RUSH: A new phenomenon is occurring out there that I need to explain and translate for you, which I’ll 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.

It’s 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’re on your side. And it’s always been the case. Bill Gates, Warren Buffett, they’re out there all the time, “I’m not taxed enough. My secretary’s paying a higher percentage than I am. It’s not right.”

Now all of a sudden Bill Gates and Jamie Dimon, who’s a New York financier, are both coming out and saying, “Whoa, whoa. I’m 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’ll get Jamie Dimon before the segment begins.

I just saw a little bit on Fox. I know what he was talking about. I wasn’t able to hear it specifically ’cause I was talking to you at the same time, but I’ve got the Gates sound bites. Wait ’til you hear how much he’s willing to pay, how much he says he’s willing to pay before he starts getting upset about it.

BREAK TRANSCRIPT

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’t understand it. Why in the world are these people advocating to pay more? Because the old adage the rich don’t pay their fair share is a crock. The top 11% in this country pay almost 40% of all income taxes, folks. That’s not a bunch of people not paying their fair share, I don’t care how you define fair.

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’s how they did it. They convinced everybody that they didn’t 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.

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. “We’re not paying enough in taxes. We need more taxes on the rich,” 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’t fair, something needs to be done.

The reason they did this was they know that there’s one of them and a million, 30 million, 500 million people that don’t 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’ve done it is to promote tax cuts for the rich to keep people away from their money.

“Bill Gates is fine. He knows the rich aren’t paying their fair share. We don’t need to go get Gates’ money.” Buffett, the same thing. That’s why it’s 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’s 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.

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’t think there’s ever been $40 trillion ever printed even in toto, in the history of humanity. And 10 years that’s what it’s gonna cost.

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?”

GATES: I’ve paid over $10 billion in taxes. I’ve paid more than anyone in taxes. But I — you know, I’m glad to have paid, you know, if I’d had to pay $20 billion, that’s fine. But, you know, when you say I should pay a hundred billion, okay, then I’m starting to do a little math about what I have left over.

RUSH: He would pay $20 billion? He would pay 10 — wait a minute. Why is he objecting to paying six billion? ‘Cause that’s why he’s objecting. Her plan would cost him six billion, “Well, you know, I’ve paid more taxes than anybody.”

Sorry, Bill, you don’t get sympathy anymore. You’re out there on record claiming people like you aren’t paying enough. Don’t forget, Bill, we’ve been listening. You don’t think you’re paying enough. Now all of a sudden, yeah, you’ll happily pay $20 billion, but you won’t pay a hundred? Why?

His net worth, by the way, is said to be — nobody really knows — his net worth is said to be $110 billion. So what Bill Gates is saying, that, well, Elizabeth Warren, she can take $20 billion of mine, but she can’t have a hundred billion ’cause I’m not gonna get by. Ten billion, there’s no way I can do what I do with $10 billion.

The real dynamic here is that these people have finally — it’s just like in the minimum wage debate. If you keep throwing numbers at people, eventually you’ll reach a number where some will say, “No, we can’t pay ’em that much.” Why not? “Well, minimum wage of a hundred thousand, no.” Well, why not? If you’re gonna pay ’em $50,000 a year what’s wrong with a hundred, why not the minimum wage be a million a year?

“No, no, you can’t do that.” Why not? Bill Gates. “I’ll be happy to pay six billion, I’ll be happy to pay eight billion, but I’m not gonna pay $20 billion.” Why not? What Bill Gates knows is that nobody’s ever gonna come for his money until this babe comes. Fauxcahontas is damn serious about it. And now Gates wants no part of it.

Next question: “Well, you’ve been polite in public about your misgivings about our current president. If Elizabeth Warren were the other candidate, what would you do?”

GATES: I’m not gonna, you know, make political declarations. But I do think no matter what policy somebody has in mind, a professional approach, whoever I decide would have the more professional approach, in the current situation probably will weigh — is the thing that I’ll weigh the most. And, you know, I hope the more professional candidate is an electable candidate.

RUSH: He said that he would vote for Trump over Elizabeth Warren, everything staying the same as it is now. What is this gobbledygook? “I’m not gonna, you know, make a political declaration, but I do think no matter what policy somebody has in mind, a professional approach, whoever I decide would have the more professional approach.”

What the hell is professional approach? What does that mean in his world, professional approach? Manners? Somebody who doesn’t talk about grabbing genitalia in public, kind of stuff? Okay. Doesn’t fire people left and right. But he did say — it’s not in the bite here — but he said right now there’s no way he’s gonna vote for her, he’d vote for Trump first.

Jamie Dimon, CNBC’s closing bell yesterday. Wilfred Frost interviewed Jamie Dimon, he’s CEO of JPMorgan Chase, Chase Manhattan, Rockefeller, New World Order, all that, Trilateral Commission. And this what Dimon said about Elizabeth’s tax proposal.

DIMON: You really have to ask her what she really means. She uses some pretty harsh words, you know, some would say vilifies successful people. I don’t like vilifying anybody. You know, I think we should applaud successful people.

RUSH: Thank you. You’re only 30 years late. I’m trying to rein it in here, folks. These people have been donating to Democrats for all of my life, and the Democrats do indeed punish success, by definition, that’s what they do, class warfare, class envy, but now that a Democrat’s coming along and literally means it, taking away most of his money, wow, we can’t speak that way about us, we can’t speak that way.

I’m telling you there is a lot of Wall Street resistance to her. But they created her. These Wall Street clowns and all their highfalutin elitism, they create these Democrats, they fund ‘em, they bankroll ’em. Anyway, I’m getting frustrated. Take a break.