, an irs army to look through your bank records because they need to find the charge for these new irs $400 billion to pay for the bill. they are not going to find that from big corporations to have an army of lawyers to fight back and all the tasks loopholes, they will find $400 billion with 80,000 new irs agents for all your listeners, regular people, working-class people and small businesses. laura: connor lamb admitted the middle class will pay higher taxes because they don't have the money for this. they've been lying to biden and manchin and kristen sinema from day one. they quoted the idea about surveilling bank account, initially $500 deposit bank accounts and for a year they start surveilling them, reporting requirements. is that been changed? they were floating a 10,$000 limit but that's millions of americans. >> that is what the slush fund will do, higher 80,000 new irs agents to survey all your bank account. they don't get into the specifics in the bill but create the slush fund to higher this army of irs agents. it is dangerous. it is crazy but that is what they want to do

it's why they've got $80 billion in this bill for an irs slush fund to hire 87,000 new irs agents, any to go out and look through your bank records because they need to go out and find the charge for these new irs agents to go find $400 billion to pay for the bill, so they're not going to find that from big corporations who have an army of lawyers to fight back and they know all the tax loopholes, they are going to go out and find $400 billion with the 80,000 new irs agents from all of your listeners, from regular people, working-class people and small businesses. that's who they're going after to pay for it. >> laura: he admitted it, conor lamb admitted that the middle class is going to be paying higher taxes because they don't have the money for this. they know they don't. they've been lying to biden and manchin and sinema from day one. they've been lying about this. and they said -- they floated the idea, congressman, about surveilling bank accounts, and initially it was $500 deposit bank accounts per year, they will start surveilling them, reporting requirements. has that been cha

irs dragnet, have that information turned over to the irs so they can pour over it and determine whether or not they want to come after you with anill be ready and willing to go if they see anything suspicious in somebody's financial records. elizabeth: it feels like we're bringing back the illegal quota systems into the irs that was outlawed decades ago. this is bad stuff. we'll stay on the story for you with brandon arnold. good to see you, brandon. come back soon. coming out of the bottom of the hour. you're watching the fox business network. still to come, a texas voter gives democrat gubernatorial candidate beto o'rourke a major talking to on the campaign trail. we've got it. find out what he had to say. plus the white house so worried about biden's border crisis crashing his poll numbers, reports that the white house backing off plans to pay illegals separated at the border $450,000 each. major report from axios, trump will restart trump's remain in mexico policy. retired lieutenant-general keith kellogg. this potential nightmare scenario, is the white house up for this if it happens at the same time? fears grow of russia i

the cbo noted that the enhanced irs texas enforcement provisions in the bill will bring in at least an estimated 270 billion dollars of new revenue, but for technical reasons, that piece of the estimate was not included in the official estimate. and if you do include those to 270 billion dollars in the revenue, including in the overall score, then the bill only adds 160 billion dollars to the deficit over ten years. but, there is more. there is a competing estimate by the treasury department. that says, increased times enforcement will generate twice as much, more than twice as much revenue as that cbo estimate. the treasury estimates that the enhanced irs enforcement will generate more than 400 billion dollars in new revenue, close to 500 billion dollars in new revenue. and so that would mean that the legislation would not at anything to the deficit over ten years. and in the statement, about this, the finance security chair, ron wyden, said i am confident in the treasury department system, in which is backed up by experts an irs commissioners appointed by republican and democratic pr

well, they're going to super-size the irs, an army of irs agents to audit more people.he other day on the air you talked about how people tried to save money in the nest egg. this biden administration, the democrats, they want the eggs out of your nest. had they have five different programs in here to give money to illegal immigrants. you can go page by page, item and item, wasteful spending and regulations that are going to drive up the cost of energy for american families through the winter and into next year. people are facing more inflation. i think we're going to face the most expensive christmas ever and that's if you can even get gifts to arrive as a result of the gross mismanagement by this administration. no respect for taxpayer money. maria: absolutely. we're looking at some of their programs in this build back better plan. and we know that it's half a trillion dollars in climate initiatives and money for illegal migrants and felons eligible for $45,000 a year in government programs here. you're saying that since she got a vote on the infrastructure package, s

only that commissioner, but the former commissioner has subscribed to, for better modeling at the irs, an investment in allowing auditors to upgrade their own skills. your chances of being audited are not greater if you are paid in dividends and capital gains. the last point, this is really important, if you are a working american, because of withholding taxes, we have north of 95% compliance in america and we should be proud of that. that means people who get paid week to week with wages, they pay their share. the problem is in the upper echelons of the american economy. republican irs commissioners and democrat irs commissioners agree on that principle. rep. pelosi: in the legislation, they charge for the investment in training the irs and hiring more people, but they do not see the upside what you get from that in terms of increased collection of taxes. also, it is a deterrent, because people will know that more people are looking at tax returns at the high end, with high-priced lawyers. as the chairman said, you're more likely to be investigated with earned income tax credit, these ar

this administration must think the american public loves the irs, because it wants to pay an additional $80 billion to the internal revenue service to supersize the irs. this supersize irs will do more auditing and squeezing of the american people for taxpayer dollars. the american people have lost confidence in this administration. they do not believe the president or this administration is up to the job. >> on the border, as two of my colleagues have pointed out, the administration managed to being does bring attention back to their failures about the border by talking about these outrageous settlement numbers. the context at the border in the first nine months have been five times as high as they were du ring the trump administration in the year when it was most challenged at the border. 1.5 million encounters already this year. fentanyl seizures are up 2.5 times what they were in 2020 on a monthly average, from day one. when the administration decided to stop building the wall --in fact, we will not replace the wall that is temporarily down while a barrier was being built to replace

they have estimated that an improved irs could bring in more revenue.ocrat moderates have been asking for a cost analysis. those inflation risks are building up in china. the producer price index rose 30.5% from year ago. meanwhile, the consumer price index is up 1.5%. consumer prices and china have been rising rapidly in the past few months. doordash has agreed to its biggest purchase ever come a buying a finnish delivery company. this as doordash posted a 40 high present revenue in the quarter. a british retail chain raised its forecast again thanks to strong food sales and a recovery and clothing demand. the ceo warned over rising cost pressures and says there are still supply chain problems. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> these business will be more focused. they will be a greater level of accountability. we should have sharper capital allocation, more strategic >> ability, and it is going to be goo

when you get asked this morning about aren't you embarrassed, that's an ir rational question to ask ceos about their company policy. to ask and vilify you and say will you repudiate your membership in a manufacturing institute to then say and repeatedly ask the question and badger you. that's because you've been appeasing. i'm not saying you shouldn't do your best to reduce carbon emissions and run a clean company. i'm saying you have been brought here so they can beat the crap out of you. that's what this is all about. they're doing it for political reason. that's the shame of it all. this is a hearing where the democrats attack american workers in the private sector. the president and his allies in congress have consistently advocated for policies that have led to higher energy prices and increased inflation. some of the inflation is systemic but some is drven by scarcity. i hope you get the lesson because if nothing else i say matters, i think you need to know something. these folks will regulate you right out of business tomorrow if they could. don't pretend otherwise. no matter how

this administration must think american public love the irs because the administration wants to pay an additional $80 billion to the internal revenue service, they want to supersize the irs and then they supersized irs will do more squeezing of the american people for the taxpayer dollars. american people have lost confidence in this administration they don't believe the president or this administration is up to the job. >> on the border is pointed out, the administration managed to bring attention back to their failures at the border by talking about outrageous settlement numbers. the context at the border in the first nine months have been five times as high as they were during the trump administration in the year when the trump administration was most challenged of the border, one and a half million encounters already this year. functional seizures are up about two and a half times what they were in 2020 on a monthly average. from day one when the administration decided we are going to stop building the wall, not even going to replace the wall, it's temporarily down while a barrier

now that the moderate democrats got what they wanted in an ir' -- infrastructure vote on a bill thatrt the reconciliation package. i mean, josh gottheimer actually said that. he has said that repeatedly, give us the infrastructure vote first, and then we'll support the reconciliation package. so i do believe that it paves the way for this to get done. dagen: congressman bill johnson, thank you so much for being here this morning. always a pleasure, sir. >> thank you very much. dagen: coming up, the crypto craze gets a new backer, apple ceo tim cook on the future of crypto at the company. plus, a priceless pincher, how's this, cotton candy lobster became the catch of a lifetime for one lobsterman. ♪ at t-mobile for business, unconventional thinking means we see things differently, so you can focus on what matters most. whether it's ensuring food arrives as fresh as when it departs... keeping crews connected as they help build communities... or providing patients the care they need, even at home. we are the leader in 5g and a partner who delivers exceptional customer support and facebo

that being in the country illegally is no longer a sole reason for an immigration officer to make an irs. that is ridiculous concept. to deploy in the middle of a border crisis, a memo that reads that. it falls in line with the open borders they have implemented. the border crisis we have seen on the border, the secretary sends out a memo which says this, the fact that individuals is a removal noncitizen therefore should not alone be the basis for any enforcement action against them. being in the country illegally s no longer illegal, and i.c.e. agents can't arrest them. the priorities listed are agents that pose a national security threat, pose a significant danger to the community, and recent border entrants. recent border entrants are not a priority in practice, no matter what the memo says. the recent border crossers they have arrested, that number is close to zero, which means removal of recent border crossers arrested by is close to zero. the fact so far this fiscal year, they have over 600,000 illegal aliens reaching the u.s. shows the operational reality, they are not priorities

an investment in software for better modeling at the irs. ent in allowing auditors to upgrade their own skills. your chances of being audited over the eitc are now greater than your chances of being audited if you're paid in dividends and capital gains. and the last point, this is really important. if you are a working american, because of withholding taxes, we have north of 95% compliance in america. we should be proud of that. that means that people who get paid week to week, with wages, they pay their share. the problem is in the upper echelons of the american economy. now, republican irs commissioners and democratic irs commissioners, they all agree on that principle. >> i understand that. and to your -- >> in the legislation, they charge for the investment in training the irs and hiring more people, but they don't weigh in the upside of what you get from that, in terms of increased collection of taxes. and also, it's a deterrent, because people will know that now there are more people looking at the tax returns at that high end, with the

specifically all the new irs agents who are going to be hired, an army of irs agents to do more auditsthe experts are telling us that 30% of middle class americans will end up paying higher taxes and what nancy pelosi has shoved in, the special tax breaks for millionaires in california, new york, new jersey, that is actually going to give a tax break to two-thirds of the millionaires in america. the reason i think prices are going to go way up is because of some of the things that they have put into the bill on energy and on climate which are going to raise energy costs considerably in the year ahead at a time when the american people are already paying sky high prices to heat their homes, to drive their cars, to buy groceries and inflation as we know hurts the most vulnerable. who gets hurt with inflation? it's the poor people, people living on a fixed income. it's the elderly. it's all of these folks struggling to get by. i would have never believed that joe biden in just ten months in the presidency could bring us to a 30-year high of inflation. >> let's talk about the infrastructur

irs each year. total dollars that come into an account and total dollars that have gone out. this means the irs can spot wealthy tax cheats that have millions of dollars flowing into an account but they're not reporting any money on their tax return. now, many rich people are unhappy -- are happy now with the current system and banks who serve them are also happy. so they started a campaign to keep the irs in the dark about tax cheating. and some of these folks are just outright lying about the proposal, claiming, for example, if we give the irs information on individual transactions, some republicans have picked up on these lies. just to set the record straight under this proposal if i bought new tires or a couch or a cow would the irs know about it? >> no, they would not, senator. >> if i paid my friend or paid him back for buying me a cup of coffee, would the irs know about it? >> no, they would not, senator. >> would anything, anything at all in this proposal cause the irs to increase audit rates on folks making less than $400,000 a year? >> no, senator. it would actually

irs. the reality is people in their earn theirincome through partner other ways in which they can sell an asset for $2 million and put that in the bank account and tell the irs they only earned 100,000. they can level the playing field. i hope everyone that is watching is listening to an explanation that requires a little more questions. they know federal taxes. they will literally be having access to investigate their accounts. top 1% or 2% of americans you don't need a threshold $600 or $10,000 as the captures of all the information, all the transactions of everyday americans but the ones working paycheck to paycheck shouldn't be forced to have an additional burden of whether the irs is going to be investigating them and harassing them. that is an actual additional burden on the working-class americans. >> the president is willing to work with congress on the threshold on ways to protect and w-2s and those that get payments. the goal is making sure people who don't pay the taxes they owe pay the taxes to make sure we have the money to pay for things like infrastructure and childcare. to

the former commissioner subscribed to as well in investment in software, for better modeling at the irs, an investment in allowing auditors to upgrade their own skills. your chances of being audited over the eitc are now greater than your chances of being audited if you're paid in dividends and capital gains. the last point, and this is really important, if you are a working american, because of withholding taxes, we have north of 95% compliance in america. we should be proud of that. that means that people who get paid week to week with wages, they pay their share. the problem is in the upper echelons of the american economy now. republican irs commissioners and democratic irs commissioners all agree on that principle. >> in the legislation, they charge for the investment in training the irs and hiring more people. but they don't weigh in the upside of what you goat from that in terms of a brief collection of taxes. and also it's a deterrent because people will know there are people look tagtd tax returns with their high-priced lawyers. as the chairman said clearly, you're more likely to b

the former commissioners have subscribed to these as well an investment in software for better modeling at the irs and investment in allowing auditors to upgrade their own skills. your chances of we should be proud of that. people get paid week to week with wages pay their share. the problem is in the upper echelons of the american economy. republican machinist and democratic commissioners all agree on that principle. >> in the legislation they charge for the investment in training the irs and hiring more people but they don't wait in the upside of what you get in terms of increased collection of taxes and is also a deterrent because people will know that now their army -- more people looking at the tax returns with high price lawyers. as the chairman said, you're more likely to be investigated if you are an earned income tax credit. these are low income people in our country who don't have high-priced lawyers and they get more audits than the wealthiest. >> this is a huge vote today but it won't be the last vote. are you confident you can keep the momentum going to get the final version to the pr

particularly an issue is increasing funding for the irs.roponents say they will be targeted only at audits of higher income individuals. i heard anecdotally that members are concerned about increased irs enforcement. one of the provisions not included in the house bill but reports it may be revisited in the senate, and irs and treasury are pushing hard for it, is the increased irs reporting which would require financial institutions, banks and credit unions, to provide annual gross inflows and outflowss of customers. they may limit it to essentially business owners. that would be concerning to nfib members to have banking information, their annual gross inflows and outflows reported. the irs would target their audit based on that, but would increase their audit rate of business owners as a result. there are concerning proposals out there related to the increased irs enforcement and increased irs reporting. we will see wooden's of being in the proposal -- what is and the proposal. -- in the proposal. marion from georgia. caller: i have three

an overall look at the map here. everything else is looking pretty nice this morning. reggie: the irs looki looki looi people who use payment apps. what to look out for if you have an mode or paypal. >> supply chain issues wow, no braces, everything's hands free. >> supply chain issues reggie: i i wasn't so lucky. invis is not your parent's braces. invis is faster than braces and the clear aligner brand most trusted by doctors. invisalign. smooth dark chocolate, refreshing peppermint, enter york mode. ♪ rich chocolate candy and creamy caramel. that's how you rolo. ♪ hey at&t customers... that's how you rolo. there's never been a better time to switch to xfinity. get the fast and reliable internet you deserve, for only $19.99 a month for 12 months. and, for the first time ever, we'll give you 12 times the speed for the same price when you add xfinity mobile. that's more speed and you'll save hundreds over at&t. switch now to xfinity internet to power all your devices and get started for just $19.99 a month. plus, for a limited time, get $300 back and a 5g phone on us. get this deal bef

our mailboxes because of the new reporting requirements from the irs to your financial institutions. i wanted to preemptively make that an impossibility, getting 60 republicans on in about 24 hours and talking to a few colleagues on the others who were able to get part of this taxing and spending bill out of it. it also sends a negative message to 7 million on banked -- million unbanked americans that being involved with financial institutions in this country makes you more likely to be audited, a scary proposition that would reduce reliance on our banking system, so opposing that with all my republican colleagues and a couple colleagues on the others. -- on the others. -- on the other side. mike: you mentioned unbanked people. when you go home, that is a big issue in south carolina. sen. scott: the percentage of south carolinians who are un banked is about 17%. one out of every five south carolinians have no good relationship or no relationship with financial institutions. they could be dangerous and it also means they are not able to avail themselves to the entire portfolio that might be available at their financial in

intent to pay is by hiring 87000 new irs agents and army to spy on your bank account, find $400 billion, they're knocking to find different big corporations who have anrmy of lawyers themselves and tax loopholes to fight back. they will fight for hundred billion dollars from small businesses and from hard-working families. that is how they will find it. and 87000 new irs agents in 80 0 billion-dollar/fun for the irs to do it. the tax cuts they have not put a lot of detail into that. it's a monstrous bill that were still unpacking nobody has read all of it yet, we will learn more in the days to come but for now remember the 87000 irs agents are gonna become an army and more involved in your daily lives and be spying on your bank accounts. larry: the snoop, snoop, snoop stuff is still in there. i was just asking because i don't know what the corporate tax rate was going to go up to them whether 50% minimum tax or whether they would tax millionaires and billionaires on capital gains, i don't think that anybody knows that, if you guys don't know what you the experts. i don't know who the heck knows it. it's all exercise and ludicrous. i want to give you

when you get asked this morning about aren't you embarrassed, that's an ir rational question to ask ceos about their company policy. to ask and vilify you and say will you repudiate your membership in a manufacturing institute to then say and repeatedly ask the question and badger you. that's because you've been appeasing. i'm not saying you shouldn't do your best to reduce carbon emissions and run a clean company. i'm saying you have been brought here so they can beat the crap out of you. that's what this is all about. they're doing it for political reason. that's the shame of it all. this is a hearing where the democrats attack american workers in the private sector. the president and his allies in congress have consistently advocated for policies that have led to higher energy prices and increased inflation. some of the inflation is systemic but some is drven by scarcity. i hope you get the lesson because if nothing else i say matters, i think you need to know something. these folks will regulate you right out of business tomorrow if they could. don't pretend otherwise. no matter how

i'm not sure if the irs part is changing, but they wanted to add an extra 80,000 agents which would moren double the current number of irs agents. they were tickly wanted to keep up the expertise within -- they were particularly wanting to keep up the expertise within the irs. to design their wealth and holdings and tax in a way that will avoid having to pay big taxes. i'm still interested in hearing more about the efficacy of the new taxes and tax enforcement measures that the democrats are proposing. and how sure we can be that they will actually produce the revenues they say it's going to be. i think that's a good thing to keep an eye out for as we see congress come back next week and continue deliberations and hopefully come to a vote on the bill back better act. host: let's talk to michael who was calling from tennessee. good morning. caller: what's going to bring inflation down is when biden get through, are you there? not interrupt the bill back plan and let biden get own with what he's trying to build and passing out the stimulus the people less fortune and the rich people. the s

irs? >> the fed has an issue and "the issue is" the fed as well as congress is controlled by people.y have great policy whether to monitor or fiscal, it doesn't always necessarily benefit our citizens so what's happening with bitcoin, it's a beautiful program, somebody played by humans, you don't create more circulation or revenue stream so what we are seeing with the expansion of the money supply rapid inflation in the numbers are probably underestimated how bad inflation is and that's why people are taking their money out and flooding the bitcoin market which is by the bitcoin price has gone up to record levels. they know they are losing money having the money in a baking account. kennedy: i can't wait to see you make money and the people of miami benefit from this experiment which i think will work in your favor, i hope more people in power are forward-looking like you and stay out of people's lives. thanks for coming back, appreciate it. >> appreciate it, anytime. kennedy: coming up from lawsuits against travis scott after the deadly tragedy at astro world. details on that plus h

i know you recently wrote an op-ed about this idea of building the irs after a decade of decline to seek have been taxed. how much of a revenue driver would that be? >> i think it's an enormous revenue driver the irs has been de-funded for 10, 20 years now that means we don't have the resources for the irs to be effectively watching, especially in the case of complicated tax returns, which is where most of the money and most the tax revenue will be, watching carefully, rebuilding the irs will give us the ability both to have that kind of auditing done, but as importantly, we have a voluntary compliance system. when there is a perception that the irs is on top of things, 95% of people comply when there's a sense that the irs is not watching, that goes down to maybe 50%. and i think what this will do is create two things. first, the ability to catch mistakes and cheating, but it'll also bring people back in to do what they should do anyway, which is follow the law. i think when you look at the estimates, it's a bit confusing because it's a technical thing, but some estimators do give you c

this is also what you say when i couldn't ire trying to discredit an investigation and there's not going to be a political price to pay if you're wrong. the proof will be in what the evidence shows. the whole point of issuing a subpoena to roger stone is to find out what is on paper in terms of his involvement and the government should have some more information about that. i would say we'll have to see. >> that would be of course the valid process. if some of this goes his way from the evidence or whatever, then maybe it clears some of these individuals by cooperating with, again, a bipartisan probe. i want to thank emily and melissa for kicking this off. >>> we have a lot coing up. there's a new guilty verdict for the charlottesville neo nazis. i'll explain. >>> the jury deliberating in the ahmed arbery case. >>> first, as you see on your screen, dr. anthony fauci live with me right after this. ony fae with me right after this bogeys on your six, limu. they need customized car insurance from liberty mutual so they only pay for what they need. woooooooooooooo... we are not getting you a

the white house is banking on the idea that giving the irs an extra $80 billion will bring in an extrabetter plan. i say the democrats are dreaming. that's my take. it is next. ♪. .. what's strong with me? what's strong with me? what's strong with me? what's strong with me? with me! with me! what's strong with me? with me! with me. ♪ ♪ traveling has always been our passion, even with his parkinson's. but then he started seeing things that weren't there and believing things that weren't true. that worried us. during the course of their disease, around 50% of people with parkinson's may experience hallucinations or delusions. and these symptoms can get worse over time. nuplazid is the only approved medicine prescribed to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have cer

are big debates amongst economists about how much money you can raise from increased irs enforcement. i think it's an open question because we haven't seen that level of investment in the irs so we're trying to project something that hasn't happened before in history. we'll see how it plays out and if cbo has to adjust baselines in the model in order to keep up with what the reality of those investments might be able to net. >> it's been pointed out a lot that the cbo is obliged to take at face value what they say, regardless of the tricks of the way you hide the costs the penn wharton model is 4.6 billion, because you have programs for a year or two, but ten years of tax revenue, none of the programs likely to be phased out there's another model, the committee for responsible federal budget pegs it at 4.9 trillion, so arguing whether the irs can get a couple hundred billion. it's either 4.6 trillion or 4.9 trillion one op-ed, this is the journal, this is the most dishonest spending bill in american history. you're right, mccarthy set a record the previous record was when speaker pelosi was minority

. >> harris: if we could ever take money back and kill an agency, we might want to start with the irsbut it's hard to take them out once you put them in to play. >> mollie: that will be happening. or talk about it on election day because of democrats were caring about the prospects today, they would've passed the infrastructure bill with bipartisan support and that is what they're not doing. what they are not doing as it being the moderate and uniting party that they claimed they would be when they did take the white house, the senate at this time. they have not been governing. they've been nearly holding onto power. they are governed with the cori bush style agenda and that was causing problems in virginia and that's going to cause massive problems a year from now as they have to defend a lot of house seats that are full of people that are not happy with the democratic agenda. they are in a mess right now, but it is a mess of their own making and they did not think through this as well as they should have. >> harris: and senator ted cruz is right about this. there are other moderates

this is an increased audit risk for all, regardless of what you're earning and regardless of whether or not you are in compliance that's the concern here. >> looking at the irsonor system you have people who always pay what they owe and people who cheat if you do it on the honor system that's the way it works out. you have a fair point, both of you, this may not be anywhere near the income that the democrats are counting on. i think the cbo will show us that later this week again, you can look at the two questions and maybe come out with a different answer on each. thank you both for being here. we'll have you back to talk about it after we see the score from the cbo. >> thank you. >>> coming up one of wall street's top chip analysts says nvidia remains a top sector pick despite the huge runup "squawk box" will be right back from the nasdaq market site in times square back to the office. hey, i can help you do that right now. high thryv! thryv? yep. i'm the all-in-one management software built for small business. high thryv! help me with scheduling? sure thing. up top. high thryv! payments? high thryv! promotions? high thryv! email marketing? almost there, h

overall figured is $367 billion, but the cbo analysis does not account for an additional $200 billion in revenue from enhanced irsment. this means the bill increases the deficit. listen. >> so, america, the results are in. now we know, it was all nonsense. just nonsense. the claim that this cost zero and reduces the national debt, nonsense. >> moderate democrats would not let the houseboat until they got a cbo score. they seem satisfied despite holding out for weeks. >> as it relates to climate provisions, not requiring that to be paid for because we don't see the cbo estimates take into account the cost of inaction, and it is consistent with the house to pay forward for this congress. >> the bill now goes to the senate majority leader chuck schumer aims to pass the bill by christmas, but the bill must change to meet the demands of moderates like joe manchin. it may be a challenge for liberals in the house to accept the bill. january they try to align with the senate. >> sean: in the meantime, debt ceiling problem if i'm not mistaken by december 3rd, chad? >> december 3rd, and janet yellen, they have a little mor

i think it is important the irs have visibility into opaque income streams and that is an important way of improving tax compliance. it is not targeted. sen. scott: if you're looking to catch tax cheats, why would we start with something as low as $600 and then revamp it to $10,000? if you're trying to find millionaires and billionaires who are not running lemonade stands, i do not think they are, they certainly are not making minimum wage. when you create a new approach to having the irs search through our account records and our financial institutions -- sec. yellen: it is not searching through anyone's records. sen. scott: or compelling our financial institutions to forward our information to the irs. sec. yellen: it is not detailed information about what you are doing in your bank account. sen. scott: aggregated information going to the irs is the scariest proposal, there is no way it has to be anywhere near the threshold you started with in order to find a way to take accountability for those complex organizations. sen. brown: senator scott your time has expired. sen. scott: if we

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. >> at the last count the irs received 115,000 protest letters. >> we've got to raise up an army ofk to moral sanity and sensible. i call that the moral majority. ♪ this landed is your land ♪ >> the moral majority. the mission of falwell's new political army was to restore america's christian identity. >> a sleeping giant is standing up. >> falwell's movement became a political force. >> we want prayer! we want prayer! >> protesting abortion, homosexuality and women's liberation. >> he says it's adam and eve, not adam and steve. >> number one, get people saved. number two, get them baptized. number three, get them registered to vote. >> the moral majority claimed to have registered millions of christians to vote in the 1980 election, helping ronald reagan win the white house in a land slide. >> preserve, protect and defend the constitution of the united states. >> so help you god. >> so help me god. >> the former hollywood actor became the perfect spokesman for christian values. >> i believe that faith and religion play a critical role in the political life of our nation and always

an estimate that it will increase the deficit $160 billion over 10 years. the president was not telling the truth. sec. psaki: to go back to the content facts. the irs enforcement component, something commended by former secretary hank paulson, former secretary larry summers, secretaries of treasury from both parties, note there could be significant savings. this is an area where economic experts -- neither of us are one, we can confirm that -- have confirmed there are significant savings that will come from this. they've said they felt comfortable with it because of the expertise out there because of the impacts of irs enforcement. reporter: when the last administration tried to say the cbo was incorrect, you tweeted, washington may tried to walk away from the cbo score, it's awkward and uncomfortable to watch. what is the difference between the trump administration saying, don't listen to the cbo, and the biden administration? sec. psaki: we've praise to the overall work of the cbo on the build back better act. that is what we believe. i would point to the fact that there isn't a great deal of history or experience of scoring irs enforcement. that

committee on tax pumt out an estimate of their assessment of what the tax provisions would be with the $1.5 trillion in revenue. that doesn't include negotiations and increased irsbring in around a half billion dollars. so when you're looking at an investment total of somewhere between $1.75 trillion and $2 trillion and you have have revenue of $2 trillion or more, i think the moderates willful very good about it. >> let me play for you on the infrastructure bill specifically, what republican senator rick scott said this morning about the bill. listen to this. >> here's what i hear from voters. i mean, they watch and say, look, we've got almost $30 trillion worth of debt, we've got gas prices up over 50%, food prices are up. this is all caused by wasteful government spending. then they watch and see a bill like this pass that has, you know, unbelievable wasteful spending. >> that is the republican reaction to a bipartisan bill this morning. i'm curious what you say to that and also do you know how wasteful government spending is forcing gas prices up? >> i have no idea, kate. neither does rick scott with all due respect. he has no idea what he's talking about. y