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GLENN: There’s a couple of things, you know, I just thought I’d let you know that there’s a new study out on diets. Which kind of diet should you go on? Which kind of diet actually works? Should it be the low fat, the low carb diet, the low — the high protein diet, the all fish diet, the no fish diet? Well, there’s a new report out that now says eating less is the best kind of diet. All right. New research has found that the key to losing weight is eating less. Hmmm. They also went on and said if you want to put more calories in, then you should burn more calories off with exercise. My gosh, I just, I am so glad that we have returned science into her rightful place, you know? I am so glad. I am so glad we’ve done that. So let’s see, here is the budget that has been submitted now. In 1996 we had a $1.6 trillion budget. In 1999 we had a $1.8, 2000 with President Clinton was $1.9. Then the first budget of Bush was $2.0, then $2.2, then $2.3, then $2.4, then $2.7, then $2.77, then $2.9. We are now, we are now looking at $3.6 trillion, $3.6 trillion and that’s just what’s in the budget. $3.6. Isn’t this going on — aren’t the numbers supposed to get smaller? Maybe we should have elected Tiger Woods. Ends smaller number wins. And let me just, let me give you some facts from the Wall Street Journal today. Remember we’re going to pay for all of this stuff. We’re going to pay for, how much is it here? It’s $634 billion as a down payment to cover the cost of universal healthcare coverage. We don’t have universal healthcare. We don’t have it. What do you mean a down payment on universal healthcare? We don’t have it. So why are we saving up for it? And it is a reserve fund for healthcare. This guy is so arrogant that he’s just going to start saving up the money now for universal healthcare. You know what? In a time when you’re telling us we should go spend our m oney, you are going to take my money and put it in a bank account? Is that what you’re having me believe? Because I know you are not going to put it in a bank account. You are going to spend it just like we do everything else. When we go to the bank, we’ll just go, where’s that $634 billion? And you’ll say, "Oh, I had to use that on some other stuff, but there’s an IOU in there." A reserve fund for a program that we haven’t even approved. We haven’t even really discussed yet. $634 billion reserve fund. They are taking your money and holding onto it. At a time when you need your money, they are taking your money and holding onto it.
Now, why don’t people care? Well, people don’t care because 40% of this nation, over 40% doesn’t pay any income tax. They get money. And remember this is all going to be paid for, this almost $4 trillion budget is going to be paid for with just the wealthiest 2% of Americans. That’s who’s going to pay for it. I mean, they’re living high on the hog. Uh-huh. Sure they are. Madison Avenue, one of my producers lives here in New York and goes down Madison Avenue all the time and she said, "Have you been down Madison?" I said, "No, I don’t shop on Madison Avenue." She said store after store closed. Big huge names that you know, closed. Fifth Avenue. Stores are dropping out on Fifth Avenue. Neiman Marcus, in financial trouble. Bergdorf Goodman, in financial trouble. These might not be names that you necessarily know because they’re not in your local community, these are the stores of the rich and the famous. Why are they in financial trouble? People aren’t shopping? Why aren’t they shopping? Because many of the rich are no longer rich. So now the top 2% — because they got plenty of money. Just take it from them. Okay, well, let’s look at that. People — he said nobody is going to pay a dime, nobody will pay a dime more under $250,000. Okay. So let’s look at that. Roughly 3.8 million people filed for income tax that make over $200,000. Now, they don’t break it down at $250,000. So the closest number we could get to is $200,000. These people paid $522 billion in income tax. Roughly 62% of everything paid in the United States came from the top 2%. 62% paid for by the top 2, okay? But they haven’t paid enough. They paid $522 billion in income tax. The richest 1% paid $408 billion, or 39.9% of all income tax. Now the top marginal rate currently is 35%. So far Barack Obama is saying he’s going to raise it to 39.6% plus another 2 percentage points hidden in deduction phaseouts. So no, it’s only — uh-uh, it’s only 39.6. But it’s n ever what he says it is. You always have to watch the other hand as well, and the other hand is taking two additional. So you are now at 41.6% of your income. 41.6% of your income goes to the federal government. That’s not including all of the other taxes these people pay. Oh, that sounds fair. No, it seriously does.
Okay. So are you going to be able to pay for this? Not only can you not pay for it at 42% of your income if you just do the top 2%, let’s not stop at 42. I mean, 42%, big deal. Look how much they made. What about 70%? What about 80%? No, can’t pay for it. What about 90%? No, can’t pay for it. "These rich people, they caused this. We should take all of their income." 100% of their income, let’s take 100% of their income. Hmmm, that would be $1.3 trillion in extra revenue. Less than half of the 2006 federal budget of $2.7. Gee, we take all of the top 2% income, all of it and we get $1.3 trillion. Somehow or another, I don’t know, even if we reverse the 1 and the 3, it still doesn’t equal almost 4. If you take every taxable dime of everyone from everybody earning anything over $75,000, you don’t make it to $4 trillion. Everyone over 75, take every taxable dollar, everything that they make over $75,000, you still don’t make it to $4 trillion.
Now let me ask you this. With businesses going out, with recession, these numbers are from 2006. Remember those good days? With all of the money that was flowing and all of the money that was happening and everybody was rich and making money and you had houses that were worth, you just keep taking and taking and taking and taking, do you think that their income is going to be the same next year as it was in 2006? The point is you cannot cover it. You can’t cover it. What we are doing is we are asking our children — no, we’re not even asking them. We’re not even consulting them. We’re not even talking about them. We’re just now to the point to where we don’t even care.
Thomas Jefferson said it is a crime to do this, to take from the next generation. Think of your child going in and just getting a tax lien. What we’re saying is we want healthcare, we want this stuff, we want to bail out people’s mortgages and so when your kid turns 20 or 24, they get out of college, 22 and they’re just, now they’re getting their feet on the ground, let’s just hold off until they’re 30 and they got their feet on the ground and they’re just starting to really start to save up to buy a house and everything else, your bill, my bill now comes knocking at their door and there is a tax lien. We’re just taking it out of their paycheck. It’s reprehensible and it won’t work.