Democrats New Tax BACKFIRES, Wealthy ALREADY FLEE To Republican States
Episode Stats
Words per minute
207.74974
Harmful content
Misogyny
5
sentences flagged
Hate speech
2
sentences flagged
Summary
Seattle has passed an income tax on the ultra wealthy, and already the wealthy are fleeing the state. Is this a good thing or a bad thing? Today's episode is all about the Laffer curve, and why progressive policies that tax the rich are actually hurting the economy.
Transcript
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
00:00:23.580
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,
00:01:24.460
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
00:01:36.700
or they're going to raise prices to accommodate
00:01:38.240
and then everything gets expensive for everybody else
00:01:42.420
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
00:03:03.740
we get into the news, you've got to go to timcast.com, the new and improved, and join our
00:03:09.000
Discord community. The most important thing you will ever do. There are tens of thousands of
00:03:14.220
people. They're hanging out, sharing ideas, building video games, artwork. They're programming
00:03:19.640
stuff. They're sharing ideas, teaching each other. There's pre-shows, morning shows, after shows.
00:03:24.100
We're trying to figure out how to solve all of our cultural problems. Well, it starts with bringing
1.00
00:03:28.820
people together. And there are certainly better ways to do it. One of the best things we've been
00:03:32.760
able to do is to create a digital community for all of you guys so that when you sign up for Tim
00:03:37.220
Cast Discord community, you are sharing ideas, you are making friends, and you are networking
00:03:41.440
and building strong bonds to keep our nation stronger. And at the same time, more importantly,
00:03:46.620
you're making what I do here possible. So if you think what I'm doing is important and good,
00:03:51.900
check out TimCast.com. Sign up now on the new and improved TimCast.com. More awesome member
00:03:57.560
programs and benefits to come. You know, we love you guys. You make it all possible. So I thank
00:04:03.060
you all, but also subscribe, smash that like button, share the show as we always do. Let's
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.
00:11:32.300
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
00:11:49.920
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.
00:16:53.820
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.
00:17:18.020
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?
00:20:00.140
Which locations do I have to liquidate and how many people to get fired so that I can
00:20:10.160
Wealth tax has often been addressed by me and many others solely as it pertains to
00:20:15.540
But if someone's net worth is in private, private equity, and I don't mean the private
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