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GLENN: Did you see what Barney Frank said? Stu, do you happen to have the -- here it is. I'm going to get into this a little bit on tomorrow's program. Barney Frank actually comes out and, you know, they're talking about the CEO package where the CEOs of anybody who's received federal money shouldn't make over the $500,000 a year. All right, I just want you to think this through, as much as it's going to piss you off that somebody's going to make $20 million and you can say who can possibly make $20 million. They will just go some place else in the world or they just won't work. I mean, you know, why would you put up with the government and everything else, why would you do that job, especially if you've made it once. I mean, if you've already made it. And if you haven't made it yet, if you can't make it here in America, somebody else, some other country is going to do this because it will make them what we've always been.
Well, Barney Frank said that it's -- listen up, gang, because this is what's coming. He said the compensation restrictions would apply to all financial institutions and may be extended to include all U.S. companies. Now, there's a lot of people that would say good, but this is exactly what FDR did, and it didn't work. So in other words, no one will ever make more than $500,000 a year. May I suggest, may I suggest that that doesn't work because what will become something like, "Don't worry, all advertising during the political campaign will be on the up and up because we've got this new system that we're working on." McCain has just got this great new package to make sure there's never any distortion in political ads. Believe me, you'll only make the problem much, much worse and it will be harder to track. You won't know who's making what. They will be paid in six different ways, and the people who are already worth millions and millions and millions of dollars, they don't worry about it, jack. Do you think Rockefeller was concerned about the cap of $25,000 and then 100% income tax? Do you think he really cared? No. He had his money. He didn't care. But you've got the CEOs.
Hey, Stu, would you remind me? Cancel my Netflix subscription. There was an op-ed piece in the New York Times from Reed Hastings. He's the CEO of Netflix. He called on President Obama to raise taxes on corporate executives and other wealthy people, anybody who makes more than $2 million a year. He said that if CEOs and others who make more than a million dollars annually pay half of their earnings in taxes, it's a win-win. Well, first of all, it's not going to happen and here's why. The CBO did a study and it shows no matter how high you raise taxes, the income tax rate coming in, the actual income to the government is always about 18%, always 18, 18 1/2% and that's because the higher you raise taxes, the less is actually put in. The flat tax becomes, the more revenue actually would come in. We've never tried that. Russia tried it. But all of the progressive tax, no matter if it's at 90% or 20%, the revenue coming into the coffers of the government is always about 18.5. It's an amazing study. So whatever. It's just going to hurt the economy.
So he wants to pay more taxes. Now, here's what I would like to, what I'd like to suggest. He wants 50% tax for everybody making over a million dollars because that would help and there's so many poor to help out. If you have Netflix -- Stu, do we have the, do we have the coupon or the little letter? We're going to put that up tomorrow. We're going to try to make a letter. What I'm going to do is I'm going to make a letter that you can put into your little envelope that gives the address of the IRS and where exactly, how we can make a donation because he can pay more to the government. I don't know if he knows this. I asked one of the head guys of the IRS, who was the head guy of the IRS forever, "How many people have ever overpaid intentionally just because they wanted to pay more." His response? Never. I would just like to encourage those because again I believe in freedom of speech, I believe you have the right to choose and, yes, I know exactly what I'm saying. Any time a government tries to limit, it's murder your rights to choose, it is oppressive. Let him choose to pay more.
So if you have Netflix, on the website tomorrow we will have a little deal. You can just send him, jot him a little note: "Hey, Kenny, here's the address. You don't have to wait for Obama to do it. Hey, make that change. I'm hoping for you to make that change." But they'll never do it.