Bob Steyer is a businessman, philanthropist, and a co-founder of Common Sense Media. He has addressed national audiences on issues including education, the digital divide, clean water, opioid addiction, privacy, and politics. On Wednesday, he appeared on Tucker Carlson Tonight. Steyer did not have much to say about the tax policy proposals that Senators Warren and Wyden supported in Washington this week. He had a lot to say about a report on Republican plans by the Tax Foundation.
“The United States government has a tax system that punishes productivity, punishes wealth creation and punishes initiative,” Steyer told Tucker Carlson. “Instead, the United States government punishes the rich and gives the poor a bigger federal safety net. What this proposal does is essentially legalize this practice under Democratic control of government.”
Listen to the rest of Steyer’s interview here:
On the Republican tax reform proposal:
“The United States government has a tax system that punishes productivity, punishes wealth creation and punishes initiative. Instead, the United States government punishes the rich and gives the poor a bigger federal safety net. What this proposal does is essentially legalize this practice under Democratic control of government. Look, you understand well from your position that a lot of people favor that. That the thing that has this particular part of it in it is while the middle class is getting a very, very, significant, maybe. I’ll finish that sentence as long as I can. Instead of tax cutting and giving tax cuts to the middle class, it’s kind of, as some people will say, kind of, not that big a deal for the middle class.
“It’s actually counterproductive. We know how the tax code has harmed, at least in the 20th century, weakened the economy and limited the bottom rung in the economy. Now the tax code’s going to punish the rich and let the rich, small and big businesses, corporations that pay taxes, can deduct that and save over and over again, hundreds of billions of dollars, which is what this report now says. The people that really get harmed by this, and the biggest losers in the country by this are the highest-income people. It doesn’t matter who you are it is worse for you than it is for a small business. It’s great for Wal-Mart. It’s great for big private equity, venture capital, and those people who can tap into this loophole.
“So, we have in this country in this election cycle what I would describe as a one-two punch that is really going to damage the economy and it’s going to enable our other enemies to fund their extremist politics through our government as it currently exists.”