When he said no taxes on tips, I said that’s awesome for the federal. Listen, for the people that do tip jobs, that’s awesome. They said that the federal employees got to come back in. You know what? Y’all need to do your job. Two million people getting buyouts. You know what? Y’all going to have to figure it out. Y’all going to have to figure it out. No, wait. I want to hear it again. No, if I want to get rid of what? Listen, if all the issues during the presidential election, you could have you had me at hello.

If the Democrat, let me tell you something. I love MAGA. I love making America great again, but I will tell you this and I will tell you twice. If the Democrats had said, you know what? We promised they could have lied to me. We promised to work on getting rid of income taxes. I would I’m running to the polls. You know what? I’m a conservative at heart, but right now I’m a income taxes and we going to have to figure out how to generate revenue for the United States of America. I wouldn’t even check the article.

I would have been on your team. That is real real solutions for the American people. I would have immediately been on your team, but it takes a businessman to start looking at it from a business perspective. And now we got to evaluate what the details are. We got to look at the details, the devils and details. They could have told me anything, anything I would have been reproductive rights for women. No, no, we got to protect our women. Your body, your I would have been your body, your choice. Y’all could have used any bathroom that you wanted.

Any bath. Listen, if you want to go in the men’s bathroom, the women’s bathroom, you can play in any sport. You want to play man, woman, child target can put G strings out there, diversity, equity and inclusion. I’m all for it. I would have been a Roland Martin fan. I would have been rocking with Al Sharpton. I might’ve even voted for a woman to be the president of the United States of America. I would have been conflicted. We all got a price. We all got, we all got something that we need to have a conversation.

You know what, honey? I like Byron Donald’s. I like the vape. I love JD Vans, but no income tax. What are you talking about? We got a decision to make. Now, now we got a race. Wouldn’t even have been a question. Now we got a race. Y’all wouldn’t have got swept in every single swing state. You might not have lost the popular vote is bad. None of that stuff, but now we got a race. Y’all keep talking about forgiveness. So I don’t care nothing about no student loans, income tax. Now we got a problem.

Now we got a conversation to have. Anyway, I want to scrap income taxes. We got to see what this is about. Y’all we got have all of the articles that we do today. We got to have this conversation. Let’s get to it. Bessent is also sounding the alarm on what he calls an impending economic calamity. He is urging lawmakers to extend key provisions of the Trump’s Trump tax cuts and jobs act. The stakes of course, couldn’t be higher. Millions of jobs, billions in lost wages could be lost if the tax cuts expire in December and Republicans are mobilizing.

Speaking at the GOP retreat in Florida, President Trump doubled down on his message. Cut taxes for the American people. He even floated the idea of abolishing the federal income tax altogether. You know, the United States in 1870 to 1913, all tariffs and that was the richest period in the history of the United States income tax came in in 1913. As I said in my speech last week, instead of taxing our citizens to enrich foreign nations, we should be. Tariffing and taxing foreign nations to enrich our citizens. The president 100% agree. There was a time in history where we focused more on everybody else painting to do business inside of the United States of America because we were the greatest nation in the world.

All roads lead to America. In order to do business over here, you gonna have to pay your fair share. Then we turned into taxing American citizens to death. And now they talking about rich people need to pay their fair share, even though we paid a majority to taxes, even though y’all paid a majority to taxes. That is a fact. Y’all gonna have to study our history. There was a time where these income taxes that we got going on right now, it wasn’t a thing. Everybody else had to pay to do business with us.

We didn’t have to pay to do business with ourselves. We didn’t have to trade in our time for money the way that we have to do now. And nation at that time was the richest that it had ever been. That is 100% true. To impose tariffs on a list of imports, steel, aluminum, copper, computer chips, semiconductors, pharmaceuticals, all to boost domestic production. This is a very aggressive economic agenda, but it’s also really exciting also. Let’s just keep with the tariffs for a moment since that’s where we ended. This is a strategy, Brian, that he tried previously.

They weren’t able to see it through in the last administration. It’s one that takes time. He’s going back to do it again. Well, he’s loves tariffs. Tariffs, I think, is his favorite word in the dictionary, he said. Not surprising that he’s talking about doing a universal tariff. But I love Kevin Hassett. I think he’s my favorite economic guy in the administration, the happy warrior. And he makes such a good point. He says, when these guys talk about tariffs, they ignore all the other policies that we want to do, just like they did in the first Trump term.

And if you think back to that term, we got some tariffs, but we got all sorts of supply side, pro growth policies. And that’s exactly what the president is talking about. Now, I mean, folks, he just said, let’s eliminate the income tax. Now, I don’t know if that’s going to get done, but the fact that he’s even talking that way tells me this is a guy who does not want to punish work. And that’s the biggest thing. What about the federal freeze? That’s also huge news today and Schumer pushing back.

It is big news and particularly digging into the grant issue. But to stay on the tariff thing, Kenny. So let’s connect all the big players in this and what they’re saying. Kevin Hassett on Kudlow yesterday said tariffs are not just a weapon, but part of a supply side strategy as part of a tax bill. And Larry Kudlow himself has talked about, let’s think about a 10 percent across the board tariff. We have five trillion dollars in imports. And so you’re talking about 500 billion dollars to finance tax cuts here. So you are taxing foreign firms, your foreign manufacturers, and then giving individuals, you, yes, you, and corporations here a tax cut potentially.

And then there’s the Financial Times article about Scott Besant saying something that he, Scott Besant, is pushing for new universal tariffs on US imports, starting at two and a half percent. This is taking shape. The biggest problem is the Republicans in the House, they control the purse strings, they will be writing this tax reform bill, and there are 48 of them who didn’t show up at Doral. What in the hell is wrong with y’all? Well, speaking of taxes, the agenda is very aggressive. He’s already talking about bringing the corporate tax rate down, Taylor, not taxing social security over time and tips.

He wants to extend the 2017 tax cuts, but the CBO says if you do that, it’s going to add four trillion over a decade to the deficit. So that’s a problem. He says it might be offset by the tariffs. What do you think? You know me, if I’m looking at the bond market, all I can think about is the debt and the deficit and how we tackle this. So the bond vigilantes don’t come out and scream at us. So I love that you brought up the deficit. But I think Jackie, as we’ve been talking about on this show, those tax cuts have to be number one priority because that was the mandate from the voter.

So I think you have to get that done and find revenue elsewhere. Is that revenue a two and a half percent? As Dagan mentioned, what Scott Besant laid out, what’s interesting about that in terms of a revenue source is to me, markets like certainty. So if you tell me 10 percent tariff, if I’m a company like GM, I can handle that. If you tell me that every month it’s going up by two and a half percent, I have a hard time planning around that because how do I figure out, do I buy the goods now? What if the tariffs go up? Is it a negotiating tool? Is it going up? And so Scott Besant is the smartest person in the room.

Do not get me wrong. But some of that makes me nervous when you think about just those monthly increments. Absolutely. And you bring up the market and the reaction to it, Kenny, that’s where I want to bring you in. Obviously, we had a rough day yesterday. We’re dealing with that AI story. That’s part of the issue. But the markets have been up since Trump has come into office, even though we started the year on a little bit of a down note tells me that investors are very optimistic about this. I think they’re very optimistic.

And I hear it when I’m talking to people, I’m very optimistic about what the future holds and what all these policy holds. And actually, this whole idea about eliminating the income tax or redefining it and coming in with kind of a 10 percent tariff tax and giving an income tax break to Americans encourages them to work more in my opinion, encourages them to spend more in my opinion. So then you end up having a stronger and better economy. I think the market likes it. I think it’s clear. I think yesterday’s action in the market was a separate issue, although we could say that the market needs to pull back a little bit because maybe it’s a little bit stretch and that’s fine.

But yesterday’s action, I think, was completely. I don’t think that we will be in a position to ever really get rid of income taxes in this administration, maybe not even in my lifetime. I think that there will be significant tax cuts to people who are productive and who work their butts off. And it is going to be extended over to every American. I think that so many different factors have to play out in order for this to be successful. The first factor that has to play out in order for this to be successful, the very first thing, and this is at every single company and we needed to be operating the federal government and local governments the same way.

The first thing is you have to get rid of the waste. The reason why we are taxed to death is because we are not managing the resources that the federal government is already having. This is why you see the buyouts. They’re reducing the amount of money that the federal government has to put out to these foreign countries, wars, federal employees. The market should be able to sustain itself through private business with minimal effort and minimal interruption. We’re cutting the red tape. We allow them for people to be able to drill. We start to pull the oil back out of our own country.

The market should be able to sustain itself. And then anybody that wants to do business with the United States of America should be paying their fair share instead of us subsidizing other countries taking advantage of us. So the first thing that we got to do is we got to cut the price. That’s what the Department of Government Efficiency is for. What they’ve already started to do is identify different things. You’re going to see that in the next segment where Trump’s new press secretary goes in and tell you what they’re cutting and what they’re going to continue to fund right now.

But think about this for a second. The very fact that they’re having this conversation is a plus because they have to figure it out. And they’re having this conversation within eight, nine days of already taking office. I got to get this administration an A plus. I’ve never seen this before in my entire life. I don’t think that income taxes are going away completely. Maybe not even in my lifetime, but I would love to see it go down. I would love to see us operate more efficiently. I would love to see less government interference in our lives.

And I would also love to see us rain in spending and have more transparency on what these previous administrations were doing and for us to drain a swamp. [tr:trw].

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