Fox host says it is crucial to let corporations make record profits instead of doing things like "cleaning up the climate"
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From the June 17 edition of Fox Business' Making Money with Charles Payne:
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CHARLES PAYNE (HOST): So you hear it all the time, right? Any far-left candidate offering some of these sweeping plans to make everything free? Well, one way they say they'll pay for it is by repealing the corporate tax cuts President Trump signed into law in 2017. But as Politico reports, corporate tax revenues for the Treasury have fallen 9% this year, after falling 31% last year. So is this a winning issue? Joining me now, Fox News contributor Jason Chaffetz. You know, Jason, it's interesting because what they're saying is that, hey, corporations got this huge tax cut and supply-side economics aren't working. Instead of more money going into the government coffers from the corporations, it's far less, so let's take this back, and redistribute this money some other way.
JASON CHAFFETZ (FOX NEWS CONTRIBUTOR): Yeah, no, they really do want to redistribute the wealth, whether it's Bernie Sanders or Sen. Warren, this is the socialist, Democratic Party of today. They do not believe that corporate America acts responsibly. They believe in more government. And in order to fund more government, they want to have more of your taxes. Even though revenue to the Treasury is at near all-time record high, they don't understand that the fundamental problem we have is a spending problem. They don't understand that allowing the American people to keep money in their own pockets and corporations to keep money in their pockets so they can invest in their own businesses which employ people, they fundamentally don't understand the equation.
PAYNE: Also, and to your point, the taxes from individuals to the Treasury have gone up because wages have gone up, because more people are working. And that is part of supply-side economics. But no one thought this was going to work overnight. Nevertheless, I think they're going to get some traction when they go out and say, hey, corporate profits have soared to all-time highs. The third quarter of last year was the all-time record. Last year was mind-boggling, the amount of money corporations put in their pocket. And yet the money they gave to the government was lower, and they're going to argue that, hey, we should be doing something else with that, like cleaning up the climate.
CHAFFETZ: Well, but they also don't understand that -- remember all those mutual funds and 401(k) plans, and all of this retirement that people get? Where do they think that money is generated? Where does that investment go? They just don't understand that. They attack the minimum wage, they attack Amazon, they go after these companies, and they just fundamentally don't understand that employment and profit is a good thing in this country.
PAYNE: Yeah, it's not a four-letter word, although they're working on it.