Bill O’Reilly’s No Spin News and Analysis - O'Reilly: The Future Shock in the Tax Realm

Episode Date: April 10, 2019

On this week's Talking Points Memo, Bill O'Reilly is discussing all things taxes. The big story surrounding taxes has to do with the state of California. If you live in California, not only are you paying the highest state tax you are also paying taxes on nearly every product you buy and the list is only growing. This is socialism and this is what the Democrats want for the rest of the country. The only way to stop this? Stop electing liberal politicians that are buying into all of this. Learn more about your ad choices. Visit megaphone.fm/adchoices

Hi, I'm Bill O'Reilly, and this is the Talking Points Memo, Future Shock in the tax realm. All right, so I've got about a week and you've got to file your taxes. Refunds are way down because Americans who are earning good money can only deduct $10,000 in expenses. You can't write off your mortgage. You can't write off state and local taxes. So, you know, I got to pay more. but that's okay with me. I want the country to prosper, as long as I'm not gouged. But let's take a look at what's going on in California. And the reason I point out California,

not only the nation's most popular state, but what happens there in the liberal realm usually goes to Washington. So this is what, if you live in California, it's what you're looking at. All right, so the state has the highest state tax in the country, can reach 10% in some areas because they have local taxes tacked on to the state taxes. So you can get as high as 10. That's in addition to what you pay to feds. Now, there are only three states in the union that allow that to add local taxes to state taxes. So right off that you're earning money in California, right off the jump, you are paying federal tax and an extraordinarily high state tax. Local tax. Okay, ready?

cigarettes, $2.87 a pack, so don't smoke. Gasoline, all right? Gasoline tax, second highest in the country. California, $3 a gallon, $3 a gallon to state gasoline tax. Liquor tax, through the roof, don't drink. California property tax, 16th lowest because the folks voted on that. And they can't raise the property taxes. Prop 13. California has levied on both residents and non-resident. So if I go to California and do a show, I have to pay a tax. If a baseball player goes, plays a game, and Dodgers are the Angels, they get paid tax with the Giants. They got to pay a tax. Just playing a game, whatever, prorated. Okay, capital gains. Now, this is insane. And capital gains, if you buy a stock and you sell a stock for a gain, if it's less than a year, you pay what

your general tax rate is, 35%. If it's a year or more, 20%. Okay? Not in California. In California, that means you pay everything, no matter how long you hold the stock at your personal income rate. So if you're 35, you pay them 35. That's on top. of the feds. So you can't make any money in stock market if you're a California person and you could lose a bundle because stocks go up to guns like Vegas. Now new taxes, Sacramento, this is what they want. Firearms. Anybody who had a gun for any purpose or anything, big, big tax. Okay, soda, soft drinks, all right, tax all of that. Tire change. You get a flat, you want to change the tire. they want three bucks. The state wants three bucks. If you have to buy a new tire, change your

tire. Drinking water, all right? They want a fee of 95 cents a month on everybody in California just to have water coming into your house. Go to the state. And you pay for the water. All right? This is, it's so insane what's happening there. And then they're going to slap a tax they want to, on any household that has more than $3 million in assets, you have to pay another tax. On top of whatever you paid before, to accumulate the $3 million, you can pay more. This is socialism. This is confiscation. That's what's going to happen if Americans continue to elect liberal politicians. Now, the Democratic Party, I mean, they're buying into all of this. California is run by Democrats.

is a Republican Party in the state. So think about it. They don't want capitalism anymore. The state wants to take what you have through the form of all those pernicious tax business. And this is no exaggeration. This is happening right now. If you live in California, you know the pain you're going through

and it's going to get worse. Tax on changing a tire? They'll find a tax on every single thing mowing your lawn. there'll be a tax. Hiring and gardening is going to be a tax. Whatever it is, they want everything that you have so they can redistribute it to other groups. I'm Bill O'Reilly for Newsmax, and that is the Talking Points Memo. I want to remind you that I do commentary every night on Bill O'Reilly.com. A lot of people say, well, where are you? We miss you. We're going to Bill O'Reilly.com is where I am, and you'll like it. And also killing the SS still, selling very well

After seven months in the marketplace, if you haven't read it, I think you'll like it. And we have the United States of Trump coming up in September. You can pre-order that book on Bill O'Reilly.com, Amazon, all the other.coms. All right. We'll see you soon.