Morning Wire - Trump Leads New Poll & Biden’s Steep Tax Hike | 4.30.24

Episode Date: April 30, 2024

A new CNN poll shows Americans prefer Trump over Biden, the Biden administration proposes the steepest tax hike since 1922, and Scotland’s leader resigns after backing a very unpopular hate speech law. Get the facts first with Morning Wire. Beam: Get 40% off for a limited time! Use promo code WIRE at http://www.ShopBeam.com/Wire Fast Growing Trees: Get 15% off your entire order. Use Promo Code ‘WIRE’ at http://www.fastgrowingtrees.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

A new CNN poll shows a majority of Americans prefer the presidency of Donald Trump over Joe Biden's. The key to that is largely the comparison with Biden on inflation above all, but also on some other issues like immigration. Do other polls show Trump pulling away and how are Democrats reacting? I'm Daily Wire, editor-in-chief John Bickley, with guest host Mary Margaret O'Lahan, senior reporter for The Daily Signal. It's Tuesday, April 30th, and this is Morning Wire. President Biden proposes the steepest tax hike since 1922 and vows an end to the Trump tax cuts. The Trump tax cuts worked. They raised real incomes for the middle class.

They made the economy more productive. It led to a surge in capital investment. So it revoked the Trump tax cuts would be a mistake. And Scotland's leader resigns after backing a very unpopular hate speech law and several campaign finance scandals. I am not willing to trade my value. and principles or do deals with whomever simply for retaining power. Thanks for waking up with Morning Wire. Stay tuned. We have the news you need to know.

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campaign and Democrats as it shows the president losing support across some key demographics. The survey showed a six-point lead for Donald Trump in the head-to-head matchup, up from four points in the same poll in January. Here to break down the numbers and how such data may impact the Biden campaign's approach as Daily Wire contributor David Marcus. So let's start with the raw figures.

What jumped out of CNN's poll? Morning, John. The top line is this 49% to 43% one-on-one matchup. Trump's number was the same in January, but Biden lost two points. In a race involving RFK Jr. as well, Trump holds a bigger nine-point lead,

42 to 33%, with Kennedy at a pretty robust 16%, taking more votes from Biden than from Trump, but a significant amount from both. Another blockbuster point in this poll is that 55% of respondents said Trump's presidency was successful, while only a very meagre of 39% said that about Joe Biden's tenure so far. This is the first time in modern history that both candidates have had the job. It's an apples-to-apples comparison. and this is a big Trump advantage. I scoured the poll looking for a bright spot for Biden,

and honestly, the only one I could find was the date because he still has six months to try to turn these numbers around. Yeah, but that time is definitely ticking. So digging a little deeper, what were the issues where we saw some of the biggest gaps between Trump and Biden? And are those the issues that are most on voters' minds? So among voters who say the economy is deeply important to them,

Trump led Biden 62% to 30. 70% of all those polled said the economy is poor. That's the number one issue, according to almost every poll. On the handling of the Israel question, only 28% approved the Biden's handling with an astounding 71% disapproving. Now, Israel isn't a major issue for most voters, but as we see on college campuses, it is for many young voters. And it's pretty clearly costing him a lot of support in that group, at least for for now, even with his recent barrage of TikTok videos directed at them. What is the general reaction to this poll been?

It's a bit of an outlier, but on the other hand, we have no polls showing Biden with these sorts of leads. Look, perhaps it's not a shock that CNN hasn't exactly been shouting the results from the rooftops, the way they might have had it been better for Biden. But not everyone's staying quiet about it. Here's longtime Democrat strategist James Carville in his classic and colorful way berating those young voters we just discussed. If they get a hold, there will be no government left. There'll be no rights left.

You'll live under theocracy. You'll end up Christian nationalism. But that's all right, your little 26-year-old. You don't feel like the election's important. They're not addressing the issues that I care about. Now, John, I know that was very nuanced and subtle, so allow me to translate. Thank you. Carville's saying that these young voters need to get on the team.

Trump supporters were pretty ecstatic about the poll because, honestly, there had been some indications in other polling that the race might have been tightening. If the polls don't turn around for Biden here, will we see a change of approach, either from the administration or his campaign to try to fix this? Thus far, the president and his campaign have been almost shockingly immune to public opinion. There have been some things people expected, such as executive border action, which hasn't happened or shaking up the staff. Steve Nelson at the New York Post had a scoop last week about a failed effort to oust White House Press Secretary Corrine Jean-Pierre by some of Biden's closest allies who clearly thinks she's not doing a good job of communicating for the president. But to no avail. I mean, they may reach a point where they feel something has to change, but so far we have not arrived at that point. Yeah, it doesn't appear.

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President Biden has vowed to rescind Trump-era tax cuts next year and implement new tax hike. that would impact millions of Americans. Here are the latest on the controversial proposal is Daily Wire Senior Editor Cabot Phillips. Hey, Cabot. So President Biden has begun laying out his newest tax proposal. What's it look like? Yeah, the White House just released their budget proposal

for the upcoming fiscal year, and it is already turning heads. In total, Biden's plan is estimated to include around $5 trillion in tax hikes. Not only would the plan raise the top federal tax rate to just under 40%. It would also include a historic hike on capital gains that would raise the top marginal rate to 44.6%. That is nearly double the current

rate and would represent the highest capital gains tax in American history. But by far, the most controversial aspect of this proposal comes with regard to taxes on unrealized gains. Yeah, that caused quite an uproar. Walk us through that particular proposal. Well, traditionally, if you own property or stocks, you're only taxed when you actually sell those assets. But for the first time in history, President Biden is now calling for American states. pay taxes when the value of an investment increases, regardless of whether you sell it or not. For more on that, I spoke with Douglas Holts-Egan. He's the president of the American Action Forum and former director of the Congressional Budget Office.

You buy, say, a stock for $100. It goes up to $120 in value. You have a $20 capital gain there. If you sold the stock, it would be a realized capital gain of $20. It would be taxable. That's current law. This proposal says, we're going to tax you whether you sell it or not. It's an unrealized gain, but since you own it, you pay a tax on it. Now, critics of the measure say it opens the door for the federal government to take a cut of your portfolio before you even get a cut. Right. Now, there are still questions over whether this new tax can actually become law, correct?

You're right. Now, many economists and legal experts say a tax on unrealized gains is unconstitutional and would almost certainly be challenged in court. And politically speaking, the odds of Congress signing off on this also appear slim. Yeah. Holtz-Eakinsets President Biden knows it's unlikely to pass. and is simply making the proposal to score political points with the far left, who have long called for higher taxes on the wealthy.

I think these proposals are in the president's budget precisely because it will not be enacted. These are essentially talking points for the campaign that say, we're with you the progressive way we've got to tax the rich more, but they're not realistic attempts to tax the rich more. Regardless, Republicans say the fact it's even being proposed is a sign that the concept is gaining momentum and could well be enacted in the future of Democrats gain control of Congress and the White House in November. Now, President Biden also made news this week while taking aim at Trump-era tax cuts.

Tell us about that. Yeah, for context, back in 2017, then-President Trump enacted sweeping reforms that cut around $2 trillion in taxes. They slashed corporate tax rates and lowered individual rates for the vast majority of Americans. That law, however, is set to expire next year, unless it is renewed by Congress. But this week, President Biden said he wanted it, quote, dead forever. By the way, that tax cut expires the next year. Okay? Well, let me tell you something.

It's going to say expired him dead forever if I'm elected. But anyway. Shortly after that address, White House aides quickly walked those comments back, claiming he would only allow cuts to expire for, quote, big corporations and the richest Americans. But a piecemeal approach would be difficult to enact. Critics say that it's likely to expire altogether. or remain in place in its entirety.

If it does expire, the tax foundation says the average American family will pay one to four percent more in taxes each year. Probably not welcome news. Kevin, thanks for reporting. Anytime. I've concluded that repairing our relationship across the political divide can only be done with someone else at the helm. That was Scotland's first minister, Humza Yusuf,

announcing that he's resigning after only 400 days in office. Yusuf had come under fire for backing a he. hate crime law that free speech advocates like J.K. Rowling opposed. Daily Wire culture reporter Megan Basham is here now with more. So Megan, we know there were a number of factors that led to Yusef's resignation, but this hate crime act seems like it played a major role. Just how unpopular was it? You know, I would have to say it was incredibly unpopular by the time it took effect. If we look at recent polling, it shows that about 70% of the Scottish public doesn't like it. The act was first introduced in 2021, but it stalled out a number of times as it went through the amendment process,

so it didn't really take effect until just this month. Well, by that time, supporters in Scottish government, like Yusuf, had added a number of provisions that allowed transgender activists to report really anyone who opposed their views on gender to the police. And Yusuf promised that every complaint would be investigated. Well, that outraged a lot of Scottish citizens who feel that the police should focus on investigating theft, assault, things like that. And of course, Yusuf faced, as John noted there, blistering opposition from arguably the most beloved woman in Scotland, Harry Potter author J.K. Rowling. As soon as the act took effect, she dared Scottish police to come and arrest her for voicing her belief in biology. And once it was clear that Yusuf's

tenure was in peril, she posted this to X. I'm just going to quote. They say karma is a B word, but I hear she's a turf. Well, turf, of course, means trans exclusionary, radical feminist. It's a slur that you will sometimes hear trans activists use in reference to those like Rowling who do not believe that men can become women

and who feel that women are entitled to single-sex spaces. So another bold move from J.K. Rowling. Yes. So this hate crime act, was that the only issue that created trouble for Yusuf? No, I would say it was the highest profile,

but he did face mounting opposition on a number of fronts. There have been a number of campaign finance scandals in his party. And then from the get-go, he was just really not a well-liked figure with general voters. Opinion polls just before he was elected consistently showed that his opponent, who was a social conservative, was actually far more popular with the public. And he'd given a number of speeches that quite a few people found offensive, like this one, where he decried how many white people are in Scottish Parliament. The Lord President, White. The Lord Justice Clark, white. Every High Court judge, white. The Chief Nursing Officer White. Every Director General is White. Every chair of every public body is white. That is not good enough.

Well, we have to remember that 95% of the Scottish population is white. And when the new hate crime act took effect, thousands of people actually called the police to complain about this very speech. But Yusuf had managed to cobble together the support of a coalition of liberal party leaders, and that allowed him to win office. However, when the climate goals of the Green Party, which had backed him, proved too radical even for him, he clashed with his left flank as well. And so at that point, Yusuf found himself, I think we could say, a man without a country, as the Greens joined with the Tories and labor in pushing a vote of no confidence in him. So once it was clear that Yusuf would lose, he then pulled the trigger to resign instead.

Right. So what happens next in Scotland, both with the hate crime act and the now vacant first minister's seat? Well, it looks like Yusuf's party is planning to put forward a more centrist candidate. But for now, the hate crime act, though very unpopular, is here to stay. It survived a repeal vote in Scottish Parliament only two weeks ago. But at the same time, general elections across the UK on Thursday could, shake up the country's political makeup considerably, as there has been quite a bit of outcry about current immigration policies. So we will have to see what happens after that. Right. And we have seen some surprising populist wins throughout Europe over the past couple of years. Megan, thanks for your

reporting. Anytime. In a developing story, several law enforcement officers were shot and killed Monday in Charlotte, North Carolina while serving a warrant on a fugitive. The officers included members of the local police department and the U.S. Marshal's Task Force. Initial reports say that as the team approached the house where the fugitive was believed to be, they shot and killed a suspect in the front yard, but then took fire from a high-powered rifle from inside the house. A total of eight officers were shot in the incident and at least four have died of their wounds. Thanks for waking up with us. We'll be back this afternoon with more news you need to know.