Exposing Hillary So She Won't Get Elected

Limbaugh Calls Out Media for Failing to Explain Benefits of Trump’s Tax Plan

Conservative talk show host Rush Limbaugh gave his listeners a warning Thursday about President Donald Trump’s tax reform.

“I’m gonna tell you right off the bat I have watched some cable news last night and today ’cause I broke my promise to myself. I wanted to see what was said about it, and it is incredible. And I want to tell you that if you’re watching any of the three networks or CNN or MSNBC, do not believe what you’re hearing,” Limbaugh said.

“It is not trickle-down. It doesn’t even come close to trickle-down. It does not benefit the rich. It does not punish the middle class or the poor. It doesn’t do any of the things the Democrats and the media are saying about it. They are attacking this plan like they’ve been attacking every tax cut since Reagan’s,” he added.

He continued, “Individually, when you go through the ingredients of the tax plan, there are individually a lot of good things here. You won’t find them mentioned in the media. The media will not find one good thing about this.”

Limbaugh said he was given the facts by a source he called a “ranking Republican.”

“We’re going to reform the tax code so that you and 99 percent of Americans can fill out their tax forms on a postcard. We are reducing seven rates to three. The rates are going to be 12 percent, 28 percent, and 39.6 percent. I was told the top rate is not coming down — to 35 percent or anything else. I was told that there isn’t a surcharge on the rich. I was told that state and local taxes will no longer be deductible on your federal return,” he said, adding that based on that summary, the big losers in tax reform are residents of blue states.

Limbaugh said the lack of change at the top refutes any allegation that the tax cut favors the rich.

“The top 1 percent pay about 39 percent, folks. This talk that the rich get a tax cut and the rich aren’t pay their fair share? It’s demonstrably false, and everybody on cable TV telling you that the rich are getting a huge tax cut here is not right. They are lying to you or they are misinformed,” he said.

Limbaugh said he asked the source informing him about the plan why the top rate was not coming down.

He quoted his source as saying, “‘That — that — that’s the president! The president wants that. That’s not us, that… The president… The president said guys like him don’t deserve a tax cut. You go talk to him!’ I mean, they laid that off on Trump. It didn’t take two seconds. ‘You go talk to Trump!’”

Limbaugh said the proposed corporate rate reduction from 35 percent to 20 percent is also being mislabeled.

“But here come the Democrats demagoguing it, ‘Well, it’s a tax break for the rich. It’s a…’ It’s not. There are people that work for corporations who benefit from the corporation showing more profit, which means they hire more people,” Limbaugh said.

He explained that economy can emerge as a major winner if the plan is approved as advertised.

“There is another aspect of this tax plan that’s also very good. You know the American corporations that have billions and billions of dollars parked overseas because of the high corporate tax rate here? Apple, Inc. is one of the greatest examples. They’ve got a cash pile of around $265 billion, and almost (I think) 70 percent of it is held overseas. They don’t report it as income here, they don’t want to pay 35 percent on it. But their effective rate actually is about 26 to 24 percent every quarter. But they, for the most part, keep it parked in parts of the world where it has been earned at much more favorable tax rates. The repatriation rate is gonna be a one-time rate of like 5.25 percent. Companies are gonna be hard-pressed not to take advantage of this. Everybody’s been asking for it. Let’s see if they meant it,” he said.