RUSH: A new phenomenon is occurring out there that I need to explain and translate for you, which I\u2019ll do at the top of the next hour. A couple of billionaires are coming out against Fauxcahontas and her wealth tax plan. The phenomenon about it is that these are the people who always support tax increases on the rich as a means of keeping the people with pitchforks and shotguns away from their house.<\/p>\n
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It\u2019s how the Kennedys always did it. You come out and support taxing the rich, you portray the rich as a bunch of heartless SOBs even though you are one, and the theory is that the rabble will leave you alone because they will think that they\u2019re on your side. And it\u2019s always been the case. Bill Gates, Warren Buffett, they\u2019re out there all the time, “I\u2019m not taxed enough. My secretary\u2019s paying a higher percentage than I am. It\u2019s not right.”<\/p>\n
Now all of a sudden Bill Gates and Jamie Dimon, who\u2019s a New York financier, are both coming out and saying, “Whoa, whoa. I\u2019m not gonna go along with what Elizabeth Warren is saying.” I will tell you why. And even when you hear what Gates said, it will still stun you to a certain extent. We have the sound bites of Gates. Maybe we\u2019ll get Jamie Dimon before the segment begins.<\/p>\n
I just saw a little bit on Fox. I know what he was talking about. I wasn\u2019t able to hear it specifically \u2019cause I was talking to you at the same time, but I\u2019ve got the Gates sound bites. Wait \u2019til you hear how much he\u2019s willing to pay, how much he says he\u2019s willing to pay before he starts getting upset about it.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: Over the course of my entire life I have been amazed at the politics of rich people advocating for tax increases. For the longest time I didn\u2019t understand it. Why in the world are these people advocating to pay more? Because the old adage the rich don\u2019t pay their fair share is a crock. The top 11% in this country pay almost 40% of all income taxes, folks. That\u2019s not a bunch of people not paying their fair share, I don\u2019t care how you define fair.<\/p>\n
And then I finally figured it out. I figured it out. I looked at liberal rich people and I understood it, led by the Kennedys. The Kennedys are among the most filthy rich in this country. They never talked about that. They only talked the poor. They talked about the hungry, the thirsty, the disadvantaged. They made themselves out to be the biggest champions. That\u2019s how they did it. They convinced everybody that they didn\u2019t want to be rich, that they were giving their money away, the Kennedys convinced everybody that all they cared about was the poor, the downtrodden, the hungry, and the thirsty.<\/p>\n
Now, when it came time to punish the rich, the Kennedys were always exempted. And then Warren Buffett and Bill Gates picked up on it, and every time tax increases on the rich are proposed, they signed on to it. And they would even lead the movement. \u201cWe\u2019re not paying enough in taxes. We need more taxes on the rich,\u201d they would say. And Warren Buffett famously came out and said that his secretary was paying a greater tax percentage than he was, and it wasn\u2019t fair, something needs to be done.<\/p>\n
The reason they did this was they know that there\u2019s one of them and a million, 30 million, 500 million people that don\u2019t have their kind of money. The last thing Gates and Warren Buffett want is all of you storming their mansions demanding your fair share. So the way they\u2019ve done it is to promote tax cuts for the rich to keep people away from their money.<\/p>\n
\u201cBill Gates is fine. He knows the rich aren\u2019t paying their fair share. We don\u2019t need to go get Gates\u2019 money.\u201d Buffett, the same thing. That\u2019s why it\u2019s newsworthy that Bill Gates has finally seen a number that makes him turn against this. Yes, my friends, the high cheekboned Fauxcahontas, who is as white as a roll of Charmin — that\u2019s toilet paper, for those of you in Rio Linda — has come out with a wealth tax idea to pay for her Medicare for All business.<\/p>\n
And under her wealth tax proposal Jeff Bezos at Amazon would pay $7 billion a year. Seven billion. Her plan totaled over $40 trillion over 10 years. I don\u2019t think there\u2019s ever been $40 trillion ever printed even in toto, in the history of humanity. And 10 years that\u2019s what it\u2019s gonna cost.<\/p>\n
So we go to the audio sound bites. This is yesterday in New York City at the New York Times DealBook Forum. Andrew Ross Sorkin is interviewing Bill Gates, says, “Elizabeth Warren has a true wealth tax on the table: six percent for billionaires. It would cost you, Mr. Gates, close to $6 billion a year if you had to pay it on top of what you already pay. What do you think of all this?”<\/p>\n