This Democrat Tax Proposal is Worth Supporting

Added: 2026-05-10

[00:00:00]why we need the Democrat proposal on estate trust and generation skipping taxes to pass. It won't in this current iteration of Congress, but I'm telling you, man. So, let's check this out. So, first I came across my man Robert Keebler's post right here. Breaking Senators Murray, as Patty uh mom in tennis shoes, Murray, Ron Widen, who I actually somewhat like. I would never vote for him, but you know, I I think he's reasonable. Cord Booker who's a clown and Chris Van Holland from Maryland's a clown. But anyway, so this is their legislation proposal on the new changes in estate tax and Keebler says the bill the bill has little chance and under the current administration but a good road map for future changes in the state gift and generation skipping tax provisions. All right, so we're going to go over here. This is Patty Murray's uh bill. Um, Murray and Widen target billionaire trust introduced landmark legislation to close loopholes sheltering potentially trillions in untax wealth. All right, let's check this out. Now, Patty Murray says, "I am simply proposing that the ultra wealthy people with more than 50 million sitting in a trust finally pay what they owe and contribute their fair share back to the country that made their success possible." Now, we can argue the semantics here. I just I don't think that's the way to do it, but hey, they're Democrats. That's what they do.

[00:01:20]Um, and here she goes on to say, "The revenue from this bill could alone extend the ACA tax credits and provide high quality childare." Whatever. So, if you don't have more than 50 million laying around in a trust, you don't have to worry about the bill resulting anything other than better funded roads.

[00:01:36]I don't buy that for two seconds, but let's go into why we need to pass this.

[00:01:40]So, here they say we're going to apply a 1% rate of on trust between 50 million and 100 million. 1.5% between 100 and 250 million. 2% you can see this right here. So 3% on trust assets above 1 billion. Now I don't think they do endowments. I wish they did endowments, but uh they that's where the Republicans should take this and run with it and say we're going to do the same thing with endowments, too. Uh let's see. And to ensure fairness, the bill provides full refundability of the withholding against estate tax liability so that only those who actively avoid transfer taxes face increased burdens. I completely agree 100%. All right, so let's see why this is important. So I'm going to show you something here. So here we got remember I don't know if you've been following this, but Gavin Gruom has been saying we're going to give free diapers to people. All right, so for poor people.

[00:02:31]So here's Peachy Keenan. You're not going to believe this, but Gavin Newsome's new free diapers program is yet another corrupt NGO money laundering operation. Kelly Sawyer, I guess that's a who runs Babyto Baby, an LA charity that provides baby gear to poor mothers.

[00:02:49]All right. If you go to any LA private school, you get solicited to donate it every year. Newsome announced he's giving 20 million to this group. All right. to give monthly give new mothers free diapers. Only he's not giving it directly to the group in the form of supermarket vouchers or gift cards. He can't do that because then Kelly Sawyer's Hollywood producer husband, this guy, wouldn't be able to funnel the money back into his presidential campaign.

[00:03:18]James Patrickoff is one of the top donors of Governor Gruesome. He's a son of a venture capitalist Allan whatever one of the biggest bundlers for the Clintons. This guy took over for Allen in 199 or took over for Allen and who's 94 years old. So Newsome is giving 20 million to this chick's charity close pals of one of the biggest financial uh bundlers in California. All right.

[00:03:44]Interesting. So then we go over here.

[00:03:47]Nvidia CEO Jensen Wong at Milin Institute. I don't mind paying taxes. I love this country. And yet he's got this annuity trust. Annuity trust. A revocable remainder trust. A revocable trust established in 2002. He's got limited partnerships. Huh. Interesting.

[00:04:04]He doesn't mind paying taxes, but yet he set up all these trusts to avoid estate tax. Now, I even posted here because I'm not stupid. I get how this works. I said, "Well, he certainly funded his irrevocable trust at a much higher contribution than lifetime gift exclusion. So, I imagine he paid gift tax there. someone's paying income tax on the annuity trust. Uh so it's not like no tax owed, but he's managing to avoid estate tax and all these various things 100%. And so what the Patty Murray and look, I don't know who he donates to. I don't care. I just know far-left scumbags are donate, rich scumbags are donating to trust to donate to far-left groups. It's just dude, this is just a fact. Just a fact. How Oh my goodness. the the widows of these rich scumbags, they become all leftwing and they all donate to NAACP. Just this horrible people donate to horrible groups that hate you and Republicans sit there and say, "Yeah, we're going to minimize taxes any way we can." So I So anyway, and then some guy says, "Uh, I so when you're creating irrevocable trust, you're actually establishing a separate tax ID is what you're doing.

[00:05:13]It's a 1041. You got to fill a 1041."

[00:05:15]No, 1040. 1041. Um, it's literally a separate entity. That's all there is to it. So, you you can give I can't remember $15 million to avoid gift tax.

[00:05:24]So, if the guy from uh Nvidia is giving a hundred million to his revical trust, all right, some of that is going to be subject to gift tax. There's no two ways around that. It's just there's just no two ways around that. So, at the end of the day, he doesn't have any control over it supposedly, but come on. I mean, we know in some capacity still does anyway. So what happens is that irrevocable trust then is out of his estate, meaning it won't be subject to estate tax when this guy dies. It just won't. Now when it distributes income, someone's got to pay the income tax on that. And if it retains the income, it gets hit with a significant income tax.

[00:05:57]So it's not retaining income. It certainly can distribute it to to somebody who's either got to pay the income tax or they give it to a charity to push left-wing things which don't pay income tax. Huh? So the money just grows and grows and grows in this endowment or trust. Just grows and grows and grows.

[00:06:13]The distributable net income is sent, you know, to his kids. They got to pay income tax on it or it's sent to charities which don't. Interesting.

[00:06:22]Interesting. And that just goes to fund further left-wing issues. So this whole thing is happening under the opaces of tax planning.

[00:06:33]Uh and Republicans like, "Yeah, that's good." No, it's not good because we know for a fact these things are being funded to fund our downfall. So, unfortunately, this guy says, "I create a revocable trust. I can transfer all my assets to my revocable trust free of any gift taxes." Well, revocable trust is not a revocable trust. And my main here says quintessential says that he's talking about irrevocable trust with lifetime exclusion. So, you got to recognize the difference between a revocable trust or irrevocable trust.

[00:07:01]And they're two completely different things. I'm trying to get into here now.

[00:07:04]But anyway, so if we go to Grock, so we have this guy's trust, which of you know, again, he set one up in 2012 with Nvidia stock. What? Let's take a look what Nvidia stock has done since then, shall we? So if you invested $100,000 in Nvidia stock in 2012, it'd be worth approximately 25 to 26 million today.

[00:07:25]All right. So he financed his trust with h who knows how much. I don't know.

[00:07:29]Don't care. But it's worth billions of dollars. It's just sitting there completely tax-free. So, what these guys want to do, these Democrats, they say, "We want to apply right here um a tax on 3% on assets over a billion dollars. I would tax them more, but okay, we'll use 3% as a starting point.

[00:07:50]We're also going to have a 4% rate on estates above 30 m million for married couples. 100% works for me. Fewer than.1% of a states pay paid 100%. May the wealthiest use trust to avoid or defer it further. Yep. And then if we have an estate tax, like I said before, it will be refundable. The asset, the 3% assets you pay, if you are going to be subject to estate tax, it will be refundable. You're not going to double tax you. It'll raise 70 billion a year.

[00:08:21]Not a huge amount, but 70 billion is better than freaking 70 million for sure. Anyway, I think it's huge. I mean, unfortunately, it's all these groups I can't stand. SEIU, ask me what not. I don't know who AFT is, public citizen. I don't even know if Ralph Nater's perk still out there anymore. Public interest research group. My dad used to work for them in the 70s. I don't know. But dude, Republicans just get off the You gota But if they go after the Nvidia guy, they're going to come after me next.

[00:08:50]And we'll fight that when it happens.

[00:08:52]But just I All right. That's why we need to support the Democratic proposal on estate tax.

[00:08:59]All right. God bless. We'll see you.