November 25, 2019

Here we go again. Another clip to put on Democratic advertising.

They WANT to take your Social Security, America.

We've already posted (and saved to the C&L archives) Lindsey Graham promising Laura Ingraham that there must be cuts to entitlements like Social Security and Medicare to "deal with" the deficit. He said that on camera this year.

That. Medicare. and. Social. Security. Are. Promises. We. Can't. Keep.

And Stephen Moore knows that by planting this seed on Fox and Friends is his best chance to get Trump's ear on more tax cuts for billionaires, tucked into language about the middle class. "Capital Gains Rollover" is conserva-speak for "play the market for free" for rich people.

Transcript via Media Matters:

STEVE DOOCY (CO-HOST): Capital gains rollover, how would that work?

STEPHEN MOORE (HERITAGE FOUNDATION SENIOR FELLOW): Yeah, well this was -- we didn't cut the capital gains tax in the last -- in the bill. We wanted to, you know, the one we passed in 2017. So this is an idea -- not to make this too complicated, but let's say, Steve, if you own shares of General Electric stock. And you sell those shares and then you have a capital gains because you made money on the -- and then if you put that money into buying a new stock, why should you have to pay a capital gains on that? All you're doing is transferring one stock to another. So this is called rollover, and it would allow more liquidity in the market and it would basically say OK, you pay the tax when you take the money out of the stock market, not if you transfer one stock for another.

DOOCY: Final idea, private accounts for Social Security. And you know that people are going to see that, they're going to go, wait, what are they talking about now?

MOORE: Well, this is an idea that I don't know if the Trump administration is going to embrace, but it's something, I think, for middle-class people would be one of the best ways for every American to own stock in America. So, instead -- the idea would be, you know, rather than having to send your 10% of your paycheck into the black hole of Social Security, you would be able to put that into personal account, like an index fund. And that means, Steve, everybody in America would benefit when the stock market goes up.

And what about when the stock market goes down, Stephen? Grandma will go hungry while you Heritage Foundation aholes move tax-free millions from one stock to another.

This idea belongs in the toilet of history. Bush 43 tried it, and got nowhere because seniors and people who hope to be seniors someday know exactly who benefits, the end.

Can you help us out?

For 18 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.


We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service for information on our posting policy.