Topic: Back Taxes

A group of 17 Nobel Prize-winning economists signed a letter supporting the Build Back Better plan, claiming it would help curb inflation. However, the endorsement includes a recommendation for $2.7 trillion in new taxes, a detail often omitted in political messaging regarding the bill's impact on the economy.

Senator Tom Cotton questioned DHS Secretary Alejandro Mayorkas regarding reports that the Build Back Better plan would allow illegal immigrants to claim the child tax credit without a Social Security number. The policy could potentially result in $2.3 billion in taxpayer-funded payments to families who entered the country illegally.

President Biden used a personal anecdote about his father losing health insurance in the 1950s to justify new childcare and eldercare direct payments. The hosts dispute the historical accuracy of the story, noting that employer-based health insurance as it exists today was not a standard concept in the early 50s. They argue the "Build Back Better" initiatives are essentially a bet on printing money to fund government-dependent social structures.

White House Press Secretary Jen Psaki dismissed the argument that companies pass increased tax costs on to consumers as "unfair and absurd." This statement came during a briefing regarding the $3.5 trillion Build Back Better plan and its impact on inflation. Economists and critics have ridiculed the comment, noting that price increases are a standard response to higher operating costs.

A proposal within the Build Back Better plan would allow the IRS to track bank accounts with as little as $600 in annual transactions. While proponents claim the measure targets wealthy tax evaders, critics point out that a $600 threshold would affect nearly every working American. The move is viewed as a step toward a social credit-style compliance system.

World leaders have adopted the "Build Back Better" slogan, which critics link to the World Economic Forum's "Great Reset" agenda. G7 finance ministers recently agreed to a 15% global minimum corporate tax rate, a move supported by the Biden administration. The hosts present a supercut of various politicians using the phrase to demonstrate a coordinated global policy shift.

Texas Governor Greg Abbott has launched a "Back the Blue" pledge, urging political candidates to oppose the defunding of police departments. Abbott proposed legislation that would freeze property tax revenues for cities that slash law enforcement budgets and suggested a state takeover of the Austin Police Department. The move comes in response to the Austin City Council's decision to divert $100 million from the police budget.

Joe Biden addressed UAW members regarding his "Build Back Better" plan, focusing on penalizing corporations that move jobs offshore. He promised that under his administration, taxpayer dollars would only be used to hire American labor and businesses. However, the speech was noted for its rambling delivery and sudden shifts in topic, such as transitioning abruptly to the pharmaceutical industry.

Chef Gordon Ramsay faces significant financial difficulties, including seven million pounds in back taxes and the potential closure of several international operations. The hosts discuss Ramsay's use of "cooking bags" and central kitchens, which critics claim contradicts his televised advocacy for fresh, on-the-spot cooking.

Tom Daschle's confirmation process revealed approximately $150,000 in unpaid income taxes, which he settled shortly before hearings. The discussion questions the perceived leniency of the $15,000 in penalties applied to Daschle compared to the aggressive enforcement actions experienced by average citizens. Personal anecdotes regarding IRS interactions and lawyer solicitations following tax disputes are shared.