On Tuesday’s Mark Levin Show, Democrats want to tax Billionaires but they’re actually attacking the ‘middle class’ by changing the Social Security program to be based on a who’s who criteria of the left’s choosing. The American Marxist’s job is never done as President Biden aims to tax unrealized gains on yachts, paintings, stocks, etc. that haven’t even been sold yet. This proposal might be antithetical to the spirit of the 16th Amendment which only permits taxation on income, not the unrealized earnings of one’s assets. Then, the maker of an educational curriculum is now forbidding parents to see CRT-inspired curriculum but to not share it with anyone. This is an attempt to silence parents and stop them from sharing racist curriculum with other parents or the media. This violates most states FOIA laws. Later, journalists and educators have become propagandists that will have you believe everything they spew is the truth. Meanwhile, all they’re doing is promoting tribalism. Afterward, John Oliver erroneously claims that police criticize perpetrators for non-compliance attempting to entrap them into complying with a vaccine mandate.
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Rough transcript of Hour 1
Hour 1 Segment 1
Well, ladies and gentlemen, the Democrats have a very cool idea. They want to hit billionaires with a minimum tax and they want to hit multimillionaires with a surtax. Now, every state that’s pulled something like this has lost these people to other states, if you’re going to do this to corporations, we’re going to lose these corporations to other countries. I don’t know why this is so complicated. I really don’t. And yet that’s exactly what’s going on. And mansions, OK, with a lot of this and so apparently cinema. They’re also looking at Social Security now, if they can get past this. If they can get past this. Social Security bill popular with Democrats. It’s known as Social Security 20 100 act. They say his wealth concentration has become more prevalent in America, a couple of things lawmakers can do right now to offset embrace this Social Security proposal. It comes on the heels of the Social Security Administration, the latest estimate that the funds that support the program have 13 years to survive. At that time, people will get 78 percent of their promised benefits. The bill proposes extending the day to 2038 Congress more time to come up with a long term solution. But incorporate proposals made by Joe Biden. Let’s see. Set a higher minimum benefit for low income workers benefits would be set at 125 percent above the poverty line tied to wage current wage levels. There’s a benefit boost for both new and existing beneficiaries, amounting to two percent. Annual cost of living adjustments would be tied to the CPI. The CPI, they think, is better than the rate of inflation. And so what does all this mean? First of all, we don’t have all the details, but what does it all mean? It means that they’re going to change Social Security rather than a pension plan. Now, the benefits will be determined by who you are, what you are, what group you’re in economically and so forth and so on. It’s being pushed by, among others, the usual. AOC, the chairman of House Ways and Means, has crackpot from Massachusetts, Richard Neal. So this is my point to the American Marxist job is never done, it’s never over. They want to fundamentally alter Social Security. And not fix it, alter it. I want to talk about this tax that they have in mind, if you don’t mind, for the rich, quote unquote. Fellow by the name of Henry Olsen has a piece in The Washington Post. He’s pretty good columnist. So is the Biden administration’s idea to tax billionaires. Unrealized capital gains may sound good to tax the rich practice of being unworkable, arguably unconstitutional mess that could harm everyone. In theory, the idea seductively simple and appealing. Billionaires and the super rich possess massive amounts of wealth in the form of stocks, businesses and frivolous baubles such as famous paintings or yachts. These assets appreciate in value, but their owners pay no tax on the value unless they sell it or realize the gain. As tax lawyers put it away by selling the asset, would a person be able to convert the asset into taxable income? This means billionaires with appreciating assets can become hundreds of billions of dollars wealth here each year, but the government gets nothing. Let’s stop right there. Neither does the billionaire. Because until the billionaire converts that asset. The billionaire can’t use it either. So if you put a dollar into stocks and it becomes a billion dollars. Unless you actually do something with that billion dollars, it’s not realized yet if you own a painting. You pay a thousand dollars for it, it becomes worth a million dollars. It’s the same painting, it’s hanging on the same wall. You can’t do anything different with it. So that doesn’t have a. A realized game. As I discussed the other day, if you own a home, your own home. And you’re going to live in it for 20 years, 30 years, 15 years and so forth. And the value keeps going up and up and up, are you supposed to be taxed? A federal wealth tax, if you will, on the on the value of the home, if if you were to sell it, even though you don’t sell it. It’s bad enough you have localities doing their property tax assessments, but what about the feds? Well, that’s the same thing. Under a proposal, Democrats are considering that would tax unrealized gains each year if the underlying asset had been sold. Ford estimates Tesla founder Elon Musk net worth rose by 126 billion last year, his company’s stock price soared, but he surely paid almost no tax on that because he never sold the stock. OK, so it’s not worth anything until you actually do something with. Biden’s playing with tax all that, Ri’s letting the federal government, about 30 billion dollars, do the same for all the nation’s billionaires, and the feds could pull in loads of cash without disturbing their lavish lifestyle. Not true. They would have to look. That could mean this guy, Elon Musk, would have to sell some of his businesses would have to. And by the way, they’re not stuck in the United States, they can go somewhere else. I can’t think of a more. Preposterous plan that would force people. To go overseas, if they wanted to save their money, you’re going to be taxed on income you haven’t realized yet. Not all assets, he says here, if that sounds too good to be true, it’s because it is to start. Not all assets are as easy to value as publicly traded stocks. Privately held companies such as Charles Koch, Koch Industries are notoriously difficult to value, rare, but valuable items are even more difficult to fix an annual price somewhere around, say, Leonardo da Vinci or Picasso, artwork likely paid more than 100 million for it at auction. But it’s almost impossible to assess what a unique work of art would sell for at the end of each tax year. Billionaires are precisely the people with the motive and the means to hire the best tax laws to fight the IRS every step of the way. Subjecting each tax return to excruciatingly long and expensive audits. Then there’s the question of what to do with the capital losses. Expensive assets can go down in value, too. And billionaires would rightly insist the IRS account for those reversals of fortune. This would lead to some politically uncomfortable acts if, say, a market downturn coincides with the end of a tax year happened during the Great Recession, the US stock market declined by roughly a third in 2008, with a low point at year’s end exactly when the valuations for unrealized gain tax would be determined. This would have led to billionaires marking up massive amounts of unrealized losses with the IRS have to issue multibillion dollar refund checks to return billionaires quarterly estimated tax payments. No president will want to be in charge when the IRS does that, and here’s the kicker the Constitution may not even permit taxation of unrealized gains. The 16th Amendment and of course, the Democrats are unfamiliar with the Constitution. The 16th Amendment authorizes taxation of income. And the definition of that seemingly simple word has spawned a long history of complicated case law, whether something is defined as income often has to do with whether a person has complete control of resource money that can then be used in trade to purchase or invest. As one sees, unrealized gains don’t fit under the rubric because the wealth is on paper, not in the hands of the owner to use as he or she wants. In 1920, the Supreme Court ruled the stock dividends or splits cannot be taxed because they’re not income. That’s just one example of a tortuous series of cases the court would inevitably have to consider to determine if Congress even has the power to tax unrealized gains. This is a wealth tax, folks, that’s what it is. It’s well, thanks. And there’s nothing in the Constitution that provides Congress with the power. To tax wealth. But that’s what it is, it’s through the back door. Now, listen carefully to this, because I warned you about this yesterday. If Congress does have that power, that is to tax something that’s actually not yet earned, it will only be a matter of time before lawmakers apply the tax to ordinary Americans any because there’s an enormous amount of money. Basically, they’re taxing the equity in your home. And most people would have to sell their home or borrow money on their equity to pay for it. Well, it’s the same with a major corporation. They’re not going to put the money into research and devote, you know, this is all third world stuff. Anyone who owns a house or has a retirement account has unrealized capital gains. Billionaires get all the attention, but the real money is in the hands of the broader public, as I keep saying, as the collective value of real estate in mutual funds dwarfs that. Of the nation’s uber wealthy, the government blobbed, they get 25 percent of your 401k or your IRAs annual rise, and our nation’s massive annual deficits and cumulative debt means it will need that money sooner rather than later. The unrealized cap gains will unlock a Pandora’s box of problems, better keep them under lock and key. I just wanted you to know somebody else agrees with me on this. You’re in the target. The vast majority of money, believe it or not, is not in what billionaires hold, it’s what the vast. Middle class holds, that’s the target. You like the bank accounts? Why 600? Why 10,000? Why not a billion? You are the target. That’s why. And the way the American Marxist rationalizes that is we’re giving you all these benefits. Cradle to grave. Now, we’ll keep talking about the billionaires and the super rich billionaires, but we need you. We need you if you’re going to get these benefits. Then you need to pay for them. So when Joe Biden says anybody earning under 400,000 dollars is not going to pay a tax, let me assure you, not reassure you, just assure you that you will be paying this tax, you will be paying for this in the out years. And the out years aren’t going to be that far away just from Biden gets the hell out of office. If they want to tax unrealized capital gains, they’re going to tax your pension plan and all your union guys with your pension plans to. All your teachers, Yuto. They’re going to tax your pensions. The unrealized capital gain. And they’re going to tax anything they can. From all of you. The value of your home going up. Most of our homes that increase in value and they’re not going to tax it just once. They’re going to tax it every year, year after year after year. How are you going to pay for that? How are you going to pay for that? You’re going to sell your home and pay for it and you’re going to be out of luck. I’ll be right back.
Hour 1 Segment 2
Can anybody give me one? And any Marxist slash socialist economic system where the rich pay the freight. As opposed to the quote unquote, masses? Can anybody give me one example? You know, Biden’s been in office 10 months, seems like ten years, ten months, his policies and that of his party and his party clearly is not really an American party anymore. It is, as I say, an American Marxist party. And it has many of the same features as these radical European parties. And in 10 months time. The price of. Produce meets. Foul bred, in other words, the price of all groceries have gone through the roof. And the shelves are emptying. I did that little research myself going into one of our supermarkets here. They’re not for. They’re not full when you’re getting milk, they’re not for when you’re getting yogurt, I don’t eat yogurt, but I was walking around and looking at another issue with the toilet paper and the paper towels. I went looked in the frozen food section, there you go again, people stocking up on frozen foods. And I’m thinking to myself, this is 10 months a profligate spending. With a threat of massive taxation, dislocation of certain industries had been targeted by this administration, most prominently fossil fuels, and the consequences are unbelievable. Now, what makes anybody think that by doing more of this, they’re going to turn the economy around, they’re going to make this a, quote unquote, more just and fair country or economic system, more just where has this ever worked? It never works anywhere. It can’t work, it’s an impossibility. I wrote a whole book on it called Ameritopia. They put out these ideas of paradise. Paradice. Which is what Marxism does, just surrender yourselves to the state, just support the common interest, the best interest of the public will have this temporary government and then it’ll, of course, disappear, wither away. Of course, the temporary government never withers away. It’s an iron fisted, brutal, genocidal machine regime. Every damn one of them. So why do we believe that any aspect of this have adopted into the United States? What serve you because they say you’ll get free family care because they say you’ll get free child tax credit because they say they you’ll get free eyeglasses and everything else, I mean, that’s not going to happen. The system is going to collapse, particularly with an open border, so it’s you you’re going to suffer. Some guy can get off and get out of the country if they’re billionaires and so forth. And we have billionaires like Zuckerberg trying to manipulate the election, Soros trying to destroy our country with that rabid crime. And on and on and on. I’m just saying this is all aimed at you, the effect will be on you. I’ll be right back.
Hour 1 Segment 3
I wanted to thank Newsmax, Chris Ruddy and the team over there. John Fund actually wrote a terrific piece. It’s in the newest edition of News Maxim magazine and. They contacted me, said they wanted to do the cover story on me. And I was more than happy to do it, and John Fund interviewed me, obviously did a lot of research, looked into my background, and I’m on the cover of it. So it’s I’m assuming you can get it if you want to. Newsmax Dotcom, that’s Newsmax dot com. It’s in the November issue. And I just did a fantastic job. The cover is. Mark Levin is Fight to Save America, talk radio powerhouse Marxism will destroy America is I really what we want in the greatest nation on the face of the earth? And they go through little my background, things that I did as a young man. They have a number of photos here when I when I served on my school board. Mr. Producer, I don’t know if you’ve seen this yet. Full head of wavy hair. And but I was even more outspoken, you might say, some of you might say rambunctious. As a 19, 20 year old school board member than I am as a radio host, so people would really hate me. It starts at a publishing phenomenon, is dominating America’s best selling book lists, but if you only read the mainstream media, you’d never know it. Radio host Mark Levin’s American Marxism has gone through 13 printings and sold over one million copies in just 10 weeks. For every one of those weeks, it was the number one New York Times bestseller. All nine 11 previous books were bestsellers, with seven of them also hitting number one. Despite the sizzling record, American Marxism has something reviewed by a single major publication. And he goes on to. Talk about Sam Tanenhaus, who used to do book reviews at The New York Times and actually did reviews and had individuals do reviews for conservative books, but that’s pretty much over. Plus, they’re trashing him that he mentions. Brian Stelter, the always agitated media critic for CNN, railed last summer against books by Levine and other conservatives calling their popularity display of our fractured State of the Union. And he dismissed Levin’s book as a screed in which he just bitches and moans about liberals. Of course, you know, that’s not what the book is about. Doesn’t even talk about liberals. Levin Vine’s stalter Smug liberal superiority, both funny and dangerous. He, of course, has never read any of my books. And when he tried to write one a bomb because all of it was bitch and moan about Fox News, Levin responds. More troubling is that the news media increasingly won’t allow debate on the major tenets of their belief system. So they promote critical race theory. They live for it. They celebrate it. They bring the radicals on TV to lie about it to. John Fund, a Newsmax, says that the death in February of the legendary Rush Limbaugh left a void for the millions who turn to talk radio every week for a reliable diet of conservative opinion and commentary. Many of them are now tuning into Levine’s show, which is syndicated to all the nation’s top markets, although it airs later in the day six to nine p.m. Eastern afternoon drive time. In the West, it’s still is over 12 million listeners a week, making it only second to Sean Hannity. And despite intense competition from streaming platforms and podcasts. Levin dismisses claims that talk radio is on its last legs. He says if it’s dead, why do they still keep talking about it? He says that a key success in radio is that he always respects his audience, always try to leave the listener with more knowledge and information than they had. When I point out he can be dismissive of callers, Levin says, If you’re a fool, don’t call me. I’ll find you out. While Rush and I said it, while Rush was always polite to callers, I’m not polite to everyone. I have transparent responses to people saying idiotic things that said rights find. Every time I’ve seen Levin at a conference or social occasion, he’s been humble and soft spoken. He responds that people often don’t understand the talk radio business. Talkers, the influential trade magazine, and bouncing around for you, known as the Bible of talk radio, has described Levine as one of the most important commentators in America today. Its publisher, Michael Harrison, tells Newsmax, month after month, year after year, Mark Levin proves that huge numbers and listener loyalty can be generated by purveying a serious constitutional interpretation of current events and doing it outside of what is usually considered prime time radio hours. Levin acknowledged that he’s been attacked by some liberals for calling his political opponents Marxist. He says they want to claim that I’m calling for a new McCarthyism to purge liberals from our public life. But it’s not liberals I’m after. They should be with me. People are defacing monuments to Lincoln and abolitionist, banning books, dismantling our history to push a racist ideology when such people self-identified as Marxists. What am I supposed to call them? The Boy Scouts and Girl Scouts. And then it goes on. It was just a terrific piece, there’s much more here. Although this part kind of cracks me up. Let’s see here, I just want to ask some liberal friends what they thought of Levin, one part of me to a 2016 book, and this was the book that I couldn’t remember the other day, Mr. Producer by Jeffrey Berry called the Outrage Industry Excited Levin style, which can include dismissing callers he finds stupid, hanging up occasionally on others and accusing public figures of being unable to refute his reasoning. Berry’s analysis scored 10 prominent hot radio and television programs on whether they used emotional display, misrepresented exaggeration, mockery, conflagration, slippery slope, insulting language and other factors. Now, this is a live, of course. He found living came out on top, utilizing outraged speech behavior at a rate of more than one instance per minute. That’s a lot, Mr. Producer. But come to think of it, shouldn’t it be like five instances a minute in their book, How Democracies Die? Harvard, Harvard University and by the way, none of these professors have ever spoken to me. Harvard University political scientist Daniel Zib Blatt and Stephen Levitsky accused Levin of helping to legitimate the use of uncivil discourse and adding to the erosion of democratic norms. All this amuses Levin. He notes that 20 is this boring? Truly, I hope not. He notes that a 2014 study the American journalist in the digital age found that only seven percent of the reporters identified as Republicans, down from more than one in four in 1971. The numbers for academics or even lower twenty eighteen survey by National Association of Scholars found that 39 percent of academic departments have no Republican faculty member. That’s four out of 10. It also found the main ratio of Democrats to Republicans ten point four to one. After examining the political affiliation of professors from the top 50 liberal arts colleges, Levin said with a laugh. For me to be criticized by journalists and professors as completely to be expected on constantly attacking their sources or their track record of almost always being wrong. That’s true. One of the reasons that liberals tend to ignore Levin rather than debate him is they recognize his talk show is different than those of some other conservatives. Political scientist Dan Cassino notes that surveys show that among listen, this is about you. Among all news outlets, including liberal shows, listeners to the Mark Levin program have the highest political knowledge of anyone, and it is the only show whose audience is 100 percent conservative. Does that explain why we never get liberal callers rich? I mean, you can’t be more than 100 percent. But he says among all news outlets, including liberal shows, listeners to Mark Levin’s program have the highest political knowledge of anyone. That’s you. That’s Hugh. And Casino admits the Levin Show offered more of a legal process basis for what he says, he offers the same simplistic narrative, but he really does detail work. He has legislative proposals. One of those books was about exactly what constitutional amendments he thinks we need. Now, this is sort of a slap in the back of the hand. But he is right. I mean, I dig into things. I think I don’t just superficially go through websites and so forth. And he goes on further, and I think you might be interested if you have a link to it, Mr. Producer. Is that what that is? It’s a link to what oh. It’s a release, let’s go ahead and put that up. And I think you folks will enjoy it and I’m going to start subscribing to Newsmax magazine. I mean, I don’t subscribe to much and I would have I just didn’t know what’s out there just because I have other things. But I’m definitely going to do that because this was an honest, fair job by an excellent writer, John Fund. And I don’t get write ups like this from friends most of the time. Do I read? In fact, most of these conservate, not all, but most have even ignored American Marxism. It’s crazy. It’s crazy because it provides you with so many answers to so many things. All right, I’m circling back Kevin McCarthy on Fox and Friends today about this this IRS monitoring you issue and so forth. It one go remember what the socialist countries in Europe have done. They imposed a wealth tax and France, Germany and Sweden pulled it back because they realized it doesn’t work. Remember, America has tried this before, alternative minimum tax that only went in with with a handful of Americans had to pay it the wealthiest. And what happened as years progressed, millions of those in the middle class had to pay for it. Remember what else is in this bill? Eighty five thousand IRS agents. And remember, they say it’s going after the wealthy. But if you go to twenty eight dollars a day, they’re going after you. And you know what the number eighty five thousand is? That’s larger than the population of Scranton, Pennsylvania, the hometown of this president. And what are they going to spend their time on going after you? And I don’t think, oh, I’m not a millionaire. They won’t come after me. Yes, they are. If you spend twenty eight dollars a day, they’re coming after you and they’re valuing what you have, the IRS. And we know it’s an incentive for them to make the value higher just to tax you, whether you sell it or not or whatever the value is. That is not the America we believe in. That is not the American that the Constitution says. That’s why we are fighting and we need people to join with us because we only need four Democrats to say no to stop this. And why do you think he’s talking about twenty eight dollars a day? Because of what Tim Scott said on my show on Sunday, which we only now realized. I thought it’s a transaction of 10,000 in the aggregate. If you spend 10,000 dollars over the course of the year, you’re subject to the IRS snooping. And your bank or financial institution or whoever you borrow money from reporting it to the IRS, it’s an aggregate number. It’s not every single transaction. So add up all the transactions. Oh, it’s 10,000. OK, let’s take a look. Well, that’s everybody. That’s what he means if you make twenty eight dollars a day. Steve Kahless, Ascoli excuse me, Steve Scalise, number two Republican in the House, cut to go. Hardworking families are paying the price for all of these crises that have been created by President Biden and his big government socialist agenda that we’ve been seeing this whole year, whether it’s the inflation that people are paying for every good and supply that they buy when they go to the grocery store, when they try to renovate their houses, they’re waiting longer for things because of the supply chain crisis. They’re paying dramatically higher, over 40 percent more at the pump because of the energy crisis that President Biden created. The border crisis continues to bring thousands of people a day across illegally, including people on the terrorist watch list. They won’t even be transparent about the numbers. How many illegal crossings, how many people on the terrorist watch list have come across our border because of the border crisis they created by all of their far left items? How one more mansion on Capitol Hill today. I support everybody paying their fair share, but listen to what he means by that cut three go. I support basically everyone paying their fair share of taxes, how you get to it, you know, and we all have a different approach to that. But as far as on taxation, I think it’s corporations should be paying at least the minimum. If you’re doing business in the United States, I’m open to any type of thing that makes people pay that’s not paying now. So people that don’t report income like you and I do an earned income, there has to be a way for them to pay their fair share. There you go. He’s bought in. On the on the earned income, you know, we pay earned income and so that other people should have to pay to OK. That means he supports what is a violation of the 16th Amendment, the word income. That is on wealthy people or wealthy corporations, well, on corporations, period, that have not actually realized the income, that is going to be a disaster for this economy for you. It’s going to destroy homeownership, it’s going to destroy investment in various industries and manufacturing plants in this country, research and development is going to be killed. We’re not going to be number one in terms of inventing new drugs and everything. This is this is going to drag us back. Into a third world type environment. That’s exactly what it’s going to do, ladies and gentlemen, it’s going to wreak havoc on this country because the people who are writing this are people who almost never have served in the private sector. And it’s it’s just incredible. It’s a wealth tax. And you’re going to pay it every single year. And they’re going to basically just look, it’s not by accent, it’s like a jigsaw puzzle. They want to muscle up the IRS 85,000 new IRS auditors, right. That want to give it tens of billions of more dollars. Right. They want to be able to get into your banking accounts or your whatever kind of account you have. They want to be able to get into that. They want to be able to tax you for the increased value of your IRA or your 401k. Even before you retire and you tap into it. This is what they’re doing, it’s like destroying ice and the Border Patrol, they know you won’t put up with them zeroing out their budget. So all they do is they tie their hands and tell them they can’t enforce the law. So they’re busy doing things that they shouldn’t be doing, they should be securing the border. OK, they’re selling their entire their entire tyranny by getting you to focus on diners when you better focus on yourself because they’re coming for you. I’ll be right back.
Hour 1 Segment 4
Well, America apparently Teacake May Horcoff, a.k.a. Chris Christie, Tauren, the president and his policies on The Michael Medved Show, honestly, and I’m not trying to be rude, I didn’t know Michael Medved had a show anymore. My bad. So Chris Christie’s on there tearing into Trump and Trump’s policies. What makes Chris Christie such an icon? Most of the Republicans I know in New Jersey cannot stand the guy. Is there something profound, he says? I mean, to me, he’s got the face of a hamster, you know, the cheeks are always full, Mr. Producer. But there’s something profound, he said. He said, what what is it that he said he’s the plaything of the never Trump is the Peggy Noonan, the Paul Ryan’s Fred Ryans and all about this clown. All about him, but he’s exactly what the media like, you know, the media turn on this, this guy’s a dummy, so he never learns the media tried to force him out over a bridge. And he hung on by his fingernails, but he saw what they were capable of doing. Tom? Do I owe you something? Oh. Well, I don’t have that here. I have something completely different. So the Cape may orka, he’s on, I think, the ABC show or one of those shows on Sundays, you know, he’s got to play up to that that kind of element. And he does. He’ll attack Biden, of course, but he attacks all Republicans, he attacks Rubio, he attacked Ted Cruz, he attacked Donald Trump. You know, the only the only really legitimate Republican when it comes to policy and a record is Chris Christie. Chris Christie. Hey, Chris, you’re not going anywhere, pal. You’re not going anywhere. Remember New Hampshire? That’s where you lay down the law that you’re going to win New Hampshire. Republicans cannot stand you. Certainly I can’t. I’ll be right back.