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How Trump’s 15% Tax Plan Could UNLEASH American Prosperity

President Trump is working on a plan to lower corporate tax rates to 15% for companies that make their products in the United States. Informal Trump economic advisor and Committee to Unleash Prosperity co-founder Stephen Moore joins Glenn to make the case that this plan, coupled with tariffs, could unleash American prosperity. But Trump might not stop there. Moore addresses whether Trump could get a “15/15/15” tax plan past Congress, meaning 15% corporate tax, 15% income tax, and 15% tariffs. “If he could pull that off,” Glenn argues, “it’s a new world!”

Transcript

Below is a rush transcript that may contain errors

GLENN: Stephen Moore, welcome to the program. Committee to unleash prosperity cofounder.

If I remember right, you've been with me against tariffs for a long time. Have you changed on this?

Because I think I'm changing, Steven.

STEPHEN: Hey, Glenn, good to be with you. Also, I'm an informal adviser to Trump on the economy. And, by the way, he knows that I'm not a huge fan of tariffs. But you set this up very well.

You know, a tariff is basically a consumption tax.

GLENN: Oh, good. Correct.

STEPHEN: It's something you and I talked about over the years is the national retail sales tax replace the income tax. Well, if you did that, you would essentially be taxing everything when it came in to the country.

Because it will be consumed here. And so what Trump is basically talking about, which I think is a really interesting idea, is not necessarily getting rid of the income tax. But lowering all the tax rates to 15 percent. You know, right now, you know, it's 30 percent or more. And then imposing that --

GLENN: I was going to say, what kind of world do you live in? I would celebrate with 30 percent income tax.

STEPHEN: Yeah. Right. If you're really rich, you could be uphill by 40 percent.

So I kind of like that idea. So I go with Trump the other day.

To say, the 15-15-15. So how about we have a 15 percent corporate rate, a 15 percent individual income tax rate, a 15 percent universal tariff, 15 percent capital gains/dividends.

Can you imagine that?

GLENN: It would unleash prosperity like nobody's business.

STEPHEN: Prosperity. Yeah. It would.

No country could compete with us here. Let me give you an example, you know, Glenn, that I think everybody can relate to because you have listeners all over the country.

You know what states in the United States have the biggest in migration right now?

GLENN: Yeah. Florida and Texas.

STEPHEN: And Tennessee.

GLENN: Okay.

STEPHEN: Now, for a bonus question, I know you're supposed to be asking questions. What you know those states have in common?

GLENN: No income tax.

STEPHEN: No income tax. So businesses, capital, and jobs, migrate to the places with low tax rates. So if we have the lowest tax rates in the world, on top of the greatest workers in the world, the freest country in the world, I mean, we would just blow away the rest of the world. And Trump is very -- I don't know. You know, it will be tough to get that done. But that's where he wants to end up.

GLENN: I tell you, that's the problem we've always had with tariffs, for me at least. It's just a tax, and you're already taxing us.

STEPHEN: Right.

GLENN: Well, then buy American, and then you don't to have pay for that tariff.

But I'm are already being taxed a pretty high rate.

Please, I don't want to pay more for things that maybe I want. Or maybe they're cheaper.

Because they're coming from China.

STEPHEN: Yeah. This is a good conversation for people who have this.

Trump said different things at different times.

In my conversation in the last week. It basically was saying, he put it very simply.

He said this to some of the speeches too. What he wants to do is charge a 15 percent tax on things that are made in China. Or, you know, Europe.

GLENN: Right.

STEPHEN: Or Japan.

But if it's made in Michigan or Ohio or Pennsylvania or California or Maine, he wants to have the rate 15 percent.

I'm like, well, I can live with that, Mr. President. I think that's a pretty cool idea.

I mean, I'm an America First guy. I'd rather have people buy things that are made in America, all things equal.

GLENN: Wait. Wait. Wait.

You just said, if it's from China, you're paying 15 percent tariff. But if it's made in America, you say you pay an extra 15 percent. That's zero!

STEPHEN: No. What I'm saying, you're going to pay a 15 percent income tax, if it's made in the United States. In other words, the profits you make on selling something. Let's say you make widgets. And you make a profit in making widget does in Pennsylvania and wherever it is.

GLENN: Right. But to buy that product, if it's made in America, you don't pay any tax!

STEPHEN: No, no, no.

In other words, what you're trying to do is skew the table a little bit more in favor of buying things in the US versus other countries. By the way, that's what other countries do to us.

GLENN: I know. I know.

I have to tell you, I think the way the president is handling really, everything.

I've never seen anything like this, Steven. Have you?

STEPHEN: Me either. No. I've been in the game as long as you have. I have arrived in Washington in the Reagan years.

So I still think Reagan was one of our greatest presidents. I still think Trump, it's interesting. Because whenever we have meetings, with Trump, he's always talking about -- he's very kind of envious. He wants to go down in history, as one of the great presidents like Reagan. To role model that out.

So I think, I think we're -- and he also will understand, Glenn, he's only got really about two years to get it done.

And then we will -- he's a lame duck. He can't run for reelection again. He understands that. That's why he races out of the gate like sectator out of the office.

I think I said on your show a month ago, or so. Buckle up. Because this will be a hell of a ride. And it's only been three weeks.

GLENN: I know. Seven days. And I think he's accomplished more than most presidents have done in their entire term.

STEPHEN: Definitely. Definitely.

GLENN: And I don't think it will stop any time soon.

Because I said, you've got only two years to do this. He said, Glenn, two years. I've got 100 days.

If I don't have all this done in 100 days. It's not going to get done.

STEPHEN: There's a lot of truth to that. There's a lot of truth to that. That's why we have to get this tax cut done.

That's one of my highest priorities is making sure we make the tax cuts that we cashed in 2017 permanent. I want to make sure your listeners understand something.

I think most of your listeners know this. But a lot of people are not aware of it.

If Congress does nothing, everybody's taxes are going to go up next year. Everyone's. You know, we don't want Donald Trump raising taxes on people.

And so we have to get this tax cut done. I like his idea of no tax on tips. I like the idea of no tax on overtime. We'll add some other things on it.

But these are all oriented toward making an American economy great again. And it's going to work!

GLENN: So why aren't we going for 15-15-15, over doing -- you know, making this permanent, why not in just one move try to go for the whole enchilada?

STEPHEN: Well, stick around, my friend, it may happen. We'll see how it turns out.

At the very minimum, we have to make those taxes permanent.

But we may go further than that. We may go with 15-15-15, and that would be a remarkable accomplishment.

And then we will produce American energy. He's already slashed the regulation clause.

So it will make America incredibly competitive.

And the jobs are going to flow here, not in China and Japan, and all the other countries. It's a beautiful thing.

GLENN: We not only have to grow our bottom line, grow our way out of this. Which we can. But we also must cut. It will take I think 65 years at this point. At the speed of DOGE.

And they're cutting like crazy, to actually balance the budget.

Are we going to be able to cut enough?

Is there an appetite for that?

STEPHEN: Well, as I said, I've been in this town for 40 years. And Republicans talk a good game. But when it comes right down to it, we like to spend money just as much as Democrats do. I think, how about what Trump is talking about. About getting rid of all this crazy foreign aid programs. I mean, the left is hyperventilating about this. But those programs never work.

They don't -- they don't need any development. They just create a huge international bureaucracy of people who hate America.

I mean, this guy has -- has a spine of steel. I mean, he really does.

GLENN: He really does. He really does.

Steven, thank you so much. God bless you.

Keep us informed, will you?

STEPHEN: Check in more often.

GLENN: Yeah. I will. I will.

Thank you very much.

Stephen Moore, Committee to Unleash Prosperity.

I have to tell you, I think if he did 15-15-15, it would explode.

PAT: Which is 15 percent flat income tax. Fifteen percent corporate?

GLENN: Corporate. And 15 percent tariff.

PAT: Tariff. Wow.

GLENN: So you don't make it in America. You know how many people -- what's the company that bought Ford and Jaguar and everything?

Stellantis?

Can't remember the name of that company.
But they're now talking about coming back to America. Because of the tariffs. They're going to make the Jeep back in Detroit. They've already moved 1500 jobs back to a factory here in America. They're going to move them also back to Detroit. To make the Jeep back in America. That's what happens.

PAT: Yeah.

GLENN: If you have a tariff and you have 15 percent tax! This is why -- you know, it's fascinating. This is why, when we were headed towards that global government, this is why the president and all the leaders of the West, tried to get an agreement that there would be a minimum corporate tax. Do you remember that?

PAT: Uh-huh.

GLENN: And we were a part of that. A minimum corporate tax. No! No.

We're not going to play -- we're not going to hobble everybody.

If we can work it to our advantage, so we grow, why would we hobble ourselves?

PAT: Yeah.

GLENN: And 15-15-15 would blow the world away. Blow it away.

PAT: Because far more competitive than any other industrialized nation.

GLENN: Oh, my gosh.

The jobs that would be created here.

You would get more money into the coffers of the United States government, because the prosperity would be so high! It would be amazing.

PAT: Yeah.

And to replace the progressive income tax with just a 15 percent flat tax. That -- that would make such a huge difference in American's lives.

GLENN: Think of just this. If we had a flat tax, think of how many dollars are wasted on IRS audits. How many -- how much time is wasted at places like H&R Block.

Your accountant. How much time you spend putting your taxes. Getting the receipts. Figuring it all out.

PAT: My gosh.

GLENN: Think of just the man-hours. Forget about the money that's being lost in preparing it! Just the man-hours.

If you had those man-hours back, what could we be doing with that money and those man-hours?

Just that is game-changing and growing the economy.

Because you have more money, to keep!

And more time to do what you want to do!

PAT: Uh-huh.

GLENN: I'm telling you, if he can do 15-15-15, if he can pull that off, it's a new world.

PAT: And Stephen Moore said, it's a possibility. That's pretty amazing!

GLENN: That is amazing. That is amazing.

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The ONLY Trump/Epstein Files Theories That Make Sense | Glenn TV | Ep 445

Is the case closed on Jeffrey Epstein and Russiagate? Maybe not. Glenn Beck pulls the thread on the story and its far-reaching implications that could expose a web of scandals and lead to a complete implosion of trust. Glenn lays out five theories that could explain Trump’s frustration over the Epstein files and why Glenn may never talk about the Epstein case again. Plus, Glenn connects the dots between the Russiagate hoax, the Hunter Biden laptop cover-up, and the Steele dossier related to the FBI’s new “grand conspiracy” probe. It all leads to one James Bond-like villain: former CIA Director John Brennan. Then, Bryan Dean Wright, former CIA operations officer, tells Glenn why he believes his former boss Brennan belongs in prison and what must happen to prevent a full-blown trust implosion in American institutions.

RADIO

Rumors explained: Is Fed Chair Jerome Powell OUT?!

After rumors spread that President Trump would soon fire Federal Reserve Chair Jerome Powell, Trump has said that he's "not planning" on it right now. But is it possible for Trump to fire him? Will he resign? And how is the Fed Chair even chosen in the first place? Glenn and his head researcher Jason Buttrill explain ...

Transcript

Below is a rush transcript that may contain errors

GLENN: Well, last night, I was rapidly looking the lie some of these rumors, on X.

Pretty incredible people on what's going on with Jerome Powell and the fed.

What the heck?

I was actually popping popcorn and watching this. It was so crazy.

GLENN: So it's just the rumors, that he is going to be stepping down?

JASON: Well, yeah.

Yeah. Anna Paulina Luna. Congresswoman. She was saying, it was almost imminent, that he was about to be fired. Actually fired.

There were other rumors saying, well, we're not sure about fired.

But he's considering resigning.

GLENN: Yeah. You know why.

JASON: We were like, what the heck is going on?

GLENN: So do you know why?

Do you know why he's resigning? Any guesses? I mean, you had popcorn out. I would love to hear what you have come up with.

JASON: So there was the CPI stuff coming out. The interest rates going up.

We know that the President wants interest rates to come down. I'm assuming that is what the deal is, and there's some sort of internal battle going on.

GLENN: Well, and the president can't fire the Fed chief. Okay?

So the Fed chief is the one that nominated. The federal reserve is the biggest crock of bullcrap I've ever seen in my life.

It's nothing, but the five biggest banks. Okay? And you know which ones they are. They're the ones that keep getting bigger. And everybody else is falling to the wayside.

So the Federal Reserve is the arm of those five banks.

Okay?

And they suggest, who the president can select from.

So the president can't say, I don't want any of these guys. I want this guy. Can't do it.

He has to take a look at the list that all the banks have put together. Is. Say, pick from this list, Mr. President.

Did you know that?

JASON: It's kind of how Iran chooses their next president.

GLENN: It's exactly. It's exactly that way. Except, this religion is all about the almighty dollar.

Okay. So he can't -- he can't pick on his own. But the president has a right to pick one, you know, every term. If it comes up in his term.

The president wants this guy out. And I think he's been really, really bad.

Because he's been wrong on almost -- on almost everything. But show me the -- show me the Fed, you know, the guy who the Fed was right ever.

So he can't fire him. But he wants him out. Because he wants interest rates dropped.

And, you know, the jobs are coming back. Things are coming back.

But interest rates keep coming up.

And the -- and the interest rates, if we keep our interest rates high, we have a harder time borrowing money for our debt.

And it just gets more and more expensive for everybody all along. So the president wants him to back off interest rates. But the Fed chief believes that that could cause more inflation.

Which I think he's right on that one. And I hate to say he was right on anything.

Because I don't think he was ever right.

Makes me question myself. When he's like, well, I think he might have a point on that one. But the president is like, no. He can handle it.

I want them down. I want cheap money again.

He refuses. So what has the president done?

The president can only fire him, with cause!

So what do you do when you can only fire somebody with cause, and you want them out.

You find a cause, and this one is easy.

So the Fed has been the one leading the way saying, we can't keep borrowing money.

We've got to have some fiscal sanity. Right?

This is going to kill us. We have to keep these interest rates high, because you are borrowing too much money. And maybe this is the only way to stop you.

So we got to keep it high, because you've borrowed too much money. And how many times has he testified in front of Congress? We've got to cut. We've got to cut. You can't keep spending like this.

Okay? Well, did you know that the Federal Reserve, with our tax dollars, the five biggest banks, a/k/a the Federal Reserve, is redoing their offices. To the tune of two billion dollars!

Now, I don't know what kind of wallpaper they need there.

But that seems like a pretty hefty renovation, especially when everybody is looking at cutting things. And you're lecturing me about spending money. So they get money from the government, okay? They're telling us, stop spending.
Stop borrowing.

Except, okay. What you've borrowed. I need $2 billion of that, to redo our offices in Washington, DC.

Excuse me?

Why don't you do that yourself. Okay. I think banks maybe have some money.

So they're borrowing that money, and there's $700 million over.

So it's $2 billion. $700 million over budget. And they're still not finished.

And the problem is: They're putting in water features.

They have a rooftop garden they're building.

JASON: Okay.

GLENN: I mean, it is -- it's insane. The president now knows, really? You want to play this game with me. I will sit your ass down in front of Congress, and you answer to the American people, how you're lecturing us about spending. And you're putting in a rooftop garden and a water feature in your office. No! No.

So the president is now threatening, I'll fire you for this. You want to quit, now would be the time to quit.

Otherwise, I'm dragging your butt in front of Congress.

You answer to the American people for this. And they will beg me to fire you.

That's what's happening.

JASON: I looked at that a lot.

Because I was like. There's got to be some leverage that the president had, because they can't get rid of.

But that is a pretty big cut. That sounds like a Babylon Bee article. $2 billion.

GLENN: It does. It does. $2 billion, 700 million over budget.

JASON: Oh, my gosh.

GLENN: I mean, and these are the responsible bankers. No, I don't think so.

It just shows, they don't mean what they say. They'll just keep doing it for themselves. You know, if you really believed that America was really on that financial cliff, why would you do that?

You would lead the way and say, guys, we are going to be the only responsible ones here.

We will lead by example.

No renovation. You know what, go to IKEA?

You need a new desk. Go to IKEA, and get a new desk. Well, we have to keep up our image. We're not going to have a country.

So what do you say, we go to IKEA?

Our image should be, we are going to lead the way out of this madness!

That's what a leader would do.

JASON: So, Glenn, I still don't think I get this disconnect between Trump and Powell on -- we know Trump wants to lower interest rates.

Powell is standing back and saying, basically, he doesn't want to do it.

Is he trying to undermine President Trump on this?

GLENN: President Trump thinks so. President Trump thinks so.

I think so, to some degree.

I mean, I'm worried about inflation.

Look, you know what happened. Do you know what's happening with yap?

JASON: What's happening with Japan?

GLENN: So what's happening with Japan, is Japan has always had this really amazing image of, we're solid. We're absolutely solid.

This is target to crack. The foundation.

1989.

Let me go back to 1989.

This was the crown jury trial of the global economy.

Back in 1989, you probably aren't old enough to remember.

All of a sudden, Japan owned everything in America. We were just becoming Japanese, and everything was being purchased by Japan. Kind of like it feels a little bit like China now.

JASON: They even owned Nakatomi Plaza, Glenn, that Bruce Willis had to save -- they owned everything in every '80s movie!

GLENN: Oh, yeah, they owned absolutely everything.

Okay? And the -- things were so insane in Japan. The grounds of the imperial palace, in Tokyo, on paper was worth more than the entire value of the state of California.


JASON: Wow!

GLENN: Okay?

So their land. Everything just shot up. And so they had all of -- they were flush with all this cash.

And people believed that Japan had suddenly, you know, cracked the formula for, you know, eternal prosperity.

That's the problem. Then it all started to fall apart. And the asset prices. That they had mortgaged against.

Okay?

They had borrowed. Well, the imperial palace was worth more than California.

That doesn't make any sense. You wouldn't mortgage it like that. At least long-term. I will do this real quick, and pay it off.

You would never, ever mortgage, because you know that's inane. Well, nobody ever wanted -- and it seems in governments, nobody ever wants to believe that this is just a fluke. Okay?

So the asset prices collapse. The stock markets plunged. And for three decades, they have gone into this very polite political coma.

Okay? Economic coma. And so the central bank did something radical. They were the first ones to set your interest rate at zero. They lowered the interest rate. They made money so cheap, it was nearly free. Zero percent interest. Sometimes, they would pay you to take out money.

So the -- they had negative interest rates. Can you imagine that? Now, you're not fixing the problem. You're just printing wallpaper to cover the mold. All right?

So they've done this for decades.

Now their debt is I think 260. Or 280 percent of their GDP.

I think, what is ours?

100?

80 percent.

Something crazy. 120. You never believe back.

The death threshold is usually 120, 140.

They're 260 percent of their entire economy is debt.

That's not a crack. That's a fault line.

So this week. Or was it last week? Things started to creek and grown in Japan.

And the government bonds, which are like our treasuries. Is this getting too complex.

Are you following this still?

JASON: Yeah.

GLENN: Okay. So their government bonds.

They were the safest investments on earth.

One of them. Okay?

It's us. Japan, Germany.

They started to fall.

Hard. And when bond prices fall, interest rates were the easily go up.

All right?

So they borrow all this money.

260 percent of their GDP is borrowed. Okay?

So they borrowed all of that money. And they had it at like 3 percent interest. Whatever.

2 percent interest.

And they were paying people.

2 percent.

Well, all of a sudden, the cracks started to appear. And people were like, I'm not sure this is stable at all.

And then the belief of the system started to -- to go away. So people started selling their Japanese bonds.

Once they do that, now the yields have to go up.

What happens when yields go up?

What happens when interest rates go up? For a government. You have to pay more interest on your debt!

Okay?

You add two or three points.

Just imagine, you have an adjustable rate. Okay?

This is a government having an adjustable rate. Except, they have 260 percent of everything they make, in debt!

And it's all leveraged.

And now, their adjustable goes up two, three, four points.

You're not able to afford that anymore, okay?

So massive problem.

Because what it really means is. People don't believe in Japan.

They know the con game is now over.

And investors are saying, you know, I want a whole lot more in return.

Because I just don't believe you anymore.

And it's not just Japan's problem. This is not a neighbor's house on fair.

This is -- imagine we're all living under the same roof. This is the neighbor's apartment, on fire.

We're all under the same roof. We all have the same foundation. And so when this happens to Japan, you should pay attention. And I'll show you the ripple effects in just a second.

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GLENN: Okay. So now if Japan -- that means there's a stampede out of Japan.

And people are starting to look and reprice the risk of their money.

Now they're like, wait a minute.

The most stable. You know, if you're driving a car and it is the safest car in the world and all of a sudden, they just start blowing up on the highway.

You're like, I don't think that's the most -- that's the safest car on the highway.

And if that's the safest car, what does it mean for the car I'm in?

You know what I mean? So now, this is going to push US interest rates going up.

Which makes our mortgage rates go can up. And our car loans more expensive. And the national debt. Which is already costing us $1.2 trillion a year, just in interest.

Now, they can't sell their treasuries. People are skittish on treasuries. Maybe they come to the United States, but they're not so far.

They're getting out of the Japanese interest. Or the bonds there.

Japan has to pay their bills.

What do you do when you have to pay a bill?

And you don't have any money coming in.

You don't have enough money coming in. What do you do?

You sell something. Right? You sell your car. You sell something that you have of value.

Well, what do they have? What do they hold of value? US Treasuries.

So now, we are trying to sell our bonds, for our new debt, they hold our old debt.

They're saying, hey. Anybody want to buy this debt? Because I have to sell it. Fire sale. What do you give me for it?

Okay?

Which makes that debt more attractive, because they can get a better deal there.

Which means, if we want to have new debt, we have to raise our interest rates. Which means, we pay more for interest for our mortgages and everything else.

And it floods the market with bonds, crushing the prices, skyrocketing the costs for us.
And causing even more trouble, in other countries, that have US bonds. Because they start to look and go, nobody is buying these bonds.

Well, of course not. You have two countries. The two stablest countries besides Germany.

You have the two stablest countries now selling US Treasury bonds.

Okay? Really, really bad.

Now, let me add this on.

Germany is now having to pay for their own army.

And so they said, they're going to borrow money.

To build the army.

And they're going to lower their interest rate. So they can borrow more money. All right?

And now, the German bund, which is -- you know, like our Treasury. That's now starting to fall apart.

Well, Germany has some assets, they can sell.

What do you think that asset might be that they want to sell?

US treasuries.

We have been playing an extraordinarily horrible game.

This is why I believe the president wants somebody else in charge of the Fed, because the Fed can say, we're lowering the interest rates.

Because he's got to get more money into the system. So people can spend money, can start businesses. Borrow money.

Get things moving, so we can increase the amount of taxes that we collect.

The more people money -- the more people make, the more taxes we collect.

So he's like, we've got to grow the economy. And the only way we can grow the economy is to lower the interest rates.

But at the same time, interest rates around the world because of what's happening with the bonds is going through the roof.

We are in a very -- we've never been in this position before.

THE GLENN BECK PODCAST

Why the Term "Conspiracy Theory" is CIA-Created Weapon for Control

Conspiracies are of course real and occur every single day. But yet, many in the media and elite political circles attempt to use the term "conspiracy theory" to smear and discredit those who are skeptical of conventional narratives. Where did this term come from and how should we understand it? Journalist Alex Newman joins Glenn Beck to break this down and how it impacts the world as we see it today.

Watch Glenn Beck's FULL Interview with Journalist Alex Newman HERE

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Watch the FULL Episode HERE: Deep State ON NOTICE: New Tech Traces the USAID, Globalist Money Trail