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Oct. 3, 2016 - Rush Limbaugh Program
31:23
October 3, 2016, Monday, Hour #3
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CNN is so excited.
Hillary Clinton is making an economic speech in Toledo.
And she just ripped into the Trump tax return story.
And do you know what her major focus is?
She's not talking about the $915 million deduction.
She is pointing out that Donald Trump has contributed nothing to America.
Now, don't forget, Democrats have been, since the Clintons changed the lexicon, it was 1992 that tax increases became contributions and investments.
Taxes in general and tax increases specifically became contributions and investments in the future of America.
Taxes did not any longer, were no longer confiscatory things that government took from people who produced.
The Clintons turned it all around to justify tax increases by calling them investments.
And that's what she just harped on Trump failing to do.
He hasn't invested anything.
Her whole point, and I'm telling, folks, this is zero aimed.
When I say zero, I mean it's dead aimed at the low information sector.
Donald Trump hasn't contributed anything to this country.
Donald Trump has taken everything he can and has not contributed.
He has not invested.
So contributions is what taxes and tax increases became.
Contributions and investments.
And I will never forget, I prayed that that didn't work back in 1992, but it has.
And it has become part of the Democrat lexicon.
The Clintons initiated it.
They perfected it, and everybody used it.
Greetings.
Welcome back.
El Rushbow at 800-282-2882.
If you want to be on the program.
Something else that Mrs. Clinton just said is that Wall Street cannot threaten Main Street anymore.
Now, this is a woman who has been bought lockstock and pantsuits by Wall Street.
Wall Street owns her.
She will not release the transcripts of speeches that she has made over a two-year period that netted her $21 million.
$250,000 per 20-minute speech to Wall Street Bank after Wall Street Bank, to this group, to that group, but it was largely the investment bank industry.
She will not release the transcripts.
Do you think if the New York Times was sent the transcripts of her speeches, they would print them?
They would probably say these were illegally acquired via hack, and we cannot see our way to publishing these transcripts.
And Mrs. Clinton is denying that these are hers anyway, so we're not going to go there.
He contributed nothing.
That's Hillary's analysis of Trump's tax return.
Look, folks, it worked for Bill Clinton all through the 90s.
That's what, you know, contributions, investments, that's what tax increases began.
That's what they became.
Also, in her speech in Toledo, she's expected to call out Wells Fargo.
Wells Fargo generated fee revenue with bogus accounts.
And she's going to bash Wells Fargo.
By the way, one of Wells Fargo's biggest shareholders is Warren Buffett, who happens to be one of Hillary's most prominent advocates and supporters.
So she's all in now talking about the economy.
Trump is an example of a taker and hasn't contributed anything.
And he's not a genius, and he hasn't run a good business, and there's nothing to recommend.
That's her focus now.
So the Trump team is going to have to come up with a rejoinder.
Let's stay focused on Mrs. Clinton.
Forget soundbite number one.
I don't have a way to work it in right now.
Maybe later.
Leaked audio of a conversation between Hillary and donors back in February shows Hillary describing Bernie Sanders supporters as children of the Great Recession who are living in their parents' basement.
It was a fundraiser in Virginia.
And Clinton said, Washington Free Beacon got the tape in a release that we have it here coming up in a second.
Hillary Clinton said that many of her former primary opponent supporters, Bernie supporters, sought things like free college, free health care, saying that she preferred to occupy the space from the center left to the center right on the political spectrum.
She basically ended up saying, you believe these people?
They want free this.
They want free that.
We can't do that.
That's not reality.
We can't free this, free that.
Who do they think they are?
Was the tone of her remark.
Let's listen.
How many do we have here?
We've got two.
It's February 16th in McLean, Virginia, private fundraiser at the home of former Ambassador Beatrice Walters.
Some are new to politics completely.
They're children of the Great Recession, and they are living in their parents' basement.
They feel that they got their education and the jobs that are available to them are not at all what they envision for themselves.
And they don't see much of a future.
And so if you're feeling that you're consigned to, you know, being a barista or, you know, some other job that doesn't pay a lot and doesn't have much of a ladder of opportunity attached to it, then the idea that maybe, just maybe, you could be part of a political revolution is pretty appealing.
I mean, I'm still trying to understand the revolution part.
It's a false promise.
But I don't think you tell idealistic people they bought into a false promise.
Okay, we're going to parse this here in just a second.
I want you to hear the second part of this, and then we'll have at it.
It is important to recognize what's going on in this election.
On the one hand, a kind of populist, nationalist, xenophobic, discriminatory kind of approach that we hear too much of from the Republican candidates.
And on the other side, there's just a deep desire to believe that, you know, we can have free college, free health care, that what we've done hasn't gone far enough and we just need to, you know, go as far as, you know, Scandinavia, whatever that means.
And half the people don't know what it means, but it is something that they deeply feel.
Okay, she's telling a bunch of her donors.
Let me set the stage for what's going on here.
Remember, at this point in time, her donors are nervous as they can be.
Hillary can't put away Crazy Bernie.
This is February 16th.
They're having their debates on Saturday nights.
Crazy Bernie's got all kinds of these huge crowds showing up, and Hillary can't draw flies like she never has.
The only thing guaranteeing her the nomination is the super.
Oh, there's another thing guaranteeing her the nomination.
The Democrat National Committee was actively sabotaging Bernie Sanders' campaign.
And we learned this during the Democrat National Committee with a leak of hacked documents from WikiLeaks.
So we learned that Hillary and the DNC were actively sabotaging Bernie Sanders' campaign.
So in the midst of Bernie Sanders owning the campaign, I mean, that's where all the excitement is, Hillary's going to these fat cat donors of hers and trying to explain what's going on.
She wants to reassure them.
And in the process, she has to categorize and characterize crazy Bernie's supporters.
And she says that they're basically new to politics.
They are children of the great recession.
They have lived in an absolute dismal economic climate for the last eight years.
She doesn't say that, but that's what she's admitting.
They are a product of the Obama economy, which is a stinker of an economy.
They are living at home in their parents' basement.
They got their education.
And they expected to become very wealthy right out of school, being snapped up and hired, and everything going to happen right then and there.
And it hasn't.
The future they thought wasn't there.
Who told them about that future?
We're talking the millennial generation.
Who promised these kids that future?
Who put the idea in their head that all they had to do was go to school, get out of school, get a degree, and the world would open up to you?
Who put that idea in their head?
Who's been talking about this great economic recovery for eight years?
Who's been touting all the new jobs that are out there?
Who's been lying about all this great opportunity manifesting itself?
Obama.
A Democrat Party and Hillary.
So these people believed what they were told by the Democrats.
They bought it.
Hook, line, and sinker.
And Hillary is now telling her donors that these people have bought a lie.
They've bought a lie because they're naive.
They're not politically experienced.
They're brand new to it.
They're idealistic.
And they're listening to a guy that is promising to give them everything.
And we can't give away any more than we already have.
They want free education.
They want free everything.
We don't have it.
They're not satisfied with what we have.
We can't give them free health care.
We can't give them free education.
Well, that's what they thought they were being promised.
I am here to tell you that a significant number of Americans thought Obamacare equaled free health insurance.
And some of them even thought it meant free health care.
Because that's the impression that Obama was leaving.
That's the impression the Democrat Party was leaving.
The Democrat Party lies to its constituents.
Here comes millennial constituents believing it and then finding out it isn't true.
And Bernie Sanders is positioning himself as an outsider.
Somebody tells the truth and people are glomming onto him, particularly the young.
She doesn't address the free marijuana that crazy Bernie was talking about, too, but that's all part of the mix.
But I found it incredibly interesting here.
They don't see much of a future.
Certainly not what they envision for themselves.
So if you're feeling that you're destined to be a barista, why did that name pop?
Why did Starbucks come into her head as something to categorize these people?
So if you're thinking that you're being a barista doesn't pay a lot, doesn't have much of a ladder of opportunity attached to it, when you realize that it's not coming together for you, then naturally you're going to become a member of a political revolution.
That's very politically appealing because what she's saying here, these kids need somebody to blame but themselves.
And so they join this political revolution.
It's Bernie Sanders' business because they get to blame somebody besides themselves.
And then she sets herself up with their donors as saying these kids don't appreciate.
They're demanding free this and free that as though we haven't done enough for them.
Now, you can imagine if I were, and I could never be, but if I were your average card-carrying liberal today running around and I had a track record of your average liberal politician and my voters were demanding even more, I would be offended.
I would say, do you people, I haven't done enough for you.
I've given you everything you've got and you want even more free stuff.
Where do you think it comes from?
Even as a liberal, I would be offended.
And it sounds like Hillary is part the way there.
Even though she is when she talks to them, remember, she's talking to her aged donors here, and she's trying to appease them.
When she shifts audiences and she goes out and talks to these millennials that are disillusioned, she has no trouble whatsoever promising them free health care.
She's talking about forgiving their student a loan debt.
So she's talking about free student loans.
So when she talks to them, she's got the same proclivity to lie to them just like Bernie Sanders did.
But when it came time to reassure her donors, then she sought to impugn them, like she impugned Trump's voters as a basket of deplorables.
September 9th, 2016 in New York City.
This is Hillary during her campaign fundraiser.
This is the deplorable comment.
It's important.
Half of Trump's supporters into what I call the basket of deplorables.
Right?
The racist, sexist, homophobic, xenophobic, Islamophobic, you name it.
Right.
That's Trump supporters.
So you see, Hillary Clinton actually has, as I have always known, and is the case with most liberal Democrats, they have contempt to one degree or another, even for their own voters, ladies and gentlemen.
And here's Jennifer in the Bay Area of California.
Great to have you, Jennifer.
Welcome.
I'm really glad you waited too.
Thank you.
Thank you so much, Mr. Limbaugh.
I just wanted to say this is my first time calling, and I'm a great fan of yours.
I listen to your show every day when I drop off my kids.
And I just wanted to make a comment on this supposed tax scandal with Mr. Trump.
I'm self-employed.
I've owned a small business since 1997.
And in 2006, I made a $50,000 real estate investment.
In 2008, the development project, it basically didn't make the money that it was supposed to make.
So I lost my $50,000.
Okay, so then my CPA, who's also a tax attorney, he told me that I was allowed to take that $50,000 and offset it for the next couple of years on my personal income tax.
So this whole thing about him not paying any taxes for however many years, it's a common thing.
And I think the average American who is not self-employed and they don't understand the testing.
See, it's not, that's the point.
It's not common.
To the average American, it's not common.
To somebody like you and most people that know about these things, but it's not common in terms of to whom it happens.
And so Hillary can easily demagogue this, as she's doing by saying Trump has made no contributions to America.
Right.
And that's not true.
I mean, my husband and I, we're both self-employed.
We're very hard workers.
We're both educated.
We understand the amount of payroll taxes that we've paid out, the health insurance that we've paid out over the years for our employees.
So we get it.
And it's just, it's really sad that she's saying this about hardworking, self-employed people.
We're allowed to do this.
The IRS allows us to do this.
Hey, this law was written by Democrats on the House Ways and Means Committee.
I don't know how many years ago.
Look, Jennifer, you remind me of something.
This actually is an opportunity.
One of the points I've been making on this program today is how easily the Clintons have gotten away with the same line of crap about their opponents for 20 plus years now.
They get away with all of this.
Taxes are investments.
Taxes are contributions.
And if you don't pay a tax increase, you're not investing.
This is an opportunity for Trump to put an end to this stuff.
This is all of this stuff.
If he wants to react to it, if he wants to try to tell the truth about it, if he wants to take the time.
Now, you run the risk of sounding defensive when you do this.
You sound the risk of looking defensive.
You run the risk of having the media portray you.
Wow, that attack must have really hit home.
much time trump is spending on but at some point somehow this stuff has got has got the education and the amount of information that reached the american people has got to change It's got to improve.
There are certain realities of life that they need to be made aware of so that the Democrats can no longer demagogue them and use them and get away with maligning and impugning people who haven't done anything wrong.
Trump has not done anything wrong.
There are people that lose money in their business, like you, Jennifer.
There are people that lose money in their businesses every year.
Most people do.
Particularly startups.
And the real story is what happens.
What do they do?
Do they come back?
Do they wallow in it?
Do they find a way to rebound or what have you?
There are inspirational stories.
I'm sure you could tell an inspirational story about how you recovered from these bad years that you've had because everybody has them.
Everybody that takes a risk.
And I'm sick and tired of the Clintons, particularly the Democrats, getting away with demagoguing these things that are not errors.
We've got Hillary's tax returns from 2015, last year, the one that she just released her tax returns on, and it shows something strange, something awkward on page 17.
Line 14, long-term capital loss carryover.
Enter the amount, if any, from line 13 of your capital loss.
And the amount is $699,540.
Now, that's not on the scale of Trump's $915 million.
But in a nutshell, Hillary Clinton took a capital loss of $699,000 in 2005, as was reported on her tax return.
Where is the outrage?
Nobody even cares to report it.
That capital loss, she's allowed to carry that forward, and it will affect how much income tax she owes in future years.
Same thing that we're dealing here with Trump.
Claremore, Oklahoma, next.
This is Catherine.
It's great that you waited.
I appreciate your patience too.
Hi.
Hi, Megha Dittos from A Rush Baby.
Thank you.
Thank you.
I really appreciate that, too.
That means you've been around for quite a while from the formative ages.
Oh, my mom has been listening to you since 88, 89.
So, long time.
I genuinely appreciate that.
I really do.
Thank you.
Okay, my point that I wanted to make was, you know, Hillary's going to bring up the tax returns at the next debate.
And I think Trump has, he gets offended by her, and it's almost like he tries to argue the point to Hillary.
It does not matter to the Trumpists.
It does not matter what is in those tax returns.
There are certain people they're just going to vote for him, no matter what's in it, what it says.
And he tries to argue the point back to her.
He just needs to point out the facts and say, I did nothing illegal.
I took advantage of your laws that you put into place.
I have been audited by the IRS.
They have not penalized me for anything.
And then he needs to end every segment with, on the other hand, I could have done something illegal, like put a server in my bathroom.
Or yes, you want to point out that I'm a sexist and I do horrible things to women, and you said it earlier.
How about the money you take from Saudi Arabia?
He just needs to do, at the end of every question that he's got, take his two minutes, state your facts, and then turn it to her because she's done enough stuff.
Pay to play, Denghazzi, the email scandal, you know, the money that she takes.
He's got enough ammunition against her to let that be the last thing he says.
Okay, I think what I hear you saying, correct me if I'm wrong, is that in the next debate, Trump needs to look at the camera saying all this stuff and not look at Hillary and say it to her personally.
Yes, because, I mean, she's a moron, if I can say that.
You can't argue stupid.
You can't argue with her.
You can't say anything.
She's going to put that smirk on her face.
She's going to say whatever she wants to say.
She's going to lie through her teeth so that she looks good.
He needs to not take that personal.
He cannot let that affect him and talk to the people that he needs to reach.
Because like I said, there are certain people that are never Hillary.
There's your Trumpist.
They're going to vote for him no matter what.
He's got to go out of his comfort zone, I think, a little bit, and try to reach those people that are really on the fence.
And don't talk to her.
Yeah, I mean, I know it's a debate and you have to debate her, but make it about those people and point out the facts and then always leave it, you know, because he brought it, you know, nobody's going to.
No, no, wait.
Wait, let me ask your opinions.
You remember the last debate when Hillary started speculating why Trump won't release his taxes?
Yes.
She wasn't talking to him.
She was looking right at the camera.
Maybe he's not as rich as he's told us.
Maybe, maybe he has lost.
Maybe she gave all these things that could have been.
She never once said maybe you.
She said she was talking to the audience.
Maybe he.
That's what I hear you advising him to do.
Whatever he says, do not get into a back and forth with her.
Just lay it out for the audience is what I hear you say.
I think that would benefit him with the voters that are truly undecided, that they really can't decide.
I think that would benefit him there.
Because like I said, there are certain people that are just going to vote for him.
It doesn't matter if he stands up there and says nothing.
They're still going to vote for him.
Well, there may be, folks, there may be something to this.
The sustainability millennium crowd, millennial, I'm sorry, millennial crowd, they really don't like what they construe to be insults.
And an insult can be just saying something to somebody that's not nice.
It just, they don't like it.
It makes them nervous, and it does not endear them to anybody.
But if what I hear her saying is what Trump ought to do is just speak in these debates as though he's informing the audience, not calling her out or any of the sort, then that may make some sense.
But regardless, and I appreciate the call, Catherine, what I'm hearing here today, folks, are a bunch of people that not think Trump could be doing better in all of this.
Which, yeah, it's an interesting observation.
I got to take another break.
I'm sorry, I have to.
We'll be back.
I know you don't want to.
I don't either, but I got to.
You know, I know it's like spitting into the wind, but I'm going to say this anyway as a general proposition.
Because, you know, I really can remember the days if we would have, like the stories I, the story I told you about my friend here that I met when I moved to Florida, who died three years later, and I went to Memorial.
I learned things about him.
He never talked about himself the way he was eulogized.
And I didn't know until his memorial service that he had lost everything two or three times, put it back together.
The end of this series of eulogies, people had a newfound respect.
They already loved the guy, but they had a newfound respect for him.
And they were, he had flown missions in World War II that nobody knew about.
He hadn't bragged about it.
He had accomplished a lot, but he'd lost everything at least twice, and I think three times.
Now, in the case of Trump, in the old days, discovering something like this about somebody and then learning that they put it all back together, they recovered from a major, major setback like this, and went on to establish one of the great real estate firms in the country would have been a huge positive.
But in our corrupted politics of today, something like this is now portrayed as scandalous.
And I say this without regard to the fact that Trump is involved in this.
I'm not saying this just to defend Trump.
This is the kind of thing that's happening throughout our culture.
What used to be considered tremendous human character and characteristics is now being portrayed in all too many instances as fraud, thievery, some kind of character defect.
And who is it that's doing these characterizations?
Corrupt politicians are doing it and they're enablers.
Why is there a carryover tax loss law?
Why does it exist?
There's a reason for it.
And you know what the primary reason for the carryover tax laws is?
Jobs.
Without this, without the ability to carry over losses into future tax years, more businesses would fold.
The entire idea of the carryover is to recognize the risks of owning a business amid economic downturns, fluctuations, without some recognition of bad times hitting businesses.
Sometimes there changes in the tax code, sometimes a recession.
There'd be mass layoffs far more often.
You would have business failures left and right if these accommodations weren't made.
These laws exist in many cases for reasons.
Some of the reasons are not good and honest.
Some of them are the result of corruption, too, but this one isn't.
This, actually, in the old days, if Trump were not running for office and he were not a Republican, this would be looked at as a very redemptive story.
And it's the reason he wrote the book, The Art of the Comeback, and how he did it.
You know, without redemption, Hollywood wouldn't exist.
But now, because the subject matter in this instance happens to be seeking the presidency as a Republican, why?
You know, all that feel-good stuff.
No, no, no, we can't permit that.
Trump was dead broke.
He was a billion dollars in the rent.
Remember, Mrs. Clinton, she was whining and moaning that she and Bill left the White House dead broke, and that's why they stole some furniture from the White House on their way.
And that's how they've justified everything they've done since.
We were dead broke when we left the White House.
Why?
Well, legal fees and any number of things.
Well, Trump had the same thing.
So, why is the media not praising Trump for coming back from being dead broke and using the loved and adored tax laws, our brilliant tax code, in order to maintain jobs, to build a stronger company that goes on to create even more jobs?
Over here is Mrs. Clinton taking $22 million in two years for flapping her gums for 20 minutes at a time to a bunch of banks.
And they want to tell me Trump is greedy?
Trump is greedy?
How many jobs has Hillary Clinton created with these speeches that she gives?
You know, this is just maddening the way this stuff gets twisted and turned by a bunch of already corrupt people who then get to try and present themselves as clean and pure as the wind-driven snow.
Thank you so much for being with us today and every day.
I appreciate it.
I'm devoted.
We'll be back here and continue tomorrow.
Don't miss it.
Don't miss any day.
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