Larry Kudlow strips Biden’s trillion-dollar spending ‘problem’: ‘Save America, kill the bill’

FOX Business host and former National Economic Council director Larry Kudlow joins 'America Reports' to break down President Biden's trillion-dollar spending intentions.

I also want to add the problem is a spending problem, not a tax problem. Latest data just came out -- Federal tax revenues as a share of the economy, as a share of GDP, are now hitting 19.3%. That is virtually the highest since 1960. So revenues are flowing in at current tax rates, that includes corporate tax cuts from the Trump era, at a record pace. So I'd say we have a spending problem [because tax revenue] is booming. And again, as we've discussed in the past, the top 1 percent pay 40 percent of the income taxes. They only earn 21 percent of the income. So they're doubling it. I would say that's paying their fair share. The top 10 percent pay 70 percent of the income taxes and they only earn 50. So I'd say they're paying more than their fair share. Now, whether President Biden owes the IRS another $500,000, I don't know. I'm going to leave that up to the accountants. I'm just saying we are awash in revenues. We do not need more…

It's an endless process. All I can say is save America, kill the bill.

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