{"id":26472,"date":"2007-08-07T01:01:01","date_gmt":"2011-05-19T05:10:06","guid":{"rendered":""},"modified":"2011-05-19T05:10:06","modified_gmt":"2011-05-19T05:10:06","slug":"mrs_clinton_honest_about_taxes","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2007\/08\/07\/mrs_clinton_honest_about_taxes\/","title":{"rendered":"Mrs. Clinton Honest About Taxes"},"content":{"rendered":"
\n

RUSH: This morning on CNBC, the host there, Dylan Ratigan, was interviewing Mrs. Clinton. The question, ‘Is it the role of the government and tax policy to try to reconcile fairness?\u2019<\/p>\n

HILLARY: Well, you know, I — I think it certainly is. I mean tax policy is one of the instruments the government uses. I mean, George Bush has two major commitments in his term as president, tax cuts for people like Bill and me, and the Iraq war, neither of which he\u2019s paid for. And at some point you\u2019ve got to say, ‘Look, our system is out of whack –‘<\/p>\n

RUSH: Stop this. Stop the tape. What do you mean neither of which is paid for? Mrs. Clinton, don\u2019t be a dunce. You may be, but don\u2019t act like it. You\u2019re making it too easy for us here. What do you mean the tax cuts aren\u2019t paid for? Have you seen the revenue rolling into the treasury? It is a fact that can\u2019t be denied even though your buds in the Drive-By may not be reporting. It is a fact there\u2019s more money rolling into Washington and the states than anybody dreamt would be rolling in. This business of including you and Bill, tax cuts for people like Bill and me, that is just classless. You\u2019re just telling people, ‘Like my husband and I, who are filthy rich,\u2019 and I don\u2019t see you giving the money back, Mrs. Clinton. I don\u2019t see you taking some of these tax cuts that you\u2019ve received and sending the money back to the treasury department. Here, listening to the rest of this.<\/p>\n

HILLARY: — people to do well, a lot of people did extremely well during the nineties but so did everyone else. When you lift 22 million people out of poverty and when economic policies lifts a hundred times more people out of poverty than in the Reagan years, you know, that\u2019s the way the economy works for everybody. <\/p>\n

RUSH: Prove it! Prove it! A hundred times more people out of poverty than the Reagan years, 22 million — prove it! Throw these numbers around, nobody challenges the numbers, prove it. It\u2019s a bogus number. If they prove there\u2019s a hundred times more people out of poverty, then we wouldn\u2019t have Edwards running around. And then, of course, tax policy, one of the instruments the government uses to reconcile fairness. There it is, folks, they\u2019re blazon, they\u2019re being dead, straight honest with us as to what they view the purpose of the tax code for, fairness. They define fairness as making sure nobody can get as rich as they are with the income tax, and making people in the middle class think that their life\u2019s better off because the rich people are getting it stuck to them, their taxes are going up. It won\u2019t change anybody else\u2019s life for the better. Maybe for the worse, actually, you start taxing the people that hire other people and you\u2019ve got problems. This woman is a disaster waiting to happen, and there\u2019s an 80% chance as we sit here today that she\u2019s the next president of the United States. She is a disaster waiting to happen. <\/p>\n

Ray in Nashville, cell call, glad you waited. Welcome to the EIB Network.<\/p>\n

CALLER: Military chapa dittos here on the road as I pass the Titans stadium. Pleasure to talk to you, sir.<\/p>\n

RUSH: Thank you, sir.<\/p>\n

CALLER: I started paying attention about 17 years ago when I started listening to you —<\/p>\n

RUSH: I appreciate that.<\/p>\n

CALLER: And ever since then I have not been one to panic and I\u2019m one of those who graduated seminary and got into one of those low rate adjustable mortgages. Over the past couple weeks I\u2019ve heard nothing but the record foreclosures and how the housing market is just going to crash in the next year. I couldn\u2019t get a hold of my financial advisor, so I called Rush to get a better perspective.<\/p>\n

RUSH: Well, look, the US economy is not bulletproof. And throughout my life, when I\u2019ve been through what were called recessions, hell, I was alive. How old are you?<\/p>\n

CALLER: I\u2019m 37.<\/p>\n

RUSH: 37. So what year were you born?<\/p>\n

CALLER: 1970.<\/p>\n

RUSH: \u201970. Well, you\u2019re too young to remember this. Richard Nixon put wage and price coals on because we had inflation at three and a half percent. Everybody was panicking over that, wage and price controls and of course it was an abomination, it was a disaster. The wage controls worked, the employers loved the wage controls, but the price controls didn\u2019t work, because let\u2019s say you go to the grocery store, and before the price controls go into — lets say you go to the butcher, and you have your rib eye, and your fillet, your T-bone, your Porterhouse and your ground sirloin, your ground chuck, whatever it is. After price controls, guess what? There\u2019s a whole brand-new cut: the special rib eye super-duper. There\u2019s no price control on it, so they can charge whatever they want for it. Any number of places operated that way. So it was abomination. We had gas lines, we had rising energy prices, and then we got Jimmy Carter. Inflation was 14%, interest rates were 20%, it was a disaster. The point I want to make to you is, the housing market, because of some of these subprime mortgages, the whole industry, it might cause a temporary blip. But let\u2019s say when the oil price — I remember this, too, in the seventies sometime, plummeted, oil was at ten bucks a barrel. It was so low the domestic industry couldn\u2019t make any money. They capped wells. They\u2019re still capped. <\/p>\n

The consumer was making out like a bandit. It was great news for the consumer. But the oil industry domestically was really taking it hard. So my point to you is that, yeah, there may be a housing blip. Nothing goes up and keeps going up forever. Everything levels off, may drop here, and head back up. But it\u2019s no reason to think it\u2019s the end of the world, and it\u2019s no reason to think as far as the US economy is concerned, that it\u2019s the end of the prosperity and it signals the peak of American experience of exceptionalism and we\u2019re going to start a downward trend. The Drive-Bys will try to convince you of this, but I\u2019ll tell you what\u2019s going to happen. My guess, wild guess, is that the fed\u2019s are going to meet I think Friday, sometime this week, the fed\u2019s going to meet sometime Friday, interest rates probably will hold steady at five and a quarter. If they lower the interest rate, then no problem, everything will be solved, but they won\u2019t do it. Probably in October they\u2019ll lower it. I wouldn\u2019t be surprised if the interest rate\u2019s down a point and a half by sometime next year. <\/p>\n

Now, if they don\u2019t lower interest rates, what will happen is — if it\u2019s that bad — there will be some kind of federal intervention, bailout to cover it. I hope not, but it could happen. But there\u2019s another way to look at record foreclosures out there, Ray, and record foreclosures are a great time for investors to purchase. The vulture funds are really kicking up in gear here. Warren Buffett can\u2019t wait. He just can\u2019t wait. This is where people make their money, in the foreclosure. Everything is cyclical. There is no single element that will single-handedly destroy even a segment of the economy. People are always going to need shelter \u2019til we start growing fur and are able to climb trees, and so don\u2019t let anybody make you panic. It\u2019s really unfortunate and could be tough for people who have gone through it, but we\u2019ve all been through tough economic times, relatively speaking. So your financial advisor may tell you something totally different as to what to do with your own portfolio loot, or what have you, but I\u2019m just saying giving you a philosophical attitudinal reaction to it all.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: The Fed Reserve meets today, and we\u2019ll have an announcement on what they\u2019re going to do with interest rates. I said they will meet Friday. They will meet today. <\/p>\n

You just heard Mrs. Clinton\u2019s sound bite, and you just heard my call with Ray in Nashville, worried about the housing market. Folks, it\u2019s an incredibly great county where the likes of Bill and Hillary Clinton — who have never managed anything, who have never created anything, who have never done anything productive private sector-wise, who have only run for public office — can become multimillionaires. And it is a great country where they can make it known to everybody how wealthy and how rich they are and not be called gauche and classless. What a great country! They tried to do this in Whitewater, and it didn\u2019t work, but they are finally able to go out there and tell us as often as they wish how wealthy they are. Now, as to Ray in Nashville. Conservatism 101: each of us decides what type of life we\u2019re going to live, what kind of obligations that we\u2019re going to take on for ourselves. We know what we can and what we can\u2019t afford. Whether we live by it is another thing, but we know what we can and can\u2019t afford. If you take out a loan (I don\u2019t care what kind of loan) that you can\u2019t afford, and then if things go south (no offense to Mississippi), it\u2019s simply not the responsibility of your neighbors to pay off your loan. It may happen, if this is reputed to be as calamitous as they say. But if that ever occurs, there will be no responsibility by those who, on their own, assume these obligations. <\/p>\n

If you know somebody else will bail you out… On the other hand, in our country you can work and produce and think your way out of these situations. But there is an assumption, just like we had the guy calling the other day, Friday, on health care. ‘I think the government ought to pay my health care.\u2019 We got opportunity for Conservatism 101 in that call. There\u2019s no responsibility of your neighbors to bail you out of a bad loan, or bail you out of a loan that you had no business taking. ‘Rush, I can\u2019t believe how cold and cruel you\u2019re being.\u2019 I\u2019m not being cold and cruel. We\u2019re talking about responsibility. Do you know how many people encounter difficulty and don\u2019t start running off and whining and moaning to the media, or don\u2019t start running off whining and moaning to the government, they just deal with it? We\u2019ve done shows on those people, white-collar people in their forties and fifties who got laid off. They didn\u2019t demand everybody else take care of them after that because they got screwed late in their careers. Why do you think we have such a large middle class as well as wealthy people? We\u2019re not a Third World economy where the central government regulates these things. At least, they shouldn\u2019t be. They regulate a lot. But we all face challenging events. <\/p>\n

The housing market now, high oil gas prices now, low oil prices back then. In Jimmy Carter\u2019s administration, we had four years of malaise. We all face challenging events, economic and otherwise. But on the whole, we\u2019re able to earn, learn, and progress. You know, in a lot of places, and I\u2019ve been to some of them, there aren\u2019t any good times. There are no good times, and the expectations of people in these countries where there are no good times don\u2019t match ours. We have high expectations because we\u2019re Americans. We have high expectations because we have experience. We\u2019re born and raised in this country; we grow up knowing its potential. This is why I just cringe when I start hearing people talk about, ‘Well, we\u2019ve peaked. American exceptionalism is over. The days of kids being able to do better than their parents are not anymore.\u2019 We have people want to make that happen in this country, and they actually do believe it: pessimists, doom-and-gloomers and so forth. But it\u2019s not the history of the country. It is not what happens, and it\u2019s not what\u2019s predicted. This is the one country where people have great and high expectations because this is the one place in the world where people know that they can meet them and achieve them. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Binghamton, New York, Gary, welcome to the EIB Network.<\/p>\n

CALLER: Well, thank you very much. It\u2019s a pleasure — hopefully for both of us. <\/p>\n

RUSH: (Laughing.)<\/p>\n

CALLER: Well, I wanted to defend you. A fellow called several calls ago and said, tongue-in-cheek, about you being a millionaire, billionaire, whatever. One thing you have never said is that is you hate rich Republicans, and it leads to my question, because I\u2019m going crazy about this. How can someone in the movie industry, TV industry, anchor on TV make 15, 20, 30, 50 million dollars a year and hate ‘rich people\u2019? I need your answer. How can they hate rich people when they\u2019re making millions themselves? How do they make that go away?<\/p>\n

RUSH: This has been one of these age-old questions that psychologists and psychiatrists have examined. I myself, not trained in either of those disciplines, have yet come up with the answer. It\u2019s not going to satisfy you all the way, but the overriding emotion that they feel is guilt, be it the actors and actresses or be it these news info babes and anchors that you\u2019re talking about. But actually, beyond that, it\u2019s liberalism. You know, I liberal is a liberal first. A wealthy liberal is a wealthy person second. The liberalism comes first. Liberalism is a religion. It has definite requirements, and you must resent the ‘disparity.\u2019 As a liberal, you are able to exempt yourself because you are a good person. A TV anchor is not a corporate interest destroying jobs, stealing money from the hopeless. A Hollywood actor or actress is not doing what they think other rich people do. It is the height of denial and elitism. There\u2019s also an element in there of trying to hide their wealth, or make it appear otherwise, because they need box office appeal. They need ratings. They need viewers. So they adopt this persona. The Kennedy family is classic at this, and Edwards is trying to pull it off now. You act like it\u2019s an accident that you got rich, but you\u2019re not going to give it back. You are going to do good work. You are serving our culture and society with your wealth by trying to deny it and take it away from the people who are destroying the country — i.e., capitalists and conservatives.<\/p>\n

CALLER: Thank you very much. You are the best three hours of the day — and I mean that other than occasionally my wife once in a while. <\/p>\n

RUSH: (Laughingm.)<\/p>\n

CALLER: But you are the best three hours of my day. You always pick me up. Whenever I\u2019m down I listen to Rush, and I say, ‘Rush, get me through the day.\u2019<\/p>\n

RUSH: Thank you. Thank you so much. <\/p>\n

CALLER: God bless you, Rush.<\/p>\n

RUSH: God bless you, too. Thank you. Thank you so much. Dawn, did you hear that? Did you hear what he said? You and Snerdley are talking. Snerdley has this new computer program called Comic Lite, and he\u2019s in there taking pictures of Dawn with his iPhone, and then you can pick the bubble you want and put whatever thought you want, and they\u2019re in there chatting and he\u2019s showing her after he\u2019s got a full board of calls here. He\u2019s playing with his Comic Lite program. This guy just had a humongously hilarious line, and I don\u2019t think you guys heard it. Brian got it. Brian started a combination laughing and shaking his head. This guy said… Well, it\u2019s too bad if you didn\u2019t hear it. Well, of course it was only hilarious to men. Some women would find it funny, the women that laugh at themselves would find it funny. Everyone would. He didn\u2019t mean it. It was stereotypical humor. I love stereotypical humor. I absolutely love it. Like, you know what irony, you know what ‘mixed emotions\u2019 really are? Your brand-new Cadillac is going off the cliff, but it\u2019s being driven by your mother-in-law. (Laughing.) Do you remember there was this comic strip back in the seventies called ‘The Lockhorns\u2019? It was about this married couple, and he was constantly fighting with his wife. His wife couldn\u2019t park the car. In one cartoon she was trying to parallel park in a rainstorm, and he\u2019s on the sidewalk saying, ‘Why don\u2019t you just throw me a line here, and I\u2019ll reel you in,\u2019 based on the fact that women can\u2019t drive. Of course, all this stuff is stereotypical. It\u2019s just funny. People can\u2019t laugh at themselves enough anymore. Everybody is too uptight. We have political correctness, all that kind of stuff.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Hoboken, New Jersey. This is Ben, and I am glad you waited, sir. Welcome.<\/p>\n

CALLER: Hell-lo!<\/p>\n

RUSH: Hell-lo.<\/p>\n

CALLER: Hi. I just wanted to comment on a lot of the Democrat tax increase perspectives that we hear about. There we talked about the soak-the-rich perspective, but that\u2019s really very disingenuous and misleading because it really means whack the middle class. It\u2019s for two basic reasons. One, the rich are already quite overtaxed, and two, there just simply around enough rich people around with that kind of incomes.<\/p>\n

RUSH: Exactly right. We\u2019ve discussed that. You can confiscate all the money over, what, $400,000 a year, and you could run the country for a couple weeks, maybe a month.<\/p>\n

CALLER: Any meaningful increase that\u2019s going to come into the treasury has to come from the middle class taxpayers. That\u2019s just a fact of numbers.<\/p>\n

RUSH: Why would you say that?<\/p>\n

CALLER: Because there simply aren\u2019t enough rich people!<\/p>\n

RUSH: There are more of people of the middle class.<\/p>\n

CALLER: Right.<\/p>\n

RUSH: Exactly right.<\/p>\n

CALLER: And, you know, and the way our tax system works, we have an overly complex system, which in and of itself is a problem, but the way our tax system works and the way the tax laws are written, it\u2019s based on a few kind of like hinge numbers like adjusted gross income and taxable income, and while the soak the rich — or however you choose to describe it — really doesn\u2019t come down that way. It really comes down to much lower income levels.<\/p>\n

RUSH: It does, exactly, and here\u2019s the dirty little secret if you ever to pull it off. It\u2019s hard. This is why most people don\u2019t understand the tax-the-rich business. You\u2019ve got to structure your life so you have no ‘earned\u2019 income. I\u2019m out of time. I\u2019ll explain that. There\u2019s a category called earned income versus other kinds of income. Earned income is what the income tax rate is on. That\u2019s how ‘the rich\u2019 do it. They don\u2019t have ‘earned\u2019 income. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: This morning on CNBC, the host there, Dylan Ratigan, was interviewing Mrs. Clinton. The question, ‘Is it the role of the government and tax policy to try to reconcile fairness?\u2019 HILLARY: Well, you know, I — I think it certainly is. I mean tax policy is one of the instruments the government uses. 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