THE FIVE

Your Tax Dollars Subsidizing Millionaires?

Eye-popping findings in new report

 

This is a rush transcript from "The Five," November 15, 2011. This copy may not be in its final form and may be updated.

ERIC BOLLING, CO-HOST: So the super committee is meeting this week to figure out how to get our financial house back in order. But before they even think about raising our taxes, maybe they should stop using our tax dollars to subsidize millionaires and billionaires like Bruce Springsteen, Bon Jovi and Ted Turner.

Dana, billionaires -- billionaires getting tax subsidiaries. At one point, 2009, $21 million went to millionaires who applied for unemployment benefits.

DANA PERINO, CO-HOST: So, all of these people that have a lot of money, then you can hire a lot of accountants who can help you to comb through our very ridiculous tax code to find all the little things you can do to help save you money. Everybody has been doing it on both sides for a long time.

(LAUGHTER)

Why are you laughing?

BOB BECKEL, CO-HOST: I'm not laughing at you. I'm laughing at Eric. I'm sorry.

I mean, for the last three months, all you've done here is sit here and become a one-man lobby for millionaires and billionaires. And now, all of a sudden, you discovered exactly what I said. They're rip-off artists.

You know, the one that really got me is one who applied for low-income fuel assistance. Now, that's your kind of guy.

BOLLING: Can we just point out what these --

BRIAN KILMEADE, CO-HOST: Resourceful.

BOLLING: Brian, we talked about it this morning. Bon Jovi, because he raises bees on a farm, paid $100 total tax on the farm because it was -- why?

KILMEADE: Well, first off, I don't blame any of these people up there on the board. I don't blame Ted Turner, Scottie Pippen, Bruce Springsteen, Quincy Jones or Jon Bon Jovi. What they are doing is, they're doing what the government offers. They say, I own a farm, I'm going to get some subsidies. Why should I pay extra money for no reason? So, he pays $100 --

BECKEL: And what the government offers is big breaks for billionaires and not for average people.

PERINO: You get them, but we don't have them -- but Andrea and I don't have tree farms or beehives or whatever.

(CROSSTALK)

ANDREA TANTAROS, CO-HOST: Or all the big league accountants --

BECKEL: The 1 percent of poor people who were illegally removed, we'll talk about it later. The 1 percenters are the ones taking advantage of all this. And they're the ones that the law is put together to take care of.

TANTAROS: Then why --

BECKEL: They take care of the rich people. They don't take care of the middle class.

KILMEADE: These are farm subsidies. You don't think of a farm or bees --

BECKEL: Oh, I don't know. I don't know if a low income guy will go out and buy a bee farm, do you?

KILMEADE: I don't know what a bee farm looks like.

(CROSSTALK)

BOLLING: All I know is we're going to start buying bee farms. Dana, I'm sorry to cut you off.

PERINO: That's OK.

BOLLING: If I get Andrea in here because over this weekend, The New York Times -- mind you -- The New York Times told us about these three companies who benefited from Obama's green energy program.

TANTAROS: Oh, let's see which companies are those?

BOLLING: G.E., $3 billion.

(CROSSTALK)

BOLLING: Wait, 1.4 -- but this one right here, this bothers me.

TANTAROS: Google.

BOLLING: Green energy, Andrea. They are getting tax loopholes that they can apply towards their other businesses, web searching, web browsing, selling ads on web. But they are getting Obama green --

TANTAROS: Because --

BOLLING: That's our money.

TANTAROS: Exactly, because the left believes in this industrial policy, right? Big corporations are good when they are doing the bidding of the very far left. And I don't know. Looking at the companies and then looking at the pictures of Bruce Springsteen and all the others, it's like a Democratic donor list. That's the problem.

And people keep saying, well, every administration does this. But this administration said they would be different.

KILMEADE: Right.

TANTAROS: They made a pledge not to do that.

BECKEL: Wait, wait, wait.

TANTAROS: At least the favoritism --

BOLLING: Dana said something yesterday, very important. It was an article by Marc Thiessen who points out some of the things -- the numbers that were in Jack --

PERINO: Peter Switzer's book.

BOLLING: Peter Switzer's book. Eighty percent of the loans given out by the Department of Energy, the green energy loans, had some sort of tie to an Obama donor or investor.

BECKEL: Well, that's --

BOLLING: Can I --

BECKEL: Yes. Please, go ahead. And then I'll try to correct you.

PERINO: Marc Thiessen, who is a friend of mine, he works at AEI. He writes for Washington Post and he was a speechwriter.

KILMEADE: Really tall.

PERINO: He is very tall.

KILMEADE: He's very tall.

PERINO: And he -- one of the things that is both parties, but it's been going on for decades. We built up a complicated tax code, which is why somebody like a Herman Cain comes along or a Rick Perry or a Jon Huntsman, and they say, look, what we need to do is the lower rate on the corporate, make it less -- on corporate taxes, make it less complicated across the board.

And I would be for -- and I think a lot of people would be for from on both sides of the aisle -- getting rid of these loopholes and deductions. And just making it flatter and --

BOLLING: Go ahead.

(CROSSTALK)

BECKEL: Can I say -- wait, wait, wait. Wait a second. I have a chance to get -- I can defend it and I'll tell you why. We have not spent money for alternative energy in this country. We are now doing it one time and lots of money.

And if you go -- remember back when we had the space program, that was a brand new program. A number of companies were started in this country, paid for by the federal government, loans and the rest of them. A number of them went under. And you didn't complain about the space program --

(CROSSTALK)

BOLLING: Hold on, Solyndra -- we find out today now on a document dump --

BECKEL: Will you answer my question about the space program?

BOLLING: Who cares about the space program?

(CROSSTALK)

BECKEL: Of course you don't care about the space program. Because it's not Obama, that's why.

BOLLING: We find out today that the Obama administration asked Solyndra to wait until after the midterm elections to lay off 40 employees and make an announcement that they weren't meeting the numbers. And by the way --

BECKEL: You have got to see a therapist, by the way.

BOLLING: And by the way --

TANTAROS: That's a problem.

BOLLING: Brian, Steven Chu said, oh, yes, he knew about it and sent an e-mail back and left a message on someone's cell phone.

KILMEADE: Yes. Wow

BOLLING: Millions of dollars.

KILMEADE: I think there's a mix of an agenda. This was part of the stimulus package. It will help juice our economy, not forward an agenda.

BECKEL: He's trying to start another form of energy.

TANTAROS: But to Dana's point --

KILMEADE: But, is this the time?

TANTAROS: Hold on, Dana talked about fairer tax code. This is something that Obama commissioned, the deficit -- his own deficit commission -- to do. They gave him recommendation on how to stop it from happening and he ignored it. And you don't support it.

BECKEL: The Republicans vote it down and automatically forced them to vote on that Simpson-Bowles commission.

PERINO: And the Democrats rejected the Republicans' offer last week to do exactly --

(CROSSTALK)

BECKEL: A $1.3 billion rip-off again for rich people.

BOLLING: Dana, did you say I need to see a therapist?

PERINO: No, he did.

BOLLING: OK.

KILMEADE: It sounded like you agreed with it.

BECKEL: I agree with that.

(CROSSTALK)

BOLLING: Herman Cain has a his own "oops" moment when asked about Libya. We'll show you what happened next on "The Five."

And, by the way, "The Five" ad -- if you didn't see it, take a look at it today, in today's Wall Street Journal. I want to say thank you very much for the bosses for putting that ad there. We're proud of you, guys. I hope --

PERINO: I think --

(CROSSTALK)

TANTAROS: Thank you!

BECKEL: I'll give you a name of a therapist. Oh, are we still on the air? I'm sorry. Oh, gosh!

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