Join The Daily Show in celebrating America's favorite day of the year: Tax Day! Jon Stewart reports on the tax anger origins of the Tea Party. Resident Expert John Hodgman breaks down the benefits of tax cuts for the rich. Lewis Black reacts to a tax rebate for Americans. Ed Helms explores the benefits of offshoring to the Cayman Islands for tax purposes. Michael Kosta explains re-investing your tax breaks into yachts and Trevor Noah discusses billionaires' tax dodges. Finally, Ronny Chieng explains to Americans why their taxes are weird.See omnystudio.com/listener for privacy information.
Chapter 1: What is the significance of Tax Day?
And it wouldn't be possible without the sponsors, like Discontent, the emotion you feel when you don't get what you want. And Tea, the drink you order when they don't have what you want. And corporate sponsorship provided by Fox News, the news you watch when news isn't what you want.
Don't forget our big tax day tea party. I will be in Atlanta April 15th. Foxnews.com slash America's Newsroom. We have an entire section devoted to the growing tea party movement. It's a movement that is sweeping the nation. It is a grassroots movement. This is a organic grassroots movement. This is a nationwide phenomenon. It's free and open to the public. I'm inviting everybody right now.
Just get out and let your face be seen. Should I start begging for people to come? I invite you to be a part of one of them. Bring your kids. Experience history.
Kids, don't get in that guy's van! Don't do it! So while it may look to the untrained eye that a news organization is sponsoring a grassroots partisan tax revolt, it would be a very narrow reading.
Fox is not sponsoring any of them, but we have been covering them.
I don't know if you understand what sponsorship means. You may not be paying for the honor, but when you put your network's initials in front of the words Tea Party, as in FNC Tax Day Tea Parties, it implies, if not direct sponsorship, a certain amount of ownership. For instance, Tostitos Fiesta Bowl. Or the Buick Invitational. Or Larry Flint's Hustler Club. By the way, great neighbors.
One block down to the right. This afternoon, President Bush signed into law the extension of his tax cut package, a $70 billion giveback, despite a deficit that stands around $300 trillion. Here to provide some insight is our resident expert, John Hodgman. John, thank you so much for being here.
I guess the issue is a lot of people are upset, not so much at the tax cut, but who the tax cut appears to be aimed at.
Well, it's true that these reductions in capital gains and dividend taxes tend to favor those people who already have money to invest. You can see here how the money will be apportioned. If this pie chart represents the $70 billion in tax cuts, then the majority of that will go to people making over $200,000 a year, or as the government refers to them, citizens.
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Chapter 2: What are the origins of the Tea Party's tax anger?
Excuse me?
No, I meant what you just said was really good.
At the end of the day, all they're doing is moving paper around. It's legal! No, it's not legal. The registration and the reincorporation... Hang on, hang on.
Did you get me a receipt for that piña colada?
No.
No? Sorry, what? The registration and the reincorporation is, but the actual interpretation, most people do not follow the real regulations.
The regulations in the Cayman Islands, the financial regulations, are very stringent.
Gee, who should I listen to? That's better. Oh yeah, there we go.
A little more.
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