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David Schweikert: “Top 20% today pays 70, 71% of all taxes.”

Featuring: David Schweikert, Republican | U.S. House, Arizona, District 1

Schweikert: Congress Has Handed Control of Nation Over to the Bond Market

Published April 22, 2024 | Video Starts at 24:28

They pay in their Social Security, they pay in their Medicare, they pay into their unemployment. But from the income tax standpoint, if you take a look, the bottom quartiles functionally pay nothing. Top 20% today pays 70, 71% of all taxes. Mr. Speaker pro tem, how many minutes do I have left? Thank you Speaker Pro tem. So I'll do more of this in a future speech. (24:28–24:34)

CLAIM

Asserts that the top 20% of income earners pay 70-71% of all taxes.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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David Schweikert

“39 cents out of every dollar you sent in went just interest.”
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“Every 110, 115 days, we're clicking off another trillion dollars of borrowing.”
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“Yesterday we had $100,000 a second we were borrowing.”
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“Even if you do the public borrowing, we're crossing over 2.8 trillion this year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 03:21-03:29
“Tax receipts so far this fiscal year are up 7%.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 04:49-04:54
“Medicare is up 10% so far this year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 05:06-05:11
“Medicare [has an] 80, $90 trillion shortfall. Actually I think it's closer to 90 something now.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 05:06-26:08
“We functionally only get to vote on about 26, 25% of all spending.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 06:22-06:29
“The non defense appropriations in this place, it's like 12%, 13% of our spending.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 06:41-06:49
“We already know the interest number now looks like it's going to be 1.1 [trillion].”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 07:15-07:24
“Medicare spending has already moved up almost 10% this year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 07:34-07:39
“We were supposed to only be borrowing about 1 trillion and a half this year. Looks like we may double that.”
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“At 3.5% in functionally nine budget years, we're borrowing almost close to $4 trillion a year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 08:38-08:45
“If we go up to the 5 5, which is historically closer to what we were before... almost 5 trillion in a single year interest.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 08:54-09:23
“Next year a bunch of tcja, which was the tax reform expires, your tax rates go up next year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 11:10-11:17
“We still functionally get a little less than 18% of the size of the economy in taxes.”
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“From today through the next 30 years, 100% of growth of borrowing and most of the growth of spending is demographics.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 12:58-13:11
“Today we spend about $5 for a senior for every dollar we spend for those under 18.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 13:28-13:33
“The 2024 budget will only borrow about 1.3, then it was 1.5, then maybe 1.6. And we're looking at numbers now that the public borrow, that…”
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“They're at now 1,143,6,000,000,000 interest this fiscal year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 15:07-15:20
“39 cents out of every dollar you paid went just to cover the interest and it will be worse next year.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 16:34-16:42
“In eight years, nine years, when the Social Security trust fund is exhausted.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 17:22-17:28
“At that moment, you get a 25% cut in your Social Security check.”
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“2033, first year Social Security is empty. The shortfall is 616 billion dollars.”
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“Every dime of defense is in the 800 billion dollar range.”
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“Understand what the average interest rate was on US sovereign debt, it was 3.5%.”
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“We're almost at Armageddon if we go to five and a half.”
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“Medicare is at 6 point functioning in the 30 year window, gets as high as 6.9% of the entire economy.”
Schweikert: Congress Has Handed Control of Nation Over to the Bond Market | Uploaded April 22, 2024 | 22:19-22:27
“Social Security is another 5.9% of the economy and that's just the two earned retirement programs.”
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“Government spending starts getting around 31, 32% of the entire economy.”
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“Social Security trust fund, it still has another eight years or nine years.”
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“Social Security faces a 39 trillion dollar shortfall over the next 30 years.”
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“Single greatest thing you could do to lower the debt of the United States, produce growth, family formation, all those things.”
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“We were coming up with 5 trillion, 7 trillion. We're right now doing the math, updating that chapter. Turns out I'm not committing to it…”
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