Stephen Miller

And, you know, California could lose three new congressional seats if they stay on the course they're on.

And, you know, California could lose three new congressional seats if they stay on the course they're on.

Well, I'm glad you asked about that. Literally, just this morning, I finished writing my weekly column on that very issue. So you must be clairvoyant. But, you know, look, I'm not going to get into the weeds on this. This is the private equity industry, which is what pumps money into small businesses, family businesses to keep them alive or to allow them to grow into bigger businesses.

Well, I'm glad you asked about that. Literally, just this morning, I finished writing my weekly column on that very issue. So you must be clairvoyant. But, you know, look, I'm not going to get into the weeds on this. This is the private equity industry, which is what pumps money into small businesses, family businesses to keep them alive or to allow them to grow into bigger businesses.

We are almost unique as a country in having this incredible private equity industry that injects capital into smaller and medium-sized companies so they can grow. And it works. It's an amazing thing. It's created like 20 million jobs worldwide. through this private investment capital. And we don't want to tax that more. Look, it's very simple. If you tax something, you get less of it, right?

We are almost unique as a country in having this incredible private equity industry that injects capital into smaller and medium-sized companies so they can grow. And it works. It's an amazing thing. It's created like 20 million jobs worldwide. through this private investment capital. And we don't want to tax that more. Look, it's very simple. If you tax something, you get less of it, right?

That's what Reagan taught us. Why would we want less equity going into small and growing businesses? It doesn't make any sense.

That's what Reagan taught us. Why would we want less equity going into small and growing businesses? It doesn't make any sense.

I don't buy that at all.

I don't buy that at all.

Okay, so basically we have two tax rates. We have capital gains tax, which is too high. We tax that at 24%. And then the personal income tax, which is taxed right now at 37%. So what these people want to do, and this is basically people like Bernie Sanders and Elizabeth Warren and some Republicans. They said, well, we should tax...

Okay, so basically we have two tax rates. We have capital gains tax, which is too high. We tax that at 24%. And then the personal income tax, which is taxed right now at 37%. So what these people want to do, and this is basically people like Bernie Sanders and Elizabeth Warren and some Republicans. They said, well, we should tax...

These people at the personal income tax rate, not the capital gains rate, which is, to me, I don't even get the logic of that. When a private equity person puts money into a company, that's at-risk capital. They're at risk of losing it all. That's why we have a lower capital gains rate, because it's a riskier investment.

These people at the personal income tax rate, not the capital gains rate, which is, to me, I don't even get the logic of that. When a private equity person puts money into a company, that's at-risk capital. They're at risk of losing it all. That's why we have a lower capital gains rate, because it's a riskier investment.

So First of all, that's a really important question because I think a lot – we did a poll that half of Americans are not aware of this because a lot of Americans just don't pay a lot of close attention to this.

So First of all, that's a really important question because I think a lot – we did a poll that half of Americans are not aware of this because a lot of Americans just don't pay a lot of close attention to this.

If they don't get this job done, Charlie, we're talking about the biggest tax increase in American history on January 1st because all of the Trump tax cuts would go away, virtually all of them. And so the average family in America – I'm not talking about Warren Buffett and Bill Gates and Elon Musk. I'm talking about the average family would face a $3,000 increase in their taxes next year.

If they don't get this job done, Charlie, we're talking about the biggest tax increase in American history on January 1st because all of the Trump tax cuts would go away, virtually all of them. And so the average family in America – I'm not talking about Warren Buffett and Bill Gates and Elon Musk. I'm talking about the average family would face a $3,000 increase in their taxes next year.

We can't do that. We've already got middle-class families financially stressed out from Bidenomics. Can you imagine if the average family had to pay $3,000 more taxes? And then, of course, the corporate rate would go up to 21% to one of the highest in the world, 35%. That's one of the great you know, achievements of the Trump tax cut. So we don't want to have that happen.

We can't do that. We've already got middle-class families financially stressed out from Bidenomics. Can you imagine if the average family had to pay $3,000 more taxes? And then, of course, the corporate rate would go up to 21% to one of the highest in the world, 35%. That's one of the great you know, achievements of the Trump tax cut. So we don't want to have that happen.