GOP Congressmen Go FULL SOCIALIST And Back Far-Left Economic Policy

Chris blasts Republicans for flirting with Bernie Sanders and AOC-style policies, from proposing tax hikes on the top 1%—who already pay 40% of income taxes—to pushing a Family First Act that expands child tax credits and adds pregnancy credits, complicating the tax code and subsidizing some families at others’ expense. He argues these moves betray conservative values, pick winners and losers, and undermine equality under the law, urging a return to simpler, fairer fiscal policies. www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it will have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Yes, Republicans for Bernie Sanders and ayok yeah, you can't
make this up. They're gonna, I mean, they're gonna start
driving around in little preuses or riding donkeys and flying
hammer and sickles. Soon maybe these Republicans will start dyeing

(00:36):
their hair red or blue. I just want to go
over the numbers, Okay, before we get into the idiocy
at hand. As it stands right now, the top one
percent of taxpayers in the United States, top one percent
pay forty percent of the bill. Top one percent, So

(01:04):
let's let's put this into perspective, shell we Okay, that
would be one person out of one hundred is paying
forty percent of the nation's income taxes. The top five
percent is the well, the five to one percent is

(01:24):
paying twenty one percent of the bill from five to ten,
that's eleven percent, from ten to twenty five, fifteen percent,
from fifty to twenty five, ten percent. The bottom fifty
pay three percent. It sounds fair, and you want The

(01:46):
reality is is this has become this has become so
much more progressive over the years, it mows your mind. Okay,
it was in two thousand and one the top one
percent thirty three point two percent. So don't tell me

(02:06):
about our tax code. Our tax code has become more
and more progressive. That's the reality. More and more progressive,
not less, not less. Anyway, So now you got you
got the White House, White House, and certain people in

(02:28):
Congress are now floating the idea of a tax hike.
They want a tax hike on high earners, the one percenters.
White House aides are pushing a proposal within the House
GOP that would raise the tax rate for people making
more than one million to forty percent. Some are saying

(02:50):
that just they're going to keep it at the same
level that they have now, but again they want to
use this to help pay for the costs on a
limiting taxes on overtime pay, tip wages, and retirees social Security. Yeah. Yeah,

(03:16):
they're basically running this by Congressional Republicans as we see
fit right now to what top rate right now is
thirty seven percent on those making single people making six
hundred and nine three hundred and fifty one dollars seven

(03:37):
thirty one thousand for married couples. Again, yeah, this is
this is a possibility. This is a possibility. They're saying, Well,
you know, before the Tax Cutting Jobs Act, the tax
bracket was thirty nine points six. You know, if we
can't find spending reductions, we're going to have restore a

(03:58):
higher bracket. We're gonna eve bring it down a six
or nine, or maybe we'll make it two million. Yeah,
remember that. Remember George H. W. Bush read my lips,
no new taxes. That worked out real well from him.
I mean, the bloody guy won a war for crying
out loud against Iraq. Unnecessary in my opinion, but he

(04:23):
won a war. Remember Norman Schwartzkough Remember Oh Shock and
awe war, televised TV bombs everywhere, and he lost. He
lost to the former governor of Arkansas, that would be
Bill Clinton. Yeah, we're not done. We're not done with

(04:48):
those Republicans who heart Bernie Sanders and AOK. Republican Senator
Jim Banks just introduced a ill. It says it's aimed
at providing tax relief for working American families and pregnant

(05:08):
mothers now again. Whenever they use the word working American families,
I get really pissed off. I can't help it. Again,
it's a buzzword. It's a buzzword, you know, to get
people think that. You know, it's the crowd carrying a
brown paper bag to work, and you know blue collar

(05:30):
workers working again. I respect. I've done all of those jobs,
many of those jobs in my life, and I get it.
But everyone is working, okay, in some way, shape, matter
or form. You're out there, you're working. This Family First

(05:51):
Act is going to increase the child tax credit to
forty two hundred dollars for families with a child ages
zero to five, three thousand dollars for families with a
child between six to seventeen, and would allow families to

(06:12):
claim the credit for up to six children annually. The
legislation would also establish a new twenty eight hundred dollars
tax credit for pregnant mothers. Congress needs do everything we

(06:32):
can to help parents give their kids a shot at
the American dream. My bill cuts taxes and marriage penalties,
streamlines benefits to support strong working families. I guess the
bill would require families to earn at least twenty thousand

(06:54):
dollars to receive the full CTC amount, or at least
ten thousand for the full credit during pregnancy, and it
would require that the claim child has to have a
Social Security number. Again, I I don't get it quite frankly,

(07:20):
I really don't. I raised three kids, and yeah, yeah,
it was a lot of work and it struggle, and
it was sacrifice that it was involved. But if you're
going to decide to have kids based upon a freaking

(07:41):
tax credit, something's wrong here. Kids kids are expensive. I
get that. Kids, kids are not cheap. I just for
the life of me, I don't understand. I don't understand
why you're forcing other people to subsidize someone else's kids.

(08:12):
I can't. I can't get my arms around that. Also,
you know, not to not to mention the fact forty
two dollars per kid ages zero to five. Kids are
a hell of a lot cheaper when they're zero to
five than when they are playing travel sports and older,

(08:34):
and they're a lot more expensive at that point in time. Again,
I'm still trying to get my arms around this. Again,
I Republican Party. I just don't recognize, quite frankly, I don't,
and many of them don't want to have any sort
of Medicaid reform. Now you've got Republicans wanting to raise taxes.

(08:57):
Now you want Republicans wanting all sorts of you know,
handouts and giveaways here that make no sense. What's over
And I'm not for handouts and giveaways. I'm not for
carve outs or anything like this. This is nonsensical. This
just complicates the tax code to an even greater degree.

(09:17):
You know, just you know, let's let's just say, let's
supposed to you know, we're supposed to be equal under
the law here in the United States, We're supposed to
be equal under the law, and we're just not. We're
not equal under the law. You pick and choose winners
and losers. You pick and choose certain companies. Now you're

(09:39):
picking and choosing certain people, and you know, quite frankly,
it's wrong. Watch Dog on Wall Street dot Com