State of the Union Idiocracy!

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Okay, State of the Union Idiocracy. Again, I mentioned here before, if you haven’t seen the movie, to me it’s a bit of a classic, a cult classic by Mike Judge, the movie Idiocracy. And it’s amazing, amazing the things that are coming true from this movie. But anyway, why I don’t watch the State of the Union address. Okay, number one.

Um, like Michael Corleone, I don’t like being lied to. Okay. Again, it insults my intelligence. Um, it’s on at nine o ‘clock at night. Um, I know it’s just going to upset me because again, I’m going to have my intelligence insulted. Um, people are going to, um, act in an inappropriate manner that will embarrass me. And quite frankly, it embarrasses me embarrass.

our country. You’re not going to really get anything out of it. And not to mention the fact you know exactly what’s going to happen. I know what’s going to happen. I knew everybody that they were going to do. There were I don’t know. Joe Biden was probably like Tony Montana like Tony Montana before Scarface is, you know, snort. I don’t know what they gave him.

what they gave him again, because I watched some of the clips this morning to get him all fired up and they are going after you going at you Republican cockroaches like Tony Montana. Anyway, you knew they were going to get him all, you know, flying on something to go out there guns blazing. And that’s not what it’s supposed to be. It’s not supposed to be a.

campaign speech, it’s not supposed to be partisan, it’s supposed to be the state of the union. And I’ve mentioned this before, I’ve talked about this before, I talk about this with my kids, and I’m embarrassed by the state of our country right now. I’m sorry, I’m sorry if you don’t like hearing it. Again, I’ll say it again, I’ve said it a thousand times, don’t tell me the country wasn’t better.

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in the 80s and 90s compared to the way things are today. You can’t tell me otherwise. Okay. Give me, give me a reason. What? Electric vehicles? What? Social media? Okay, I know. All right. We have the internet now and we walk around with phones in our pocket. What would we do? We have the National Guard and the subway in New York City.

We have millions of people streaming across our border. Again, I could go to a drug store back when I was a kid. What was the drug store by my house? It was before the phase phase drug store. Yeah, you could go in there and the entire store wasn’t under lock and key. Again, different climate, different world. So.

the state of the union is strong. Don’t go out there and start saying the wonders of the American economy and start patting ourselves on the back. We’re not doing that well.

We’re not doing that well. And that’s that’s the state of the union. So again, that’s one of reasons why I didn’t watch a lot of things again expected to come down the pike. I want to talk about I take immigration, I take various different things. I want to talk about the the president and his views on the economy.

President and his views on the economy. And I’m not gonna go to his speech. I’m gonna go to the fact. I like to call it a fact sheet. It’s not a fact sheet. It’s a bullshit sheet. Because that’s what it is. Bullshit. That’s what we’ll call it. Bullshit. I didn’t swear, mom. I did once, but bullshit. That’s what we’ll call it. The White House bullshit here. President Biden is fighting to reduce the deficit.

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cut taxes for working families and invest in America by making big corporations and the wealthy pay their fair share. How many times have you seen this movie or heard that one? Yeah, we’re fighting to make the tax system fair. Fair. We have the most progressive tax system in the world. And again, I don’t have any problem with the IRS going after

tax cheats or people that are not paying their taxes. But let’s cut the nonsense already in regards to who pays the bills here in this country. Okay, yes, the president’s plan delivers tax cuts for families with children and working Americans, invests in America, reduces deficits by trillions of dollars by enacting a new billionaire minimum tax and cracking down on multinational companies.

shifting jobs and profits overseas. That entire sentence is complete and other bull crap. Anyway, fair tax system that rewards work. This is what he said since he took office. Rewards work, not wealth.

Well, if you work, okay, Joe, and all of you morons in the White House, put this crap out. If you work hard and you build up a business, you build up wealth. See, that’s the goal, right? You want to build up generational wealth.

Novel concept, right? You come, you work hard, you bust your butt. Again, immigrants that came here to this country, working menial jobs, busting their butts so their kids can go on to college and go on to bigger and better things. And it gets bigger and better. Why is that bad? What is wrong with that? See, I’m in the wealth building business.

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You want to attack what I’m trying to do for my clients? Build wealth!

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It’s about working smart and building up a few, I mean, for crying out rewards work, not wealth. Wealth is now a bad thing, I guess, according to the donkeys. Well, he asked big corporations and the wealthy to pay their fair share and requires all Americans to play by the same rules and pay the taxes they owe. Despite Republican opposition, President Biden secured historic legislation.

to make our tax code fairer, enacting a 15 % corporate minimum tax so that billion dollar companies can’t get away with paying zero in federal income taxes. Okay, first and foremost, again, again, to all of you out there that are just illiterate, it’s okay. I mean, it’s the first sign of heading in the right direction is admitting that you don’t know what you don’t know.

If you think that you are going to benefit some way somehow by raising corporate taxes, what you’re doing again is raising the taxes on yourself. Corporations price their taxes, what they pay. It comes from the products they sell or the services they provide.

The more that you tax McDonald, I mean, that’s a big thing right now. Everybody’s upset about what they’re paying at fast food joints. You raise the taxes on McDonald’s or Five Guys. We did a podcast on Five Guys yesterday or any of these places. Guess what? The price of your Big Mac is going up. Duh. What do you mean? Again, corporations are…

logos and a tax ID number. That’s what they are. They don’t have a magical money tree where they grow money and then pay taxes with it. They generate their income from their customers. That income goes to pay taxes. You raise the taxes, you raise the business costs. They’re going to charge you more. Therefore, it’s a tax on you.

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Anyway, yeah, Biden is gonna fight to stop Republican plans to add trillions to the deficit with tax cuts. I’d like to remind everybody that tax revenues have continued to rise since Donald Trump lower taxes. Again, every single time you enact tax cuts,

the tax, the revenue to the United States Treasury goes up. Now again, I’m going to take you back in time to another economically illiterate individual by the name of Barack Obama. When he was debating Hillary Clinton, debate Charles Gibson, Charlie Gibson was moderating this debate and they were talking about capital gains taxes. And Obama’s wanted to raise capital gains taxes to well over 30%.

And Hillary Clinton didn’t agree with that. And Charlie Gibson actually pointed out to Barack Obama that when Bill Clinton lowered capital gains taxes, more money came into the government.

Now, Barack Obama said, well, it doesn’t matter. He wanted to raise taxes due to fairness. Whatever that means. I guess it’s not fair that, you know, we do a better job and make more money for our clients and it’s not fair. So we should be tax more because of that. Anyway, anyway, uh, yep. Again, talking about president Trump’s tax cuts.

Um, they want to, Republicans want to add trillions to the national debt and, um, then, uh, not take back money that they’re giving to corporations and rich people. Yada, same BS, same BS, same BS. Um, president Biden supports continuing tax cuts for families making less than $400 ,000, but opposes extending tax cuts or storing tax breaks for those making more than $400 ,000.

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and he believes that any extension should be paid for by asking big corporations and the wealthy to pay their fair share. What is someone’s fair share?

Have you ever been able to get a liberal to tell you what someone’s fair share is? What is, can you define fair share? What is that number?

What is it? Because they’re never able to do it. And again, oftentimes here we talk about it in terms of time. How many months out of the year am I allowed to keep money for myself? And how many months out of the year do I have to work to send money to the government?

I’m out of curiosity. I’m asking any of you left -wing loons out there, could you fill me in? Just let me know. How many months do I get to keep over the course of what is my fair share?

Anyway, he wants to raise the corporate tax rate to 28 % and the corporate minimum tax to 21%. That is highly inflationary. That’s just going to raise your costs. Just going to raise your costs. Crackdown on tax avoidance by large multinationals in big pharma.

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Too long big multinationals have moved jobs overseas and stashed their profits in tax havens. Yay, windfalls to big farm. Again, more boogeymen out there that are causing all the problems. This one I get a kick out of. Denying corporate tax breaks for multimillion dollar executive compensation. They tried this before and it backfired, but they’re going to try it again because it sounds good. Not because it’s going to work.

Not because it’s going to work, but because it will get out the dumb vote. The economically illiterate people will think that this is awesome.

That’s why they roll it out. Executive pay highs skyrocketed with CEO pay averaging more than 300 times that of a typical worker in 2022. Yeah, and again, they’re saying what they want to deny corporations a tax deduction when they pay over 1 million to any employee. I disagree with that wholeheartedly. Because again, what are corporations going to do?

they’re gonna pay executives in stock, which I disagree with totally. I mean, you wanna give stock bonuses to, again, to help build wealth, which is a good thing, to lower level employees. Don’t issue stock. Pay, pay these CEOs what they’re gonna get in cash. And if they wanna go out and buy the stock by themselves, they can go ahead and they can do that. And you tax them.

They’re gonna get taxed on that. What difference, if you pay a CEO $20 million, let’s say cash, you pay a CEO $20 million, that’s what he’s gonna get paid over the course of the year. That CEO is gonna pay taxes, high taxes, top tax bracket on that money.

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If you say, oh, you know what, we’re going to knock it all out over a million dollars. Oh, they’re going to give them a million bucks and then they’re going to give them the rest in stock.

or some sort of stock option where they’re not going to be paying taxes on it right away. They’re going to be paying it off later on when they sell off that stock and there’s going to be a million ways that they can hide it.

This is a joke. Again, this is sold to people that are not that intelligent. Why? Well, we, we, again, you know, you get your quarterback for your Patrick Mahomes, you’re getting paid a salary. He doesn’t get stock and the Kansas City Chiefs. He doesn’t become part owner.

Again, the chiefs, are they not going to be allowed to write down his salary? What about movies? What these actors and actresses get? They’re not going to be able to write that down over a million dollars? Why not? They got to pay taxes on it for crying out loud. Again, it makes no sense whatsoever, but it sounds good. It sounds good. And for the, you know, the willfully ignorant here in the United States,

They’re gonna buy right into this nonsense. Quadrupling the stock buyback tax. Again, going after corporations for buying back their stock. They wanna make it from 1 % to 4 % because they want companies to invest in productivity and the broader economy rather than windfalls for investors. Again, I don’t have any…

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problem with companies buying back their stock if the stock that they’re buying back is because they feel that their shares are undervalued. It’s good for the shareholders. However, I don’t like companies buying back stock if they’re buying back the stock from their executives when they’re selling off the shares that they got as part of their salary. So you see how I tie these two things together here.

Anyway, oh, corporate jet loopholes. Okay, fine. You can do that. If you think that that’s going to make even a dent. Whatever. Good luck with that. I like this making the wealthy pay their fair share. Yeah. Going after, I have no problem going after people who are not paying their taxes. No problem with that at all. But again, you’re going to increase audits.

on small businesses out there that have again cost them a hell of a lot more. I mean, it makes no sense whatsoever. How about simplifying the tax code? Here’s some of the other things they want to do. Requiring billionaires to pay at least 25 % of income in taxes. Income and taxes. Billionaires make their money in ways that are often taxed at lower weights.

than ordinary wage income or sometimes not taxed at all thanks to giant loopholes and tax preferences that disproportionately benefit the wealthiest taxpayers. Yeah, again, many of these billionaires built companies up and they either borrow against their shares,

or they sell their shares and they get taxed on that. Now, you know anybody that’s getting a billion dollar salary out there? Anybody at all? No, no, I don’t. I don’t know, buddy. I mean, you get paid what you get paid. Again, you want to get rid of the utter ridiculousness of paying these executives and these massive stock grants? That’s fine.

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But for crying out loud, Jeff Bezos did start Amazon.

Grants, I mean, it’s his company. He started it. He has those shares. He’s been selling them throughout the years to live on.

I don’t remember what his salary was when he was working at the company, but as a business owner, I know full well the lean years when you’re building up a company and you’re putting all of that money back in your business.

and your business is worth a certain dollar amount based upon whatever the multiple is at that point in time, but it’s not liquid.

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My net worth based upon my business, it’s not liquid. I have to find a buyer for crying out loud. Anyway, anyway, again, they want to increase taxes for Medicare and Medicaid. Here we go, cutting taxes for working families in the middle class. And there’s another phrase which quite frankly makes no sense.

Define working family. Define what jobs qualify as working families. I’m just saying. Does it have to be a job where, is it to be a blue collar job? I don’t know. I mean, school teachers, they’re not, it’s not a blue collar job. Are they a working family? Define it.

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Yeah, tax cuts cut child poverty in half in 2021. No, they didn’t. No, they didn’t. It was a complete joke. It was handouts and tax credits and also ridiculous COVID money that got sent out the door. Yeah, they want to continue to cut taxes on people that are paying close to nothing. Anyway, most of them are paying nothing. We actually

his tax plan would pay people that are not paying anything in federal income taxes, increasing the child tax credit. Yeah, so again, this is taking money from people that pay taxes and giving money to people who are not paying taxes.

Again, you can go on down the line here, making lower health insurance premiums permanent. Again, Affordable Care Act. You know, everybody who actually pays health insurance here in the United States, you know exactly what I’m talking about in regards to the high costs of health insurance and how obscene it’s become. Again, in his plan going after…

Republicans saying that they’re going to add trillions to the deficits with tax cuts skewed to wealthy and big corporations. Yeah, we got to, again, give windfall tax cuts to billionaires. That’s what he’s saying. Raise taxes on millions of middle class and working families. Again, this is right out of the White House. This is their bull sheet, not their fact sheet. Their bull sheet.

And you want to go ahead and you want to believe in it. Fine. You can go ahead and you can do that. Again, the state of the union, getting back to the state of the union as a whole. To me, it’s an embarrassment. There’s both sides. I’m sorry. I think it’s, you know, shouldn’t be yelling things out and screaming from the various different areas and arguing with the president. I think it my opinion, it shows little.

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to no class. I know we saw the the gold star dad who got taken out and I understand. I understand his frustration and his anger. I get that and I can I am I’m sympathetic to that. But again, this is this is it’s not my opinion. It’s not the place. It’s not the place to go heckling the president. You know, you want to sit on your hands. You want to, you

shake your head, whatever it may be, that’s fine. But you walk out with a little class, a little dignity, and you just say that this is embarrassing.

This is embarrassing. This is the president of the United States using the state of the union as a campaign event. That’s exactly what it was. Again, we’re heading wrong direction, people. And I keep saying I like that pendulum to swing back in the opposite direction. This is not what state of the unions are supposed to be like. Again, I think most people are going to see through.

the BS and you have both sides, you know, pundits on the left saying one thing pundits on the right saying the other thing because that’s what they’re they’re paid to do. How about take a couple of steps back and if you truly do care about the country rather than the team that you’re on, okay, you’re the party that you belong to or who’s paying you. Why don’t you see what this actually is doing to the country at large. Watchdog on Wall Street.com.