Why Taxing Billionaires Won't Fix Anything

[00:00:00]You have a home and let's say the home is worth $450,000 because apparent well has a hood and you owe and and you owe $370,000 on it.

[00:00:09]>> Now you have approximately $70,000 in equity. What if I lose my job?

[00:00:14]>> If you do and if you don't lose your job. If you don't lose your job and you've got what let's say your bills are 5,000 a month and you have six months worth of of cash in there. You have $30,000 sitting in a bank account. You don't lose your job. This continues to lose money. This loses about about 6% value a year, maybe more depending on depending on on on the year. If you do lose your job, well, I have $30,000 and that'll help me. Well, if you don't lose your job and that money is in the market instead and you're gaining about 6% a year compounding, even if equities are down, you're not tapping this. You have $70,000 in equity here. Let's say you lose your job. If you don't, the downside is significantly worse. Let's say you do. Well, I need to tap in and pay my bills, [ __ ] the the the the the the I have to pay my mortgage.

[00:00:58]You know that if you tap into this, you have $70,000. Unless your mortgage is $70,000 a month, you have capital to pay your mortgage. This is why I'm a big proponent of throwing a few extra bucks at your principal every month on your mortgage payment because you build more equity. You can now do this. That doesn't make any sense. We've talked about this before. This is what billionaires do. So, think about this.

[00:01:18]This is what billionaires do, right?

[00:01:19]They're like, "Oh, I need money. I need money." My name is Mark Zuckerberg and I am a big proponent of green clean energy and climate change and I want to make sure that but I want to buy a $400 million mega yacht. So what do I do? So I'm the Zuck and I need $400 million.

[00:01:35]Well, I don't keep 400 million, right?

[00:01:37]When you hear billionaire, it's not like they have piles of cash. It's it's tied up in equity. So he says, "All right, well, I'm going to go and I I have meta shares, right? I have I have I have, you know, hundred billion dollars in meta shares." Easy. Just sell $400 million worth of shares. Well, he can't. He's not going to do that. Why would he do that? He's going to get charged [ __ ] capital gains tax. So what does he do instead? He goes to the bank, a big firm, Wells Fargo, Bank of America, Cityroup, anybody. He says, "Hey, listen. I need $400 million, but I don't want to pay taxes on it, and I'm not going to take a loan out at 67% interest. You guys are underwriters of this, you know, the whole nine yards.

[00:02:08]You know, here's what I'm going to do. I want to borrow 500 million from you, and I'm going to put up $500 million in meta shares as my collateral." So the bank says, "Wait a second. You have a solid company, a solid balance sheet. We know that these stocks are good." All right, that's our collateral. We'll do a contract. We'll loan you $500 million at 2% interest. So now Mark doesn't get taxed on this because it's debt. You don't get taxed on debt. And he's circumventing it's probably closer to 1%. But let's just whatever. And he's circumventing any any any real interest, right? But why did he take out 500 million if he only needs 400? Well, now he has $100 million to pay the interest on the 400 million and he never has to borrow it again. And if meta shares go up from $700 to $800, he can now go back and tap that again and forever and ever.

[00:02:54]Let's say he spends four, let's say he spends $480 million of that. He still has $20 million. He has five years worth of interest, he could pay with more of the loan. And because the value of meta shares go up, he just goes back and says, "Hey, I want to raise that limit on the same amount of shares." And they'll do it. And if it drops, he'll just offer more shares. And he never ever ever has to pay taxes and sell his shares. So he never pays capital gains.

[00:03:18]If he dies, his kids get a step up in basis. They don't pay the the the capital gains on that. He doesn't pay an actual interest, any real interest to the bank, which doesn't matter anyways.

[00:03:27]It's a loophole. How does he pay off the loan? He doesn't. This goes on forever.

[00:03:32]If that debt transfers over to his kids, guess what? As long as the value of those shares continue to go up or the amount of shares held, you can just you don't even have to offer more shares just because of pure inflation and dollar devaluation. the value of these shares, unless the company goes bankrupt or something, continue to go up. So, you don't even have to offer more shares.

[00:03:50]You just keep tapping it. And if anything, you can reduce the exposure because let's say the shares go up to a thousand, he can literally go back and say, "Okay, you know how you have $500 million worth of my shares and I'm holding that?" Yeah, I'm taking some of those back because now instead of instead of a million share, 1.2 million shares, you only need one million shares to cover that. Or he could just say, "Okay, we're you know, here you go. It's back." It's a loophole. It's a perpetual loan that never stops. So that's why when people say, "Hey, Stocky, we need to raise taxes on billionaires." I'm like, "It's not going to do shit."

[00:04:20]Raising taxes and creating new taxes for these people is just a way of making dumb people or or or uninformed people believe that their Congress people and their representatives are doing something. This is it's all a [ __ ] game. Every time I hear somebody say, "Well, tax like the billionaires paid a 0.1 the one% or 90% tax rate in the 50s and we had the greatest economy in the world." 10,000 people in the whole country paid that. Not even 10,000 people, like a thousand people because they the loopholes. They just put all they didn't keep their money in cash income tax. They don't make an income.

[00:04:50]You have to go after the loopholes. You don't raise taxes. Don't create new taxes. Enforce the current ones. Because if every time you create a new tax, you create a new loophole for it. These guys love it because they don't pay anything.

[00:05:02]And your constituents believe that you give a [ __ ] and you're doing something about it. How do you enforce it? Well, it's never going to get enforced because the people that are in charge of making the laws and enforcing them are the ones that are being p are being funded to be put in there. You can do it. Here's here's one. How about a deemed realization tax? Boom. Because I think that taxing unrealized gains is one of the is is is is something that people who don't understand economics and don't understand markets think is a good thing. It's a really stupid thing.

[00:05:26]That's how you cause capital flight. And I don't mean capital flight like, oh, the billionaire might move overseas. I'm talking about legit capital flight. You [ __ ] up people's 401k. All the people that are like, "Yay," are the ones who are like, "Oh, [ __ ] My 401k is gone."

[00:05:37]Deemed realization tax is a great one.

[00:05:39]It's great. You just treat the borrowing like a sale. Treat it like a sale. Treat it like a sale. Bam. They can't get away from the tax. They can't get the loophole anymore. You could do a deferred uh uh you could even do a deferred one. That's a good one right there. Do a deferred tax on it. It's like a flat rate tax. You could do a deferred tax on it. Basically, they get taxed on it. Okay. And and you could do it in almost in your example, how is the interest going from 67 to 12? I'm confused on that because the bank is offering the loan directly and the bank can deem they can they can loan money at any rate they want. Never going to happen but good idea. Everyone else out there is telling you what should be done or what the problem is and never offer viable solutions. They don't know. This is why the political streamers I laugh every time they talk about taxing or not taxing people. They don't understand how this [ __ ] works. They just repeat the same regurgitated propaganda that politicians use. Say a big thing and it and it and and it triggers everybody thinking, "Yay, something's getting done." It's like, but what are the actionable plans? There's never one out there. These are actual solutions to it that were to be effective, not just raise taxes or do this or do that. You know, taxing unre unrealized gains is stupid because it doesn't it doesn't actually it causes capital flight like real capital flight. We've we've seen it in other places like it's happening in Europe right now. But yeah, so for those of you guys who don't know, basically, yeah, you're you're what? Stopping those loans? No, you don't even stop the loans because you don't they're they're going to find other ways. You just got to enforce what's on the what's on the book. So doing a flat rate tax works because you're basically withholding the tax and giving it as a credit to future capital gains tax. So this is actually a good one, right? So if you were to do, you know, withholding tax on loan proceeds, right? This is basically a deferment for them. So if you if you borrow $400 million against your assets, you get a withholding of what that capital gains would be. It's held and it's used as a credit towards future actual sales. So the so so we get that money now, right? That money is now set aside, but it's not like taxing unrealized gains. It's held for future capital gains. It's not like a unrealized capital gains plus capital gains down the line. This is just another option. I like the idea personally of an excise tax, right, on an annual excise tax on the loan. Here you go. Give you an example. Someone borrows $400 million against their against their um against their shares, right? 0.5% >> annualized tax also credited to future capital gains tax. So, so you'd be like, well, this they're never going to go for this because you're just taking money away from somebody. No, this is an excise tax and it and it's taken out annually against the borrowed amount, but it's it's allowed to be used for for credit towards a futual future capital gains tax if they decide to sell. It's basically a prepayment deposit that is taxed yearly. I mean, these are these are ways that you could do it. So, it's not just identifying where the loopholes are. These are ways of doing it. Someone actually did it was there was something called the Robin Hood Act that was actually put it put out there a few years ago that had these these things in it. Why not cap how much money they can make? That's a whole other conversation.

[00:08:34]It's a whole other conversation. And and and and it's one of those ones where unless I agree with you 100% that that's what should be done, you're going to disagree. And I'm fine with that. I don't give a [ __ ] what anybody thinks.

[00:08:45]But this idea of of people are only allowed to make a certain amount of money and then we must stop them from making more money. Now you've opened up a new can of worms. It's not about stopping people from making of money.

[00:08:58]It's stop them from hoarding the money, but it's their money they can do with it. No. If everyone else has to pay, they got to pay too. They don't even work at that level. It's the money working. Lol. You don't know how assets work, do you? I want you to understand something. These guys don't make a salary, sir. They're not. This isn't money. This isn't cash in their bank account. Their net worth is tied to a company. And the more that company grows, the more the value of their portion owned of that company goes up.

[00:09:27]What would happen if you capped Amazon at $100 million? The equity make the value not them working. Sure. Okay. I agree. So, what would have happened if you capped Jeff Bezos's amount of the company at 100 million? Do you think Amazon would have grown and employed all those people and provided everything they did? You want to stop the growth.

[00:09:45]You want to stop it because you feel like it's unfair. That's not what I'm talking about. It should be a progressive thing where the more money you make, the more money you give back.

[00:09:54]So instead of stopping them at 100 million, this this country would be, you know, we would have capped everything.

[00:10:01]We would have capped everything. This country, we'd be we'd be we'd be like, you know, the same GDP is like, I don't know, Iceland right now. You want to kill growth. I don't understand why.

[00:10:11]Instead of killing growth, you what you want to do is you want to you want people to you want businesses and assets to continue to grow, but you want the fair share of what everyone else pays to go back into the economy. That's the separation. This idea that no one should have a certain level of wealth. No one should have more than hund00 million in wealth or a billion dollars in wealth.

[00:10:30]Why do you feel that way? Because it's not fair. That's the truth. Just be honest with yourself. I'm honest with myself. I get pissed off. I used to get pissed off when motorcyclists go in between and me and get to the front of the light. This is like when when when when conservatives got all pissed off with the $10,000 loan forgiveness. Oh, they they shouldn't be allowed to do it.

[00:10:47]I didn't get to do that. My mortgage doesn't do that. They took out that loan. They should be they should be there. The truth is they just didn't like us think it was fair. There's two things that need to be done. Number one, these people need to pay their fair share. And number two, they shouldn't be able to influence politicians. That's where the problem is. The problem isn't the wealth, it's the hoarding of the wealth and it's the use of the wealth.

[00:11:10]So the more wealth they have, the more influence they have. I disagree. It's not a fair issue. It's a power issue. I just said they money and politics, lobbying and think tanks. I don't have a bias here. I'm not a rich I'm never going to be a billionaire. I don't have any reason to defend billionaires. I'm literally telling you how we can extract the money that is supposed to be coming out. I'm not asking I'm not saying we should we should create new taxes and new things like that. That's stupid.

[00:11:32]We've created a million more and nobody.

[00:11:34]And I if if if if corporate tax is 15% and Amazon is paying 0 and I raise it to 30%. That's right. Raise capital. Raise raise corporate taxes, [ __ ] If they're paying 0 at 15, they're going to pay $0 at 30, but everybody's so blind and stupid that this is the little carrot dangled in front of them as the answer. Right? It's it's not that they're stupid. They're they're they're uninformed. And here's a funny thing.

[00:11:57]You know what I hate? It's a hoarding issue, too. The money could be put to useful stuff like that. Wait, wait.

[00:12:02]>> So, let's say someone has 100 billion, but we're able to extract the the the the 30%, right? Let's say we enforce the tax laws. So, now we've taken 30 billion from them. They have 70 billion left over. So, we've said, "Hey, listen. You can make as much as long as you pay your fair share." But now, what I'm hearing is we need to take more of it because that 70 billion is too much. Is that what I'm hearing? I I don't understand.

[00:12:27]That money could be put towards learning centers. Listen, enforce taxing taxes, close loopholes, eliminate step up basis for over a hundred million. Eliminate grats. Do those things right there. You keep money in the country because it's not going to be capital flight. And you get your revenue. Here's the problem though. Everyone wants to raise more revenue, doesn't want to stop spending.

[00:12:49]Government gets more revenue. They do more spending. And instead of that money trickling in because trickle down economics is [ __ ] I mean, it happens to an extent, but but as far as like profit down economics, it's a lot different. It doesn't [ __ ] happen.

[00:13:02]You can't increase revenue until you fix spending. And I've talked about this a hundred times. Why can't you do both at the same time? That it's like a a gambling addict in a casino who who who who you know has his his his debit card.

[00:13:17]He goes into he pulls out money.

[00:13:19]Eventually, he hits his limit, but he finds out that he could take a loan on his credit card. Bro needs to fix his gambling problem and stay out of the casino before we start working on giving him more money. Otherwise, he's just going to gamble more because he knows he has more money. You see what I mean?

[00:13:31]Like, like this is not people don't like to understand that this is a difficult process and that if you do it, you have to do it one way or the other. The truth is, it's an inconvenient truth, but government spending is doing more to destroy your way of life and your everyday life than billionaires hanging on to extra money. Yes, they they they have a way and we need to get the money that they're getting away from that they're they're not giving into the to the to the to the country. But government spending, bureaucracy, red tape, corruption and all that [ __ ] is doing way more damage to your daily life in economics than billionaires ever will. Of course, the billionaires are paying off those politicians to also stop, you know, them from having to pay their fair share. But you got to get spending under control. But politicians and governments love when you're fighting the the the the the the revenue side because you don't pay attention to the real problem or at least the the the the first the first problem that needs to be solved because even if you tell the government, okay, let's do it at the same time. Hey government, you need to come up with a budget. Also, we're going to start getting uh uh you know, more revenue from from taxing these ultra wealthy people. And the government's like, okay, yeah, let's do this little budget, but we know that we're going to get an additional hundred billion dollars in tax revenue next year. No, make them force them to balance a budget under current revenue, current tax revenue, not future projections. Now, one thing I hear all the time, especially from people on the right, right, because they're, you know, well, you know, this is going to happen. They say, well, if you tax, if if you raise taxes or create new taxes on ultra wealthy people, it'll be them today and it'll be us tomorrow. And people on the left will then tell them, "You're [ __ ] stupid, bro. This is only for $100 million. It's only for this. It's only for this." Both of them are incorrect and both of them are correct at the same time because welcome to the government. When the government puts a new tax on those ultra wealthy people because this is something that people on the right actually they're wrong in their assessment but there's some truth to it. The government raises taxes on the wealthy people. The wealthy people are the ones who put the politicians in play. That means that enforcement is not going to be there. But the government still has to increase revenue. So where do they get it from? The people who can't pay them off or afford that stuff.

[00:15:37]Look at the IRS. Do you know why ultra wealthy people get audited way less than people without money? You'd think, why?

[00:15:42]Well, if they audit somebody worth $100 million, they're going to get way more revenue than if they they audit 20 people that make 50 grand a year. Yeah, but wealthy people can hire CPAs that can go through 9,000 pages of tax law and use those loopholes and all those tax breaks. The IRS now, if they want to audit them, they have to go through and and and and and tell them where they're missing it, or they say, "Hey, something's wrong." Now, the CPA comes back and says, you know, here's N. Now, the IRS has to go through 9,000 pages to see if they actually do have a claim on this money or not, or if this is they'd rather just throw a large net and catch a bunch of small fish. But think about it from an income tax standpoint. Reagan destroyed the nation. He he he did he accelerated it, but he did he's not the first one.

[00:16:27]As much as the right looks at him as Jesus, the left looks at him as like Hitler. And like, yeah, he did a lot of [ __ ] [ __ ] that really funny, you It's like it's like he was a he was a proponent of gun control, but only because minorities were getting guns.

[00:16:44]WAIT A SECOND. HOLD ON. HOLD ON. You're telling me Reagan put in gun control?

[00:16:50]YEAH. THERE AIN'T NO GODDAMN WAY HE DID THAT. HE'S a hero. No, but only only for for minorities. Oh, okay. In that case, I understand. It's already Reagan.

[00:17:01]Trust me. The the left's hero FDR fascist. the rights hero Reagan absolute [ __ ] destroying of the economy. Both both both sides their hero presidents were like [ __ ] up this country. So here we go. Here's something little little unknown fact, right? Little unknown fact. So one of the things is is we hear like you know um you can't raise taxes be on them because it'll eventually come down to us. You don't understand one day you know they're taxing 100 millionaires and the billionaires and it's going to be the 10 millionaires, the millionaires and the hundred thousands and people like oh that's stupid. It's 100. Actually, there's some historical accuracy to that. We didn't have an income tax in this country. I've talked about this before. We never had income tax. We taxed things, right? We taxed purchases.

[00:17:42]We had basically a VAT tax, right? Or or you know, a sales tax. And so, we had the risk whiskey rebellion on that. We had a lot of other stuff. Basically, you didn't get taxed on your income. You got taxed when you purchased things or if you bought land or something like that, right? An excise tax. Thank you.

[00:17:55]Exactly. So, it wasn't until Lincoln, right? In 1861, Lincoln basically signed the first one because it was always because of war.

[00:18:03]They he he he signed the Revenue Act of 1861 because we had to raise money for the war. Not Lincoln Park. No. And at the time they only raised the taxes on people making $800 or more a year. That was three the top 3% of the population.

[00:18:20]Only the top 3% of the population. So business owners, the the wealthy elite, that's it. workers, farmers, everyday man. They didn't pay any tax. They didn't pay any tax. This was a tax that was raised just on the top 3% of earners, but they didn't really enforce it well. And they didn't they didn't raise a lot of revenue because those people found ways of getting rid of their money or paying off the politicians, right? So, now we have a problem. We're not raising as much as we thought. The good news is is that it expired in 1872. So, in 1872, this this was a failed experiment. We wanted to tax the richest people. It didn't work.

[00:18:54]So we go back to an excise tax, right?

[00:18:57]Import, export, tariffs, whatever you want to call all these other ways of raising revenue. But then we had 1913.

[00:19:02]Now I talked about Jackal Island and the secret society meeting that happened there between JP Morgan and the other bankers on Jackal Island, an island off the coast of of Georgia where they actually switched up their servants halfway through on the train. They had code names and they came together in secrecy to create the Federal Reserve Act. And they go to Woodro Wilson and they said, "We will fund your candidacy for president. We will make sure you get an office as president. In return, you must support and sign the Federal Reserve Act 1913. And so, Woodro Wilson wins presidency. And on Christmas Eve in Washington DC, 1913, when most of Congress was home for the holidays, the Revenue Act of 1913, which ended up being the 16th Amendment, is put forth and passed and it goes to Woodro Wilson's desk and he signs it.

[00:19:46]Stamp and that's what's established the income tax, ladies and gentlemen. Now, it was ratifi sorry, it was 1912. It was ratified in February of 1913. So now we have the 16th amendment. Okay. This now gives Congress the power to levy taxes on income. We had never had an income tax before. Your money was your money.

[00:20:04]But this secrecy, this whole thing done by the central bankers, the people who ended up consolidating creating that the Federal Reserve came into fruition. And the Federal Reserve was in charge of monetary policy led by JP Morgan who we talked about the stock market crash of 18 or sorry of of 1907 with the with the guys that were doing the short squeeze on copper and it and ICE and it led to a run on banks and then JP Morgan bought up all the cheap banks and centralized it. And so long story short, Congress now has the power to tax you off your income. But when the income tax was actually introduced, do you know who was the only people that had to pay for it?

[00:20:37]This tax was only introduced on the top 1%. When the income tax was introduced, the only people that were taxed, it was a tax on the wealthiest people in the country. Only the 1%. Fun little fact people don't know. That's right. Only the the richest of the rich were required. There's a new tax for the wealthiest of the wealthy. Only the top 1%. Less than 1% actually because it was something like $4,000 for a married couple at the time, which put them in the top like 0.08%. 08%. Not bad. And the 1% only had to pay 1% in taxes. Only 1% of their income. And it was originally designed to tax what they called idle wealth. It's true story.

[00:21:19]Now, I'm not telling you this because we shouldn't do it now. I'm not being like, "Oh, we can't do it now because look what happened." But history is a [ __ ] sometimes. They wanted to tax the 1% at 1% on idol wealth. But 30 years later, something was happening. 1913 to 1940 very few people paid right that's it but then we went to war again what about the 90% tops marginal rate in the 1950s and60s again something people don't understand the 90% 50 to 90% there was like 80 people who paid that I I I don't understand why people don't go further than a headline I heard a a political content creator one time talk about it and they never mentioned that almost nobody paid that much tax it was all pushed in to to other things and we were in the middle of an economic boom because of postw World War II new recovery. And so it wasn't the tax rate that led to the economic boom. It was the actual rebuilding of the world and the and the baby boom that that that led to that. But nobody wants to talk about that because it doesn't it's not it doesn't drive up [ __ ] >> So now let's go 1940, ladies and gentlemen. 1942. Anybody know what's going on in 1942? Hitler. There was other things, but yeah, that was part of it. Well, guess what? We had a war. We needed to raise more money because government needed to up its spending. So what did we do? That's right, LADIES AND GENTLEMEN. THE NEW REVENUE ACT OF 1942.

[00:22:32]REMEMBER, if you don't cut spending, and I'm not talking about the war, because the war ended eventually. If you don't cut spending and you raise money before you do that, Congress now lowers the exemption and raise the rates. Millions more people were required to pay taxes and pay even more. And it still wasn't enough. It still wasn't enough. Oh, sorry. 1943, we even altered it a little bit more. Stock is like a history teacher who's kind of an [ __ ] but very confident in his stance on the climate of things. Everything I've said is is is based in in historical fact.

[00:23:03]Sure, I kind of like make it try to make it fun and exciting, but I'm not like making [ __ ] up. I mean, I oftentimes I might be off by a number or a date by a couple days or a name or something like that because I'm kind of pulling this [ __ ] out of my ass, you know, from memory. But keep going. So 1943, they introduced something more because remember we need more money. So, we got to lower it on more people. And now we have payroll withholdings. Ah, that's right. Because we got income tax, but you had to file that. You had to give the government the money and we needed more. So, we lowered the the the the rate the the the threshold. We lowered the income threshold more people and we raised the rate more. But now we need even more. We need to make sure we're getting every dime of it. So, now we get the payroll withholdings. Now, employers are required to withhold the taxes before they pay their employees and give it to the government. And because of this, by the end of World War II, approximately 75% of Americans are paying income tax. Five years earlier, 1 to 3%. Unlike in 1861 when we did the revenue act and we we raised taxes, which didn't really work, on the top 1% or less than 1% of people, it expired after the war. So, how did we go from never having an income tax to implementing one in 1942? Well, sorry, 1913, right? But we're only taxing idol wealth. We're only going to tax idle wealth 1% of the top 1%. So we went from 19. So no income tax. 1913 1% tax on the 1%. 1942 we enter a war new revenue act.

[00:24:33]Then we do payroll withholdings. And in 5 years we went from the 1% of the 1% to 75% of Americans. And it never changed.

[00:24:41]So the next time you hear someone use the excuse, well, I don't want the government to make new taxes because eventually I'll be paying that. It starts with the top and it works our way down. And you say, you're an idiot.

[00:24:52]You'll never make $100 million. Why do you give a [ __ ] There's some truth to what they're saying because the only historical precedence we have is that exact thing happening. And the reason that I say that is is not to stop taxation of the top.1%.

[00:25:07]It's the government will make new taxes for them but not enforce them but then use that as a loophole to gain more money from other people and they'll work their way down. So instead of creating new taxes on these ultra wealthy people and then loopholes to go with them, enforce the taxes that are on the [ __ ] books cuz creating new taxes, they're not going to pay them. But the government's going to use those new taxes as a way of increasing revenue somewhere else. If you want to get the money that is owed from these people, you need to enforce the taxes. They need to pay their fair share, their 30%. But they don't. So if you think the next time you hear some pundit go, the way to fix the problems is to raise the taxes on the rich, I want you to know that that person is basically saying to you, I don't know how the [ __ ] any of this works, but I know that people cheer.

[00:25:56]Think of them like Lois Griffin in that episode of Family Guy when she's trying to run for office and it's not working and she goes 911. And everybody cheers and she just starts saying that over and over again. That's what it is. Because raising taxes or or increasing or creating new taxes on people who don't pay taxes on the rules, all the laws that are on the book doesn't do anything. If they pay 1% in taxes now, how much the [ __ ] you think they're going to pay if you add a new tax? You think it's going to it's going to double it? If they're required to pay 30% now and they pay 1%. Yeah. That's going to sell. Yeah. Yeah. Yeah. Right now they're required to pay 30%. So, if we raise it to where they have to pay 35% if you even get any of it. Oh, by the way, down the line, the government's going to use this to collect revenue. By the way, they won't even pay this because what'll happen is is that the the think tanks are going to be there.

[00:26:42]They're going to put it in there.

[00:26:43]There's going to be a new loophole.

[00:26:43]They'll actually probably end up going 0.9%. Now, the government's lost money and they got to collect it. So, they use that tax law to to tax other people. Get that 30%. If Amazon pays 0% at 15%, they pay $0 on 15% corporate tax and you raise it to 30%, they're going to pay 0%. They don't understand the aspect here. But the government loves this [ __ ] They love when people say that.

[00:27:03]Yeah, that's right. Well, we're going to raise taxes. Oh, we're going to Yeah.

[00:27:06]Yay. Vote for me. Vote for me. Yeah, you're going to raise taxes. 10 years later, how come it's gotten worse? How come they have more money and I have less? I thought we raised taxes on them.

[00:27:15]Well, we did. We did. But then how come I'm doing worse? Oh, because we just we we we we made it to where that they don't have to actually pay the taxes.

[00:27:22]What? But I got an idea. Let's raise taxes ON HIM AGAIN. YAY. VOTE all vote for him. And that, ladies and gentlemen, is a history of income tax in America. A lot of you probably didn't know a lot of this crazy [ __ ] How it actually started, how it played out, how it was intended, what turned out to it, or how it turned out from it. I don't know what we were talking about before that, but this was a a a whiteboard cleanse because those of you who weren't here in the beginning of the stream learned about how dolphins are sexual predators and drug addicts and how a lady from NASA jacked one off. So, just be happy you were here for this whiteboard and not that one.