The Culture War - Tim Pool - Democrats New Tax BACKFIRES, Wealthy ALREADY FLEE To Republican States

00:00:00.320 Washington has passed their wealth tax and already the ultra wealthy are leaving.

00:00:05.860 And it's funny to see the cope and the seethe from these progressives who have advocated

00:00:11.200 for higher taxes on the assets of individuals, resulting in them leaving the state.

00:00:17.720 Now, in this instance, this is an income tax actually on the money these people are bringing

00:00:22.960 in.

00:00:23.580 Apparently, it's one of the first times, if not the first time Washington has actually

00:00:26.060 done this, and we are seeing it now in every major blue state. California, massive budget deficit,

00:00:34.380 trying to tax the rich. New York, trying to pass a wealth tax, massive budget deficit.

00:00:39.660 They have tried over and over again to explain to people that we must tax the rich,

00:00:44.700 and it doesn't work. We are now experiencing what is called the wealth exodus from these big blue

00:00:51.780 states. And what's happening? Well, the individuals who once backed these progressive causes are

00:00:57.600 running away and refusing to get behind them. Why? Because they don't want to pay for other

00:01:02.760 people's stuff. In response across social media, leftists are making excuses to why this will be

00:01:07.100 totally fine, citing states like Massachusetts, where they taxed the rich and they actually made

00:01:12.120 more millionaires because they don't seem to understand that that's called inflation.

00:01:17.680 When you tax an individual who has no choice but to stick around,

00:01:21.340 he's going to increase costs.

00:01:23.060 So at the same time, you're saying,

00:01:24.460 look, they raised taxes and now there's more millionaires.

00:01:27.180 Wouldn't that be a problem for your progressive ideology

00:01:29.740 because you want there to be less millionaires? 0.79

00:01:32.140 The issue is this.

00:01:33.260 When you increase taxes, you increase costs.

00:01:35.760 People are either going to leave

00:01:36.700 or they're going to raise prices to accommodate

00:01:38.240 and then everything gets expensive for everybody else

00:01:40.300 because all that matters.

00:01:42.420 In all of this is just our people of capability

00:01:46.700 willing to do the work. And if the answer is no, ain't nobody's going to fix your air conditioner

00:01:53.120 anymore. Then the Democrats come out and say, well, then we got to get someone who can do the

00:01:56.480 jobs that people don't want to do. But what happens when the job that someone doesn't want

00:02:01.360 to do is like mechanical engineering. And the reason they don't want to do it is because you're

00:02:05.780 taxing them to oblivion. So they leave or just give up. Let's roll with it, baby. And break down

00:02:13.100 exactly what's going on. The New York Times talking about how people are already starting

00:02:17.280 to flee Washington and they just passed this bill. But hey, we don't got to look at this one state.

00:02:24.000 We can look at all the other states where these bills have backfired. And if we take a look at

00:02:29.980 the states that have done this in the past, you can see how it's going to negatively impact

00:02:33.680 Washington. Ergo, my friends, by looking to the past, we can predict the future. And yes,

00:02:38.860 these bills backfire every single time. There's something that these people don't know about. It's

00:02:44.800 called the Laffer curve. When you increase taxes, you decrease tax revenue. Now that seems

00:02:50.220 counterintuitive, but it's actually pretty obvious when you think about it. If you're taxing too much,

00:02:54.400 economic activity slows down and the people who are actually trading stop trading, and then there's

00:02:59.160 nothing to tax. Pretty obvious when you think about it. But let's start here, my friends. Before

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00:04:08.640 start here with the Starbucks billionaire Howard Schultz leaving Seattle for Florida the same day

00:04:14.160 Democrats passed the income tax bill. The departure of a local icon highlights the growing tension

00:04:19.200 between fiscal policy and capital mobility. I love it. Howard Schultz, the billionaire architect of

00:04:25.100 the Starbucks empire has officially ditched his 40-year Seattle residence for the tax-free

00:04:28.200 sanctuary of Miami, joining a seismic migration of America's ultra-wealthy fleeing new state-level

00:04:33.300 levies. Now, isn't that funny how they say it? The 72-year-old business icon confirmed his

00:04:38.020 relocation on 10th of March 2026, the same day Washington State lawmakers advanced a landmark

00:04:41.960 9.9% millionaire tax bill. By moving to Florida, Schultz joins a growing billionaire bunker in the

00:04:47.640 Sunshine State, following tech titans Jeff Bezos, Mark Zuckerberg, and Google co-founders Larry

00:04:52.700 Page and Sergey Brin. Is it Sergey? These moves come as California and Washington push aggressive

00:04:59.200 tax reforms that critics warn are driving the nation's primary wealth creators into a high-speed

00:05:03.640 exit. I welcome these people into Florida. You want to know why? Because now they're going to

00:05:08.760 be on the Florida boot. And so when these people, these tech, Bezos, Zuckerberg, or otherwise,

00:05:14.100 Google, and they're playing these dirty lefty games, well, they're under dirty lefty laws in

00:05:18.980 California. Now that they're in Florida, if they want to reap the benefits, they're going to have

00:05:22.780 to fall in line with what Florida says. And while Florida is far from perfect, it's pretty much the

00:05:26.440 dang best, right? This means that there's going to be pressure exerted from Florida law onto the

00:05:32.260 businesses held by these individuals if they want to receive these tax benefits. While the proposed

00:05:37.320 California wealth tax is expected to raise $100 billion from 200 billionaires living in the golden

00:05:41.780 state, that's a lot of billionaires, which would be used to fund public schools and food assistance

00:05:48.060 programs, the Washington bill is expected to raise $4 billion annually and affect households

00:05:52.640 earning $1 million annually. Proceeds will also be used to fund schools, health care, and child

00:05:56.240 care. The proposal now heads to the Senate for confirmation before going to Governor Bob Ferguson's

00:06:00.680 desk. The bill has to be signed by today to go into effect, and Ferguson has stated that he's

00:06:05.120 looking forward to signing it. Schultz shared his decision to move to Florida on a LinkedIn post

00:06:09.380 the same day Democrats passed the bill. So let's pull up our good friends on threads to see what

00:06:14.200 they have to say. But first, let me read what this billionaire said about his state. Let's go quick.

00:06:21.040 44 years ago, Sherry and I made the cross-country trip from New York City to Seattle in our 1979

00:06:24.980 Audi, along with Jonas, our golden retriever. We were starting a new life. Sherry would be the

00:06:29.340 breadwinner in the family, taking on career in design, and I started a new job on September 7th,

00:06:34.520 1982 at a place called Starbucks. Back then, the Pike Place Starbucks was only sold whole bean

00:06:41.220 coffee. Today, it's the most visited Starbucks in the world. The history of the company is bound up

00:06:44.880 in the very foundation, walls, and floorboards of our first store in the city's historic market.

00:06:48.800 The spirit of continuing forward has long underpinned our approach to life, etc., etc. He

00:06:52.300 says, we built this set, blah, blah, blah. And we have moved to Miami for our next adventure

00:06:55.980 together. We are enjoying the sunshine of South Florida and its allure to our kids on the East

00:06:59.960 Coast as they raise families of their own. Like many other Seattle-based companies, Starbucks

00:07:03.620 today stands on the shoulders of many Pacific Northwesterners who built the company. They

00:07:06.380 help shape the culture, the benefits, the brand, contributing to the civic community and the public

00:07:08.820 life of the city and the state. It is our hope that Washington will reign a place for business

00:07:12.240 and entrepreneurship to thrive, creating essential opportunity for those in Seattle and the surrounding

00:07:15.660 areas. Over the years, as Sherry and Guy grew our family and built Starbucks, we were witness

00:07:19.140 astonishing development in Seattle, focusing on blah, blah, blah, blah, blah. We'll be forever

00:07:22.100 grateful. We get it. We get it. We get it. Now, the argument is, of course, why does anyone go to

00:07:27.620 Florida when they retire? No taxes. So you get a 401k, you pump it full of cash, you move to Florida,

00:07:33.400 and when you take that money out, you don't got to pay income tax at the state level on it.

00:07:37.140 So people like to retire to the sunshine state where it's warmer, you're less stressed out,

00:07:41.620 and you can spend your money more freely. Thus, older wealthy guy is doing it. I love this.

00:07:48.680 In this post from Ari Hoffman, he says, Starbucks founder Howard Schultz announces that his family

00:07:53.660 is leaving Seattle for Florida the same day Democrats passed an income tax. The wealth

00:07:56.980 exodus is underway. Democrats have killed Washington's economy. First response, he moved

00:08:02.360 before the tax package was passed. You could have looked this up, but instead you decided to

00:08:06.220 embarrass yourself in public. They've been talking about passing this for some time.

00:08:11.440 Do you think that he didn't have to plan or prepare for his estate? Come on. I like this one.

00:08:17.220 Their world headquarters remain in Seattle and Howard doesn't have an income that would be

00:08:21.000 subject to this tax. It's on income, not assets. Massachusetts enacted a similar tax and brought

00:08:25.880 in 5.7 billion in two years. The number of millionaires rose 39% in that time. I just love

00:08:32.520 it. These people say that millionaires and billionaires should not exist. So why then

00:08:37.540 have a policy with the inadvertent result of creating more millionaires? Now I know they

00:08:42.040 might say, no, we're not saying that. What we're saying is that we still want to get rid of the 0.99

00:08:46.220 millionaires and billionaires, but they are undeterred by this. I'm actually going to push

00:08:49.660 back and say, the reality is if a guy owns a bunch of properties and he charges like a thousand

00:08:56.380 bucks a month rent, we're just doing flat numbers, right? And then you say, we're going to tax you

00:09:00.080 on 10% of your income, more money going away. He's going to say, okay, then I'm going to increase

00:09:05.340 rent on all of my buildings to match the margins. What these people don't understand because they're

00:09:10.860 financially illiterate is that for a lot of these wealthy individuals, they have loans.

00:09:15.640 So for instance, if you're going to open a business, you don't usually, most of the time,

00:09:20.280 just dump your own money into it. You'll find investors or you'll go to banks and get lenders.

00:09:24.440 So let's say you want to buy a property to Airbnb, cost you a million dollars. You then Airbnb it,

00:09:29.780 you now owe, you know, let's, let's, let's say you put 20% down. So you've got 800,000 remaining

00:09:34.780 on the mortgage bill, but you go to the bank, you get a business plan. We're going to Airbnb it.

00:09:38.820 We're going to make X amount of dollars. And then we're going to take that money and we're going to

00:09:42.260 apply it to the mortgage. So we all make money from it. I don't got to put up a million dollars

00:09:45.960 up front. You guys cover that cost. Then I'm going to pay you with interest. So you profit from this

00:09:50.680 and I'm profiting at the same time. Sounds good, right? Well, then they come along and they come

00:09:54.940 to the guy who started the business and say, you're making too much money off your network

00:09:57.940 of Airbnb, so we're going to increase taxes on you. Well, this is what the financially illiterate 0.95

00:10:03.740 don't understand. The bank sometimes could come and then say, hey, your disposable income has

00:10:10.160 dropped, meaning your debt to income ratio is now putting us, we're kind of scared. They're taxing

00:10:16.980 you more money, which means now instead of clearing half a million, you're clearing 400,000.

00:10:21.660 I know it's not 20%, but let's just say this. The increased tax burden theoretically can put us in

00:10:26.100 a position where we're uncomfortable with whether or not you're going to be able to pay back some

00:10:29.680 of these loans because there is going to be a down season. And while I'm trying to be fairly

00:10:35.160 simplistic in how I explain this, the point is this. Increasing a tax burden on an individual

00:10:39.800 can shift the debt to income ratio, negatively impacting their ability to secure more loans

00:10:46.320 to start more businesses. Long story short, there are a million and one reasons why the business

00:10:49.940 owner may then say, I have to make up this lost revenue. I have prior contracts. And so

00:10:55.880 they then go to the Airbnb and they say, it's no longer 400 bucks a night. It's now 475.

00:11:02.500 Or, you know, they increase those costs because Airbnb is going to have its fees and they want

00:11:05.680 to make back 10%. Then the individual who's coming to town, who's going to use that Airbnb

00:11:09.420 because they have to work and it's cheaper than a hotel says all of the costs have just gone up.

00:11:14.080 And once again, the person may be a millionaire, but his buying power may be the same.

00:11:19.180 Now the New York times breaks it down. A state of wealthy entrepreneurs passes a millionaire's tax.

00:11:24.040 It would be the first income tax in Washington affecting an estimated 20,000 households.

00:11:28.360 Some of the wealthiest are leaving for Florida.

00:11:31.360 Indeed.

00:11:32.300 Lawmakers in Washington state have agreed to create an income tax on high earners called

00:11:35.780 a millionaire's tax by its supporters that could generate close to $4 billion annually

00:11:39.520 if signed by the governor, a Democrat who said he backs the bill.

00:11:42.800 Critics worry it could lead to a wealth exodus, a concern underlined this week when one of

00:11:46.120 Seattle's wealthiest residents, Howard Schultz, said on social media that he was moving to

00:11:49.640 Florida.

00:11:49.920 followed by Bezos, who did in 2023. The measure to create the state's first income tax passed

00:11:55.920 on Wednesday evening, one day before the end of the 26th season session, sorry. It would impose

00:12:00.320 a 9.9% annual tax on personal earnings over a million dollars, which is projected to affect

00:12:05.280 about 20,000 households. That is nuts. Let's play the game, baby. If you make a million dollars,

00:12:11.320 congratulations, you're very comfortable, but you're going to be giving old uncle Sam something

00:12:14.780 like 37% of that. So you're going to take home. Well, you're going to take home. Let's just call

00:12:19.680 about 650, right? Then they say they want 10% on your earnings over a million dollars. So they're

00:12:26.720 going to rip away another hundred grand. You will make $1 million and you will take home half of

00:12:32.740 that. Half. That's insane. You're not going to be wrong, but it's not really a 37%. Let me clarify

00:12:40.920 because you're going to be paying something like 28 up to the first 70. Then you're going to be

00:12:45.100 paying something like, you know, 31 up to the first like 250. And then after that, it's 37,

00:12:50.040 making your effective rate somewhere. It's somewhere going to be around like 350 or like

00:12:53.320 three or like a 330,000 from the million. So ultimately you're going to take, you're going

00:12:58.280 to, you're going to get between 500 and 600 off of the million dollars you earned. Now I already

00:13:02.600 hear all these lefties saying, you got 600 grand. What are you worried about? These are the posts

00:13:07.280 that they've made. No, you have a fair point. What are you worried about? Right? Sure. But

00:13:11.820 if you're telling me that I got to give you $100,000 a year, and that's just for $1 million,

00:13:16.700 do you want $200,000 if I do $2 million? Bro, if I make $2 million a year, I got $200,000.

00:13:23.680 That means I can buy a house anywhere. Okay, I'm going to put 20% down in a million-dollar

00:13:28.420 house in Florida. Done. Why give the money to the state when I can just go to the bank,

00:13:34.300 and they're going to be like, what's your plan? I'm going to buy a million-dollar house,

00:13:37.940 like on a waterfront property. It'll be real nice. 200,000 down on the million, 20%. You guys

00:13:44.180 cover the 800 and they're going to say, and you can afford to pay this every month. Like, well,

00:13:47.740 yeah, instead of giving 200 grand to the state, I'll just give it to you guys to pay down this

00:13:51.980 loan in a couple of years. And they go, okay. Actually, the banks would prefer you didn't pay

00:13:56.180 it down in a couple of years because they like those interest payments, but you could do that

00:13:59.200 too. Washington is just one of nine states that does not have an income tax. There's not tax income

00:14:04.480 and economists have consistently ranked at the state's current model, which relies on sales and

00:14:07.820 business tax is among the most regressive. The tax structure also has not kept up with spending

00:14:12.160 and state lawmakers are currently trying to close a budget gap estimated at $10 billion. And this

00:14:16.960 will make it worse. Absolutely amazing. Because what we can expect to happen is a budget deficit

00:14:24.360 when the people who are generating most of the money are not going to be there to pay it. And

00:14:29.140 we don't just see this in Washington. And I'm not just making this up. I'm just looking at history

00:14:34.200 From CalMatters, California is still in the red with another big budget deficit projected for

00:14:39.700 next year. Congratulations, your policies don't work. Then we have this from Fox News. Proposed

00:14:46.100 California wealth tax drives billionaire exodus to Florida real estate, locals confirm. And the

00:14:51.220 funny thing is, this story is just from today. So it's not just Washington, but California's wealth

00:14:56.040 tax is driving billionaires. And don't forget, New York is doing it too. Blue states are committing

00:15:02.400 tax suicide, their mania is contagious. I absolutely love it. Well, what does Fox News

00:15:07.580 say about all that jazz? Florida real estate managers and city officials are reporting an

00:15:11.900 influx of California billionaires hoping to relocate due to concerns of potential wealth tax.

00:15:15.400 A recent initiative proposed by the Service Employees International Union, the SEIU,

00:15:19.580 United Healthcare Workers West would impose a one-time 5% tax on the net worth of California

00:15:24.340 residents with assets exceeding $1 billion. The proposal does not yet qualify for the number

00:15:29.060 2026 ballot. Its push is already motivating billionaires to flee the Sunshine State.

00:15:35.020 Quote, the California guys, all billionaires are running away from the wealth tax. Brett Harris

00:15:38.800 of Bespoke Real Estate in Miami told the Los Angeles Times Wednesday, I have three things

00:15:42.540 under contract north of 600 million. Oh boy, let's break it down. How do you determine net

00:15:48.780 worth and how do you tax it? Let's play a game, my friends. I run a company and this company

00:15:55.180 generates eight figures in revenue. Now to be, let me slow down. I run several companies. We do

00:16:00.200 about eight figures per year in revenue. We are well off. Everybody's doing pretty well. Most of

00:16:04.700 the money goes into the costs. Margins aren't super great, but they're not bad. And what is

00:16:10.200 the value of a business? If you own a company that's making, you know, 10 to 15 million bucks

00:16:15.020 per year, what is the estimated value of that business? Well, the problem is it ranges depending

00:16:20.620 on the sector. In the tech sector, people often got away with a 10x evaluation. It's massive.

00:16:25.740 And it was because people, well, technology is control and they believe that they'd make a lot

00:16:29.840 of money off of it. And many of them did. So you start a company, you make an app,

00:16:34.100 you generate 2 million in revenue, and then you were going somewhere and saying, I want 20 million

00:16:38.460 for it 10 times, or maybe even 15 times, which wasn't really typical, sometimes like four to five.

00:16:44.820 But it's an easy way to break down how we determine value of a company. And it's as simple as this.

00:16:49.900 What are your margins?

00:16:50.900 How much are you putting in your pocket?

00:16:52.640 First question.

00:16:53.820 After that, would you sell your company for, let's throw a ballpark.

00:17:00.100 So let's say there's a company that does a million dollars in profit every year.

00:17:03.120 The owner takes home that profit.

00:17:05.080 He doesn't take a salary.

00:17:05.820 He takes a small salary as the CEO.

00:17:08.680 It's, let's just call it like 200K.

00:17:11.500 And then he pulls another million.

00:17:12.880 So he's doing 1.2 million in income per year.

00:17:15.160 A million of it is profit.

00:17:16.780 And it's because there's fluctuations.

00:17:18.020 but you do got to pay yourself a reasonable salary. That's an IRS thing. Okay. So then

00:17:23.080 someone comes to and says, you're making a million bucks profit per year. I'll give you $3 million

00:17:27.320 for your company. We'll buy it outright and take it over. What's the man going to say? What would

00:17:31.720 you say? Well, hold on. I already make 1.2 million per year. What's $3 million going to get me?

00:17:38.760 I get $3 million right now. So you're giving me three years of revenue upfront. But then after

00:17:43.460 that I'm left high and dry, not interested. Okay. Well, I want to buy this. So how do I get him to

00:17:48.720 let it go? I got to give him enough money. That's going to secure him for several years. And he's

00:17:53.700 not going to have to worry about it. What about $10 million? And then the guy says, look, I don't

00:18:00.460 have any immediate plans for $10 million. It would be nice, but I already make a million bucks profit

00:18:05.220 every year. My costs are covered. I'm putting 800,000 away into investments and savings.

00:18:09.980 savings. I don't know what the 10 million is going to do for me. And so this is where negotiations

00:18:15.360 get a bit different. They say, we'll give you 5%. We'll buy a portion of it. We'll pay you 10

00:18:20.360 million upfront now. And then the point is this, how do you determine the value of a company to

00:18:25.520 tax an individual with a wealth tax? It's a privately owned company and they say you're

00:18:30.920 generating this much money, so it must be worth this. Well, here's a challenge for you. We've

00:18:36.500 talked about the wealth tax and its absurdities as it pertains to stock trading. Jeff Bezos' net

00:18:41.740 worth is tied up in Amazon stock. But let's say your net worth is tied up in a private company

00:18:46.000 based only on its hard assets. So let's say my company has, let's remove revenue from the picture

00:18:53.160 and base the value of the companies off of solely what it literally owns, the properties,

00:18:59.380 the computers, and all of that. Okay. For the business to operate, we need the property. People

00:19:04.080 have to work somewhere. For the business to operate, we need the computers. Based on all

00:19:07.640 the property and computers, let's just do a flat general number. It's not a real number.

00:19:11.560 And let's say your total assets within a company are $10 million. What does that mean? You don't

00:19:16.660 have cash. It means you have laptops people work on. Okay. Then the state says, we are going to

00:19:22.840 tax the CEO, the private owner of the business, 5% on all of his assets. But let's do this. They

00:19:29.080 say it a billion, right? Okay. So let's say that billionaire says, no, no, hold on. My company is

00:19:34.920 privately owned. It is not a publicly traded company. How do you determine it's worth a

00:19:39.840 billion dollars? Well, they say you've got a bunch of cars, trucks, properties. You've got

00:19:44.620 300 locations. All of those together equal a billion dollars. Okay. How do I get you 5%?

00:19:53.200 Right? So we're looking at $50 million and they say, you're going to have to sell stuff, right?

00:19:56.720 That's what the left has often said.

00:19:58.320 You have to sell stuff.

00:19:59.500 Okay.

00:20:00.140 Which locations do I have to liquidate and how many people to get fired so that I can

00:20:03.820 find the money for my privately owned company?

00:20:05.700 Because we do not have stocks to sell.

00:20:08.540 You see the point.

00:20:10.160 Wealth tax has often been addressed by me and many others solely as it pertains to

00:20:14.300 things like stocks.

00:20:15.540 But if someone's net worth is in private, private equity, and I don't mean the private

00:20:20.840 equity companies everyone talks about.

00:20:21.780 I'm saying it is privately owned.

00:20:24.280 The guy's a CEO of a company.

00:20:25.580 they open a bunch of locations and that's it. And he says, I own X percent of this. They say,

00:20:30.500 okay, well, your net worth now is a billion dollars and you owe us 50 million. He's going

00:20:34.080 to say, I don't have that. I get paid a million bucks a year. And they're going to say, well,

00:20:38.040 you're a billionaire. I'm a billionaire only because the company owns all of these things.

00:20:41.400 Okay. We'll sell them. Okay. Which business closes and who loses their job? That's what

00:20:45.680 they're arguing. It doesn't work. It doesn't make sense. And that's why it is tax suicide

00:20:50.740 and it's contagious. The New York Post says, it's not just New York and California. All across the

00:20:56.880 nation, blue states are committing political and economic suicide by targeting millionaires with

00:21:00.280 high taxes. Who will suffer the most from this ideology driven push to punish the wealthy? 0.94

00:21:05.880 Wage workers and the poor. Leftist Democrat polls demanding new state tax the rich measures are

00:21:11.380 ignoring economic reality. Wealthy residents can and do move in response to unreasonable taxes,

00:21:16.180 taking jobs, revenue, and even congressional representation with them. In Washington state

00:21:19.820 this week. A slim Democratic majority is on the verge of passing 9.9. Well, we know they did,

00:21:24.860 and we know it happened, and we know people are already leaving. The millionaire's tax will add

00:21:28.760 to the burden and drive out business. The exodus has already started. Starbucks, a Seattle icon,

00:21:32.740 is moving much of its corporate management to income-free Tennessee. Don't you just love it?

00:21:37.520 Let's go back to our friends over at Threads. The world headquarters remains in Seattle.

00:21:43.340 Oh, heavens to Betsy. Looks like they're already relocating because of high costs. 1.00

00:21:48.260 In-N-Out Burger left California, went to Tennessee. Daily Wire went to Tennessee,

00:21:52.000 but we kind of expected that they're much more political. I'm in West Virginia, which has its

00:21:56.920 problems, but we were looking at a bunch of states, Florida, maybe Texas. The problem with Texas is,

00:22:02.960 and I know this is a bit, I love the word esoteric, but let's just say niche. The raid on the lodge

00:22:09.480 poker club has like basically ended any, any potentiality that we will come here. And it's

00:22:14.860 not just about that I like poker. It's that my wife and I fear a state that will shut a business

00:22:21.240 down without just cause or any legal authority to do so. And so the presumption right now,

00:22:26.840 as we don't know, is that the state authorities raided a legitimate business, a social club and

00:22:31.300 restaurant and shut them down without, without giving real reason as to why, and no one knows

00:22:36.020 what happened. So yeah, I'm definitely not investing a state that's going to do that.

00:22:39.980 However, that being said, Texas kind of purple and a lot of people are arguing, you know,

00:22:42.780 you should go there. And a lot of people are coming here, but Florida seems to be the much

00:22:45.480 better place to be. Don't get me wrong. Government basically does this everywhere. 0.99

00:22:51.240 My friends, if history is any indication, these taxes are going to destroy these places.

00:22:57.520 It's happening in New York. They're already suffering a major budget deficit.

00:23:03.660 And now Zoran Mamdani is talking about taxing the poor. Once again, another, another story for me to

00:23:12.400 give you about how these regressive taxes are only going to hurt poor people. I ask you this,

00:23:19.360 Washington, when the millionaires and the billionaires leave, because they don't want

00:23:22.420 to pay this income tax, because if you're asking, give you a hundred thousand dollars or move,

00:23:27.860 I got to be honest, I got a lot more than a hundred grand. But if the state came to me and

00:23:33.160 said, we're going to take that from you, I'd say, you know, to be honest, that a hundred thousand

00:23:37.040 dollars can easily relocate me. I can use that to buy a $500,000 house, 20% down. And that's

00:23:43.900 going to cost only a couple of grand to move out of your state. So if that's the game you're going

00:23:47.840 to play, I don't need to be here. Now, some will argue, well, but you just one person. Yes, there

00:23:54.620 are very few wealthy individuals. So when I leave, who do you think they're going to tax to fix their

00:23:59.720 budget problems. Oh, that's right. The poor. I'll put it simply for all you lefties.

00:24:06.000 Which would you rather try to do? Convince one person to give you $1 million or convince

00:24:13.440 1 million people to give you $1? I'm going to, I'm going to level with you. Ain't no

00:24:19.720 way you're getting a million dollars out of somebody. Watch Shark Tank. So let's put it

00:24:24.900 like this. You will make more money walking around any city asking for a dollar than you will going

00:24:31.980 to the business district and asking a man to randomly give you a million. Not to mention it's

00:24:35.900 illegal. Not completely, but there's a ton of regulations and legalities against doing that.

00:24:40.820 But again, I'll say it like this. You go to one guy and you say, give me the million dollars,

00:24:45.880 and it's a long shot bet. It's not going to happen. It's like, why would I give it to you?

00:24:48.300 What are you going to get for me? Why would I lose that money? It's a million dollars. I could

00:24:50.880 do a lot of things with that. You go to one person, it's like, I have a dollar. You know,

00:24:55.680 most of the time they're going to be like, uh, sure, I guess like what's it for? And you might

00:24:58.720 be like, I'm trying to make a, I got to be honest. If you went around and said, I want to,

00:25:01.700 I want to be a millionaire by asking a million people for $1, people would laugh and be like,

00:25:05.160 yeah, sure. Here's a dollar. What do I care? So ultimately, if you're the government and you want

00:25:09.640 to make money, what's easier getting into a protracted legal battle with a bunch of wealthy

00:25:13.680 individuals who will just leave the state in the end. So there's no winning or taxing the poor

00:25:18.460 people who can't afford to move anyway. Good luck. Smash the like button, my friends. Share the show

00:25:23.720 with everyone you have ever met. More stories coming up today. We're back tonight with Alex

00:25:27.780 Jones at 8 p.m. YouTube.com slash Timcast IRL and Rumble.com slash Timcast IRL. Thanks for

00:25:33.460 hanging out, and we will see you all then.

The Culture War - Tim Pool - March 12, 2026

Democrats New Tax BACKFIRES, Wealthy ALREADY FLEE To Republican States

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