1:52:48 Like a distraction just to talk about something. It's a huge distraction. Just to talk about something else, you know. It just makes no sense to me. And what are we actually talking about? You know, when I was a young boy. Yeah, kid. When I was a kid, you know, people would talk about America and they say, you know, the one thing I really like about America... What's that? The one thing I like about America... This is always people who had visited America. If you're driving a Rolls Royce in America, People look at you and congratulate you and say good job good on you Really proud that you made it and you made yourself rich and that's great And that was that's always what people who have from who live in children from foreign lands who live in the United visited the United States Will always say that they were always envious of that and here we are You know the it's it's not even about the money. It's about fuck the rich and
1:53:50 That's the way I perceive it. I ran a story on the blog about the really very interesting car, the Bugatti Veyron. Oh yeah. Which is a V, not a V, it's a W-shaped engine with 16 cylinders and it was like 2 million bucks new or whatever. And it was interesting to look at the comments. It was like, if I saw one of those I'd T-bone it. Yeah. You know, instead of saying, wow, that's a pretty car. It's interesting that guy can afford it. But no, I'll T-bone it. Now we're about two steps away from becoming Mexico and kidnapping people who drive a Rolls Royce or a Mercedes even. In fact, in Mexico City, you're always told, no, nobody drives, you drive an old beat up Volkswagen, the more money you're worth, the junkier their car you drive. Because you can't take a chance, you're gonna get kidnapped. Yeah, it's really disconcerting.
1:54:48 It's uh... and I don't know what to do about it. But what I... luckily I don't really hear this. Of course I live in Los Angeles so it doesn't count. This is not really America. But I'm not really hearing this meme propagating on the street. I don't hear people going around like, yeah man, we gotta have the rich people pay for it. We gotta... these Bush tax cuts man, that's an outrage. I don't hear anyone talking about that. Do you? No, but you do hear a lot about it on TV from Democrats who are trying to... And what exactly are these... How can we take advantage of these great tax cuts? I guess first we have to make $250,000 a year. That would be step one. Yeah. And then what are these tax... Do we even know what the tax cuts are about? Do we even know what the package is? They're essentially just a lot of extra deductions for being married, for having kids and things like that.
1:55:46 It's not really, I mean it's pretty straightforward if they end these tax cuts it's going to sink the economy, let's put it that way, and everybody knows it. Really? Yeah. Why is that? Well, Mimi you have the rundown on this. Oh don't bring Mimi in. No I'm just asking her to tell me because she gave me the lecture last night. But there's a lot of bad things that will take place. It will just basically everyone's going to pay a lot more money everywhere. Right. And it's going to sink the economy because you're going to have to scrimp. until you get used to the new numbers. I thought it was like such a little amount of money that it really didn't matter. Not for people I'm making under, it's like you know a thousand here a thousand there but it probably amounts to about five to ten thousand dollars for people you know in the... Really? Yeah. You won't like it let's put it that way. Wait a minute. So if if the, I don't understand it. If the Bush tax cuts are retired then you're telling me that it's going to cost me
1:56:45 who makes less than $250,000 a year, it's going to cost me $5,000. If you make $100,000, yeah, absolutely, it'll cost you at least $5,000. Why? I don't understand. I thought it was only tax cuts for the rich. I'm not rich. I don't hit the $250,000 mark. Most people, it's tax cuts for everybody. That's the problem. It's not just for the rich. The tax rates increase for everyone. But, John, you mean they're lying to me? No, what they're saying, they call it tax cuts for the rich to get political votes, but it's just tax cuts for everybody. No, no, they're very clear about it. It's tax cuts for the wealthiest Americans who make over $250,000 a year. They're very clear about this. No, if they pull the plug on this, they're not voting in a new tax cut for the people making under $250,000. They're pulling the plug on the whole thing.
1:57:37 Yeah, but I don't understand. I keep getting told that this is only for people who make over $250,000 a year. You're telling me this is not true? The Bush tax cuts were for everybody. No, they were for the rich! They call it tax cuts for the rich because the rich get a tax cut too. Wow! But wait a minute, then where does the over $250,000 come from? I'm confused. Where does that come from? That has to come from somewhere. Yeah, it comes from the Democrats saying they want to pull the plug on the tax cuts for the rich. In other words, you have the tax cuts for everybody. So let's make an arbitrary line at $250,000 and screw them. Their tax cuts are over, but everybody else gets to keep theirs. Well, they haven't voted for that.
1:58:29 They just keep talking about it. And now that the Republicans, who don't have control of anything, but apparently the Republicans said, no, we don't want to do that. We want to keep the tax cuts intact the way they are. And the Democrats says, oh, the Republicans are screwing us. They won't agree to anything unless we make it to tax cuts for everybody, for the rich, tax cuts for the rich. And so it's all bullcrap because most of these Democrats have more money than the Republicans. They want to reinstate the tax cuts for the rich more than the Republicans do. The Republicans are just showboating. They have no power. They haven't got the votes. What difference does it make what they think? Wait a minute, let me listen, let's go back to the white board. Maybe I'd have to listen to this. Now I'm very very confused because I thought that Obama had little blue dots for everybody which is good and the GOP as it says here on the white board has the big red goose egg which is bad.
1:59:22 You may have been following, we've got a big back and forth going about the tax cuts. What I wanted to do today is just break it down real simple so you can understand exactly what the debate is about. Now, okay, so John, this is supposed to be simple for us. Can you please work with me on this? Okay? Help me. As Mimi listening too, she might be able to help. Here we go. President George Bush passed tax cuts that will expire at the end of the year. this year. Okay, he passed tax cuts that will expire at the end of this year. Were these tax cuts for everybody or just for rich people? No, no, these tax cuts were for everybody. Okay, that's interesting because he does indeed
2:00:00 Mr. Gulag here doesn't say just for the rich, he just says tax cuts. Okay. And what I've done here is we got a ruler and measured out the size of the tax cut is how big the circle is by your income which is listed at the top from... Okay, so it's just it's 10% essentially because he's gonna say later on people with a million dollars would have saved $100,000 and people with $100,000 would save $1,000. That's kind of what he's saying, right? Or ten thousand. Ten percent sounds like, he doesn't say ten thousand. When it comes up to people who make more than a million dollars a year. Obama would preserve a couple thousand dollars a year tax cuts for virtually all Americans and... Okay, so he wants to preserve tax cuts under two hundred fifty thousand dollars. Is that what's being said? Yeah.
2:00:55 Ah, okay. Even for people who make a lot, they get to keep the tax cut on the first $250,000 of their income. Ah, okay. Now I understand. Oh boy, wow, that's really interesting. Thank you for helping me through this. So these tax cuts were not the Bush tax cuts for the rich. They want to put legislation in place that actually turns those into tax cuts for the rich. uh... no no no they want to say up to two hundred and fifty though it's retroactive so they'll say these tax cuts don't expire if you make under that's the the legislation they are proposing but they haven't voted on i've even seen the legislation
2:01:38 So we'll keep them in place up to $250,000 and everyone over $250,000 those go away. Is that what's happening? Okay. So but they're twisting it around and saying Bush had tax cuts for the rich but that would only be true if It's not true. It's basically the problem. No, it was taxed for everybody but the Democrats like to promote the tax cuts for the rich saying why these guys get a big break. We all get a break with these tax cuts. Everyone gets a break. So if they retire them and they don't vote on the 250,000 or below level then we all get screwed.
2:02:20 Right. In fact, the lowest tax bracket becomes 15 percent. All other brackets rise by 3 percent and the top bracket goes from 35 to 39.6 percent. So, the top bracket shows up probably at, you know, 50 grand or so. Let me just listen to the last 30 seconds of this and then I'll know if I completely understand it. Under the Republican plan, however, people making more than a million dollars a year, they're going to be getting a tax cut of more than $100,000. Right, but that means that people making $100,000 are also getting a tax cut. Yeah, under the Republican plan, under the goose egg plan.
2:03:17 You will find that everyone agrees that these giant tax cuts for very high income people are the least effective thing that we can do to get the economy growing. Okay, okay. I get it. Now I finally understand. So there's a bunch of other things Mimi wrote down a note here I would read. Tax rates on dividends goes up, child tax credit cut in half, personal exemption is phased out, marriage penalty increases, all these things. So these are all if the tax cuts expire
2:03:56 then all of these taxes come back on everybody. But again, what the Democrats are saying is, I'm sorry, Obama, not the Democrats, Obama, is they want to put legislation in that would make it only for people who make over $250,000. Is there a bill anywhere? Has there something been drawn up? Is there something I can read? Yeah, I think there's a couple of bills out there, but here's the deal. They're not going to vote on this till after the elections and I think what the showdown is is the following. The Republicans want this to be the way it was before and they're going to just not vote at all. And the Democrats are going to have to either do it themselves, which they can,
2:04:36 which they can before the elections, they might not be able to after the elections, but the Democrats could just vote this crazy idea in right now, just soak the rich and let the rest of us keep the tax benefits we had. but they won't do it. They're afraid to do it because whatever happens, if tax rates go up, they figure that they're going to get, you know, blasted by the, uh, but in the 2012 elections and if they, and if, and they won't be able to blame the Republicans, but after the elections they might be able to. I mean, the whole thing is political. They don't care about our tax rates at all. Wow, so I'm actually blown away by this. So essentially what's happening here is the Ministry of Truth is propagating the message that Bush had tax cuts for rich people.
2:05:25 And the worst part about it by the way, the 250 limit, which is the reason the Republicans are probably against the idea generally, even though I think they'd rather just stall it so people get totally screwed and Obama gets voted out. But 250 really includes small businesses, a lot of small, you know... middle-income people who have like dry cleaners and small businesses that they said everything's rolled into their income tax and so the 250 they're gonna get nailed it's gonna put a lot of small businesses which by the way is the big trend in this country is to screw the small business guy and make big corporations the you know the most important thing and it the whole thing stinks it's in
2:06:10 Everybody agrees. Well, would you please thank Mimi for certainly setting me straight on that? That's really interesting. Now I'm going to start reading some of these proposals. Because this is something that if you can explain it properly, and maybe you need a whiteboard with some big goose eggs. then you can really blow people away because this is a huge lie. It's just a big lie. I don't even think the jabronis on television understand it themselves. They all believe that there are Bush tax cuts for the rich. Well, the meme is in. Once the meme got established as tax cuts for the rich, they were stuck with it because the news readers, the Rick
2:06:51 Sanchez's of the world we're using the term so is everybody you know do Rachel Maddow says it constantly and so does Olbermann and what are you supposed to do? We need to well what we're supposed to do is you and I will come up with a way to help people explain this in three sentences or less for Thursday's show so they can go out and hit people in the mouth about this because this is an outrage. I mean, it's one thing about being lied to about 9-11, but this tax cuts for the rich thing, that really has me pissed off. Coming to you from Gitmo Nation West in the People's Republic of Southern California, I'm Adam Curry in the morning. And from Gitmo Pacific Northwest where it's, oh my God, it's overcast. I'm John C. Dvorak. We'll talk to you again on Thursday right here on No Agenda.