

00:12:02.660 home for Mr. Kilmar Abrego Garcia. And we want to be just very clear that he needs to come home.

00:12:07.760 This is about due process. We're not going to be the last members of Congress and senators that are

00:12:12.520 here to make sure that he's released and that our country is following our laws. Republican

00:12:17.140 Congressman from Pennsylvania, Guy Rishenthraller, on Tuesday telling Fox Democrats are doing Republicans

00:12:22.860 a favor. Well, I hope more Democrats continue to stand up for MS-13 gang members. Politically,

00:12:28.420 this is incredible for us. You know, it's really rich. These are the same politicians that during the

00:12:32.940 State of the Union wouldn't stand up, wouldn't applaud for angel mothers. And then they turn 0.97

00:12:37.580 around and they want to defend an MS-13 gang member. It's quite amazing. So I personally like

00:12:43.000 the juxtaposition of where the Republicans are on this issue and where the Democrats are.

00:12:51.420 Elon Musk telling Tesla investors on Tuesday he plans to scale back on his role in the Department

00:12:56.840 of Government Efficiency to focus more on the car company.

00:13:00.480 Starting probably next month, May, my time allocation to Doge will drop significantly.

00:13:07.000 I'll have to continue doing it for probably the remainder of the president's term just to make

00:13:12.400 sure that the waste and fraud that we stop does not come roaring back. So I think I'll continue to

00:13:17.880 spend a day or two per week on government matters for as long as the president would like me to do so

00:13:24.260 and as long as it is useful. Starting next month, I'll be allocating far more of my time to Tesla.

00:13:30.520 The announcement comes in the wake of a poor Q1 earnings report, profits falling by 71 percent

00:13:36.080 compared to the same time last year, the stock price down 50 percent overall from its December peak.

00:13:42.300 The electric car company, targeted by left-wing activists in a nationwide Tesla takedown campaign,

00:13:48.460 designed to punish Mr. Musk for working with the Trump administration.

00:13:51.700 More than 50 incidents reported against Tesla vehicles and facilities since January,

00:13:57.620 ranging from vandalism to arson. Authorities arresting at least nine suspects in connection

00:14:02.880 with the violence so far. Mr. Musk standing by his government work, telling investors the U.S.

00:14:09.060 is facing an existential crisis. I believe the right thing to do is to just fight the waste and fraud

00:14:14.900 and get the country back on the right track and working together with President Trump and his

00:14:19.660 administration. Because if the ship of America goes down, we all go down with it, including Tesla

00:14:25.520 and everyone else. The announcement reassuring investors, Tesla stock rising about five percent on

00:14:30.720 Wednesday following Musk's remarks. Despite Musk stepping back, Doge's work in the Trump administration

00:14:37.100 will continue. And that'll do it for your AM update. I'm Megan Kelly. Join me back here for

00:14:42.600 The Megan Kelly Show, live on SiriusXM Triumph Channel 111 at noon east, on youtube.com slash

00:14:47.840 megankelly, and on all podcast platforms.

00:14:50.420 Time Operating местоанов be on져.com slash megankelly.com slash megankelly.com slash megankelly.com slash megankelly.com slash megankelly.com slash megankelly.com slash megankelly.com slash megankelly.com slash megankelly.com

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The Megyn Kelly Show - April 24, 2025

Trump's China Decision, Potential Tax Increase For Rich, Elon Steps Back from DOGE： AM Update 4⧸24

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