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    Another Debate Disaster for the Democrats (Ep 1089)

    Despite common liberal belief, the top 1% pays a 19.6% higher avg federal tax rate than the poorest 20% and highest income taxpayers pay a larger share of total taxes than their income share.

    enOctober 16, 2019

    About this Episode

    In this episode, I address the total disaster for the Democrats last night during the CNN debate.  News Picks:Nancy Pelosi blinks, she will NOT hold a vote on impeachment.    Cowardly CNN gives Biden a pass on his family’s shady Ukraine dealings.   Elizabeth Warren is lying to you about tax hikes.   Elizabeth Warren is lying about how much the wealthy pay in taxes.   Liberals are lying. The wealthy pay the overwhelming majority of taxes.   Bernie and AOC keep blaming capitalism for problems caused by the government.   The NY Times is wrong. The rich pay more in taxes than liberals are claiming.    Copyright Dan Bongino All Rights Reserved.   Learn more about your ad choices. Visit podcastchoices.com/adchoices

    🔑 Key Takeaways

    • Consider aligning values with companies like Patriot Mobile and protect personal data online with ExpressVPN. Informed choices matter.
    • During the debate, Warren avoided discussing the potential tax increases in her Medicare for All plan and instead shared an emotional story, neglecting to address economic principles like Pareto maximization.
    • Warren's healthcare plan may result in increased taxes and healthcare costs for middle-class families, contradicting her debate statement
    • Speaker questions affordability and effectiveness of gov't healthcare systems, cites examples of Medicare, Elizabeth Warren, Bernie Sanders, and Obamacare website failure, promotes Jenny Cell for skin improvement
    • Bernie Sanders' stance on millionaires and billionaires not paying their fair share in taxes is hypocritical, as top earners contribute significantly to taxes. The debate underscores the need for factual accuracy in political discussions.
    • Despite Senator Sanders' accusations, government intervention and central planning are the primary causes of rising tuition costs and homelessness.
    • Government zoning laws increase housing costs, worsening affordability and contributing to homelessness. Millionaires and billionaires also play a role in the issue.
    • BCM prioritizes moral responsibility to provide reliable equipment, each component is hand-assembled and tested, Warren's argument overlooks wealthy individuals' tax contributions
    • The wealthiest Americans contribute significantly to tax revenues, with the top 1% paying nearly 40% and the top 50% paying 97% of all individual income taxes.
    • The top 1% pay over 7 times more individual income tax than the bottom 50% and their taxes may increase to cover healthcare system costs.
    • Despite common liberal belief, the top 1% pays a 19.6% higher avg federal tax rate than the poorest 20% and highest income taxpayers pay a larger share of total taxes than their income share.
    • The study's assumption of equal underreporting of income for all income levels casts doubt on the accuracy of the findings regarding the tax burden of the wealthy
    • Be cautious of misinformation, fact-check claims, and strive for accuracy and transparency when discussing economic issues

    📝 Podcast Summary

    Vote with your wallet: Conservative alternatives and data protection

    Consumers have the power to vote with their wallets, not just at the ballot box. The discussion highlighted the existence of conservative alternatives to mainstream companies, such as Patriot Mobile, which not only offers competitive services but also aligns with conservative values. Additionally, the importance of protecting personal data online was emphasized through the promotion of ExpressVPN. Last night's Democratic debate was criticized for being a "lie fest" with no clear winners, and various clips from the event were shared to illustrate this point. The show also mentioned a surprising development from the Mike Flynn case. Overall, the message was to be informed and proactive in making choices that align with one's values and priorities.

    Warren evades question about Medicare for All taxes

    During the Democratic debate, Elizabeth Warren was questioned about her Medicare for All plan and the potential increase in taxes for middle-class families. Instead of answering directly, Warren changed the subject to an emotional story about meeting people with health issues. She also avoided discussing the economic principle of Pareto maximization, which would evaluate if the policy makes at least one person better off without making anyone else worse. This evasion raises concerns about the potential negative impact on a large number of people. Warren's opponents, like Bernie Sanders, have been more straightforward about the tax increases their plans would entail.

    Elizabeth Warren's healthcare plan and taxes

    During a Democratic primary debate, Elizabeth Warren was questioned about her healthcare plan and whether it would result in an increase in taxes for middle-class families. Despite being asked directly, Warren did not give a clear answer and instead focused on the potential decrease in healthcare costs. However, an analysis by The Washington Examiner found that both taxes and healthcare costs would go up under Warren's proposed plan, making her claim misleading at best. The article also noted that a previous analysis of Bernie Sanders' similar plan found that it would increase overall health spending in the US by over $6 trillion. Therefore, it is important for voters to carefully consider the implications of political promises and demand clear and truthful answers from candidates.

    Speaker expresses doubts about government-run healthcare systems

    The speaker expresses skepticism towards the affordability and effectiveness of government-run healthcare systems, using examples like Medicare and the proposed plans by politicians such as Elizabeth Warren and Bernie Sanders. The speaker argues that these systems will lead to increased taxes and healthcare costs, and questions their ability to manage such programs efficiently due to past experiences with poverty programs and website failures like Obamacare. The speaker also promotes a product called Jenny Cell, which is claimed to help improve the appearance of the skin.

    Bernie Sanders' Criticism of Wealthy Taxes vs His Millionaire Status

    During the recent Democratic debate, Bernie Sanders criticized millionaires and billionaires for not paying their fair share in taxes while being a millionaire himself. Critics argue that Sanders' stance is hypocritical, as he fails to acknowledge that the top 20% of earners contribute to 80% of taxes. Sanders' accusations of wealth inequality and the immorality of the wealthy not paying their fair share have been challenged, with some questioning his own financial status and morality. The debate highlights the complexity of the issue and the importance of factual accuracy in political discourse.

    Government Intervention as the Root Cause

    The issues of rising tuition costs and homelessness, which Senator Bernie Sanders often blames on billionaires, are actually largely caused by government intervention and central planning. The speaker, who was once an independent and believed in the idea of greedy billionaires causing societal problems, had a transformative experience when he realized that the root causes of many systemic issues are the government itself. For instance, the government began subsidizing tuition in 1965, but the turning point in college costs came in 1978 when the Middle Income Student Assistance Act expanded government subsidies. This led to an increase in college costs that far outpaced inflation. Similarly, government intervention in the housing market can contribute to homelessness. It's ironic that Sanders, who is a proponent of central planning, blames billionaires for problems that are largely caused by the same type of intervention he advocates for.

    Government zoning laws contribute to housing crisis and homelessness

    Zoning laws implemented by governments have contributed significantly to the rise in housing costs and homelessness in liberal areas. According to Matt's piece, these laws make it more expensive to build housing, leading to a housing affordability crisis. The speaker argues that the government's involvement in housing policies is the root cause of the problem, despite claims to the contrary. Another point made is that millionaires and billionaires have a role in exacerbating homelessness. The speaker challenges listeners not to let their political biases cloud their judgment and to consider the facts presented.

    Trusted brand BCM's commitment to quality extends beyond business responsibility

    Bravo Company Manufacturing (BCM) is a trusted brand known for producing high-quality, precision rifles that are relied upon in life-threatening situations. BCM's commitment to quality goes beyond business responsibility and extends to a moral responsibility to provide reliable equipment to their customers. Each component of their rifles is hand-assembled and tested to ensure optimal performance. Elizabeth Warren, on the other hand, continues to argue that wealthy individuals, including billionaires, have not paid their fair share in taxes. She frames this as an emotional appeal, implying that these individuals have built their fortunes on the backs of the working class and the infrastructure paid for by taxpayers. However, her argument overlooks the fact that many of these individuals have also contributed to the development of that infrastructure through their taxes. Warren's statement is a stretch, as not all wealthy individuals have built their fortunes in areas with a strong tax base. Ultimately, both BCM and Warren's messages convey the importance of responsibility and accountability, whether it be in manufacturing life-saving equipment or in taxation policies.

    Top 1% pays 40% of federal income taxes

    The wealthiest Americans contribute a significant amount to the federal and state tax revenues. According to a study by the Tax Foundation, in 2016, one out of every 100 taxpayers in the top 1% income bracket paid nearly 40% of the federal income taxes. Furthermore, the top 50% of taxpayers paid 97% of all individual income taxes, while the bottom 50% paid the remaining 3%. These numbers debunk the notion that the rich are not paying their fair share and are just "pillaging" services from others. It's important to analyze data and facts to have an informed perspective on economic issues.

    Top 1% pay 7x more income tax than bottom 50%

    The top 1% of taxpayers pay a significantly higher share of individual income taxes compared to the bottom 50%. The top 1% paid a 26.9% individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50%, who paid only 3.7%. This information was discussed in relation to Elizabeth Warren's proposed government-run healthcare system, which is projected to double the federal budget every year. Given that the upper 50% of taxpayers pay almost all of the taxes, it's reasonable to assume that their taxes would increase to cover the costs of this healthcare takeover. It's important to understand the implications of these numbers when discussing issues of taxation and government spending.

    Rich Americans pay higher taxes than poor

    Contrary to popular liberal belief, the rich in the United States actually pay a higher average tax rate than the poor. According to data from the Congressional Budget Office and the left-leaning Tax Policy Center, the top 1% pays an average federal tax rate of 33.3%, while the poorest 20% pays an average tax rate of just 1.7%. This debunks the common liberal argument that the rich pay less in taxes than the poor. Additionally, the highest income taxpayers are the only group that pays a larger share of total taxes than its share of total income. So, the next time you hear someone claim that the rich aren't paying their fair share in taxes, remember these facts.

    Questioning the methodology of a study on income and taxes

    Researchers Saez and Zuckman's study on income and taxes, which suggests the rich pay a smaller share than the rest of the population, is questionable due to their methodology. They adjusted reported income upwards for lower income groups based on the assumption that a significant portion goes unreported, but this assumption becomes less valid as income levels rise. By assuming the same ratio of underreported income for the rich as for the poor, they artificially lowered the estimated tax rate for the wealthy. This method lacks credibility as it is not how income and taxes are typically reported or studied for high earners.

    Claims of wealthy hiding income to avoid taxes are not based on fact

    During a recent debate, two individuals made an argument that the wealthy are hiding vast amounts of income to avoid paying taxes. However, this claim is not based on fact. The wealthiest individuals do not have hidden stashes of income or engage in illegal activities to evade taxes. Instead, the data used in the argument was likely manipulated to create a false impression. It's important to be cautious of misinformation and to fact-check claims before accepting them as true. For a more in-depth analysis, check out Matt Palumbo's book, which covers this topic and many others. Remember, always strive for accuracy and transparency when discussing economic issues. If you enjoyed this discussion, please consider subscribing to our YouTube channel and audio podcast. Your support helps us continue providing you with valuable content. Stay informed and stay critical.

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