GLENN: Let's go ahead and, shall we play Cut 1 and just roll through it? Cut 1.
OBAMA: Let me spell out exactly what that change would mean if I'm President.
GLENN: There you go. Now see, listen to the crowd.
OBAMA: Means a tax code that doesn't reward the lobbyists who wrote it but the American workers and small businesses who deserve it.
[ Cheers and Applause ]
GLENN: Okay, stop for a second. I want you to know the man is for cap and trade. So is John McCain, for cap and trade. Are you for cap and trade? It is the largest tax scam on the planet. I want you to know who the leaders of cap and trade were. Who were the what, what group wanted cap and trade, what group did more to pressure congress to move into cap and trade than anybody else? It was Enron. Enron. Cap and trade is a giant scam the likes of Enron. They want cap and trade because they know the big companies will profit on it. The little companies, the common person, the person that is trying just to start their own business, you will be crushed by cap and trade. And both John McCain and Barack Obama are for it and it is the biggest special interest scam on the planet. So don't talk to me about special interests, how you're going to chase them out of Washington, and it's not going to be written for them. It's going to be written for the little guy. Cap and trade will crush the little guy. Go ahead.
OBAMA: Unlike John McCain, I will stop giving tax breaks to companies that ship jobs overseas and I will start giving them to companies that create good jobs right here in America.
GLENN: Okay, stop just a second. What he's talking about, and this should run a chill down your spine, especially if you've read anything on the books that I've been telling you about on Woodrow Wilson. When he talks about these, when he says I'm going to stop giving tax breaks to companies that ship jobs overseas, John McCain is not suggesting that we give tax breaks to companies that ship jobs overseas. He's saying, I'm going to give tax breaks to all companies. Why? Please think through this logically with me for a second. Why would you want to give a corporation tax breaks? Because we have the highest corporate tax rate in the world. I have said this if I've said it once, I've said it in a million times. I'm tired of companies that look at this country as a market. We're not a market. Do you know why these television stations don't wear a flag lapel pin, why these TV networks don't do it? Because they're global networks. America is a market. Why doesn't CNN refer to us and them? Instead it's the United States. Because we're a market. They have a global reach.
Now, if you keep jacking up the cost to do business and you look, and your company is a global company and you just can't root your company here. You can put it in Jakarta, you can put it in England, you can put it some place elsewhere you're not getting raped by the government. You're going to because you have a responsibility to the shareholders, who also only care about money. And remember, before you throw the shareholders down the stairs, Barack Obama, I'm guessing you're a shareholder. I'm guessing your grandmother is a shareholder. Because if she has a 401(k), if she has a retirement account, it is invested in these companies. Most of them, the big ones, are global in nature. So when you give a tax cut to companies, you are giving them the incentive to stay in America and not go away.
By the way, again if you've read any of the books that I've been telling you about on Woodrow Wilson, the scariest thing about Barack Obama that he didn't say last night on this subject, I'm going to can you play back what he said? He said, "I am going to do." "I'm not going to give the tax breaks to the companies that ship jobs overseas." What I am going to do is what?
OBAMA: Start giving that to companies that create good jobs right here in America.
GLENN: Okay, stop. These are patriotic companies this is, I believe the actual official term that he labels them is patriot tax breaks, patriot companies. Really? Can you imagine if I would say that Boeing was a patriot company? McDonnell Douglas was a patriot company because they were making missile defense systems, because they were helping us build planes that were flying over Afghanistan, that's a patriot company, so I'm going to give that patriot company... the left would never accept it. The left says, don't tell me I'm patriotic and the other guy isn't. And we'll get to that at the end of his speech. They say it over and over and over again, "Don't tell me what patriotism is." But Barack Obama is about to relabel the tax code, so you know exactly, through what you are charged, what you are fined and how you can get relief. He's about to tell you exactly how patriotic you are, through the tax code, with an actual label of patriotism.
All right. Roll it.
OBAMA: I'll eliminate capital gains taxes for the small businesses and startups that will create the higher wage, high tech jobs of tomorrow.
GLENN: Okay. He said he's going to eliminate the capital gains tax for small businesses. Is he really now? So in other words, the capital gains tax, if I invest, I can get that. However, he wants to raise the capital gains tax and double the capital gains tax for everybody else. Again, take out the take out the game that he's playing here of, "I want to cut the capital gains tax for the small business." Grandma gets a capital gains tax if she has a 401(k). Grandma gets one. You get one. If you have a retirement fund, you will pay a capital gains tax. It is one of the leading, one of the leading incentives on reinvestment is the capital gains tax being low. He wants to jack it up for really anybody I think now except for small businesses. I'd like to know how he defines small businesses. Roll it again.
OBAMA: I will listen now. I will cut taxes, cut taxes for 95% of all working families.
GLENN: Stop. I want to cut taxes for and he says listen now. So he's saying it's important. And boy, is it ever. I will cut taxes for 95% of all working families. Great. Seeing that, 50% of America doesn't pay taxes and 49% of America gets more money back. What he's really saying is I'm going to sock it to the top 5%.
Now remember, he's going to tell you that everybody pays taxes, because I've already heard him say it. When confronted with the bottom 50% of this country, pays no tax, the bottom 50%. So that means the upper 50% pays all of the taxes. Are you telling me just imagine, imagine your workplace and just say that your workplace is all of America. Are you telling me that in this country, your workplace with all the people who work there, that half of the people in your business, in your workplace, half should carry the load for the other half? Are you telling me that half of this country, 1/2 of the United States of America should carry the load for the just think about your day. Think about all the people that you see. Think about all the people that you encounter all day. Think about the people because he'll tell you, you know there are people that are struggling, there are people that are struggling, they are struggling to make ends meet, and that is true. But it is also true that you do pull yourself up by the bootstraps. So he will have you focus on those, you know, that farmworker. "There's that farmworker that I met, Sally Muckenfutch and boy, she... Sally Muckenfutch's husband was run over by a plow and his one Clydesdale that had emphysema." And he will tell you that story.
I want you to reframe this in your own head, please. 50% of America does not pay taxes. Think about that in your everyday life. You think about, you can look at that person who is handing you fast food tonight. On your way home or your way to lunch, you look at that person and you think, they don't pay taxes. You know what, because they're struggling. Do you also follow that up with, "I know why they're struggling." "I said a chocolate shake!" "What? I gave you onion rings." There's a reason some of these people are struggling, because they don't give a flying crap. Why don't they give a flying crap? Because somebody like Obama will run in and save the day for them. You don't have to work. You don't have to do it right. You don't have to struggle. You don't have to get the fries and the onion rings and the milkshake right. And you are going to you are destined to lead that life of misery for the rest of your life because no one has ever said to you you're fired. We expect a higher quality here. You're fired. And when they are fired, they don't care because they'll get it from the government. They will be able to find some victim support group that caused them to have all of these problems so 50% can carry the other 50% on their back. And by the way, the top 1% carries most of the top 50%. The top 5% carries almost all of the top 50%. You want to talk about a country of fairness, that ain't it. You want to talk about a country of hope, that ain't it. You want to talk about a country that used to understand you know what? You know what? We're going to bust our ass, and I'm going to get out of poverty. I'm going to make something of myself. A country that would understand Barack Obama's story in context. Look at this man. He came from nothing. He went to Harvard. His wife went to Princeton. God bless America they could do it and he would stand on the stage and say I could do it and you could do it, too, and you could do it without anybody's help. That's America.