{"id":299870,"date":"2019-02-14T16:02:00","date_gmt":"2019-02-14T21:02:00","guid":{"rendered":"https:\/\/admin.rushlimbaugh.com\/?p=299870"},"modified":"2019-02-15T17:16:04","modified_gmt":"2019-02-15T22:16:04","slug":"he-income-tax-code-is-the-number-one-obstacle-to-wealth-creation","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2019\/02\/14\/he-income-tax-code-is-the-number-one-obstacle-to-wealth-creation\/","title":{"rendered":"The Income Tax Code Is the Number One Obstacle to Wealth Creation"},"content":{"rendered":"

RUSH:\u00a0 David Asman yesterday or actually last night hosting the Fox Business Network\u2019s show called Bulls &\u00a0 Bears, and he introduces a segment by playing a clip of me from yesterday\u2019s program<\/a>…<\/p>\n

ASMAN:\u00a0 Rush Limbaugh thinks he knows why Bill Gates and other rich liberals say they are undertaxed.\u00a0 Take a listen…<\/p>\n

RUSH ARCHIVE:\u00a0 Why do they do this? Because it keeps the people with pitchforks away from them. …\u00a0 You don\u2019t see them giving it away. Some of them put it in foundations, but when they say they\u2019re not paying enough taxes, you never see them write additional checks to the government, do you? … Now, Gates right now is worth about $96.5 billion, and he “said he and other business barons should have to contribute more,” taxes. Bill, there\u2019s nothing stopping you from writing a check to the Treasury.<\/p>\n

\"\"<\/p>\n

ASMAN:\u00a0 Boy, that\u2019s the truth.<\/p>\n

RUSH:\u00a0 It is absolutely the truth, and it\u2019s exactly how these guys get away with it.\u00a0 You notice when there\u2019s ever a big, massive move to tax the rich, nobody ever says, “Like Gates”?\u00a0 They never say, “Oh, yeah, we need to raise taxes on people like Warren Buffett.”\u00a0 No, because those guys are always out there apologizing for it, making excuses for it and saying they don\u2019t deserve it, saying they ought to be taxed higher.<\/p>\n

So all the people that… Like, Ocasio-Cortez would never use them as example of the rich not paying their fair share because they\u2019re acting like they don\u2019t pay their fair share — when there\u2019s nothing stopping \u2019em.\u00a0 His guest was “Teve Torbes,” formally the Forbes magazine editor-in-chief, and he said, “Is there something wrong with being rich?”\u00a0 I mean, you\u2019ve been rich, Forbes.\u00a0 “Is there something wrong with it?”<\/p>\n

\"\"<\/p>\n

“TORBES”:\u00a0 It just shows what happens when you have a generation without growth — we\u2019re just beginning to get growth — is you get envious.\u00a0 And most Americans don\u2019t care if Bill Gates is worth $96 billion or $960 trillion.\u00a0 They want to know, are their opportunities in life improving, are their wages going up, are they gonna have chances for a better job for themselves, a better future for the kids?\u00a0 That\u2019s what Americans want.\u00a0 This redistribution mentality we have today, are they paying too much or too little? Everyone should pay less, and the government could collect more from the prosperity resulting thereof.<\/p>\n

RUSH:\u00a0 You know, Drudge — every time the government increases its take, he headlines it.\u00a0 Drudge has a bugaboo about this, and it\u2019s true.\u00a0 The government is collecting more in taxes than they ever have, after Trump\u2019s tax cut!\u00a0 It works every time it\u2019s tried, and it always leads to people asking me, “Well, if it does that, why don\u2019t the Democrats support it?\u00a0 Because they like Big Government and they like money coming in. Why?” Because that\u2019s not what taxing the rich is. Democrats are not trying to get money to run the government.<\/p>\n

We have a $22 trillion national debt.\u00a0 It doesn\u2019t matter. Whether we\u2019ve got money or not, they spend it!\u00a0 If there\u2019s a lesson for anybody to learn, it is… Frankly, I\u2019m to the point where I don\u2019t even know why we have a budget, because it doesn\u2019t matter.\u00a0 The budget deficit? It doesn\u2019t matter.\u00a0 We\u2019re spending money we don\u2019t have, no matter what the budget says.\u00a0 The budget allocates spending every year of money we don\u2019t have.\u00a0 It doesn\u2019t stop them from spending it. It doesn\u2019t worry anybody that it\u2019s being spent.<\/p>\n

So the fact that cutting taxes raises revenue to the government? That\u2019s not gonna mollify Democrats.\u00a0 But the Democrats want to use the tax code for — and do not doubt me on this. The purpose… Let me modify that a bit, \u2019cause I\u2019m not sure everybody is of this frame of mind.\u00a0 But the practical result of the progressive income tax is to put obstacles in the way of the acquisition of wealth.\u00a0 Progressive taxation is the number one obstacle to creating wealth.\u00a0 That\u2019s why it is there.<\/p>\n

\"\"<\/a><\/p>\n

You\u2019ll notice Bill Gates is a $96 billion billionaire.\u00a0 Nobody paid him that money.\u00a0 I mean, he has not earned that as a salary — and the same thing with Buffett, and the same thing with all these other people who have that kind of money.\u00a0 Your source for it comes in other ways.\u00a0 They\u2019re not paying income tax on $96 billion because they haven\u2019t been paid income of $96 billion.\u00a0 There\u2019s different taxation methods for certain kinds of income.\u00a0 But the purpose of the tax code…<\/p>\n

The reason the Democrats want progressive taxation is the more you make, the more they want you to pay, because the more you pay, the less you are going to have.\u00a0 They\u2019re not targeting Gates and all these other people with their income tax demands, with their raising rates.\u00a0 They want the percentages to be what they think are fair.\u00a0 That\u2019s why Ocasio-Cortez talking about 70% or 90%? There\u2019s only one purpose for a tax rate like that. It\u2019s to take your money away from you, to prevent you from keeping what you\u2019ve earned.<\/p>\n

And no matter what your income is, there\u2019s a tax rate — there\u2019s a marginal rate — that taxes the last dollars you earn at the highest rate, and it\u2019s designed to make sure that you keep less and less as you earn more and more.\u00a0 That\u2019s the purpose of it, and what could be the purpose of that?\u00a0 To run the government? (Snort!) The amount of money the government collects is immaterial to how much it spends, I maintain. Now, you\u2019d have all kinds of budget officials even in this administration tell me and you that that\u2019s all wet, that they\u2019re all constrained by how much money they take, but they\u2019re really not.<\/p>\n

You can\u2019t have very many constraints if you\u2019re $22 trillion in debt!\u00a0 We can\u2019t even imagine how much money that is!\u00a0 It\u2019s the amount of money we spend, the government spends every year.\u00a0 We can\u2019t comprehend that, much less a total national debt since the founding of $22 trillion.\u00a0 You know one of the real numbers on this? When Barack Obama took office in 2009, the national debt was $6 trillion, and when Obama left office it was up to $18 trillion or $19 trillion.\u00a0 It was multiplying in geometric progressions.\u00a0 There isn\u2019t any concern about federal revenue as it relates to taxation.<\/p>\n

The purpose of taxation is to make sure that the more you make, the more you pay — and what\u2019s the practical result of that?\u00a0 The more you pay, the less you have.\u00a0 They make you think that they\u2019re targeting people like Gates and Buffett and all these hedge fund people when they\u2019re not.\u00a0 They\u2019re targeting people who earn $150,000 to $200,000, who earn that in salary and who are subject to the income tax code.\u00a0 Even independent contractors who have to file quarterly, get 1099s, get the same thing.<\/p>\n

\"\"<\/p>\n

However income comes in, it\u2019s taxed — and the more you make, the higher your rate. The express purpose is to make sure you keep less and less.\u00a0 What could be the purpose of that?\u00a0 Why would they want you to keep less and less of what you earn?\u00a0 I\u2019m telling you, the income tax code is the number one obstacle in the way of the creation of wealth.\u00a0 This is a little fun bite.\u00a0 This is Laura Ingraham and Sean Hannity last night during the handoff from Hannity\u2019s show to Ingraham\u2019s show on the Fox News Channel.<\/p>\n

HANNITY:\u00a0 Are you in New York tonight?<\/p>\n

INGRAHAM:\u00a0 No, I\u2019m here. I was in Texas. I\u2019m going to move to Texas. I love Texas. Okay?<\/p>\n

HANNITY:\u00a0 You want to know why I want to move to Texas?<\/p>\n

INGRAHAM:\u00a0 I was in Dallas. I love it \u2019cause of taxes.\u00a0 Why are you in New York?<\/p>\n

HANNITY:\u00a0 I don\u2019t want to pay anymore.\u00a0 I\u2019m sick of it.<\/p>\n

INGRAHAM:\u00a0 Come on!<\/p>\n

HANNITY: I wanna.<\/p>\n

INGRAHAM: Come on! Rush said we should move to Florida, what, two decades ago?<\/p>\n

RUSH: Twenty years ago is about right, 1997. I did. I remember when I moved to Florida in 1997 I sent the New York state tax authorities all kinds of letters: \u201cI\u2019ve moved, I will not be filing an income tax form. I\u2019ve joined these clubs, here\u2019s my driver\u2019s license,\u201d all this sort of stuff, and I did it, lifestyle reasons and to escape the confiscatory taxes, and everybody said, \u201cWhy are you doing this?\u00a0 You have to be in New York for what you do. You have to be there. Don\u2019t you want to be in New York? Everything\u2019s happening there.\u201d<\/p>\n

I said, \u201cI\u2019ve done my eight years. I\u2019ve gotten to the point now where I can do it from anywhere. It won\u2019t matter. And pursuing quality of life is what matters.\u201d So 20 years ago, I did. Now, look, all kinds of people are leaving these states now, New York, California.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: A couple of famous personages agree with me and my assessment of Bill Gates and Warren Buffett as phony leftist billionaires.<\/p>\n","protected":false},"author":49,"featured_media":294966,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[12,1],"tags":[],"yoast_head":"\nThe Income Tax Code Is the Number One Obstacle to Wealth Creation - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rushlimbaugh.com\/daily\/2019\/02\/14\/he-income-tax-code-is-the-number-one-obstacle-to-wealth-creation\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"The Income Tax Code Is the Number One Obstacle to Wealth Creation - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: A couple of famous personages agree with me and my assessment of Bill Gates and Warren Buffett as phony leftist billionaires.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.rushlimbaugh.com\/wp-content\/uploads\/2018\/12\/APP-021318-Rush-is-Right.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"George Prayias\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/admin.rushlimbaugh.com\/#website\",\"url\":\"https:\/\/admin.rushlimbaugh.com\/\",\"name\":\"The Rush Limbaugh Show\",\"description\":\"Excellence In Broadcasting\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/admin.rushlimbaugh.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2019\/02\/14\/he-income-tax-code-is-the-number-one-obstacle-to-wealth-creation\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.rushlimbaugh.com\/wp-content\/uploads\/2018\/12\/APP-021318-Rush-is-Right.jpg\",\"contentUrl\":\"https:\/\/www.rushlimbaugh.com\/wp-content\/uploads\/2018\/12\/APP-021318-Rush-is-Right.jpg\",\"width\":640,\"height\":360},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2019\/02\/14\/he-income-tax-code-is-the-number-one-obstacle-to-wealth-creation\/#webpage\",\"url\":\"https:\/\/www.rushlimbaugh.com\/daily\/2019\/02\/14\/he-income-tax-code-is-the-number-one-obstacle-to-wealth-creation\/\",\"name\":\"The Income Tax Code Is the Number One Obstacle to Wealth Creation - 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