U.S. President Donald Trump, speaking at a Cabinet meeting in Washington, defended what he called the “largest tax cuts in American history,” arguing that congressional Democrats are pushing the “largest tax hike in history.” Trump highlighted provisions of his signature tax bill — which he described as “the biggest piece of legislation ever signed” — including no tax on tips, no tax on overtime, and no tax on Social Security. The remarks come as economic and political tensions rise ahead of major fiscal debates in Congress.
07:37nobody's ever heard of it before because I instituted favored nations and no nation agreed to do it.
07:47And then I said to the nations, if you're not going to do it, I'm going to charge you a hundred
07:51percent tariff, which is more money than we're talking about.
07:55And they said, sir, we'd love to do it, please.
07:57We would be honored to do it.
08:00And they agreed that they would go along with the whole thing.
08:05Nobody, nobody thought you could do it because they, they felt number one, you couldn't get
08:09the drug companies to do it.
08:12So we're paying as an example for the, let's call it the fat drug, the fat drug, FAT for fat
08:18people.
08:19Anybody use it at the table, don't ask, but the fat drug was $135, think of that, for
08:31certain people, $1,300 for certain countries, $1,300 in New York.
08:36So in New York, it was $1,300 and in London, it was $135.
08:42And a friend of mine called me, he said, what is this?
08:45Why is it?
08:46He got used to paying $1,300.
08:47Well, now what we have it down to is, Bobby, what's the number, like $150 or something?
08:53We have it down to a low number, don't we have?
08:55Yeah, it's around $1,600, $1,600, $2,500, $150.
08:58Think of that.
08:59So we got it down from $1,300 to $125 to $140, depending on various countries.
09:07In other words, we're paying the lowest price, tied for the lowest price in the world.
09:13And people said, you could never do that because you couldn't get the countries to agree to it.
09:18I did.
09:19Every country agreed to it.
09:20Because I said, if you're not going to agree to it, that's okay, I'm going to charge you tariffs.
09:24And as soon as I said that, they said, we agree.
09:26And then we had to be a little tough with the drug companies, but they came along.
09:31The bigger problem was the countries.
09:33The countries just wouldn't go along with it, but they did.
09:35Every country.
09:36So we have reduced drug prices by 500, 600, 700, 800, 900 percent, depending on the drug, depending on the company, depending on all of the different factors involved.
09:51Nobody's ever even thought of drug reductions like that, price reductions.
09:56And I told you the story that in my first term, I was so proud of myself because I reduced drugs.
10:01It was the first time in 28 years that drug prices were reduced.
10:06It was one quarter of 1 percent.
10:08One quarter of 1 percent.
10:09And I was so proud of myself.
10:10I said, it's the first time in 28 years that drug prices went down over the course of a year, over the course of a presidency.
10:19One year, one quarter of 1 percent.
10:22I had a news conference.
10:23I was so proud.
10:24Now I got them down not one quarter of 1 percent.
10:28I got them down 400, 500, 600 percent and more.
10:32And the fake news won't write about it.
10:36And it's going to have a huge impact on health care because a big part of it is buying drugs, buying prescription drugs, drugs.
10:44It's going to have a huge positive impact because Obamacare is a disaster.
10:48I said it years ago and I say it now.
10:51And the money should be paid, taken away from the insurance company.
10:55Obamacare was made to make the insurance companies rich.
10:58Their stocks have gone up 1,000 percent in a short period of time because the money goes to the insurance company.
11:06I want the money to go to the people.
11:08Let all the money go to the people.
11:11And let the people go out and buy their own health care.
11:15And I see on television, people are advertising now, we will help you buy health care.
11:20We will go out and help you buy.
11:22That's becoming like an industry because of what I said.
11:25So something is going to happen.
11:28It's probably not going to be easy because the Democrats, frankly, they don't want to make a good deal for the people.
11:35They just want to make a bad deal for the country.
11:37They want to make a bad deal for the Republican Party.
11:39But the Republican Party is united.
11:42And I will say that what I would like to do is the money doesn't go.
11:48Trillions of dollars get paid to drug companies.
11:53And you still have lousy health care.
11:55Obamacare is horrible health care.
11:57We want it to go to the people and then let the people go out and buy their own health care.
12:02And they'll do great. They'll do great.
12:04So we're negotiating that now with the Democrats.
12:07Well, congressional Democrats want the largest tax hike in history.
12:12I proudly signed the largest tax cuts in American history with the Great Big Beautiful Bill.
12:18The Great Big Beautiful Bill.
12:20The biggest piece of legislation ever signed.
12:23And that includes the extension of the original Trump tax cuts.
12:27But it's the biggest tax cut ever signed.
12:30And it includes no tax on tips, no tax on overtime and no tax on Social Security.
12:37Nobody's ever seen anything like it.
12:39So think of that.
12:40And in addition, you get if you buy a car.
12:44This is great for our car industry because we have a lot of car plants.
12:47We're bringing back the automobile business.
12:5060% of it was stolen because we had incompetent presidents or incompetent trade people.
12:57But 60% of it was stolen over the years.
13:00And now we're bringing, I think we're bringing it all back.
13:02I think we'll be bigger than ever, than we've ever been in the auto business.
13:06That's not even to mention AI where we're leading China.
13:09You know, we're leading China by a lot.
13:11They're not going to catch us.
13:20So we'll go, go.
13:21Do we have any concerns?
13:22Sorry.
13:23Hmm.
13:24Peace.
13:25See you later.
13:26I won't pick you mine.
13:27Do we have any concerns aboutorrpages?
13:29Well, you know, I didn't take private privilege.
13:30I didn't take some answers.
13:31You know, I don't follow the ciraide, what happens.
13:33They spent a lot of time asking me, you know, I момент manufacturnie.
13:35I feel kind of okay, but I won't be able to make sure everything aku could pick over it.
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