AOC DROPS BOMBSHELL: Billionaires DID NOT earn their wealth

Added: 2026-05-11

[00:00:04]It is the war on success. Governor Kathy Hokll just handed NYC Mayor Zoren Mdani a gift, slipping that new second home tax into New York's six $268 billion budget. Jerry Willis joins us now with all the details. Hey Jerry.

[00:00:20]>> Hey Taylor. That's right. Governor Kathy Hokll, Mayor Mom Donnie pushing a new second home tax through New York State legislature despite Republicans pointing to stats showing taxpayers are exiting high tax states for lower tax ones.

[00:00:34]Hokll has a handshake deal with the legislature to approve a $268 billion budget that includes a second home tax to raise $500 million that would help fill New York City's $5 billion budget gap. Listen, >> as these cities tax and spend and the tax base is shrinking, they won't be able to cover the budget gaps. They won't be able to pay the debts. They're going to get a credit downgrade, and that means higher borrowing costs. So, that means the people who are still stuck in these places are going to see higher taxes, at the same time get more bloated and inefficient government.

[00:01:11]>> Well, no surprise. Taxpayers voting with their feet, leaving high tax blue states. That's according to a study by the Tax Foundation. Between 2022 and 2023, California, New York, Illinois, New Jersey, Massachusetts, and Maryland experienced a net loss in income tax filers from interstate migration. 27 states experienced a net gain in income tax filers from interstate migration, including Florida, North Carolina, South Carolina, Tennessee, Arizona. There's a trend there. In New York, which has emerged as the number one biggest out migration state, the most recent taxpayer to leave may well be Citadel CEO Ken Griffin, who Mom Donnie called out in a viral tax day v video on the street outside Griffin's Pietair. Eric Adams saying this in a tweet yesterday.

[00:02:03]I communicated with Ken earlier and I expressed my dismay over the mayor targeting his family outside their private residence. I also asked him to reconsider his decision to withdraw from New York City. The goal now must be to stop the narrative that New Yorkers who worked hard to achieve the American dream are somehow the enemy. Yet another major Wall Street firm is poised to expand outside New York City. According to our own Charlie Gaspirino, private equity giant Apollo has decided to open a new business hub or second headquarters. Guess where? Florida or Texas? Taylor, >> we could have guessed those two. Jerry, thank you so much.

[00:02:42]>> Quick comments, Steve, on this peditary tax, the tax on second homes.

[00:02:47]>> Uh, well, it's a consolation prize for the mayor not getting his other tax increases, but it's embic of what the problem of the state is. $268 billion budget for New York State, almost two and a half times what is for Florida, which has a larger population, a booming economy, lower cost of living, no income tax, and they do it on less than half the New York budget. That's the real scandal. 268 billion. Where is that money going? Certainly isn't for a better, more thriving state.

[00:03:16]>> It is not. And I want to talk about New York. Let's do this. AOC is back with her latest lecture on capitalism. watch.

[00:03:27]>> You can't earn a billion dollars.

[00:03:31]>> That's right.

[00:03:31]>> You just can't earn that.

[00:03:33]>> That's exactly correct.

[00:03:35]>> You can you can get market power. You can break rules. You can do all sorts of things. You can abuse labor laws. You can pay people less than what they're worth.

[00:03:48]>> But you can't earn that, right? And so you have to create a myth that since you didn't earn that, you have to create a myth of earning it.

[00:04:02]The Washington Post editorial board published a piece this week pushing back directly. Here's a rough summary of it.

[00:04:09]Wealth creation isn't sophisticated theft.

[00:04:13]Um, does anyone want to call up Taylor Swift or Beyonce? Those are a few of successful people who have earned >> a billion dollars.

[00:04:28]And tell them that they did it on the back of be breaking laws and not paying their people. No, they go out there and they get on suage stage and they sweat all night and they earn it and people are willing to pay those ticket prices and go watch the tour and buy the albums and all the merch and they've earned it.

[00:04:45]That's actually a really good example. I I have like one modicum of sympathy for what I think she's trying to say. What I think she's trying to say, absence the part that you're stealing and you're abusing people and whatever, is that you're not going to earn a billion dollars by punching in and punching out and and getting a paycheck. Um, and I can understand that frustration because, you know, I see that too. There are a lot of people that take advantage of um deals and and and things. They're working on stock options, equity, all these other things that are included when you're at a certain level that help you get that earning power. Um, but then to go on and make the pivot to say that, you know, somebody like Jeff Bezos who runs a successful company is not earning it in the sense that he's getting it off the sweat of other people's backs and, you know, taking advantage is is really sort of pushing um the dialogue a little bit in a place that I I can't even give her the one grain. Um, you can earn a billion dollars in this country if you're innovative, if you've got talent, if you work hard. But it comes on the concept of people are not all created equal. Some people are smarter than others, some people are prettier than others. We discussed this in the Sydney Sweeney context as well, which is why people got so outraged um about that American Eagle ad. And the Democrats don't want to accept that some people are smarter, prettier, more innovative, or whatever it takes to get to that level. And therefore they want to tear everybody down.

[00:06:17]>> Yeah. It's a real contest between creators and destroyers. Those who try to stir up hate, try to stir up envy and say it's the other person's fault that you're not doing better instead of trying to create conditions where everyone, as Lincoln put it, improve your lot in life, build up the economy, build up opportunity. And this is an example of it. And in terms of uh people feeling that the game is rigged against them, stock options and the like, the long term, this is what happens when you debase your currency. People look for scapegoats. Why aren't we doing better?

[00:06:48]Why do prices seem so sticky? And even though it's not a hyperinflation like you had in Germany in the early 20s over time, it under erodess social trust because people want to then point fingers. It's your fault. It's your fault. And therefore the the far-left tries to stoke up the hatred to get power, get control, and she's an example of it.

[00:07:08]>> I want to see the two examples that I cited come out and stand up to AOC and reassure us that they actually did work and earn that billion dollars instead of voting for >> and and and by the way, what's your proof that they didn't earn it? What's your evidence? Where is it?

[00:07:23]>> You're making wild accusations and you're doing it on the back of violating labor laws. We'll get to that later.