Will touch your medicine or your social security, including me Steve. A new study from the Urban Institute finds that bidens social security plan would eventually raise taxes for people making more than four hundred thousand dollars here to discuss Fox news, contributor and former Obama Economic Adviser, Robert Wolf Robert Good Morning, to you thanks Steve for having me on Steve. You know a lot of people when they hear okay, social security, the antenna go up, so you know Kamala Harris and Joe Biden have been very careful saying. If you make lets than four hundred thousand dollars, your taxes will not be impacted, but this urban Institute report makes it sound like that, may not be the case, so its quite a detailed report, so im going to try to synthesize it as you and I were chatting first. I want to say its hard to hit Joe Biden on the urban report, considering they couldnt even model the Trump plan, because the Quote President Trump has not released a formal

plan to reform social security. So its a bit one sided. Let me speak about the Biden Plan and then I will talk about Trump on Bidens Social Security plan, hes, going to increase five hundred dollars benefit per month for low income earners. That will take twenty two million people out of poverty. Increase survivor benefit twenty five percent per month to offset the impact of the drastic cuts that take place to a surviving spouse, whereas on the Trump plan, as you and I have been talking about, he wants to actually change the payroll, get rid of the payroll tax cut, which not only doesnt help those unemployed during this covid time, but to the Biden pointed out, it greatly impacts social Security and Medicare because thats, where they get their payments from payroll taxes, just have to tell you. This report, in my opinion, is a huge benefit to Joe Biden where it comes Steve. Normally, we would have

Stephen Moore with us, but we are having a transmission problem. We have great producers. What he would tell you, Robert, is that bidens plans, as his detailed them so far, would involve thirty dollars trillion worth of spending and for that amount of money to be raised, he finds it impossible to be able to do that without impacting people in the middle class im a big fan of your producers, because they, let me on those facts, are just not accurate. His plan for build back better and for reforming the covid crisis is about five trillion and hes, going to actually take back about three trillion by changing tax reform, both on corporate and only the highest earn errors Steve right. He is actually only going to spend two trillion thats accurate for what he would call relief package

dissimilar to what we are talking about today in Congress which, by the way, im absolutely for passing a relief package. So I would just say this: thirty trillion number is absurd. Its inaccurate and I still like your producer Steve. Thank you very much thats. What Stephen Moore told him. Meanwhile, Ainsley held this up a little while ago on the cover of New York, Post, rapper 50 cent, and he said I dont want to be 20 cent because he is talking about how, under the Biden plan high earners would face an effective tax rate of sixty two percent in New York City is sixty two percent in New York City, Fair Robert. Well, I think sixty two percent is high anywhere. That being said were in a pandemic. This pandemic has been like a war for this country. We have to pay for it either the wealthiest are going to pay for it now or the next generation is going to pay for it. So I dont have a problem where we are taxing the highest earners.

We are really the ones most affected of those over three dollars million, actually new make under eight hundred thousand. It only goes up less than one point: five percent Steve Right: we have to get these numbers more accurate and remember. This tax is not impacting anyone under four hundred thousand from four hundred to eight hundred thousand its twenty five to twenty five point: five percent. So I would just say that Steve Robert Sorry Steve, I was going to say you know, because you are a new Yorker. The problem is when you tax the high earners here in the New York City area, at sixty two percent effective rate in New York City. Why? Why want to live here? Why wouldnt they move down to Florida. Why wouldnt? They will want to move to Tennessee. Why wouldnt they will want to move to Texas. Listen, I think, thats, a good point that New York is their tax rate is too high, especially when they are currently running a deficit. It doesnt feel good for the future. I think that being set, even

though im a Bosttonian, I have been living in New York a long time. I would never count New York out. I think we will figure it out. There is going to be some pain, not only pain in New York. Steve, I mean come on. One out of every small businesses are.