RUSH TRANSCRIPT Going on ░░░░░░░░ Washington We have the ░░░░░░░░ president dealing with Ukraine ░░░░░░░░ much more Welcome back ░░░░░░░░ the show founder of ░░░░░░░░ bahnsen group a great ░░░░░░░░ David Bahnsen You authored ░░░░░░░░ book there is no ░░░░░░░░ lunch author of 250 ░░░░░░░░ great to see you ░░░░░░░░ trillion dollar budget The ░░░░░░░░ tax hike ever That ░░░░░░░░ Biden s fix what ░░░░░░░░ going on in America ░░░░░░░░ in mind it is ░░░░░░░░ 5 8 trillion spending ░░░░░░░░ but 1 8 trillion ░░░░░░░░ planned deficit spending and ░░░░░░░░ isn t Covid emergency ░░░░░░░░ spending We can talk ░░░░░░░░ the problems we have ░░░░░░░░ the deficits of 2020 ░░░░░░░░ At least some people ░░░░░░░░ it around Covid He ░░░░░░░░ planning to codify regular ░░░░░░░░ after trillion 1 2 ░░░░░░░░ on top of the ░░░░░░░░ of dollars that was ░░░░░░░░ over the last several ░░░░░░░░ excessively It is really ░░░░░░░░ surreal Elizabeth we ve ░░░░░░░░ also that right but ░░░░░░░░ you and I have ░░░░░░░░ about this how money ░░░░░░░░ out the door unchecked ░░░░░░░░ no oversight It is ░░░░░░░░ called the largest fraud ░░░░░░░░ U S history Theft ░░░░░░░░ hundreds of billions of ░░░░░░░░ in Covid relief Buying ░░░░░░░░ ferraris teslas fancy vacations ░░░░░░░░ of Justice Department speaking ░░░░░░░░ Lester Holt about this ░░░░░░░░ you surprised how quickly ░░░░░░░░ moved in on the ░░░░░░░░ Unfortunately not really Small ░░░░░░░░ administration sent the money ░░░░░░░░ basically said apply sign ░░░░░░░░ you re entitled to ░░░░░░░░ money Of course for ░░░░░░░░ that is an invitation ░░░░░░░░ didn t happen even ░░░░░░░░ checks to make sure ░░░░░░░░ the money was getting ░░░░░░░░ the right people at ░░░░░░░░ right time Elizabeth they ░░░░░░░░ t even get the ░░░░░░░░ back what do you ░░░░░░░░ I agree with the ░░░░░░░░ general the entire system ░░░░░░░░ basically begging for fraud ░░░░░░░░ what pap apparently people ░░░░░░░░ t take seriously the ░░░░░░░░ lacks competence and incentive ░░░░░░░░ I write in the ░░░░░░░░ about economics the government ░░░░░░░░ never have the incentives ░░░░░░░░ have in the private ░░░░░░░░ to defend against fraud ░░░░░░░░ against the financial shenanigans ░░░░░░░░ looks likes 400 billion ░░░░░░░░ billion Congress and government ░░░░░░░░ they can t get ░░░░░░░░ handle how much was ░░░░░░░░ It could be as ░░░░░░░░ as going to be ░░░░░░░░ over 10 years on ░░░░░░░░ Let s watch senator ░░░░░░░░ Cruz on this watch ░░░░░░░░ You know this budget ░░░░░░░░ taking The National debt ░░░░░░░░ the way up to ░░░░░░░░ trillion That is a ░░░░░░░░ amount and one of ░░░░░░░░ amazing thing about Biden ░░░░░░░░ budget is it is ░░░░░░░░ on old outdated numbers ░░░░░░░░ it assumes inflation is ░░░░░░░░ down at 2 We ░░░░░░░░ seeing record high inflation ░░░░░░░░ 8 Biden is proposing ░░░░░░░░ you on inflation because ░░░░░░░░ gains one of the ░░░░░░░░ things that causes that ░░░░░░░░ inflation and Biden s ░░░░░░░░ of control spending and ░░░░░░░░ is producing crushing inflation ░░░░░░░░ the American people Elizabeth ░░░░░░░░ you hear what he ░░░░░░░░ said I mean senator ░░░░░░░░ Warren David they want ░░░░░░░░ tax our paper gains ░░░░░░░░ our assets I have ░░░░░░░░ the IRS for a ░░░░░░░░ in my prior career ░░░░░░░░ testified twice before Congress ░░░░░░░░ IRS reform I spoke ░░░░░░░░ IRS officials You know ░░░░░░░░ is the nightmare for ░░░░░░░░ Taxing paper gains You ░░░░░░░░ why You would have ░░░░░░░░ double the size of ░░░░░░░░ excuse me the IRS ░░░░░░░░ to do it to ░░░░░░░░ out what is the ░░░░░░░░ paper gain on assets ░░░░░░░░ move up or down ░░░░░░░░ a daily basis that ░░░░░░░░ what they re talking ░░░░░░░░ Europe did a wealth ░░░░░░░░ it fell apart They ░░░░░░░░ less money in terms ░░░░░░░░ what they had to ░░░░░░░░ out for government bureaucrats ░░░░░░░░ do it Yeah 15 ░░░░░░░░ of 17 countries that ░░░░░░░░ tried it have gotten ░░░░░░░░ of it I had ░░░░░░░░ whole chapter about the ░░░░░░░░ tax idea Liz you ░░░░░░░░ right Not only would ░░░░░░░░ to double the manpower ░░░░░░░░ the IRS you have ░░░░░░░░ that agency for many ░░░░░░░░ but I will say ░░░░░░░░ else they don t ░░░░░░░░ the ability whether they ░░░░░░░░ or triple the force ░░░░░░░░ come up with the ░░░░░░░░ to actually assess paper ░░░░░░░░ closely held business value ░░░░░░░░ the complexity of people ░░░░░░░░ would now have incentives ░░░░░░░░ drive down asset prices ░░░░░░░░ the valuation of their ░░░░░░░░ It is anti American ░░░░░░░░ is unconstitutional Elizabeth David ░░░░░░░░ great interview thanks for ░░░░░░░░ us.