On his nationally syndicated radio talk show Thursday, host Mark Levin called out the GOP, particularly members in the House, for their tax plan, suggesting Republicans should have cut taxes across the board.
“[O]n the individual federal income tax side of the ledger, it’s a mess. It’s an absolute mess,” stated Mark Levin. “They should have just cut the rates across the board, even modest rate cuts across the board. Just cut them across the board.”
Below is a transcript of Levin’s remarks from his show Thursday:
“So the House of Representatives just approved a ‘tax reform bill,’ a tax reform bill: 227 to 205. 13 Republicans were among those who voted against it. But it’s ‘a pretty big win’ for the House leadership and for the administration.
“And the president of the United States and the vice president of the United States went to Capitol Hill and gave a talk to the Republican members, and as I understand it, they were very, very well received. The president of the United States was very, very well received.
“My problem is, not with the corporate side of this – I’m all in favor of reducing the corporate tax rates from 35 to 20 percent. I think it’s insane to have among the highest corporate income tax rate in the world, if not the highest.
“It kills our jobs. It kills competition. It’s a weight around the neck of our businesses that are trying to compete. Why? Because the government wants more and more money. So that’s just stupid.
“I also think it’s wise to bring several trillion dollars back into this country to stop the double taxation. No other industrialized country in the world double taxes, and we do. And so they park their money overseas as they should, because they have employees; they have stockholders. Many of you are stockholders and you don’t even know it. And your pension plans that invest in mutual funds and so forth.
“Why in the hell would you bring your money back to the United States if it’s taxed in Europe and then taxed again in the United States?
“The British don’t do that. The French don’t do that. The Germans don’t do that. Nobody else does that.
“So, it’s smart to repatriate the money. That’s what it’s called.
“But on the individual side – that’s the corporate taxes – but on the individual federal income tax side of the ledger, it’s a mess. It’s an absolute mess.
“They should have just cut the rates across the board, even modest rate cuts across the board. Just cut them across the board.
“Now we’re gonna have a new extra rate for millionaires. ‘Yeah! We gotta get ‘em. Get ‘em! Get ‘em! Get the, get the bourgeois. Get the bourgeois. Let’s get the forks. Let’s go get ‘em.’
“Is that what you want for your Republicans, your employer to be taxed so heavily that he or she can’t expand, that he or she can’t pay bonuses, that he or she has to lay people off. It’s ridiculous!
“Business equipment on the corporate side, business equipment expenditures would be able to be taken all at once under the House plan rather than amortized.
“Now, for the individual side: ‘Items among the plans,’ this is according to Fortune Magazine, ‘Items among the plan’s highlights include reducing the tax brackets from seven to four and raising the lowest rate from 10% to 12%. The standard deduction would also double, and personal exemptions would be eliminated. In addition, many popular deductions would be eliminated, including those for medical expenses, mortgage interest, and state and local income taxes.
“‘On the business side … state and local taxes would still be deductible.’
“Now think about that. According to this article, ‘On the business side … state and local taxes would still be deductible.’
“On the individual side, when you fill out your tax return, state and local income taxes would not be deductible. What’s that all about? Isn’t that the stupidest thing in the world?
“So now it goes to the Senate – the second stupidest body in the world. So, we’ll see what they’re up to.
“My own view is: slash the corporate rates and leave the rest of us alone because these people are screw-ups. They’re screw-ups. That’s what they are.
“Well, but it passed, and we’ll see what the Senate does with it. I don’t trust those guys. I really don’t.”