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CALLER: Actually, I did, and I do a lot of reading and research on it. I\u2019m actually I guess qualified as one of the high earners in New Jersey, and we have a business, an LLC —<\/p>\nRUSH: We have Sue in Annandale — is that New Jersey or New York? New Jersey.<\/p>\n
CALLER: New Jersey.<\/p>\n
RUSH: Sue, welcome to the program. Great to have you.<\/p>\n
CALLER: Thank you. So excited to talk to you. The only Republican in New Jersey on the phone with you.<\/p>\n
RUSH: By the way, how does it feel? Have you seen what that new governor is gonna be doing to your taxes?<\/p>\n
CALLER: Actually, I did, and I do a lot of reading and research on it. I\u2019m actually I guess qualified as one of the high earners in New Jersey, and we have a business, an LLC —<\/p>\n
RUSH: It doesn\u2019t matter, high earner, low earner, illegal alien poor, everybody\u2019s gonna get soaked. It\u2019s astounding what this guy is gonna do.<\/p>\n
CALLER: It is. It\u2019s terrible. I come from a red district, and there are, believe it or not, a lot of Trump supporters in New Jersey. You know, we did have a Republican governor at times, so, you know, we can go either way.<\/p>\n
RUSH: Right, at times.<\/p>\n
CALLER: It makes me a little sad sometimes when people kind of classify us as a blue state that\u2019s lost. I mean, actually Trump could sway us red if he tried. I\u2019m not so sure he\u2019s trying with his tax plan, but I don\u2019t know. I kind of wanted to comment today on the tax plan because —<\/p>\n
RUSH: Wait a minute. Wait a minute. You think Trump is not trying? Is that what you just said? Did I hear that correctly?<\/p>\n
CALLER: He\u2019s not trying — I think it kind of — let me put it this way. I guess I want to talk about not what my state\u2019s doing to me, \u2019cause I understand what that —<\/p>\n
RUSH: Oh, I know. It was a throwaway but I\u2019ve got the story. People need to know, people need to know what\u2019s gonna happen to people like you. You\u2019re gonna lose everything, in taxes!<\/p>\n
CALLER: Right. Right.<\/p>\n
RUSH: Well, not everybody, but, folks, wait \u2019til you hear this. Now, she doesn\u2019t want to talk about it, she wants to talk about Trump not caring, so have at it.<\/p>\n
CALLER: Well, I kind of feel like it\u2019s a little bit of a war on the blue states with the tax plan. I\u2019m a Republican. I voted for Trump to lower my taxes and help me with my health care.<\/p>\n
RUSH: Right.<\/p>\n
CALLER: And I got neither one of those. And everyone criticizes me, “Well, it\u2019s your state that\u2019s doing this to you.” Well, okay. But I also want to talk about what the federal government\u2019s doing to me, because they actually didn\u2019t help me, either. So we\u2019ve kind of like — there\u2019s people here in these blue states that are Republican conservatives, business owners, looking for help and just drowned out and, “Oh, well, you\u2019re a blue state and you deserve what you get.”<\/p>\n
RUSH: You\u2019re talking here about the fact that you can\u2019t deduct your federal taxes, your state and local taxes.<\/p>\n
CALLER: Right. And that hurts.<\/p>\n
RUSH: It does.<\/p>\n
CALLER: Everyone says to me, “Why aren\u2019t you moving out of New Jersey?” And I actually can\u2019t. You know, our business is here. Our customer base is here. And there\u2019s really nothing else I can do. And I guess, you know, locally we could find ways —<\/p>\n
RUSH: Wait a minute. Wait a minute. What do you mean, there\u2019s nothing else you can do?<\/p>\n
CALLER: Well, I mean, at this point, we\u2019re in —<\/p>\n
RUSH: Do you realize how self-limiting that is, “There\u2019s nothing else I can do”?<\/p>\n
CALLER: Well, I know, maybe I can run for something, but I guess what I\u2019m trying to say is, when you live in these blue states, especially in the New York area, you gotta understand that there\u2019s a lot of things that we have to pay for here that other states don\u2019t. I mean, we have anti-terrorism programs. We have the most traffic here, we have things that — taxes are high, not only for that reason but we do have a lot to pay for —<\/p>\n
RUSH: Why is that the responsibility of everybody who doesn\u2019t live there? Why do we have to understand that? You\u2019re the one choosing to live there.<\/p>\n
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CALLER: Well, there\u2019s a need for my business in this area. It\u2019s a medical business. And this is where all the cutting edge medical is. And we kind of have to be here. I guess, okay, you can say that you\u2019re paying for the blue states, but isn\u2019t the high earner kind of subsidizing the middle-class tax cuts? To me, that I didn\u2019t get a tax break means that I can\u2019t hire, I can\u2019t expand.<\/p>\n
RUSH: Yeah.<\/p>\n
CALLER: I can\u2019t compete with a big corporation.<\/p>\n
RUSH: Right.<\/p>\n
CALLER: I\u2019m kind of just dead in the water because of this tax plan. I\u2019m not gonna exactly blame Trump, but Trump did sign it. Paul Ryan crafted a tax plan where high earners and LLCs pass-through companies are subsidizing everything. Everything.<\/p>\n
RUSH: Well, that\u2019s how the rich get rich, they take the money from the poor and the middle class. The Democrats have been telling us this for I don\u2019t know how many years.<\/p>\n
CALLER: Well, yeah. I mean, I don\u2019t think the rich are paying for this tax plan. I really do believe there\u2019s a sector of the economy that\u2019s the pass-through company and the high earning people are paying for everything right now.<\/p>\n
RUSH: Okay. What did you want? If you could have a meeting with Trump, pretend that I\u2019m gonna go talk to Trump right after this call and tell him what you want, what would it be?<\/p>\n
CALLER: It would be that I want the ability to compete, have a tax structure that would allow me to compete with a big corporation. But I also could become a C Corp one day, so I could get that 20% rate. I would love to be able to have my own money to grow, invest, buy a building, hire people, but instead, because we\u2019re at like 39% tax rate, I\u2019m unable to do that. I understand why I\u2019m —<\/p>\n
RUSH: Wait, wait, wait. Are you an S-Corp?<\/p>\n
CALLER: I\u2019m an S-Corp.<\/p>\n
RUSH: Well, you\u2019ve got a great pass-through benefit in this tax cut. You\u2019re not paying 39%.<\/p>\n
CALLER: No. I wanted to talk to you about that because there\u2019s this 30% money that everyone says is gonna happen where 30% of our income can be counted as business income with the 20%. That\u2019s only true if you manufacture something. It\u2019s not true if you\u2019re an accountant, a doctor, an engineer, you know, a hairdresser. You have to manufacture something. So in reality what\u2019s happening is you\u2019re an S-Corp and you\u2019re just counted as an individual high earner and you\u2019re not being allowed to reinvest in the company. And it\u2019s almost like it\u2019s a war on the white-collar accountant lawyer, you know, I mean, that —<\/p>\n
RUSH: All right. I got it. You feel like you\u2019re being left out of the tax reduction plan. You\u2019re getting soaked in New Jersey because it\u2019s a blue state and your tax deductibility has changed, so you\u2019re paying more taxes in state and local taxes. You can\u2019t deduct \u2019em anymore, and so it\u2019s a big problem. And you can\u2019t compete with the C-Corps who got their corporate rate down to 21%. You\u2019re still paying 40, 39, which I don\u2019t think you have to be. I mean, the pass-through benefits for S-Corp filers was significant.<\/p>\n
But, at any rate, I\u2019m not pretending to know your situation. I\u2019m not saying you\u2019re making it up and so forth. So I understand it. I got your input. I hear about it, and I realize now the Republicans need to lose.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
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RUSH: Here\u2019s the scoop on New Jersey: